Verano Announces $20 Million Share Repurchase Authorization

• Verano Holdings Corp. authorized a Normal Course Issuer Bid (NCIB) to repurchase up to $20 million of common stock.
• The program allows for the purchase of approximately 18,219,090 shares, representing roughly 5% of outstanding shares.
• Program duration is set for 12 months ending April 30, 2027.
• Execution will occur via ATB Capital Markets Corp on Cboe Canada, subject to Rule 10b-18 constraints (daily limit 25% of average daily volume).
• Management cites the authorization as a tool for capital optionality following the Schedule III medical cannabis designation and strengthened balance sheet.
• This follows the April 23, 2026 announcement confirming Cannabis rescheduling from Schedule I to Schedule III under the Controlled Substances Act.

• The $20 million buyback is a positive signal of management confidence in cash flow generation but does not fundamentally alter the valuation thesis established by the recent regulatory changes.
• Given the company's market capitalization of approximately $451 million, the buyback represents roughly 4.4% of equity value, which is meaningful but standard for a company with this level of liquidity ($83M cash + credit facilities).
• The news validates the March 2026 refinancing success and the April 2026 Schedule III rescheduling catalyst by demonstrating available capital to deploy.
• It is categorized as Routine - Positive because share repurchase authorizations are expected corporate actions once liquidity constraints are resolved, rather than a sudden market-moving event like an M&A deal or major investor entry.

• Verano Holdings Corp. is a multi-state operator in medical cannabis with operations in 13 states.
• Flagship Project/Operations: Zen Leaf dispensaries (retail) and MÜV dispensaries (Florida).
• Footprint: 160 dispensaries nationwide, 15 production facilities, over 1.1 million sq ft of cultivation capacity.
• Recent Expansion: Secured conditional vertical license in Texas (Phase 1), pending final approval; redomiciled from British Columbia to Nevada for tax and regulatory benefits.
• Product Innovation: Launched Swift Lifts pre-roll brand and HYPHEN pod system; partnerships with Flower by Edie Parker in Florida.