Verano Acquires Cannabist Company’s Operations in Arizona and Virginia for $105 Million

LOS ANGELES- Verano Holdings Corp., a major multi-state cannabis operator, has announced agreements to acquire the Arizona and Virginia operations of The Cannabist Company Holdings Inc. The $105 million deal positions Verano to enter the Virginia market ahead of a potential adult-use program and expand its presence in Arizona.

Under the terms, Verano will acquire one cultivation and production facility and six dispensaries in Virginia’s Health Service Area (HSA) V for $90 million. The payment includes $20 million in cash, $40 million in Class A voting shares, and a $30 million promissory note. This acquisition grants Verano exclusive retail rights in a region with nearly 2 million residents, covering key areas like Virginia Beach and Norfolk.

Additionally, Verano will acquire one cultivation facility, one production facility, and two dispensaries in Arizona for $15 million in cash. This expands Verano’s Arizona operations to 90,000 square feet across three facilities and increases its dispensary count to eight.

This acquisition grows Verano’s footprint to 14 states with 15 cultivation facilities and 150 dispensaries, aligning with its strategy of entering limited-license markets. The Cannabist Company will maintain its presence in Virginia’s Richmond region while exiting the Arizona market as part of a broader effort to optimize its business operations.