Verano Holdings Raises $75M Credit Facility, Pays Off $50M Debt

Verano Holdings Corp. has closed a credit agreement for a revolving credit facility of US $75,000,000. The company drew US $50,000,000 to retire US $50,000,000 of its existing senior secured credit facility with no prepayment penalty. The remaining US $25,000,000 is available to fund strategic initiatives. The facility is secured by selected real estate and provides lower-cost debt and payoff and redraw flexibility.

Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), a leading multi-state cannabis company, has closed a credit agreement for a revolving credit facility of $75 million. The facility, which is secured by selected real estate, provides the company with a range of benefits including lower cost debt, payoff and redraw flexibility, and optionality to have certain real estate released as collateral Verano Secures US $75,000,000 Revolving Credit Facility^[1].

Upon closing the facility, Verano drew $50 million to retire $50 million of higher interest rate debt from its existing senior secured credit facility without incurring any prepayment penalty. The remaining $25 million is available to fund strategic initiatives. George Archos, Verano founder and Chief Executive Officer, stated that the closing of the facility demonstrates the company's focus on fortifying its balance sheet and accessing lower cost debt Verano Secures US $75,000,000 Revolving Credit Facility^[1].

Chicago Atlantic Admin, LLC, participated in the transaction and acted as the credit agreement agent. Peter Sack, Managing Partner of Chicago Atlantic, noted that the facility reflects Verano's strength across its markets and is one of the largest revolving credit facilities among US cannabis operators Verano Secures US $75,000,000 Revolving Credit Facility^[1].

Verano's active operations span 13 U.S. states, comprising 15 production facilities with over 1.1 million square feet of cultivation capacity. The company provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners Verano Secures US $75,000,000 Revolving Credit Facility^[1].