Verano Holdings Corp (OTC: VRNOF) has confirmed an agreement to acquire Sierra Well for $29 million in cash and stock.
The accretive transaction, announced Monday, includes two operational dispensaries in Reno and Carson City, Nevada as well as an active cultivation and production facility in Reno.
The transaction significantly broadens Verano’s supply chain and distribution capacity in Nevada, increasing the dispensary count between Verano and its affiliates to four active storefronts. A fifth location is expected to open in Las Vegas later this summer.
Following the completion of the transaction, Nevada will become a core market for Verano.
This transaction builds on Verano’s national portfolio of 79 operational dispensaries and 10 cultivation and production facilities across its active 11-state footprint.
George Archos, Verano founder and CEO told Benzinga he and the company looked forward to expanding in Nevada.
“We are excited to significantly expand our presence and enhance our supply chain capacity in Nevada, which is an attractive region and will become a core market for us once the deal closes,” Archos said. “Sierra Well is a profitable, highly efficient business that is the perfect fit for the Verano portfolio, operationally and culturally. This accretive transaction is yet another example of our successful M&A strategy.”