Goodness Growth Holdings, Inc. announces that it has commenced an action in the Supreme Court of British Columbia against Verano Holdings Corp. (“Verano”), seeking damages after Verano wrongfully terminated the share exchange agreement (the “Arrangement Agreement”) between the parties pursuant to which Verano agreed to acquire all of outstanding capital stock of Goodness Growth.
Goodness Growth’s notice of civil claim was filed with the British Columbia Supreme Court and was served on Verano today. Goodness Growth is seeking damages for breach of contract, as well as other damages, costs and interest, based on Verano’s breach of contract and of its duty of good faith and honest performance.
Goodness Growth’s action follows Verano’s purported termination of the Arrangement Agreement on October 14, 2022, for which Goodness Growth believes Verano had no factual or legal basis.
Due to uncertainties inherent in litigation, it is not possible for Goodness Growth to predict the timing or final outcome of the legal proceedings against Verano or to determine the amount of damages, if any, that may be awarded.
About Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc., is a physician-led, science-focused holding company whose mission is to bring the power of plants to the world. The Company’s operations consist primarily of its multi-state cannabis company subsidiary, Vireo Health, Inc., and its science and intellectual property developer, Resurgent Biosciences, Inc. The Company manufactures proprietary, branded cannabis products in environmentally friendly facilities and state-of-the-art cultivation sites and distributes its products through its growing network of Green Goods® and other retail locations and third-party dispensaries. Its team of more than 450 employees is focused on the development of differentiated products, driving scientific innovation of plant-based medicines, and developing meaningful intellectual property. The Company is licensed to grow, process, and/or distribute cannabis in five markets and operates 18 dispensaries across the United States. For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com.
Vice President, Investor Relations