CHICAGO,
Oct. 3, 2023 – PRESS RELEASE – Verano Holdings Corp., a leading multistate
cannabis company, announced that it has received conditional approval from
Canada’s Neo Exchange Inc., operating as Cboe Canada, to list its Class A
subordinate voting shares.
Upon
listing the shares on Cboe Canada, the company plans to delist the shares from
the Canadian Securities Exchange. The transition to Cboe Canada does not
require the Verano to recapitalize or undertake any corporate restructuring.
The shares will continue trading in Canada on the Cboe Canada under the same
symbol “VRNO” and in the U.S. on the OTCQX under the same symbol “VRNOF.”
Trading of the company’s securities is not expected to be disrupted in any way
and current shareholders do not need to take any action.
“In
light of recent policy momentum, we are taking this strategic and momentous
step with Cboe Canada, which we believe will better position the company to
capitalize on future legislative catalysts in the U.S.,” Verano founder and CEO
George Archos said. “We continuously evaluate opportunities in the capital
markets and have confidence that moving to Cboe Canada will provide improved
access to liquidity for our investors through its market-making services, as
well as through potential inclusion in global benchmarks such as FTSE and MSCI.
“Additionally,
we believe the move to Cboe Canada will position the company well for a timely
transition to a U.S. listing should the industry make further inroads in D.C.
As one of the largest global equity exchange operators in the world, Cboe
operates in 26 markets across multiple asset classes, and we are looking
forward to taking this next step in our capital markets strategy with Cboe
Canada.”
Final
approval of the listing of the shares on Cboe Canada is subject to the company
fulfilling customary conditions prescribed by Cboe Canada, and the delisting
from the Canadian Securities Exchange is subject to the approval of the
Canadian Securities Exchange. A timeline for the transition will be announced
once the Verano receives final approval from Cboe Canada.
