Latest news with #Verano
Business Upturn
15-07-2025
- Business
- Business Upturn
Verano Announces Promotion and Appointment of James Leventis as Chief Strategy and Compliance Officer
By GlobeNewswire Published on July 15, 2025, 16:00 IST CHICAGO, July 15, 2025 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) ('Verano' or the 'Company'), a leading multi-state cannabis company, today announced the promotion and appointment of James Leventis as the Company's Chief Strategy and Compliance Officer, effective as of July 1, 2025. As the newest member of Verano's executive leadership team, Leventis will provide strategic leadership over the Company's robust regulatory, licensing, compliance and government affairs activities across its expanding national footprint. Since joining the Company in 2019, he has played a critical role driving Verano's growth from a single-state operator to one of the industry's largest publicly traded companies. A seasoned cannabis executive and licensed attorney, Leventis most recently served as Executive Vice President of Legal, Regulatory and Government Affairs for the Company, and his nearly 15-year career spans a variety of disciplines including regulatory, compliance, M&A and licensing in the healthcare, pharmaceutical, consulting and cannabis sectors. Leventis also plays a pivotal external role advocating for cannabis reform at the state and federal levels. Throughout his tenure, he has served as a founding member and executive officer on a number of boards, trade associations and political action committees, including the United States Cannabis Roundtable, the American Rights and Reform PAC, the American Trade Association of Cannabis and Hemp, and more. 'Given his extensive experience, industry knowledge and advocacy, I am thrilled to announce James's promotion to Chief Strategy and Compliance Officer, and am confident that his unique skill sets and expertise will further strengthen our executive leadership team,' said George Archos, Verano founder and Chief Executive Officer. 'As we navigate the dynamic cannabis sector, I believe Verano, and the industry at large, will benefit from James's ongoing leadership and influence supporting important initiatives and legislative advancements, and we look forward to his contributions for years to come.' About Verano Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry's leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano's active operations span 13 U.S. states, comprised of 15 production facilities with over 1.1 million square feet of cultivation capacity. Learn more at Contacts: MediaVeranoGrace BondyDirector, Communications [email protected] Investors [email protected] Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'future', 'scheduled', 'estimates', 'forecasts', 'projects,' 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases, or may contain statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'will continue', 'will occur' or 'will be achieved'. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements. ### Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Forbes
24-06-2025
- Business
- Forbes
Verano Tests 'Bodega' Concept In Arizona
A rendering of Verano's new "bodega-style" store. Most cannabis consumers are familiar with the shopping experience typically found at a licensed dispensary. Regulations differ state-to-state, but in general, customers are kept separate from product until the actual purchase takes place. Part of the reasoning behind this restrictive format is loss-prevention and product tracking. State regulations, particularly those in states that were early to legalization, often emphasis securing product, so that it does not go out the back door and onto the illicit market. But that concern may be starting to diminish as more state markets came online, and prices dropped in maturing markets, undercutting the appeal of illicit product. Verano, a multi-state operator, is planning to test those waters, with the unveiling of what it calls a 'bodega-style' dispensary at its Zen Leaf location in Phoenix-Cave Creek. The grand re-opening of the reconfigured dispensary on June 27 is part of a two-day Summer Festival, which will feature DJs, local artisan pop-ups, food trucks, a mobile consumption lounge and a giveaway for the first 50 customers on each day. 'The dynamic cannabis landscape requires constant innovation and differentiation to push the boundaries of possibility, and today's unveiling of a completely new dispensary shopping experience at Zen Leaf Cave Creek delivers on that mission,' said Robert Cohen, Verano Executive Vice President of Retail Strategy in a released statement. Verano operates eight dispensaries throughout Arizona, while also operating in 13 other states, under the Zen Leaf and MÜV brands. If its new bodega-style dispensary is successful, the company plans to convert more of their Arizona shops into the new format, before considering a similar move in other states, depending on what local regulations allow. The inside of the new shop days before its grand reopening on June 27. "Our initial intention is to scale the bodega-style concept across our eight Arizona dispensaries following what we anticipate will be a successful rollout at Zen Leaf Cave Creek, and from there, the opportunity for other states that may not currently allow this concept to consider the benefits bodega-style shopping offers consumers/patients, businesses and communities/state from a convenience, freedom and revenue POV," said Verano spokesperson Steve Mazeika. Ironically, bodega-style cannabis often referred to the format of quasi-legal gray market shops that have been a fixture of New York City for decades, and became more common after the state legalized adult-use in early 2021 and before the first legal sale from a dispensary took place in December, 2022. In that context, bodega-style usually meant small storefront that sold snacks and drinks along with cannabis. At this point, cannabis was still illegal to sell, but not to possess, so most of the product was kept behind counters or in glass cases. Similarly, many states without legal adult-use cannabis have seen hemp markets flourish as an after-effect of the 2018 Farm Bill, which made most hemp-derived cannabinoids legal, such as those that were just protected in Texas by Governor Greg Abbott's June 22 veto of a hemp ban. Given the lack of comprehensive regulation for hemp shops in many states, those retail locations are often similar to what Verano is introducing in Arizona. Products can be perused on shelves, with the difference being that they also often comingle with other quasi-legal or as-yet-unregulated products such as kratom or various types of mushroom-derived products. Early medical states, such as Maine and California initially allowed consumers to purchase cannabis deli-style, which means product was kept in large jars, and individual orders were weighed out and packaged on the spot. This method allows customers to see and smell their flower before they purchase, but that style is also more tedious for the retailer and creates more opportunity for waste when left with a layer of unwanted shake at the bottom of spent jars. Oklahoma's medical market exploded fast under relatively light regulations. In recent years the Sooner State has cracked down on its market amid numerous reports of illicit grow operations in licensed facilities. As of June 1, 2025 stores in that state are actually no longer allowed to sell deli-style, with the state opting for pre-packaging requirements. Connecticut, Illinois, New Jersey, Missouri, Alaska, Colorado, Maryland and New Mexico are among the states with legal adult-use that also required pre-sealed packaging. In the other direction, some states are starting to allow deli-style, much like Oregon, Arizona and Michigan. High Profile x Budega, which has three locations in Boston, Massachusetts, is a rare exception for its state in that it offers deli-style product. As the industry becomes more normalized and illicit trade between states diminishes, more regulators may consider relaxing requirements for retail models.
Forbes
16-06-2025
- Business
- Forbes
Big Cannabis Remains Bullish On Florida
Legal adult-use in Florida failed at the ballot box last November, but about six months out the biggest medical companies in the market remain bullish on the Sunshine State. Florida is the third largest state in terms of population, which would provide a massive potential customer pool if cannabis were available to all adults regardless of medical condition. Without legalization, the Sunshine State still packs a financial punch for the industry. The state had 918,290 registered medical cannabis patients as of June 13. There are 721 dispensaries across the state to serve those patients. There are also almost 10,000 shops and gas stations in the state with licenses to sell hemp, according to a Tampa Bay Times report. 'With several new dispensaries planned this year, additional CPG (consumer packaged goods) capacity, a robust new product pipeline and the state's organic patient growth, we remain very bullish on our Florida business in 2025,' said Verano CEO George Archos, during his company's May 8 earnings call. 'We've continued driving positive momentum throughout the year after firmly recapturing and sustaining the number-two market share position in the state according to OMMU (Office of Medical Marijuana Use) data,' Verano is particular poised to wait on legalization in general with 105 Zen Leaf and MÜV dispensaries across Florida, Pennsylvania and Virginia. Technically adult-use cannabis is legal to possess in Virginia, but Governor Glenn Youngkin has repeatedly blocked efforts to create regulations to allow consumer sales. 'We have one of the largest footprints in these key states and potential adult-use conversions in these markets would be tremendous catalysts for our business in the years ahead,' said Archos. A majority of voters approved the amendment to legalize adult-use cannabis with 56%, but state law requires a minimum of 60% of the vote for ballots initiative. Trulieve, which owns 161 dispensaries in the state, spent about $145 million on Smart & Safe Florida's campaign in 2023 and 2024, and have continued to be the primary driver of the campaign fundraising effort. 'With 23 million residents and 143 million tourist visits per year, Florida has the potential to be the best legal cannabis market,' said Trulieve CEO Kim Rivers during the company's May 7 Q1 earnings call. So far this election cycle, the Smart & Safe Florida campaign has collected about $19.6 million in contributions since the beginning of the year, according to the state's campaign finance data as of June 13. Individual donors accounted for $1,420, while Trulieve kicked in the rest across four payments. "last November, voters fell just shy of the 50% threshold required for passage,' said Rivers. 'However, approximately 6 million Floridians voted in favor of personal adult use. In December, the Smart and Safe Florida campaign filed revised ballot language for personal adult use legalization incorporating learning from the 2024 campaign.' Curaleaf has 66 dispensaries, though the company has also shifted priorities in Florida, converting one of their former dispensaries in West Palm Beach into a hemp shop, which can sell to all adults regardless of medical status. Trulieve also dipped their toes into the hemp market, launching a line of hemp THC drinks that can be purchased at liquor stores throughout the state. Planet 13, a Nevada-based company, is a recent newcomer to the Florida market, buying in last year when there was more optimism about Amendment 3's chances at the ballot box. Despite the state not-legalizing adult-use, Planet 13 has continued to expand on its new presence in the state. Planet 13 announced their acquisition of VidaCann in late 2023 and closed the deal in October, 2024, which included 26 dispensaries, and cultivation, processing and production facilities. The company has since expanded to 33 dispensaries. 'As part of our Florida expansion, we have entered into four leases for additional dispensing locations in Florida, which remain subject to completion of tenant improvements and regulatory inspection prior to sales to customers,' said co-CEO Bob Groesbeck during the company's May 14 earnings call. On the other hand, AYR Wellness, which currently owns the third-most dispensaries in the state could see a reduction in its statewide foot print, depending on how the company's current debt negotiations proceed. AYR Wellness owns 67 dispensaries in Florida, which account for two-thirds of the company's total. The company failed to file a first-quarter earnings report, because it was still in negotiations with its senior creditors and cannot file its earnings report until it has settled on the appropriate accounting classification for those debts. 'These negotiations are part of a broader strategic review process, as the Company evaluates capital structure alternatives and other strategic options to address its upcoming payment obligations and to support the execution of its long-term strategic plan,' said the company in a statement released June 13.
Yahoo
24-05-2025
- Business
- Yahoo
Zen Leaf Dispensary opens new location in Enfield
ENFIELD, Conn. (WWLP) – Zen Leaf Dispensary opened its seventh Connecticut location in Enfield, hosting a grand opening celebration throughout the Memorial Day weekend. The new dispensary is located adjacent to the Enfield Square Mall at 98 Elm Street, arriving just ahead of the Enfield Marketplace redevelopment project. A ceremonial ribbon-cutting was held on Friday to commemorate the addition of a new business in the community. Brick Convention returns to Springfield with stunning LEGO displays Parent company Verano operates six other Zen Leaf locations in Connecticut, as well as the 217,000 square foot CTPharma cultivation and processing facility in Rocky Hill, where a variety of cannabis products are produced for the region. 'We're thrilled to welcome guests at Zen Leaf, and share in the local community's enthusiasm as Enfield prepares to turn the page on an exciting new chapter with the transformational $250 million redevelopment of Enfield Square Mall into Enfield Marketplace,' said George Archos, Verano founder and Chief Executive Officer. 'We are grateful to the entire community, including the village leadership and many organizations we have had the pleasure partnering with as we plant roots for a bright future together in Enfield for years to come.' Throughout the weekend, DJ Bic IC will be spinning tunes at the dispensary for guests to enjoy. On Friday, visitors received complimentary meals from Pangea's Tacos, Burgers and Wraps, and coffee and drinks will be available on Saturday from Travelin' Toms Coffee Truck. To emphasize community support, Verano also donated critical funds to the Thompsonville Fire Department to purchase a year's supply of Narcan to continue providing lifesaving care for local victims of the opioid crisis. Other local organizations are also receiving support from Verano, including Enfield Loaves and Fishes and Enfield Food Shelf. For more information on Zen Leaf Enfield and weekly deals, visit WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Associated Press
14-04-2025
- Business
- Associated Press
Verano Announces Promotion and Appointment of Richard Tarapchak as Chief Financial Officer
Tarapchak brings more than 30 years of accounting and finance expertise to the role CHICAGO, April 14, 2025 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) ('Verano' or the 'Company'), a leading multi-state cannabis company, today announced the promotion and appointment of Richard Tarapchak as the Company's Chief Financial Officer ('CFO'), effective as of April 11, 2025. Tarapchak succeeds Brett Summerer, former Chief Financial Officer, who is departing the Company following his mutually agreed upon resignation. As CFO and a member of Verano's executive leadership team, Tarapchak, a seasoned financial executive with over three decades of experience, will oversee all financial and accounting operations, strategic financial planning, and information technology for the Company. He joined Verano in July of 2022, and has served as Verano's Executive Vice President, Finance and Corporate Controller and Principal Accounting Officer throughout his tenure with the Company. Prior to joining Verano, Tarapchak held a variety of accounting and finance leadership positions across a diverse set of industries. His extensive experience includes serving as Vice President, Corporate Controller and Chief Accounting Officer of II-VI Incorporated; Corporate Controller of Reynolds Group Holdings Limited; Chief Financial Officer of National Material L.P.; and several positions at Navistar International Corporation, including, most recently, Senior Vice President and Corporate Controller. Tarapchak earned a business administration degree from Wittenberg University in 1987 and an MBA in finance and accounting from The Ohio State University in 1992. In addition, he is a certified public accountant, and serves as the Chair of the Corporate Controller's Council at the Manufacturers Alliance and as a board member of the Illinois CPA Society. 'I want to thank Brett for his contributions to Verano throughout his tenure with the Company. We have realized many significant milestones over this time period, and I wish him continued success in his future endeavors,' said George Archos, Verano founder and Chief Executive Officer. 'I am pleased with Rich's promotion to Chief Financial Officer given his deep understanding of our core business, and I believe he is extremely well suited to lead Verano's financial operations. Rich has played a pivotal leadership role in the Company's accounting and finance teams, and has demonstrated continued professional growth throughout his tenure at Verano. I have full confidence in his ability to lead our finance team as he builds upon our financial strength, operational excellence, and our deep commitment to our employees, the investment community, and our shareholders. I am confident that with Rich's leadership, we will continue to maintain and enhance Verano's financial strength and stewardship.' 'I am honored to assume the role of Chief Financial Officer and expand my financial leadership within Verano at such an exciting time for the Company,' said Richard Tarapchak, Verano Chief Financial Officer. 'Given Verano's leadership position in the industry, commitment to product innovation, dedication to supporting our customers, and strong history of performance and profitability, I look forward to continuing to collaborate with our dedicated, skilled, and compassionate team to execute our business and financial strategy as we shape the future of the industry.' About Verano Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry's leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano's active operations span 13 U.S. states, comprised of 15 production facilities with over 1.1 million square feet of cultivation capacity. Learn more at Media Verano Steve Mazeika VP, Communications [email protected] Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'future', 'scheduled', 'estimates', 'forecasts', 'projects,' 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases, or may contain statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'will continue', 'will occur' or 'will be achieved'. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company's annual report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission at The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
