[Form 4] Verano Holdings Corp. Insider Trading Activity

Rhea-AI Filing Summary

Verano Holdings Corp. reported that one of its directors settled vested restricted stock units into Common Stock. On December 1, 2025, the director acquired 22,195 shares of Common Stock, par value $0.001, at a price of $0 per share through the conversion of previously granted restricted stock units. Following this transaction, the director directly beneficially owned 81,208 shares of Common Stock.

The filing shows activity in two restricted stock unit awards granted under the Verano Holdings Corp. Stock and Incentive Plan. One award, granted on August 10, 2023, vested in four 25% installments on June 1, 2024, December 1, 2024, June 1, 2025 and December 1, 2025, with 30,578 restricted stock units remaining beneficially owned after the reported settlement. A second award, granted on June 1, 2024, also vests in 25% tranches on June 1, 2025, December 1, 2025, June 1, 2026 and December 1, 2026, with 26,793 restricted stock units remaining beneficially owned.

Insider Trade Summary

22,195 shares exercised/converted

Mixed 3 txns

Insider Mueller Frederick Charles

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	18,410	$0.00	--
Exercise	Restricted Stock Units	3,785	$0.00	--
Exercise	Common Stock, par value $0.001	22,195	$0.00	--

Holdings After Transaction: Restricted Stock Units — 30,578 shares (Direct); Common Stock, par value $0.001 — 81,208 shares (Direct)

Footnotes (1)

1. This transaction represents the settlement of vested restricted stock units into Common Stock, par value $0.001. The restricted stock units disposed in this transaction were granted under the Verano Holdings Corp. Stock and Incentive Plan on August 10, 2023. Each restricted stock unit reflects a contingent right to receive one share of Common Stock, par value $0.001 and vested 25% on each of June 1, 2024, December 1, 2024 and June 1, 2025 and December 1, 2025. The restricted stock units disposed in this transaction settled on December 1, 2025. The restricted stock units were granted under the Verano Holdings Corp. Stock and Incentive Plan on June 1, 2024. Each restricted stock unit reflects a contingent right to receive one share of Common Stock, par value $0.001 and vested 25% on June 1, 2025 and December 1, 2025 and thereafter will vest 25% on each of June 1, 2026 and December 1, 2026.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mueller Frederick Charles

(Last) (First) (Middle)

224 WEST HILL STREET, SUITE 400

(Street)

CHICAGO IL 60610

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Verano Holdings Corp. [ VRNO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001	12/01/2025		M(1)		22,195	A	$0	81,208	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units(2)	$0	12/01/2025		M(1)			18,410	(3)	(3)	Common Stock, par value $0.001	18,410	$0	30,578	D
Restricted Stock Units(4)	$0	12/01/2025		M(1)			3,785	(3)	(3)	Common Stock, par value $0.001	3,785	$0	26,793	D

Explanation of Responses:

1. This transaction represents the settlement of vested restricted stock units into Common Stock, par value $0.001.

2. The restricted stock units disposed in this transaction were granted under the Verano Holdings Corp. Stock and Incentive Plan on August 10, 2023. Each restricted stock unit reflects a contingent right to receive one share of Common Stock, par value $0.001 and vested 25% on each of June 1, 2024, December 1, 2024 and June 1, 2025 and December 1, 2025.

3. The restricted stock units disposed in this transaction settled on December 1, 2025.

4. The restricted stock units were granted under the Verano Holdings Corp. Stock and Incentive Plan on June 1, 2024. Each restricted stock unit reflects a contingent right to receive one share of Common Stock, par value $0.001 and vested 25% on June 1, 2025 and December 1, 2025 and thereafter will vest 25% on each of June 1, 2026 and December 1, 2026.

	/s/ Kevan Fisher, Attorney-in-Fact	12/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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