Verano Leans Into Connecticut With Acquisitions

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) is leaning into Connecticut by deciding to acquire Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc., along with the closing of its acquisition of Willow Brook Wellness, LLC. Caring Nature owns an active dispensary in Waterbury, CT; Connecticut Pharmaceutical Solutions owns an operating cultivation and production facility in Rocky Hill, CT; and Willow Brook Wellness holds an active dispensary in Meriden, CT. Collectively, these acquisitions expand Verano’s presence on the East Coast with the addition of vertically integrated operations in the attractive Connecticut market. Adult-use cannabis retail sales are anticipated to begin in the state by the end of 2022.

“We are excited about the continued expansion of both our national platform and our East Coast hub. Entering the Connecticut market ahead of its adult-use transition provides a clear runway for sustainable, long-term growth,” said George Archos, Verano Founder and Chief Executive Officer. “These acquisitions are well-aligned with our broader growth strategy, and further strengthen our operational bandwidth by bringing management teams on board that have demonstrated multi-disciplinary savvy and a keen understanding of the Connecticut market in both the retail and wholesale channels.”

Connecticut

At this time Connecticut is a medical-only state. In August, the state Office of Fiscal Analysis published its anticipated cannabis earnings report with an expected $4.1 million in state and local cannabis taxes for the 2022 fiscal year. By the 2026 fiscal year, that grows to an annual $73.4 million. The nonpartisan office’s estimates fall significantly short of past projections that were used as a reason to support legalization efforts. Certain provisions of the state’s marijuana law were made immediately effective in august such as allowing adults 21 and older to possess up to 1.5 ounces of cannabis.

The state is currently working towards creating an adult-use program. But for now, medical cannabis patients were allowed to start growing up to six plants. Consumers that want to grow for recreational use will need to wait until July 1, 2023. Beginning July 1, 2022, individuals in the state can also petition to have cannabis records expunged.

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