Multistate cannabis operator Verano Holdings said it has completed the reverse takeover of Canada-based Majesta Minerals Inc. and received conditional approval for listing of the company’s subordinate voting shares on the Canadian Securities Exchange.
The company added that in connection with the reverse takeover, its previously announced merger transaction with Alternative Medical Enterprises LLC, Plants of Ruskin GPS LLC, RVC 360 LLC and affiliated companies, collectively called “AltMed”, has also closed. AltMed is a group of fully-integrated medical marijuana companies operating in Arizona and Florida.
Verano noted that the reverse takeover and the merger establishes it as one of the three largest multi-state operators or MSOs in the U.S. by 2020 revenue and EBITDA. The merged company has a portfolio that spans 14 U.S. states, with active operations in 11 U.S. states, including 54 operational retail locations.
The combined company’s comprehensive offerings encompass both medically-focused and lifestyle products across four CPG brands – Verano, Avexia, Encore and MÜV, and two retail store brands – Zen Leaf and MÜV.
Verano also said that four individuals were appointed to its board of directors. The new board members are George Archos, Co-Founder and CEO of Verano; Michael Smullen, Chairman, CEO and Co-Founder of AltMed; Cristina Nuñez, Co-Founder and Partner of True Beauty Ventures, LP; and Edward Brown, Chairman of Clear Golf.
Verano said it received conditional approval from the Canadian Securities Exchange or CSE for the listing of the subordinate voting shares under the symbol “VRNO”. The shares are expected to begin trading on the CSE at market open on February 17, 2021.
The company added that while proportionate voting shares will not be listed for trading on the CSE, they may be converted into subordinate voting shares in certain circumstances.
“Our public listing will provide us access to capital to execute our long-term strategy of expanding into limited-license, high-growth markets and scaling our wholesale and retail operations into new and existing markets,” said George Archos, Co-Founder and CEO of Verano.
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