Verano Valued At $2.8B In Go-Public Merger

Law360 (December 15, 2020, 5:57 PM EST) -- Multistate cannabis operator Verano Holdings LLC said Tuesday it will go public at a $2.8 billion valuation through a reverse takeover of a Canadian shell company, a deal that would coincide with a stock offering to raise up to $100 million.

Illinois-based Verano said the deal will include the closing of its merger with Florida-based operator AltMed announced last month. That transaction, which is another sign of brightening capital markets in the marijuana industry, will cement Verano as one of the three largest cannabis companies in the U.S., with 48 retail locations in 14 states.

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