Verano Q3 Declines Sharply

Verano Announces Third Quarter 2024 Financial Results

CHICAGO, Nov. 07, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the third quarter ended September 30, 2024, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

Third Quarter 2024 Financial Highlights

Third Quarter 2024 Financial Highlights

• Revenues, net of discounts, of $217 million, a decrease of 2.6% versus the prior quarter.
• Gross profit of $109 million or 50% of revenue.
• SG&A expense of $92 million or 43% of revenue.
• Net loss of $(43) million or (20)% of revenue.
• Adjusted EBITDA¹ of $64 million or 30% of revenue.
• Net cash provided by operating activities of $30 million.
• Capital expenditures of $57 million.

Management Commentary

“During this election season, for the first time in history, cannabis took center stage as a key bipartisan issue for both U.S. presidential candidates and millions of voters across the nation,” said George Archos, Verano founder, Chairman and Chief Executive Officer. “Despite the Amendment 3 outcome, it was encouraging to see the measure supported by a majority of Floridians with 56% voting in favor, and we remain optimistic on our growth prospects in the state and our ability to succeed in the current environment.”

With rescheduling proceedings set to commence in December, and additional dispensary openings planned across multiple markets, we are prepared to leverage potential catalysts in the months and years ahead at the state and federal levels. Given his prior supportive comments, we look forward to working with President-elect Trump and his administration to advance the rescheduling process and much-needed reforms, including tax relief and SAFER banking.

George Archos

Original press release

Published by NCV Newswire

The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.