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In October, I wrote Why Limited License Matter, showing how constraining capacity makes each license much more valuable. Illinois is a limited-license state that recently expanded from medical-only to adult use. Verano’s footprint is characterized by prime assets in highly populated, limited-license states.The firm got their start in Illinois and currently operates 10 dispensaries and almost 200,000 square feet of cultivation. I have neither of these concerns with Verano. The biggest mistakes in business are made when too much leverage meets excess ego. I listened to several interviews in preparation for this piece, and George's knowledge and humility are exemplary. Again, these service principles are carryovers from George's restaurant roots. Verano prides themselves on being more a knowledgable team and taking a consultative sales approach, rather than just pushing the special of the day. In the cannabis world, the budtender is analagous to a waiter in the restaurant industry. Verano excels at creating beautiful stores with informed budtenders. While the firm is not cheap, they are disciplined with their spending. George has taken what he learned successfully operating several restaurants and applied this to Verano. Hence, the adage that 90% of restaurants fail within the first two years of operation. Restaurants live with razor thin margins and must have impeccable financial discipline to survive. George Archos, CEO of Verano, comes from the restaurant business.

This is perfectly suited for creative financing and investing in the most attractive assets.

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Experienced professional investors like Abner Kurtin from Ascend are experts in sourcing capital and allocating to the most attractive assets. When analyzing investments, I always study the management team to understand where they will perform best. Today, the stock trades on the Canadian Stock Exchange (CSE) under the ticker VRNO, and VRNOF on the US OTC Exchange. AltMed offered Verano valuable retail assets in Arizona and Florida under their MUV dispensaries banner. At the time of the IPO, they merged with Alternative Medical Enterprise, LLC (AltMed). Verano operated as a private company for seven years and went public at $10/share on Februthrough a reverse takeover (RTO) of Majesta Minerals. A restaurateur before getting into the cannabis business, Archos establishments include four Wildberry Pancakes and Cafe locations in Chicago area. Verano was founded in 2014 as an Illinois medical-cannabis growing operation by George Archos.

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Through this structure, they are reaching an addressable population of over 150 million, plus distributing to over 500 active wholesale dispensary accounts. Headquartered in Chicago, their footprint spans 15 states, 93 retail locations, and over 12 production facilities comprising over one-million square feet of cultivation.

Verano is a leading US cannabis company differentiated by top-shelf offerings and industry-leading margins.