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Goodness Growth Holdings Inc (OTCMKTS: GDNSF) Soars on Verano’s $413 million Proposed Acquisition

Goodness Growth Holdings Inc (OTCMKTS: GDNSF) is making a powerful run northbound after Verano Holdings announced they have entered into a definitive arrangement…

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Goodness Growth Holdings Inc (OTCMKTS: GDNSF) is making a powerful run northbound after Verano Holdings announced they have entered into a definitive arrangement agreement to acquire all of the issued and outstanding shares of Goodness in an all-share transaction valued at approximately US$413 million on a fully-diluted basis. The move is expected to be highly beneficial for both Company’s giving Verano access to the coveted New York, Minnesota and New Mexico markets ahead of both states’ transition to adult-use; securing one of two vertically-integrated licenses in Minnesota; and increasing operational footprint in Arizona and Maryland. 

Upon consummation of the acquisition, Verano’s footprint will span 18 states, with active operations in 15, including 17 cultivation facilities totaling 1.3 million square feet of cultivation capacity and 111 active dispensaries. Under the terms of the Arrangement Agreement, it is expected that each holder of Goodness subordinate voting shares will receive 0.22652 of a Verano Class A subordinate voting share for each Goodness subordinate voting share held and each holder of Goodness multiple voting shares and Goodness super voting shares will receive 22.652 Verano Shares for each Goodness multiple voting share and Goodness super voting share held, respectively. 

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Goodness Growth Holdings Inc (OTCMKTS: GDNSF) is a physician-led, science-focused holding company whose mission is to bring the power of plants to the world. The Company’s operations consist primarily of its multi-state cannabis company subsidiary, Vireo Health, Inc., and its science and intellectual property incubator, Resurgent Biosciences, Inc. The Company manufactures proprietary, branded cannabis products in environmentally friendly facilities and state-of-the-art cultivation sites and distributes its products through its growing network of Green Goods® and other retail locations and third-party dispensaries. Its team of more than 500 employees are focused on the development of differentiated products, driving scientific innovation of plant-based medicines, and developing meaningful intellectual property. Today, the Company is licensed to grow, process, and/or distribute cannabis in eight markets and operates 18 dispensaries, five cultivation and processing facilities; and a research and development facility. 

Goodness Health wholly owned subsidiary Vireo Health is a physician-founded, patient-focused company dedicated to providing best-in-class cannabis-based products and unrivaled care. We integrate best-in-class medical, scientific, and engineering practices into the cannabis industry. We are committed to creating safe, all-natural cannabis-based products, and a compassionate patient experience. 

Vireo Health cultivates the finest cannabis plants in environmentally-friendly greenhouses and produces pharmaceutical-grade cannabis extracts and other cannabis products in state-of-the-art labs. These products are sold through our retail brand Green Goods dispensaries to qualifying patients in Maryland, Minnesota, New Mexico, and through our Vireo retail brand in New York. Green Goods and Vireo dispensaries employ teams of patient care experts and licensed pharmacists who help patients find the right solution for their needs. 

Vireo also distributes our products through third-party owned dispensaries in Arizona, Maryland, New Mexico, and New York. The Vireo team is comprised of physicians, scientists, and horticulturists that have been successful in a variety of settings and bring a broad spectrum of experience in best practices and evidence-based medicine. 

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  • As part of the transaction Verano will obtain one of only ten vertically-integrated licenses in New York, which includes one cultivation license, four active dispensaries, and four additional dispensaries planned in high-traffic locations 
  • Verano will acquire one of only two vertically-integrated licenses in Minnesota which includes one cultivation license and eight active dispensaries 
  • In New York, the Company will gain delivery service across the New York City area via a dispensary on Queens Boulevard centrally located next to the Long Island Expressway, Citi Field and LaGuardia Airport; along with three high-traffic dispensaries – in a busy shopping district in White Plains; in Albany adjacent to the University of Albany campus and Colonie Center Mall; and in Johnson City across from the Oakdale Mall 
  • In Minnesota, Verano will obtain eight dispensaries, including one in the heart of downtown Minneapolis and four more across the Minneapolis-St. Paul metro area; in locations covering the cities of Duluth and Rochester; and in Moorehead, which is situated in the Fargo, ND metro area 
  • Between 2022 and 2026, these net new markets are expected to generate combined revenue of more than $13.8B1 

Verano Holdings Corp: CNSX: VRNO is a leading, vertically integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to cultivate progress across its footprint, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands, including Verano, Avexia, Encore, and MÜV. Verano’s portfolio encompasses 15 U.S. states, with active operations in 12, including 12 production facilities comprising over 1,000,000 square feet of cultivation capacity. Verano designs, builds, and operates dispensaries under retail brands including Zen Leaf and MÜV, delivering a superior cannabis shopping experience in both medical and adult-use markets. Recently, Vireo Health has begun to focus on the lesser-known cannabinoids – cannabinol and cannabigerol – otherwise known as CBN and CBG, respectively. Vireo Health is proud to now offer CBN as a Vireo Spectrum Softgel, which we call Moonlight. 

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GDNSF is making a powerful run northbound after Verano Holdings announced they have entered into a definitive arrangement agreement to acquire all of the issued and outstanding shares of Goodness in an all-share transaction valued at approximately US$413 million on a fully-diluted basis. The move is expected to be highly beneficial for both Company’s giving Verano access to the coveted New York, Minnesota and New Mexico markets ahead of both states’ transition to adult-use; securing one of two vertically-integrated licenses in Minnesota; and increasing operational footprint in Arizona and Maryland. Upon consummation of the acquisition, Verano’s footprint will span 18 states, with active operations in 15, including 17 cultivation facilities totaling 1.3 million square feet of cultivation capacity and 111 active dispensaries. Under the terms of the Arrangement Agreement, it is expected that each holder of Goodness subordinate voting shares will receive 0.22652 of a Verano Class A subordinate voting share for each Goodness subordinate voting share held and each holder of Goodness multiple voting shares and Goodness super voting shares will receive 22.652 Verano Shares for each Goodness multiple voting share and Goodness super voting share held, respectively. We will be updating on GDNSF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with GDNSF.

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Disclosure: we hold no position in GDNSF either long or short and we have not been compensated for this article.

The post Goodness Growth Holdings Inc (OTCMKTS: GDNSF) Soars on Verano’s $413 million Proposed Acquisition first appeared on Micro Cap Daily.

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