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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. (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.
Verano Holdings Corp. (OTCQX: VRNOF) is set to begin adult use cannabis sales in Ohio on August 6th, 2024, at four of its five Zen Leaf dispensaries. This marks the end of cannabis prohibition in the state. Verano will open a sixth location in Antwerp, near the Indiana border. The company operates in 13 states with 142 dispensaries and 13 cultivation facilities. Verano recently announced an agreement to acquire operations in Eastern Virginia and Arizona, which will expand its presence to 14 states and 150 dispensaries.
Verano offers a wide range of cannabis products under various brands, including Verano™ Reserve, Savvy™, BITS™, Encore™ Edibles, and Avexia™. The company's CEO, George Archos, highlighted the significance of this milestone for Ohio, emphasizing job creation, economic development, and social progress.
Verano Holdings Corp. (OTCQX: VRNOF) has announced agreements to acquire operations in Virginia and Arizona from The Cannabist Company Holdings Inc. Key highlights include:
1. Acquisition of Virginia Operations for $90 million, including one cultivation facility and six dispensaries in HSA 5, serving nearly two million residents.
2. Purchase of Arizona Operations for $15 million, adding one cultivation facility, one production facility, and two dispensaries.
3. Expansion of Verano's footprint to 14 states, 15 cultivation and production facilities, and 150 dispensaries.
4. The deal positions Verano for growth in Virginia's upcoming adult-use cannabis market and strengthens its presence in Arizona.
5. The Cannabist Company will maintain operations in Virginia's Richmond region (HSA 4) and exit the Arizona market.
Verano Holdings Corp. (OTCQX: VRNOF) has announced the opening of Zen Leaf Fairless Hills, its newest affiliated dispensary in Pennsylvania, on July 26, 2024. The dispensary, relocated from Chester, is situated at 203 Lincoln Highway, a high-traffic area with over 17,000 vehicles passing daily. As the first medical cannabis dispensary in Fairless Hills, it offers an enhanced experience for patients with increased convenience and accessibility, featuring multiple point-of-sale stations and kiosks for seamless browsing and ordering.
Located in Bucks County, the fourth largest county in Pennsylvania with over 630,000 residents, Zen Leaf Fairless Hills strengthens Verano's presence in the state, becoming one of its 18 affiliated Pennsylvania dispensaries. The company also operates a 62,000 square foot cultivation and processing facility in Chester, producing various cannabis products under different brand names.
Verano Holdings, a leading multi-state cannabis company, is set to announce its financial results for the second quarter of 2024 on August 7, 2024, before the market opens. The results will cover the period ending June 30, 2024, and will be discussed in a conference call and webcast scheduled for the same day at 8:30 a.m. ET / 7:30 a.m. CT. Investors and analysts can register for the call in advance. The webcast will be available live and archived on Verano’s investor relations website.
Verano has announced the expansion of its Cabbage Club™, a cannabis membership program, to Connecticut, Maryland, and Michigan. Following successful rollouts in New Jersey and Illinois, the program offers exclusive benefits including monthly store credits, early access to products, special events, and line-skipping privileges. The expansion targets key adult-use markets with a combined population of over 15 million. Cabbage Club™ membership tiers range from $149 to $249 annually, offering cash perks that exceed membership dues. The company plans further expansion across its 142 dispensaries in 13 states. Starting July 1, consumers can join the club at a discounted rate.
Verano Holdings Corp. (OTCQX: VRNOF), a leading multi-state cannabis company, announced the openings of MÜV Naranja and MÜV Port Richey on June 21, 2024. These additions raise Verano’s retail footprint to 77 dispensaries in Florida and 142 nationwide.
MÜV Naranja, located at 26655 South Dixie Highway, strengthens Verano’s presence in Miami-Dade County, home to over 2.7 million residents. MÜV Port Richey, at 9010 U.S. Highway 19, becomes the company's second location in Pasco County, which has a population exceeding 561,000.
Verano supports the Smart and Safe Florida campaign, advocating for the legalization of adult-use cannabis via the Amendment 3 ballot initiative. The company's operations span 13 states, including 142 dispensaries and 13 cultivation and processing facilities, with over 1 million square feet of cultivation capacity.
Both new dispensaries will offer a wide range of award-winning products and patient-centric services, including online menus, virtual consultations, and express in-store pickups.
Verano Holdings has filed a Notice of Application with the Supreme Court of British Columbia to seek a full trial against Goodness Growth Holdings (Vireo). Verano is contesting Vireo's request for a summary determination, which would expedite the case without a full trial. The dispute stems from an Arrangement Agreement for a stock-for-stock acquisition, terminated by Verano due to Vireo's alleged breaches. Vireo claims damages, but Verano disputes the validity of Vireo's damages report. The Supreme Court has scheduled hearings for August 27-28, 2024. If Verano's application succeeds, the trial is expected in 2026.
Verano Holdings announced the authorization to repurchase up to $50 million worth of its Class A subordinate voting shares. This marks the company's first share repurchase program, aiming to return cash to shareholders and support stock value. The company plans to buy back up to 17,320,857 shares, representing 5% of its issued and outstanding shares, over a period ending June 13, 2025. The purchases will be conducted in compliance with Cboe Canada rules and U.S. securities regulations. The actual number of shares repurchased and the timing will depend on market conditions and other factors, with no obligation to repurchase any specific amount.
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