VERANO HLDGS CORP - VRNOF STOCK NEWS

Verano Holdings reported Q3 2024 financial results with revenues of $217 million, down 2.6% from the previous quarter and 9.7% year-over-year. The company posted a gross profit of $109 million (50% of revenue) and a net loss of $43 million. The decline in revenue was primarily attributed to decreased Florida retail sales due to temporary cultivation output shifts and expected declines in Illinois and New Jersey retail operations. Operating expenses increased due to higher headcount from new store openings. The company expanded its retail footprint with new MÜV and Zen Leaf locations, now operating 152 dispensaries across 14 states.

Verano Holdings has announced the commencement of adult use cannabis sales at Zen Leaf Waterbury in Connecticut, completing the conversion of all five Connecticut Zen Leaf dispensaries from medical to hybrid sales. Located at 237 East Aurora Street in Waterbury, Connecticut's fifth-largest city, the dispensary features enhanced amenities including digital kiosks, 95 parking spaces, and access to the Cabbage Club™ membership program.

The location will operate Monday through Saturday, serving medical patients from 8 a.m. to 8 p.m. and adult use customers from 10 a.m. to 8 p.m. The grand opening celebration includes special promotions, food trucks, and demonstrations. Verano maintains a significant presence in Connecticut with five Zen Leaf locations and a 217,000 square-foot CTPharma cultivation facility in Rocky Hill.

Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), a leading multi-state cannabis company, has announced its plans to release financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, before the market opens. The company will host a conference call and webcast with analysts and investors on the same day at 8:30 a.m. ET / 7:30 a.m. CT to discuss the results and answer questions.

Interested parties can register in advance for the call through a provided link. The live webcast will be accessible via a separate link, and both the live and archived versions will be available on the Events and Presentations page of Verano's investor relations website at investors.verano.com.

Verano Holdings Corp. (OTCQX: VRNOF) announced the grand opening of Zen Leaf Arcadia in Phoenix, AZ, on September 27th. The dispensary, formerly known as Local Joint, has relocated to 2710 E Indian School Road, a busy thoroughfare with over 54,000 daily vehicles. This opening follows Verano's recent acquisition of Arizona and Virginia operations from The Cannabist Company, expanding its Arizona footprint to eight retail locations and 90,000 square feet of cultivation and processing capacity.

Zen Leaf Arcadia will offer enhanced features including additional point-of-sale stations, increased parking, and an original cannabis-inspired mural. The grand opening weekend will feature food trucks, DJs, and special deals. Verano's active operations now span 14 states, with 152 dispensaries and 15 cultivation and processing facilities, totaling over 1.1 million square feet of cultivation capacity.

Verano Holdings Corp. (OTCQX: VRNOF) has launched the 'Save the Bits' fundraising campaign for Breast Cancer Awareness Month. Starting October 1st, a portion of proceeds from sales of BITS™ edibles across hundreds of dispensaries in eight states will be donated to the Lynn Sage Breast Cancer Foundation.

The campaign involves 225 dispensaries, including 134 Zen Leaf and MÜV locations, and 91 participating third-party dispensaries. Nearly 40 third-party cannabis companies are participating through in-store and digital activations in Arizona, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, and Pennsylvania.

Since 2021, Verano has collaborated with the Lynn Sage Breast Cancer Foundation, generating over $250,000 in proceeds. Supporters can use the hashtag #SaveTheBits on social media for a chance to win a custom t-shirt, which will also be available for sale at participating Verano retail dispensary locations.

Verano Holdings Corp. (OTCQX: VRNOF) has expanded its Florida retail footprint with the openings of MÜV Melbourne and MÜV Okeechobee, bringing its total to 79 dispensaries in the state and 152 nationwide. The new locations will serve Brevard County (606,000+ residents) and Okeechobee County (41,000+ residents) respectively.

Key points:

• MÜV Melbourne is the company's 2nd location in Melbourne and 3rd in Brevard County
• MÜV Okeechobee expands Verano's presence in south central Florida
• Verano operates across 14 states with 152 dispensaries and 15 cultivation facilities
• The company supports the Smart and Safe Florida campaign for adult-use cannabis legalization
• Both new dispensaries offer a wide range of products and personalized customer service

Verano Holdings Corp. (OTCQX: VRNOF), a leading multi-state cannabis company, has announced its participation in upcoming conferences. Key events include:

1. ATB Capital Markets 2024 Fall Life Sciences Institutional Investor Conference on September 18, 2024, in New York, NY. Aaron Miles, Chief Investment Officer, will join investor meetings and a panel on Florida and other cannabis catalysts.

2. Benzinga Cannabis Capital Conference in Chicago, IL, on October 8-9, 2024. Multiple Verano executives will participate:

• Darren Weiss, President, on a panel discussing life after 280E
• George Archos, Founder, Chairman and CEO, in the Day 1 Closing Keynote Discussion
• Julianna Paterra, VP of Investor Relations, on a panel about cannabis capital markets outlook for 2025

These events provide opportunities for Verano to share insights on industry trends and company strategies.

Verano Holdings Corp. (OTCQX: VRNOF) has closed acquisitions of three subsidiaries from The Cannabist Company, expanding its footprint to 14 states, 15 cultivation and production facilities, and 150 dispensaries nationwide. The deal includes:

1. Arizona Operations: Gaining an active cultivation facility and two dispensaries in Tempe and Prescott, increasing Verano's retail presence to eight locations in the state.

2. Virginia Operations: Becoming the exclusive cannabis operator in HSA 5 in Eastern Virginia, acquiring a cultivation facility and six operational dispensaries in key cities.

The total consideration was $105 million, with $15 million for Arizona paid in cash, and $90 million for Virginia paid through a mix of cash, shares, and a promissory note. This strategic move strengthens Verano's market position and prepares for potential adult-use legalization in Virginia.

Verano Holdings Corp. (OTCQX: VRNOF) reported its Q2 2024 financial results. Key highlights include:

• Revenue of $222 million, up 0.5% from Q1 2024 but down 5% year-over-year
• Gross profit of $114 million (51% of revenue)
• Net loss of $22 million (10% of revenue)
• Adjusted EBITDA of $71 million (32% of revenue)

The company expanded its retail footprint, opening new MÜV and Zen Leaf dispensaries. Verano also announced a share repurchase program and entered an agreement to acquire operations in Virginia and Arizona. The company is prepared to leverage near-term catalysts, including Ohio's adult-use sales launch and potential adult-use legalization in Florida and Pennsylvania.