Millions Of Dollars Could Go Down The Drain If Alabama Cannabis Saga Continues, CEO Reminds Of His Pledge
Portfolio Pulse from Jelena Martinovic
Verano Holdings Corp. (CSE:VRNO) (OTCQX:VRNOF) is facing challenges in Alabama as the state's cannabis regulators prepare to redo medical marijuana's license allocations for the third time. Verano, which had secured one of Alabama's highly sought-after licenses in June, lost its chance to enter the market when the Alabama Medical Cannabis Commission (AMCC) chose Insa Alabama LLC instead. Verano's CEO, George Archos, has written to Governor Kay Ivey, stating the company's readiness to invest at least $40 million in Alabama.
August 28, 2023 | 4:57 pm
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Verano Holdings Corp. is facing regulatory and legal challenges in Alabama, which could potentially impact its plans to invest $40 million in the state.
Verano Holdings Corp. had secured a license to operate in Alabama, but the license was later awarded to another company. This has led to legal and regulatory challenges that could potentially impact Verano's plans to invest $40 million in the state. The uncertainty surrounding the licensing process could negatively impact Verano's stock in the short term.
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