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Verano Holdings Corp (VRNOF) is a leading cannabis operator in the United States, with a focus on producing high-quality products and building strong customer relationships. The company's core business includes cultivation, production, and distribution of a wide range of cannabis products, including flower, edibles, and concentrates. Verano has been expanding its footprint through strategic partnerships and acquisitions, positioning itself as a key player in the rapidly growing cannabis industry.
Verano Holdings announced the opening of its 110th dispensary, MÜV Hollywood, on August 19, 2022. This location marks the third MÜV dispensary in Broward County and 56th in Florida, contributing to Verano's ongoing retail expansion. The dispensary is situated on a high-traffic street, attracting over 16,000 vehicles daily. Verano operates 110 dispensaries across 13 states, with a total cultivation capacity exceeding 1 million square feet, underscoring its growth in the cannabis market.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) reported its Q2 2022 financial results, showcasing a 12% revenue increase to $224 million compared to Q2 2021. Gross profit rose to $98 million, representing 44% of revenue. Despite a net loss of $(10) million, an improvement from $(30) million last year, unadjusted EBITDA stood at $48 million. Operationally, Verano exceeded 100 dispensaries and celebrated adult-use sales in New Jersey. The company also invested in mobile applications and new product lines, aiming for sustainable growth.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the launch of Savvy, a new cannabis brand targeting budget-conscious consumers. Set to launch in September 2022, Savvy will be available at approximately 85 Zen Leaf and MÜV dispensaries across Arizona, Florida, Illinois, Massachusetts, Maryland, Nevada, and Ohio, with plans for New Jersey and Pennsylvania in the future. Savvy will include 7g and 14g cannabis flower, 1g oil cartridges, and more. The brand aims to meet the rising demand for affordable cannabis products alongside Verano's extensive product portfolio.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announces the grand opening of its 55th Florida dispensary, MÜV Palatka, on August 12. This new location is strategically positioned near a busy intersection with 9,400 vehicles daily, catering to over 10,500 residents in Palatka. Verano operates 109 dispensaries across 13 states, supported by more than 1 million square feet of cultivation capacity. MÜV Palatka aims to enhance patient access to premium cannabis products, featuring online menus and virtual consultations for convenience.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has successfully expanded its cannabis product offerings into four new markets: Arizona, Florida, Massachusetts, and Pennsylvania. With this move, Verano flower products including Reserve and Essence lines are now available in over 500 dispensaries across nine states. The company plans to launch in West Virginia in the second half of 2022. Verano aims to meet the growing demand for high-quality cannabis products, bolstered by its established retail footprint and innovative product portfolio.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has opened its 54th dispensary in Florida, MÜV Tampa Himes, on August 5, 2022. This marks the company's seventh dispensary opening since late June. Located at 4820 South Himes Avenue, Tampa, the store is strategically positioned near a high-traffic area with 22,000 daily vehicles. Verano operates in 13 states with 108 dispensaries and over 1 million square feet of cultivation capacity. With Tampa being Florida's third-largest city, Verano aims to enhance access to medical cannabis for local patients.
Verano Holdings Corp. (OTCQX: VRNOF) announced the opening of its new medical cannabis dispensary, Zen Leaf Elkridge, in Maryland on August 5, 2022. The dispensary is located at 6000 Marshalee Drive and features enhanced amenities such as a larger store space, additional registers, and a drive-through window. This location marks the first medical cannabis dispensary in Elkridge, which has a population of over 25,000. Maryland's medical cannabis sales are projected to reach $750 million by 2026, with over 158,000 certified patients in the state.
Verano's Zen Leaf Neptune dispensary in New Jersey has secured all necessary approvals for adult use cannabis sales, pending a final state license. This location aims to open soon, enhancing Verano's presence alongside its other dispensaries in the state, including Zen Leaf Lawrence Township and Elizabeth. The company operates in 13 states with 107 dispensaries and 13 cultivation facilities. Verano's expansion in New Jersey follows a successful adult-use launch on April 21, 2022, marking a significant milestone in cannabis accessibility.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has announced the opening of MÜV Port Charlotte, its 53rd Florida dispensary and 107th nationwide, effective July 29, 2022. This dispensary, located on a busy traffic route, will enhance patient access to premium cannabis products. Verano's operations extend across 13 states, boasting 107 dispensaries and 13 cultivation facilities with over 1 million square feet of cultivation capacity. The Port Charlotte area is experiencing significant population growth, indicating strong market potential for Verano's expansion efforts.
Verano Holdings Corp. (OTCQX: VRNOF) announced the need to restate previous financial statements due to accounting errors revealed during internal reviews of compensation and taxes. Key reports affected include those for Q1-Q3 2021 and Q1 2022, which were filed on SEDAR. The Audit Committee found that stock-based compensation was understated and tax expenses were overstated. Adjustments will be made accordingly, and amended reports will soon be submitted to SEDAR and the SEC.
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