Verano Holdings Corp.

ITEM 1A.RISK FACTORS

Except as set forth below, there have been no material changes in or additions to the Companys r.

Each of Part I, Item 1A. Risk fFactors included in  our Annual Report on Form 10-K underand Part II, Item 1A. Risk Factors filed with the SEC on February 27, 2025. We may continue to disclose changes to such risk factors or disclose additional risk factors from time to time in our future SEC filings.

Changes in U.S. trade policy, including the imposition of tariffs and tin our Quarterly Report on Form 10-Q filed with the resulting consequences, mSEC on May have a material adverse impact on our business, operating results, and financial condition.

Our business requires significant packaging, construction, and other materials. While we strategically and proactively procure these materials from our suppliers in sufficient quantities to facilitate supply chain demands and on relevant construction timelines, we cannot yet predict the effect of the recently imposed or future U.S. tariffs on imports or the extent to which other countries will impose quotas, duties, tariffs, taxes or other similar restrictions upon the import of materials in the future, nor can we predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business.

8, 2025 (the Q1 2025 Form 10-Q), include a discussion of our risk factors. The U.S. governmentre has adopted new approaches to trade policy and in some cases, may renegotiate, or potentve been no materially terminate, certain existing bilateral or multi-lateral trade agreements. T changes from the U.S. government has also imposed tariffs on certain foreign goods and has raised the possibility of imposing significant additional tariff increases or expanding the tariffs to capture other countries and certain types of foreign goods. Any such current and future tariff increases, expanding risk factors described within the tariffs to capture other countries Form 10-K and types of foreign goods or other changes in U.S. trade policy he Q1 2025 Form 10-Q. We may make it more difficult or costly for us to procure packaging, construction, and other materials. As a result, we may experience supply chain interruptions or increased pricing of such procured materials and planned projects may be delayed, which could have a material adverse effect on our current and expansion strategy as well as our business, operating results and financial condisclose changes to such risk factors or disclose addition.

In addition, in response to tariffs, other countries have implemented retaliatory tariffs on U.S. goods. Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange, and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets, which could in turn have a material adverse impact on oal risk factors from time to time in our business, operating results andfuture SEC financial conditionlings.