Multistate cannabis operator Verano Holdings raised $100 million in subscription receipt financing in connection with a reverse-takeover deal that will see the company go public on the Canadian Securities Exchange.

The Chicago-based firm, which currently operates in 12 U.S. states, made the announcement Thursday.

Advertisement

The deal is expected to close in February.

Verano previously said the offering would raise between $50 million and $100 million.

The $100 million subscription receipt offering was made through a special purpose financing vehicle.

It included a brokered offering that raised $67,200,000 and a nonbrokered offering worth $32,800,000.

The subscription receipts will be exchanged for shares in the new publicly traded company, which will be called Verano Holdings Corp., after the reverse takeover is complete.

The reverse takeover transaction includes Verano’s merger with AltMed and several affiliated companies, which was announced in November.