Verano Refinances $350 Million Credit Facility with Significant Optionality to Bolster Strategic Growth Plans - Seite 2

“We’re pleased to continue our partnership with Chicago Atlantic as our credit facility Agent and as a Lender, extending the maturity and securing terms we believe are favorable during this rising interest rate environment,” said George Archos, Chairman, Chief Executive Officer and Founder of the Company. “Importantly, we maintained flexibility around prepayments and the ability to incur additional debt which we believe adds significant value to the deal, especially given the legislative environment that has seen positive momentum build in support of cannabis policy and banking reform. Since Verano’s inception, we have taken a conservative approach to our balance sheet, including avoiding sale leasebacks, which has allowed us to leverage our real estate to bring down our blended cost of debt. This refinancing enables us to continue a selective approach to further strategic opportunities as we position our company for the future.”

John Mazarakis, Partner of Chicago Atlantic, added, "It’s been exciting to see Verano’s continued execution on its strategic vision, and we welcomed the opportunity to continue our partnership as Agent and lead Lender, a Lead Arranger, and Administrative Agent. Our syndicate of participants, including partners such as Silver Spike Capital, represents the most trusted and dependable capital providers in the industry, dedicated to supporting the sector's strongest operators. Verano is one of the few U.S. multi-state operators able to attain this cost of capital in a rapidly rising interest rate environment, driven by its margin profile and strong operating performance. The structuring of the new credit facility allows Verano the flexibility to manage down its overall cost of capital and potentially expand the facility depending on market conditions and growth opportunities.”

ATB Capital Markets Inc. (“ATB”) and Chicago Atlantic Advisors, LLC (“Chicago Atlantic”) acted as Lead Arrangers for the senior secured credit facility. Chicago Atlantic is also the Administrative Agent for the credit facility.

About Verano

Verano is a leading, vertically integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to address vital health and wellness needs, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands, including Verano, Avexia, Encore, Savvy and MÜV. Verano’s portfolio encompasses 14 U.S. states, with active operations in 13, including 14 production facilities comprising over 1,000,000 square feet of cultivation capacity. Verano designs, builds, and operates dispensaries under retail brands including Zen Leaf and MÜV, delivering a superior cannabis shopping experience in both medical and adult-use markets. Learn more at www.verano.com.