Marijuana multistate operators Vireo Growth Inc. and Verano Holdings Corp. have settled a potentially costly lawsuit that stemmed from a merger abandoned after cannabis stock prices crashed, the companies announced Wednesday.
As part of the settlement, Minnesota-based Vireo Growth will receive $1 million in cash and $10 million worth of “non-operational” real estate in Pennsylvania, according to George Archos, the founder and CEO of Chicago-based Verano.
ADVERTISEMENT
Vireo, formerly known as Goodness Growth Holdings until a July 1, 2024, name change, had initially sought $860.9 million in damages from Verano in a 2022 lawsuit filed in the Supreme Court of British Columbia.
That claim followed the collapse of an all-stock deal valued at $413 million that Verano terminated that year.
In response, Verano claimed
Read full article on Marijuana Business Daily
