US Pot Firm Verano Holdings (CSE: VRNO) Goes Public In Canada

2 min read | February 18, 2021 09:38 AM EST | By Kunal Sawhney

US Pot Firm Verano Holdings (CSE: VRNO) Goes Public In Canada

Verano Holdings Corp (CSE:VRNO)

Verano, a vertically-integrated pot operator, recently closed a complex reverse merger process (also known as reverse takeover, or simply, RTO) to get its shares publicly traded in Canada. The company also reportedly raised some US$ 100 million through a subscription offering which valued it at US$ 2.9 billion.

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According to its SEDAR fillings, Verano merged with a dormant mineral exploration company called Majesta Minerals. Prior to that, Verano combined with Florida-based pot manufacturer named Alternative Medical Enterprises, which gave it access to a wide range of production plants and retail outlets.

Verano stocks opened trading on Wednesday at C$ 30 and went on to hit a day high of C$ 31.52. The pot stock closed at a price of C$ 31.4, registering a climb of almost five per cent in a day.

Verano co-founder and CEO George Archos pointed that getting publicly listed with help the Chicago-based pot firm to continue on its path of business expansion as more regions in America decriminalize recreational marijuana.

Verano was founded in Illinois as a medical cannabis producing firm back in 2014.

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