Verano Hldgs Stock Price, News & Analysis

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) reported record revenue of $879 million for 2022, up 19% year-over-year. The company achieved $226 million in revenue for Q4 2022, a 7% increase from Q4 2021. However, it faced a significant net loss of $(269 million for the year, primarily due to a $229 million impairment charge. Despite challenges in the market, management expressed optimism about growth opportunities, leveraging strengths in adult-use markets, especially in New Jersey. The company's gross profit stood at 48% of revenue for the year, with a focus on enhancing efficiencies and expanding retail operations.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has successfully streamlined its capital structure by converting all outstanding Class B proportionate voting shares into Class A subordinate voting shares. Each Class B share was exchanged for 100 Class A shares, resulting in a single class of shares with equal rights. As of March 24, 2023, Verano has 341,774,840 Class A shares outstanding. This change simplifies voting and economic rights, enhancing shareholder clarity. Verano operates in 14 U.S. states and focuses on providing high-quality cannabis products through its various brands.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) will release its fourth-quarter and fiscal year financial results for 2022 before the market opens on March 30, 2023. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss the results with analysts and investors. Verano operates in 14 U.S. states, including 13 active markets, and boasts over 1,000,000 square feet of cultivation space. The company focuses on providing high-quality cannabis products through its brands, including Verano, MÜV, and Zen Leaf, enhancing community wellness through regulated access.

Verano Holdings Corp. has opened its 66th Florida dispensary, MÜV Winter Springs, on March 3, 2023. Located at 1315 Tuskawilla Road, it is strategically positioned on a high-traffic route with approximately 34,000 daily vehicles passing. This new outlet enhances Verano's footprint to four locations in the Orlando area and is part of its 125 retail operations across 13 states. Florida's medical cannabis market is experiencing growth, with over 792,000 qualified patients and projected sales reaching $2.5 billion by 2026. MÜV dispensaries offer a diverse product range and patient services.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has opened its 65th Florida dispensary, MÜV West Palm Beach Okeechobee, on February 24, 2023. Located at a high-traffic area on Okeechobee Boulevard, this addition marks a total of 124 retail outlets across the U.S. Florida currently has over 789,000 qualified medical cannabis patients, with sales expected to hit $2.5 billion by 2026. The dispensary offers a wide array of products, including signature brands like Verano Reserve and MÜV. Verano emphasizes patient-centric services, including online ordering and virtual consultations, enhancing accessibility for cannabis patients in the state.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the opening of its 16th Pennsylvania dispensary, Zen Leaf Clifton Heights, on February 17, 2023. This location, the first medical cannabis dispensary in Clifton Heights, will serve the local community, which has a population of over 6,700. Verano now operates 123 dispensaries and 14 cultivation facilities across 13 states, with a total cultivation capacity exceeding 1 million square feet. The new dispensary aims to provide convenient access to a wide range of cannabis products, enhancing the company's footprint in the growing Pennsylvania market.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has opened its 64th MÜV dispensary in Florida, located in Orlando Colonial, marking its 122nd dispensary nationwide. The new location, operational from February 10, 2023, is strategically placed on a busy street with over 57,500 vehicles passing daily. This addition complements Verano's retail expansion in Florida, with 23 new MÜV locations since February 2022. The company operates across 13 states with 122 dispensaries and 14 processing facilities, encompassing over 1 million square feet of cultivation capacity. Verano aims to enhance patient access through extensive product offerings and services.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced that Ed Brown has stepped down from its Board of Directors to return to the alcohol industry. Brown played a crucial role in shaping the company's growth strategy, including its public listing and expansion efforts. CEO George Archos expressed gratitude for Brown's contributions, highlighting the strong position Verano is in to continue growing in the cannabis sector despite this leadership change. Verano is a leading multi-state cannabis operator in the U.S., focused on delivering premium cannabis products across 14 states.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the opening of MÜV Navarre, its 63rd Florida dispensary and 121st nationwide, on January 20, 2023. Located on Navarre Parkway, a key traffic area, this dispensary serves a community of nearly 40,000 residents. Florida's medical cannabis market is on a growth trajectory, with projected sales of $2.5 billion by 2026, supported by over 783,000 qualified medical cannabis patients. The dispensary will provide various services and products, including online consultations and a wide range of cannabis products. Verano operates in 13 states with over 1 million square feet of cultivation capacity.