Verano Holdings Corp. completed the acquisition of Terravida Holistic Centers, LLC and GVB Holding Group, LLC.
May 23, 2021
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Verano Holdings Corp. (CNSX:VRNO) acquired Terravida Holistic Centers, LLC and GVB Holding Group, LLC for approximately $130 million on February 26, 2021. According to The Philadelphia Inquirer the transaction valued at about $135 million. The merger consideration includes cash consideration of US$62,500,000, subject to adjustment, with US$15,000,000 being payable on the closing date, US$10,000,000 payable within 90 days after the closing date, and the remainder payable within 180 days after the closing date. In addition, the merger consideration includes Class A Shares or Class B Shares equivalent to 3,013,500 Class A Shares on an as converted basis, including a minimum of 1,506,750 Class A Shares. The cash and stock deal formally “an acquisition of equity” includes TerraVida’s headquarters in Jenkintown along with state-issued permits to operate three more retail storefronts in the Keystone State. Those shops will be rebranded under the TerraVida umbrella as the Chicago firm moves toward a nine-store Pennsylvania operation.
TerraVida’s highly regarded management team will remain in place. The chain’s Founder and President Chris Visco will stay on in an executive position and will continue to oversee retail operations. Visco will assume managerial control over Verano’s Zen Leaf stores in Altoona, Harrisburg, and York. As of May 18, 2021, Verano Holdings completed the acquisition of Terravida Holistic Centers. Brian North, Richard DiStefano, Joe Centeno, John Warner and Andrew Giorgione of Buchanan, Ingersoll & Rooney PC acted as legal advisor to TerraVida Holistic. Jeff Hergott and Katy Pitch of Wildeboer Dellelce LLP acted as legal advisor to the Terra Vida Holistic Centers.
Verano Holdings Corp. (CNSX:VRNO) completed the acquisition of Terravida Holistic Centers, LLC and GVB Holding Group, LLC on May 24, 2021.
Verano Holdings Corp. is a vertically integrated, multi-state cannabis operator in the United States. The Company is focused on the development of communal wellness by providing responsible access to regulated medical and adult-use cannabis products to customers. The Company produces a variety of cannabis products sold under its portfolio of consumer brands, including Verano, MUV, Savvy, BITS, Encore and Avexia. It operates businesses in 13 states, including 138 retail dispensaries and 14 production facilities with over 1,000,000 square feet of cultivation capacity. It also designs, builds and operates branded retail environments, including Zen Leaf and MUV dispensaries that deliver a cannabis shopping experience in both medical and adult-use markets. Its Verano product line offers a curated collection of cannabis strains, pre-rolls, vapes, and extracts, including Tire Fire Swift Lifts, Grape Bubble Gum Flower, and Sunshine OG Live Resin Cart.