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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 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.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced a restatement of its 2021 financials following a revaluation of assets and liabilities related to acquisitions. This change resulted in an increase of $706,322 in shareholder equity. The company will refile the first three quarters of its 2021 interim financial statements on SEDAR, but there is no effect on the previously audited financials from 2019 and 2020. Further details will be discussed in an earnings call scheduled for April 27, 2022.
Verano Holdings Corp. (OTCQX: VRNOF) announced it will release its fourth quarter and full year 2021 financial results on April 27, 2022. Furthermore, it is filing for a management cease trade order (MCTO) due to a delay in submitting its 2021 audited financials. The MCTO, if granted, will restrict certain management members from trading the company's securities until the filing is completed. The company will comply with alternative information guidelines and provide bi-weekly updates during this period.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced it will begin personal use cannabis sales in New Jersey on April 21, 2022. The company is the only cannabis operator authorized to sell in New Jersey's central region, with dispensaries in Elizabeth and Lawrence Township. Verano operates 95 dispensaries and 12 cultivation facilities across 13 states, with a cultivation capacity exceeding 1 million square feet. Customers can pre-order products online for same-day pickup or opt for home delivery for medical patients. Business hours are set for both adult and medical cannabis sales.
Verano Holdings Corp. (OTCQX: VRNOF) announced the New Jersey Cannabis Commission's approval of personal use cannabis sales, allowing the company to lead the initial rollout in the state. Verano operates three Zen Leaf dispensaries and a 120,000 sq. ft. cultivation facility in New Jersey, with active operations in 13 states nationwide. Executives expressed optimism regarding economic growth and tax revenue from this move, highlighting a significant moment for the cannabis industry.
On April 6, 2022, Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the rescheduling of its fourth quarter and full year 2021 financial results, initially set for April 7. The conference call will now take place on April 6 at 6:00 p.m. ET. Verano is a prominent multi-state cannabis operator in the U.S., providing access to regulated cannabis products through its brands like Verano™, Avexia™, and MÜV™. The company operates in 15 states with over 1,000,000 square feet of cultivation capacity.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the reopening of Zen Leaf Canton at its new location on Cleveland Ave NW on April 4, 2022. The move aims to enhance patient experience with larger space and improved amenities, situated near key local attractions. Ohio's medical cannabis market is expected to generate over $507 million in revenue by 2022. Verano operates five dispensaries in Ohio and has a national footprint across 13 states, with a total of 95 dispensaries and significant cultivation capacity.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced that its executive team will participate in several upcoming cannabis conferences. Highlights include a panel by CIO Aaron Miles at the Green Growth Summit on April 6, and a fireside chat by CEO George Archos at the BTIG Global Cannabis Conference on April 7. The company operates in 15 U.S. states with 12 production facilities, focusing on premium cannabis products under well-known brands like Verano™, Avexia™, Encore™, and MÜV™.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has opened MÜV Marco Island, the first cannabis dispensary on Marco Island, Florida. Located at 695 Bald Eagle Drive, this new outlet is strategically placed in a shopping district and aims to serve both residents and the influx of tourists, especially given the area's visitor numbers increased to 175,000 in February 2022. MÜV Marco Island offers a broad selection of cannabis products, including edibles and topicals, with an emphasis on patient consultations and online ordering for convenience.
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