Verano Holdings Corp (OTCMKTS: VRNOF) (FRA: 76U0) has obtained a US$12-million-dollar loan for a pair of cultivation properties in Nevada and Arizona. The multi-state operator has a substantial retail presence in both states.
The lender, cannabis industry-focused Rainbow Realty Group, revealed the real estate mortgage loan capital injection in a news release on Monday.
“Both properties are essential for cultivation, manufacturing, and processing,” Rainbow said in the announcement, “supporting Verano’s wholesale and retail operations.”
Verano currently has five dispensaries in Nevada, eight in Arizona, and a total of 152 throughout 14 American states. Earlier this month, the MSO launched a series of new products in AZ, including “Extra Savvy” 2-gram vape cartridges and Savvy Strut all-in-one vaporizers.
The company has two dispensary chains: MÜV and Zen Leaf. Eighty of these locations are spread throughout Florida. Verano grows over 160 cultivars at more than a dozen cultivation complexes in the United States.
Read more: Cannabis operators spent US$1.6M lobbying for adult-use in Pennsylvania last year
Read more: Cresco Labs secures foothold in Kentucky’s infant medical cannabis sector
Multiple employees sold shares this month
A few notable members of the company’s leadership roster chose to unload some of their stock recently. But, the sales were executed through a pre-arranged Rule 10b5-1 trading plan, meaning that they are standard practice and not cause for alarm. These insiders hold hundreds of thousands or even millions of shares.
Verano’s CFO, Brett Andrew Summerer, sold over 28,000 shares valued at about US$17,300, according to an SEC filing.
Furthermore, Chief Investment Officer Miles Aaron Nathaniel rid his portfolio of more than 4,600 shares, valued at approximately US$3,000. Additionally, Chief Marketing Officer David Spreckman relinquished over 5,400 from his holdings while director John Tipton sold off nearly US$17,000 worth of stock.
In other recent news, Verano has been making efforts to push regulators in Pennsylvania to open the adult-use/recreational market. The cannabis operator spent US$90,000 on lobbying last year to try and make this happen and bolster its foothold in the state, according to a report that emerged last week.
rowan@mugglehead.com
