Finance

Verano Holdings Raises $120 Through Scythian Biosciences and Private Financing

By October 31, 2018 No Comments

On October 23rd Verano Holdings, LLC announced a $120 million financing that consisted of $88 million in equity from Scythian Biosciences Corp (OTC: SCCYF) and $32 million in additional private financing. The company also announced acquisitions, transactions, and the hiring of executives with experience in the cannabis industry to work within the new verano™ brand. Verano™ will remain as the “master brand” for cultivation and production facilities while most dispensaries are branded as Zen Leaf™.

One of the acquisitions, of 3 Boys Farms LLC, took place in Florida and gave access to Florida for Verano for the first time. Verano Holdings is now on track to become one of the largest and most profitable companies that is privately owned within the United States in 2019.

The company still has over 35 licenses that are under development and, when all are granted, could reach an estimated 25 million more people within Florida, Michigan, Ohio, Maryland, and Puerto Rico.

Current facilities within Illinois, Nevada, and Maryland are estimated to continue its revenue stream and double revenue from 2017 in 2018. The 10 total facilities within the states of Illinois, Florida, Maryland, and Nevada is estimated to reach an approximate 42 million consumers.

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