Exercises Option on Existing Credit Facility - Bolsters Verano’s balance sheet to further augment its cash position
- Provides additional liquidity to support operational flexibility, and enables continued execution of Verano’s near- and long-term growth strategies
CHICAGO, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced it has exercised its option to upsize its credit facility, per the agreement announced on October 20, 2021, to draw an additional US$100 milion at a non-dilutive interest rate of 8.50%. The amendment brings the total outstanding senior secured term loans under the credit facility to US$350 million. Chicago Atlantic Advisors, LLC (“Chicago Atlantic”) is the lead administrative agent and collateral agent, with participation from AFC Gamma, Inc. (“AFC Gamma”). Closing on the foregoing transaction is subject to customary conditions, contingencies and approvals.
“We are pleased to leverage this additional non-dilutive capital at one of the industry’s best rates to bolster our strategic operational and growth initiatives,” said George Archos, Verano Founder and Chief Executive Officer. “We have always prided ourselves on operating our business with sound financial principles, and look forward to deploying this capital in support of investments that deliver increased value for our business and shareholders.”
About Verano
Verano is a leading, vertically integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to address vital health and wellness needs, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands, including Verano™, Avexia™, Encore™, and MV™. Verano’s portfolio encompasses 15 U.S. states, with active operations in 12, including 12 production facilities comprising over 1,000,000 square feet of cultivation capacity. Verano designs, builds, and operates dispensaries under retail brands including Zen Leaf™ and MV™, delivering a superior cannabis shopping experience in both medical and adult-use markets. Learn more at www.verano.com.
https://www.globenewswire.com/news-release/2022/02/01/2377224/0/en/Verano-Exercises-Option-on-Existing-Credit-Facility-to-Draw-Remaining-US-100-Million-at-8-50-to-Fund-Strategic-Growth-Initiatives.html