Borrowing money

Verano exercises an option on the existing credit facility to draw

  • Strengthens Verano’s balance sheet to further increase its cash position
  • Provides additional liquidity to support operational flexibility and enables continued execution of Verano’s short- and long-term growth strategies

CHICAGO, Feb. 01 2022 (GLOBE NEWSWIRE) — Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a major multi-state cannabis company, today announced that it has exercised its option to increase its credit facility, pursuant to the agreement announced on October 20, 2021, to draw an additional US$100 million at a non-dilutive interest rate of 8.50%. The amendment brings the total outstanding senior secured term loans under the credit facility to US$350 million. Chicago Atlantic Advisors, LLC (“Chicago Atlantic”) is the lead administrative agent and collateral agent, with participation from AFC Gamma, Inc. (“AFC Gamma”). The closing of the foregoing transaction is subject to customary conditions, contingencies and approvals.

“We are excited to leverage this additional non-dilutive capital at one of the best rates in the industry to bolster our strategic operational and growth initiatives,” said George Archos, Founder and Chief Executive Officer of Verano. “We have always taken pride in operating our business with sound financial principles, and we look forward to deploying that capital to support investments that deliver increased value to our business and our shareholders.”

About Verano
Verano is a leading, vertically integrated, multi-state cannabis operator in the United States, dedicated to the continuous improvement of collective well-being by providing responsible access to regulated cannabis products. With a mission to meet vital health and wellness needs, Verano produces a full line of innovative, premium cannabis products sold under its trusted portfolio of consumer brands, including VeranoAvexiaagainand MÜV. Verano’s portfolio encompasses 15 US states, with active operations in 12, including 12 production facilities comprising over 1,000,000 square feet of cultivation capacity. Verano designs, builds and operates dispensaries under retail brands such as Zen Leaf and MÜV, providing a superior cannabis shopping experience in the medical and adult markets. Learn more at www.verano.com.

About Chicago Atlantic and Green Ivy Capital, LLC

Chicago Atlantic Advisers, LLC is an asset management firm specializing in direct lending and private credit opportunistic investments. Founded in 2018 by Tony Cappell, John Mazarakis and Andreas Bodmeier, the firm seeks to take advantage of North American investment opportunities that are urgent, complex or in dislocated markets, where risk is fundamentally mispriced. Through its subsidiary Green Ivy Capital, LLC, the Company manages a diversified portfolio of cannabis credit investments and actively invests across the value chain.

About AFC Gamma, Inc.
AFC Gamma, Inc. (NASDAQ: AFCG) is an institutional lender to major cannabis companies with strong operating and cash flow prospects, real estate security and other collateral, and locations in states where market fundamentals Supply and demand and legislative environments are favorable. AFC Gamma’s platform offers innovative and personalized financing solutions through senior loans, mortgages, construction loans and bridge financing. The firm’s senior management team has approximately 100 years of experience in investment management and disciplined credit investing through a range of economic cycles.

contacts:
Media
Verano
Steve Mazeika
Director, Communications
[email protected]
312-348-4430

Investors
Verano
Julianna Paterra, CFA
Director, Investor Relations
[email protected]

Forward-looking statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act. . of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or of the current situation, but rather represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is expected”, ” budget”, “expected”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or may contain statements that certain actions, events or results “could”, “could”, “will”, “could” or “will be taken”, “will continue”, “will occur” or “will be achieved”. forward-looking statements contained herein include, but are not limited to, statements or information regarding the company’s market position and the company’s operations. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties and other factors which may cause the actual events, results, performance or achievements of the Company to be materially different from the events, results, performance, and achievements expressed or implied by the forward-looking information and statements contained herein, including, without limitation, the risk factors discussed in the documents filed by the Company on SEDAR at www.sedar.com. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements contained or referenced herein. , except as may be required under applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice regarding forward-looking information and statements.

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