Chicago cannabis company Verano Holdings has agreed to be acquired for $850 million by an Arizona-based chain as a move to legalize recreational marijuana use progresses in Illinois.
Harvest Health & Recreation will gain rights to operate Verano’s cultivation facility and dispensaries in Illinois, Nevada and Maryland, the companies said.
The combined company — which will be one of the largest multistate cannabis operators in the country — is expected to operate 30 dispensaries, eight cultivation facilities and seven manufacturing facilities, the release said.
“The combination with Verano fits perfectly with our vision of creating the world’s most valuable cannabis company,” Harvest Executive Chairman Jason Vedadi said in the statement.
Harvest will also acquire Verano’s 300-plus employees.
George Archos, Verano co-founder and CEO, called the partnership a “natural match” to merge his company’s assets with Harvest’s reach on the West Coast.
“Our growth and unique positioning in key markets allowed us to evaluate some of the largest players in the space,” Archos said. “But we only had one unanimous choice for a major transaction, and that was Harvest.”
