Verano nets $100 million in upsized loan to support cannabis moves

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Illinois-based Verano Holdings entered into an amended $130 million loan agreement that provides the multistate cannabis operator an additional $100 million of funding at an annual interest rate of 9.75%.

Verano said the upsized loan will improve the company’s liquidity and flexibility and support its strategic growth.

The credit agreement has a maturity date of May 30, 2023.

Verano recently announced two transactions totaling $175.5 million in cash and stock to add cultivation and retail capacity in Pennsylvania, which has become a red-hot medical cannabis market.