Verano Holdings Corp. based in Chicago, Illinois, began trading Wednesday on the Canadian Securities Exchange (CSE) following a reverse takeover and merger with Majesta Minerals Inc. The company is listed under the symbol VRNO.
As part of a reverse merger that closed last week, the company raised $100 million through a takeover bid that valued Verano at $2.9 billion. The agreement provided for a merger with Alternative Healthcare Enterprises of Florida. The company currently operates in 14 states – in 11 – under the Zen Leaf and MÜV brand names.
MÜV is both the name of the pharmacy and a branded product of the company.
George Arcos, CEO and co-founder of Verano, said the listing gives the company access to capital to execute its growth plan, including organic growth of its retail presence and product portfolio, in addition to strategic acquisitions, with the goal of becoming one of the top three operators in the states where it operates.
Verano is the third Chicago-based cannabis company to be added to the CSE, following Green Thumb and Cresco Labs, the Chicago Tribune reported. Choice Consolidation, also based in Windy City and led by former Cresco president Joe Caltabiano, filed on the 12th. February filed an updated prospectus to raise $150 million through an initial public offering, which will also be listed on the CSE.
Last week, an unidentified institutional investor bought $100 million worth of subordinate voting shares in an initial public offering registered with the Securities and Exchange Commission, the Tribune reports.
Verano began in 2014 as a medicinal cannabis company in Illinois.
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TG joined the team in 2014 as news editor and began hosting the podcast in 2016. He lives in upstate New York, where he also teaches media studies at a local university.
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