• Commences construction on Sharon facilities
  • Expands Verano footprint into Northeast adult-use and medical marijuana markets
  • Adds two cannabis cultivation and processing facilities and up to six dispensary licenses to Verano portfolio
  • Hiring up to 75 employees locally in 2019
  • Will offer 150 Branded SKUs

CHICAGO, IL and SHARON, MA, Feb. 05, 2019 (GLOBE NEWSWIRE) -- Verano Holdings, LLC (Verano™), a multi-state, vertically integrated operator of licensed cannabis facilities dedicated to improving lives, announced today that it has acquired 100% of Four Daughters Compassionate Care Inc. (FDCC) of Sharon, Massachusetts and its provisional medical cannabis licenses, subject to ongoing review by Commonwealth of Massachusetts regulatory bodies. With the acquisition, Verano has commenced construction of a cultivation and production facility in Sharon and renovation of the adjacent building for the dispensary. The acquisition marks Verano’s expansion into an additional adult-use market and its expanding geographic footprint into the Northeast from its current 10 operating facilities in Illinois, Maryland, Nevada and Florida, with 45+ licenses under active development in Florida, Michigan, Ohio, Puerto Rico, and Maryland.

The FDCC assets in the transaction include:

  • The medical cultivation and production facility and medical dispensary now under construction in Sharon, with local approval for additional recreational facilities
  • Real estate and community host agreements in Plymouth for an adult use dispensary
  • Real estate and community host agreements in Halifax for a 180,000 sq. ft. adult-use cultivation greenhouse and a 20,000 sq. ft. processing facility

The cultivation facilities will operate under the Verano brand name and the dispensaries under the brand Zen Leaf™.

“We’re excited to join forces with the Four Daughters team to build upon the solid foundation of support and host agreements they secured within each of the communities, and put construction on the fast track to help bring Four Daughters’ dream to fruition,” stated Sam Dorf, Verano’s Chief Growth Officer. “This transaction continues Verano’s strategy to create a brighter way for health and wellness with high quality, organic branded products for cannabis patients, consumers and their communities through the acquisition of licenses and/or partnerships with operators in highly regulated, limited license states.”

“One of the most attractive aspects of this acquisition is Sharon’s close proximity to Gillette Stadium in Foxboro, which provides exposure and potential to serve thousands of loyal New England Patriots fans, concert goers and others,” Dorf commented. “FDCC has done a fantastic job of securing the required host agreement and building strong relationships with local officials. We have a history of working collaboratively with host communities to improve the communities. We’re proud to say that we will continue FDCC’s efforts by sharing a percentage of our profits with the Town of Sharon in perpetuity. Additionally, we are already planning activities that will help us become an integral, supportive part of each Massachusetts community in which we operate.”

Four Daughters Compassionate Care was co-founded by Brian and Lynne Striar, whose family has longstanding roots in the Sharon Community. The Striar family members, including the namesake’s four daughters, Stephanie, Kimberly, Nicole and Robin, who have been heavily involved in cannabis advocacy, will be active members of Verano’s local operational management team. Zen Leaf’s Clinical Director will be Four Daughters Co-founder Stanley Rosen, pharmacist and former Chair of the Sharon Board of Heath.

The first cultivation and dispensary facilities in Sharon are expected to open in six to nine months. Verano will hire 50-75 employees locally and train them for these sites in 2019. Prospective employees can submit their resume or work history and contact information to jobs@verano.holdings.

“All Verano facilities are locally managed, which will enable us to keep the hometown atmosphere with a familiar personal touch that we originally envisioned in each of the facilities,” stated Brian Striar.

“We will be providing the training to enable local residents to manage and staff a broad array of full- and part-time positions from the moment the doors open,” noted Ron Goodson, Verano President and Chief Operating Officer. “Whether you have experience in the cannabis industry or not, this provides a great opportunity to get your foot in the door and learn about the world’s fastest growing industry, and the plant that has the power to positively impact human health and wellness.”

“This will be the first opportunity for Verano to introduce our GoldLeaf™, verano™, Encore Company™, and Sweet Sins™ brands of organic and precision-dosed products as well as other licensed partner brands, such as the unique Double Barrel™ Dual Vape system, into the Northeast” said Tim Tennant, Chief Marketing Officer. “Our brands have been hugely popular in Illinois, Maryland and Nevada for both medical and adult use consumers and we anticipate similar results in Massachusetts that will drive expansion into additional states.”

Photos available upon request.

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About Verano Holdings

Verano™ is a national, vertically integrated operator of licensed cannabis cultivation, manufacturing and retail facilities dedicated to improving lives by providing safe access to effective pesticide-free marijuana products that profoundly impact the communities it serves. Verano develops and produces a well-rounded suite of limited edition, lifestyle cannabis products, which offer superior medicinal therapies and inspirational product options. Verano designs, builds and operates unique Zen Leaf™ branded dispensary environments that ensure an exceptional shopping experience with unparalleled customer service and satisfaction in both medical and adult-use markets. Verano Holdings distributes cannabis concentrates, edibles, extracts, flower and topicals, many in precision-dosed THC and CBD formulations, under its trusted premium brands: GoldLeaf™, Menta™, Sweet Sins™, Encore Company™, Avexia™ and verano™. For more information, visit http://verano.holdings/

About Four Daughters Compassionate Care, Inc.

Four Daughters Compassionate Care, Inc. was founded by longtime Sharon residents Brian and Lynne Striar in 2015. Brian has more than 30 years experience in business, actively participating in the acquisition and management of real estate investments for The Striar Group. He has spent years investigating methods of cultivation, techniques of extraction, and processing of concentrates and edibles. He is a National Cannabis Industry Association (NCIA) Member and has presented and studied at conferences in Denver, Las Vegas, New York City, Oakland and Seattle. As a cancer survivor, Brian is a passionate advocate for cannabis reform and lobbied through the Massachusetts Patients Advocacy Alliance for legislative changes in Massachusetts while promoting social awareness of the benefits presented by the safe and reliable delivery of medical cannabis to combat chronic pain and discomfort associated with severe illness.

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Media
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