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Verano Announces $195 Million Senior Secured Term Loan Refinancing Agreement to Fund Company's Strategic Growth Initiatives
New credit facility highlights Company’s ability to access lower-cost regional bank capita...
About this update from Verano Holdings Corp Class A
[{"type":"text","content":"Verano Announces $195 Million Senior Secured Term Loan Refinancing Agreement to Fund Company’s Strategic Growth Initiatives\nNew credit facility highlights Company’s ability to access lower-cost regional bank capital and secure among the most favorable terms in the industry, including an initial 9.5% annual interest rate and prepayment flexibility CHICAGO, March 12, 2026 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the closing of a $195,000,000 senior secured term loan (the \"Term Loan\") under a new credit agreement led by Needham Bank, a Massachusetts commercial bank, as administrative and collateral agent, and Chicago Atlantic Financial Services, LLC, as co-administrative agent. Simultaneous with the refinancing, the Company also announced it has drawn the remaining $50,000,000 available under its existing revolving credit facility, which was initially entered into in September 2025 and subsequently upsized to $100,000,000 in January 2026. “Securing our new $195 million term loan backed by a highly respected regional institution in Needham Bank is a watershed moment for Verano, serving as powerful validation of our operational and financial discipline,” said George Archos, Verano Chief Executive Officer and President. “We believe this arrangement provides Verano some of the most beneficial terms in the industry including a significantly lower cost of capital, maturity date and prepayment flexibility, and favorable interest rates. With our new facility now in place, we are well-positioned to continue strengthening our balance sheet, and executing strategic growth initiatives aimed at generating long-term value for the Company, our employees and shareholders.” Joseph Campanelli, Chairman, President & CEO of Needham Bank, said, “In addition to our role as Administrative Agent, Needham Bank is pleased to offer a comprehensive suite of financial services including credit, state-of-the-art cash management and consumer payments to Verano, a premier cannabis operator. Our ability to provide local decision making and a compliant, nationwide banking platform perfectly aligns with Verano’s operational excellence and strong financial profile...