CHICAGO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Verano Holdings Corp., a multi-state cannabis company, today announced it has entered into multiple agreements to acquire all of the issued and outstanding equity interests of Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc., along with the closing of its acquisition of Willow Brook Wellness, LLC.
Caring Nature owns an active dispensary in Waterbury, Conn.; Connecticut Pharmaceutical Solutions owns an operating cultivation and production facility in Rocky Hill, Conn.; and Willow Brook Wellness holds an active dispensary in Meriden, Conn. Collectively, these acquisitions expand Verano’s presence on the East Coast with the addition of vertically integrated operations in the attractive Connecticut market.
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“We are excited about the continued expansion of both our national platform and our East Coast hub. Entering the Connecticut market ahead of its adult-use transition provides a clear runway for sustainable, long-term growth,” said George Archos, Verano's founder and chief executive officer. “These acquisitions are well-aligned with our broader growth strategy, and further strengthen our operational bandwidth by bringing management teams on board that have demonstrated multi-disciplinary savvy and a keen understanding of the Connecticut market in both the retail and wholesale channels.”
Transaction Highlights
Willow Brook Wellness, LLC
The transaction to acquire 100% of the equity interests of Willow Brook Wellness, LLC, includes one active dispensary in Meriden, Conn. The agreement was signed on Sept. 13, 2021, and closed on Oct. 25, 2021.
Caring Nature, LLC
The transaction to acquire 100% of the equity interests of Caring Nature, LLC, includes one active dispensary in Waterbury, Conn. The agreement was signed on Nov. 10, 2021.
Connecticut Pharmaceutical Solutions, Inc.
The transaction to acquire 100% of the equity interests in Connecticut Pharmaceutical Solutions, Inc., includes an active, 216,532-square-foot, state-of-the-art cultivation and production facility in Rocky Hill, Conn. Aggregate proceeds for the transaction include US$113,250,000 in subordinate voting shares of the company upon the consummation of the transaction, US$18,500,000 in subordinate voting shares of the company upon the first adult-use sale of cannabis in Connecticut, and additional subordinate voting shares based on achieving 2021 EBITDA performance milestones. The agreement was signed on Nov. 10, 2021. Connecticut Pharmaceutical Solutions, Inc. is a portfolio company of Tuatara Capital, L.P.
Closing of the Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc. transactions are each subject to customary conditions, contingencies, and approvals, including regulatory approval.
