$105M Deal: Verano To Acquire Cannabist Co.'s Operations In Virginia And Arizona
Portfolio Pulse from Patricio Liddle
Verano Holdings Corp. (OTCQX:VRNOF) announced a $105 million deal to acquire significant assets from The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTC:CBSTF) (FSE: 3LP), including operations in Virginia and Arizona. This acquisition will expand Verano's footprint to 14 states with 15 cultivation sites and 150 dispensaries.
July 29, 2024 | 10:53 pm
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Verano Holdings Corp. (OTCQX:VRNOF) announced a $105 million deal to acquire significant assets from The Cannabist Company Holdings Inc., including operations in Virginia and Arizona. This acquisition will expand Verano's footprint to 14 states with 15 cultivation sites and 150 dispensaries.
The acquisition significantly expands Verano's operational footprint and positions it strategically in the Virginia market ahead of an anticipated adult-use cannabis program. This is likely to positively impact VRNOF's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
The Cannabist Company Holdings Inc. (OTC:CBSTF) is selling its operations in Virginia and Arizona to Verano Holdings Corp. for $105 million. This deal allows Cannabist to optimize its operations and focus on remaining assets in Virginia.
While the sale allows Cannabist to optimize its operations, the immediate impact on CBSTF's stock price is neutral as the company focuses on its remaining assets in Virginia.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80