VERANO HLDGS CORP - VRNOF STOCK NEWS

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) reported a strong Q1 2022 with revenues soaring by 67% to $202 million compared to Q1 2021. The gross profit reached $100 million, representing 49% of revenue. However, the company reported a net loss of $7 million, worsening from a loss of $2 million in the previous year. Operationally, Verano expanded its retail footprint by opening three new dispensaries and launching adult-use sales in New Jersey. The company ended Q1 2022 with $340 million in current assets and $384 million in total debt.

Verano Holdings Corp. (OTCQX: VRNOF) announced a decisive victory in arbitration against frivolous RICO claims from Nicholas Nielsen, which were dismissed with prejudice. Verano was awarded nearly $100,000 in attorney’s fees, emphasizing the claims' baseless nature. Nielsen, who failed to disclose his felony conviction for illegal marijuana cultivation, attempted to blame Verano for his actions. This ruling reinforces Verano's commitment to legal compliance in its operations across 13 states, solidifying its position as a reputable multi-state cannabis operator.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the opening of its 47th Florida dispensary, MÜV Ocala, on May 20, 2022. Located in a rapidly growing area of Marion County with 43,500 daily vehicle traffic and a 13.5% population increase since 2010, this dispensary aims to serve central Florida's medical cannabis patients. Verano operates 98 dispensaries and 12 cultivation facilities across 13 states, featuring a diverse product lineup accessible through in-store consultations and online ordering.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced details for a conference call on May 25, 2022, to discuss its first quarter financial results for the period ending March 31, 2022. The call will begin at 8:30 a.m. ET and will be accessible via a registered link. Participants can expect comprehensive insights into Verano's financial performance, including potential discussions on revenue and strategic operations. The company is a prominent multi-state cannabis operator in the U.S., with a robust portfolio of brands and over 1,000,000 square feet of cultivation capacity.

Verano Holdings Corp. (OTCQX: VRNOF) has launched its mobile applications for Zen Leaf and MÜV dispensaries, enhancing customer experience across 71 locations in seven states. The apps feature exclusive promotions, streamlined ordering, and a comprehensive rewards program, allowing users to earn points and discounts. With a focus on customer care and convenience, Verano aims to improve accessibility to cannabis products for both patients and adult customers. This initiative represents a strategic expansion into digital platforms to meet evolving consumer needs.

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has opened MÜV Fort Myers Beach, the first medical cannabis dispensary in Fort Myers Beach. Located at 11340 Summerlin Square Drive, it is the company's 46th dispensary in Florida and 97th nationwide. The area sees around 34,500 vehicles daily and attracts nearly 4.6 million annual visitors. MÜV Fort Myers Beach offers drive-through shopping and is set to enhance patient convenience in the region, complementing existing locations. The dispensary features an extensive product line and online ordering options for ease of access.

Verano Holdings Corp. (CSE: VRNO, OTCQX: VRNOF) announced a decision from the Alberta and Ontario Securities Commissions allowing it to file its 2021 annual and 2022 first quarter financial statements on SEDAR. This approval enables the company to withdraw its earlier application for a management cease trade order (MCTO) due to potential late filing of its IFRS financials. The company is vertically integrated, operating in 15 U.S. states, with a focus on providing premium cannabis products and wellness solutions.

Verano Holdings Corp. announces the opening of MÜV Hobe Sound, its 45th Florida location and 96th nationwide dispensary. Located at 10455 SE Federal Highway, the dispensary serves a community of over 13,000 residents and is open seven days a week. Known for its tourist attractions on Florida's Treasure Coast, MÜV Hobe Sound aims to provide convenient access to a wide range of medical cannabis products. Verano operates across 13 states with a total of 96 dispensaries and over 1 million square feet of cultivation capacity.

Verano Holdings Corp. reported record financial results for 2021, achieving U.S. GAAP revenue of $738 million, a 223% increase from 2020. Adjusted EBITDA for the year was $323 million, or 44% of revenue. Despite significant growth, the company faced a net loss of $15 million due to depreciation and acquisitions. In Q4 2021, revenue hit $211 million with a gross profit margin of 54%. Operationally, Verano expanded its footprint to 13 states, bolstering its retail presence and cultivation capacity. A proposed acquisition of Goodness Growth Holdings aims to enhance market presence in key states.