- The accretive transaction, along with other pending deals, expected to bring Verano’s Ohio retail footprint to five dispensaries, the maximum permitted in the state.
- Expected to give the Company retail coverage of the substantial Dayton metropolitan area encompassing a population of nearly 800,000.
- Close proximity to the University of Dayton and Wright State University.
CHICAGO, April 01, 2021 (GLOBE NEWSWIRE) — Verano Holdings Corp. (CSE:VRNO) (“Verano” or “the Company”), a leading multi-state cannabis company, today announced it has entered into an agreement to acquire Mad River Remedies, LLC, a highly productive dispensary in Dayton, Ohio.
Assuming closing of this accretive transaction, and in combination with other pending transactions, Verano will operate five dispensaries, the maximum permitted in the state of Ohio, with other retail storefronts in Bowling Green, Canton, Cincinnati, and Newark. The closing of the transaction is conditional upon receipt of regulatory approval from the Ohio Board of Pharmacy as well as other customary closing conditions. Verano expects closing to occur in Q2 2021.
“Ohio has developed into a core market for us, and we’re pleased to gain coverage of the substantial Dayton market through this agreement to acquire Mad River Remedies, LLC,” said George Archos, Verano Co-Founder and CEO. “The dispensary is primely located just a few miles from the busy and beautiful downtown Dayton area, situated in the Riverside community, across the street from the National Museum of the US Air Force. Ohio’s burgeoning medical cannabis market continues to provide Verano with an exceptional opportunity to leverage our proven, vertically integrated model, allowing us to drive revenue growth while satisfying the considerable patient demand.”
The Company’s full suite of premium medical cannabis products, sold under the VeranoTM, AvexiaTM and EncoreTM brands, are expected to be available to patients across their five store footprint.