With the acquisition of WSCC, also known as Sierra Well, Verano Holdings Corp. is adding two operational dispensaries, two real estate properties in Carson City and Reno, and an active cultivation and production facility in Nevada.
The cash and stock deal valued at $29 million –$5.6 million in cash upfront and the rest in stock– is expected to close once approvals are received for the two medical cannabis cultivation licenses; two adult-use cultivation licenses; two medical cannabis dispensary licenses; two adult-use dispensary licenses; one medical production license; one adult-use product manufacturing license; and one adult-use distribution license.
“Following completion of this accretive transaction, Nevada will become a core market for us,” said George Archos, Verano Founder, and CEO. “We look forward to expanding Verano’s retail presence into Northern Nevada and bringing our house of premium brands to more patients and consumers in a region that’s rife with natural beauty and draws significant tourism from around the country.”
The approximately 10,000 sq. ft. Reno, NV cultivation and production facility will complement the active expansion at the Verano-affiliated cultivation facility in North Las Vegas and is expected to strengthen the company’s distribution capability in Northern Nevada.
A previous deal in 2019 for iAnthus to purchase Sierra Well unraveled and was terminated one year later. The acquisition also broadens Verano’s Nevada supply chain while increasing the dispensary count between Verano and its affiliates to four active storefronts, with a fifth planned location to open this summer.