Verano to acquire Nevada marijuana company Sierra Well for $29 million

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Illinois-based cannabis multistate operator Verano Holdings said it is spending $29 million to acquire Sierra Well, a vertically integrated marijuana company in Nevada with two retail outlets plus production and cultivation facilities.

According to a news release, the deal includes $5.6 million in cash and 1.5 million shares.

In the deal, Verano is getting 11 cannabis licenses in Nevada:

  • Two for medical marijuana cultivation.
  • Two for MMJ dispensaries.
  • Two for adult-use cultivation.
  • Two for adult-use stores.
  • One for MMJ production.
  • One for adult-use product manufacturing.
  • One for adult-use distribution.

The two retail stores are located in Carson City and Reno.

“Following completion of this accretive transaction, Nevada will become a core market for us,” George Archos, Verano’s founder and CEO, said in the release.

“We are pleased to strategically expand our distribution in Nevada while partnering with a like-minded ownership group that has built a profitable business through sound operational management.”

Verano has been awarded licenses in 14 markets and is operational in 11 states.