[PRESS RELEASE] – CHICAGO, June 1, 2026 – Verano Holdings Corp., a leading multistate cannabis company, announced that the company’s board of directors has approved a 1-for-5 reverse stock split of the company’s common stock, which is expected to take effect on or about June 11, 2026. The company believes that the consolidation ratio of one post-consolidation share for every five pre-consolidation shares will advance Verano on its path toward listing its common stock on a major U.S. stock exchange.
When effected, the reverse stock split will reduce Verano’s total issued and outstanding shares of common stock and is expected to deliver an increase in the price per share. Management also believes the reverse stock split may provide additional benefits, including increasing institutional investor interest and access as the company pursues uplisting on a U.S. exchange in the future.
“The reverse stock split marks another significant step forward for Verano and our future and builds on a series of strategic initiatives we’ve executed to position Verano ahead of growth and U.S. capital markets opportunities,” Verano founder and CEO George Archos said. “On the heels of the historic medical cannabis rescheduling announcement and in anticipation of prospective reforms that may follow in the near future, the reverse stock split is a prudent strategic measure that prepares the company for listing on a major U.S. exchange, which we believe is in the best interests of our employees and stockholders.”
The company will not be issuing fractional post-reverse stock split shares of common stock in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of the company's common stock following the reverse stock split will receive a cash payment in lieu thereof at a price equal to that fractional share to which the stockholder would otherwise be entitled – multiplied by the closing sale price of the common stock on Cboe Canada, as adjusted for the reverse stock split – on the trading day preceding the effective date of the reverse stock split.
The company currently has 364,381,806 shares of common stock outstanding, and assuming no additional shares of common stock are issued, the Reverse Stock Split will reduce the issued and outstanding shares of common stock to approximately 72,876,361 shares of common stock. Any shares of common stock issued prior to the reverse stock split will be adjusted on the ratio discussed above. Upon completion of the reverse stock split, the company anticipates that its common stock will continue to trade on Cboe Canada and OTCQX under the symbol “VRNO.”
The exercise or conversion price and the number of shares of common stock issuable under any of the company's outstanding stock options or restricted stock units, and any other securities convertible into shares of common stock, will be proportionately adjusted to reflect the reverse stock split in accordance with the respective terms thereof.
Odyssey Trust Co., the company’s transfer agent, is acting as the exchange agent in connection with the reverse stock split. Stockholders with shares in brokerage accounts should direct any questions concerning the reverse stock split to their broker; all stockholders of record may direct questions to Odyssey.
