Mr. Aaron Miles reports

VERANO ANNOUNCES $195 MILLION SENIOR SECURED TERM LOAN REFINANCING AGREEMENT TO FUND COMPANY'S STRATEGIC GROWTH INITIATIVES

Verano Holdings Corp. has closed a $195-million senior secured 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-million available under its existing revolving credit facility, which was initially entered into in September, 2025, and subsequently upsized to $100-million 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 favourable 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 and 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. We look forward to building a rewarding relationship with Verano for many years to come. Furthermore, we are very pleased to partner with Chicago Atlantic, a leading capital provider in the cannabis space, on this facility and continue building our relationship with them in the cannabis sector."

Peter Sack, managing partner of Chicago Atlantic, noted: "We are thrilled to build upon our relationship with Verano through a partnership of bank and non-bank capital. Needham and Chicago Atlantic operate on the forefront of bringing mainstream financial products to the U.S. cannabis industry. Verano is ideally situated to execute in the next phase of the sector's development, and Chicago Atlantic is proud to support that growth and Verano's exceptional team."

Key terms of the agreement:

• Principal amount: $195-million;
• Maturity date: March 11, 2029, with an option for the company to extend the maturity date for an additional one-year period, subject to customary conditions and an extension fee;
• Interest rate: a floating rate equal to term SOFR (secured overnight financing rate) plus 5.50 per cent, subject to a 4 per cent term SOFR floor or 9.50 per cent per annum -- representing highly competitive pricing within the sector;
• Amortization: manageable monthly principal repayments of $875,000 beginning in April, 2026;
• Prepayment flexibility: The company maintains the option to voluntarily prepay the term loan with a modest 1.50-per-cent prepayment premium during the first two years of the facility and 0 per cent thereafter, provided that if the extension is exercised, the prepayment premium will always be 1.5 per cent;
• Use of proceeds: Proceeds from the term loan, along with other funds, are being used to refinance and retire all outstanding indebtedness under the company's prior October, 2022, credit agreement.

A.G.P. Canada Investments ULC acted as exclusive placement agent to Verano.

Blank Rome acted as legal counsel to Needham Bank and as counsel to Needham Bank and Chicago Atlantic as co-administrative agents.

Winston & Strawn LLP acted as legal counsel to Verano in connection with the transaction.

Verano product images, logos and b-roll footage are available on the company newsroom.

About Verano Holdings Corp.

Verano Holdings, one of the U.S. cannabis industry's leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multistate operator embracing a mission of saying yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult-use markets under the Zen Leaf and MUV dispensary banners, and produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Savvy, (the) Essence, Swift Lifts, Hyphen, Encore, BITS, Avexia, MUV, CTPharma and Verano. Verano's active operations span 13 U.S. states, comprising 14 production facilities with over 1.1 million square feet of cultivation capacity.

About Needham Bank

Needham Bank is headquartered in Needham, Mass., which is approximately 17 miles southwest of Boston's financial district. Known as the builder's bank, Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. Needham Bank has the financial expertise typically found at much larger institutions and the local knowledge and commitment you can only find at a community bank.

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