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Verano To Acquire Goodness Growth For US$413 Million In All-Stock Purchase

Verano Holdings (CSE: VRNO) is looking to significantly expand its footprint across the US. The firm this morning announced that it will be acquiring Goodness Growth Holdings (CSE: GDNS), formerly known as Vireo Health, in an all-stock transaction valued at US$413 million.

The definitive arrangement entered between the two firms will see Goodness Growth shareholders receive 0.22652 Verano Class A shares per subordinate voting share held. The exchange rate implies a price per share of US$2.64, or C$3.04 per share. Goodness shareholders are expected to hold a 10.1% stake in Verano on a post-closing basis.

A US$14.875 million termination fee is also in play on the proposed transaction.

The transaction will see Verano acquire a total of 18 active dispensaries, five cultivation and processing facilities, and R&D facility, and a number of brands under the Goodness Growth banner. The purchase will also see Verano expand its footprint to include the states of New York, where the company has four medical dispensaries, a cultivation facility and a home-delivery service, Minnesota, where the firm has two license, eight operating dispensaries, and a cultivation facility, New Mexico, Maryland, and Arizona. New Mexico and Maryland consist of several dispensaries and an operating cultivation facility in each state, while Arizona consists of an 18 acre outdoor production facility.

A special meeting of shareholders related to the transaction is expected to be held within the next 120 days to approve the acquisition.

Verano Holdings last traded at $13.40 on the CSE.


Information for this briefing was found via Sedar and the companies mentioned. 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.

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