Verano Holdings To Spend US$175.5 Million Acquiring Permits In Pennsylvania

Verano Holdings (CSE: VRNO) is continuing to buy up assets south of the border. The company this morning announced that it will be spending US$175.5 million, before potential earn-outs, to expand its presence in the state of Pennsylvania.

The arrangements entered into by the company are with that of Agri-Kind, Agronomed Holdings, and Agronomed Biologics, whereby the company will acquire two cultivation licenses, one of which is an active operation and the other under construction, as well as a permit for six dispensaries. None of the dispensaries are currently in operation and require development.

The transactions will see the company pay US$66.0 million in cash for Agri-Kind and Agronomed Holdings, as well as US$49.5 million in shares, the latter of which is subject to adjustment. An earn-out is also present on the acquisition for up to US$31.5 million in further payments. Agri-Kind consists of a 62,000 square foot cultivation facility, while the specifics of what is contained in Agronomed Holdings was not provided.

Agronomed Biologics meanwhile is to be acquired for US$60.0 million in an undisclosed split between cash and stock of the company, with additional earn-outs reportedly involved in the transaction but for which details were not provided. The firm contains permits to open a cultivation facility as well as six dispensaries and to conduct research with Drexel University College of Medicine. The firm is described as being a research joint venture between The Healing Center and Agronomed Pharmaceuticals.

Verano Holdings last traded at $22.75 on the CSE.


Information for this briefing was found via Sedar, and Verano Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Verano Holdings Reports Revenues Of $120.9 Million, Net Income Of $68.8 Million

Verano Holdings (CSE: VRNO) reported first quarter financial results this morning, reporting revenues of $143.0...

Tuesday, May 18, 2021, 08:04:37 AM

Verano: Haywood Securities Reiterates $36 Price Target

Earlier this week, Verano Holdings (CSE: VRNO) reported its first-quarter financial results. The company reported...

Friday, May 21, 2021, 10:31:00 AM

Verano: Beacon Initiates Before Listing With C$32 Price Target, Buy Rating

Verano Holdings (CSE: VRNO) is due to debut on the CSE on February 17th. The...

Tuesday, February 16, 2021, 04:02:00 PM

Verano Holdings Expands Credit Facility By US$120 Million

Verano Holdings (CSE: VRNO) has secured additional funding. The funding comes from an amendment to...

Wednesday, October 20, 2021, 09:09:40 AM

Verano: Analysts Expect Q3 Revenues Of $219.7 Million

Verano Holdings (CSE: VRNO) announced that they will be reporting their third quarter financials before...

Monday, November 15, 2021, 10:10:00 AM