Mr. George Archos reports

NI 62-103 REPORT

This press release is being disseminated as required by Canada's National Instrument 62-103 (The Early Warning System and Related Take Over Bids and Insider Reporting Issues) in connection with the filing of an early warning report by George Archos given transactions involving the subordinate voting shares of Verano Holdings Corp. On Jan. 2, 2024, Mr. Archos, the company's chairman and chief executive officer, filed a report pursuant to National Instrument 62-103 advising of a change in Mr. Archos's beneficial ownership of shares following private transfers of shares by an entity controlled by Mr. Archos to entities not controlled by Mr. Archos for estate planning and family investment purposes. No shares were transferred through open market transactions. Prior to the transfers of shares, Mr. Archos was deemed to beneficially own 51,064,457 shares, representing a 14.9-per-cent beneficial ownership interest of the company, and thereafter Mr. Archos is deemed to beneficially own 30,672,383 shares, representing a 8.9-per-cent beneficial ownership interest of the company, in each case based on an aggregate of 344,082,939 shares outstanding (consisting of (i) 344,074,096 outstanding as of Dec. 27, 2023, plus (ii) 8,843 shares underlying exercisable stock options granted to Mr. Archos under the Verano Holdings stock and incentive plan). In the future, Mr. Archos or entities controlled by him may, from time to time and at any time, increase or decrease their ownership, control or direction over securities of the company held by them through market transactions, private agreements or otherwise.

Mr. Archos also filed reports reflecting these changes in his beneficial ownership of the shares in Canada on SEDI and with the U.S. Securities and Exchange Commission on Form 4 and Schedule 13-D/A. The NI 62-103 report, the SEDI filing and the SEC reports contain additional information in respect of the foregoing matters and may be viewed on the company's profile page on SEDAR+, on SEDI or on the company's profile page with the SEC. The company's principal office is located at 224 West Hill St., suite 400, Chicago, Ill., and copies of these reports may be obtained by contacting the company at 312-265-0730.