August 19, 2022 — Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today filed its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2022 (the “Form 10-Q”) with the U.S. Securities and Exchange Commission (the “SEC”) and in Canada on the System for Electronic Document Analysis and Retrieval (“SEDAR”). The Company also has completed the filing of the restatments of its financial statements and associated management discussion and analysis as previously announced on July 27, 2022. The Company’s restated financial statements are set forth below.
| 1. | Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements for the Quarter Ended March 31, 2021, filed on SEDAR; | |
| 2. | Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements for the Quarter Ended June 30, 2021, filed on SEDAR; | |
| 3. | Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements for the Quarter Ended September 30, 2021, filed on SEDAR; | |
| 4. | Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements for the Quarter Ended March 31, 2022, set forth in the Company’s Amendment No. 2 to Registration Statement on Form 10 filed with the SEC (the “Amended Form 10”) and filed on SEDAR; and | |
| 5. | Audited Consolidated Financial Statements for the Year Ended December 31, 2021, set forth in the Amended Form 10 and filed on SEDAR. |
These financial statements were amended and restated to correct stock compensation expense, tax expense, consolidated entity distributions, and acquisition earnouts. There were no material impacts on total assets or liabilities in any of the periods, but the amendments did result in a reduction in the Company’s tax obligation. The results of these restatements are available via the Company’s public filings with the SEC and on SEDAR.
Additionally, the Company filed the Form 10-Q with the SEC following the completion of a review by the Company’s external auditor, which Form 10-Q contained the Company’s Quarter Ended June 30, 2022 financials.
About Verano
Verano 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 address vital health and wellness needs, 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 14 U.S. states, with active operations in 13, including 13 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. Learn more at www.verano.com.
