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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. (CSE: VRNO) (OTCQX: VRNOF) announced that Ed Brown has stepped down from its Board of Directors to return to the alcohol industry. Brown played a crucial role in shaping the company's growth strategy, including its public listing and expansion efforts. CEO George Archos expressed gratitude for Brown's contributions, highlighting the strong position Verano is in to continue growing in the cannabis sector despite this leadership change. Verano is a leading multi-state cannabis operator in the U.S., focused on delivering premium cannabis products across 14 states.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced the opening of MÜV Navarre, its 63rd Florida dispensary and 121st nationwide, on January 20, 2023. Located on Navarre Parkway, a key traffic area, this dispensary serves a community of nearly 40,000 residents. Florida's medical cannabis market is on a growth trajectory, with projected sales of $2.5 billion by 2026, supported by over 783,000 qualified medical cannabis patients. The dispensary will provide various services and products, including online consultations and a wide range of cannabis products. Verano operates in 13 states with over 1 million square feet of cultivation capacity.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) is celebrating the launch of adult use cannabis sales at its Zen Leaf Meriden dispensary in Connecticut. The event marked the end of cannabis prohibition in the state, attended by key officials including Lieutenant Governor Susan Bysiewicz. CEO George Archos emphasized the positive economic impacts of legal cannabis. Verano operates a 217,000 sq. ft. cultivation facility in Rocky Hill and another medical dispensary in Waterbury, which will soon offer adult use sales.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a leading multi-state cannabis operator, announced participation in key investment conferences. Aaron Miles, Chief Investment Officer, will present at the ICR Conference on January 9, 2023, at 4:00 p.m. ET. Additionally, George Archos, CEO, will join a virtual chat at Needham’s Annual Growth Conference on January 12, 2023, at 10:15 a.m. ET, followed by another virtual panel featuring Aaron Miles on the same day at 1:30 p.m. ET. Verano operates 14 production facilities across 13 U.S. states, focused on delivering premium cannabis products.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) is set to open its 62nd Florida dispensary, MÜV Lake City, on December 23. Located at 2938 W US Highway 90, the new dispensary is part of the company's ongoing retail expansion, bringing its total to 120 nationwide. Florida currently has over 776,000 qualified medical cannabis patients, with sales projected to reach $2.5 billion by 2026. MÜV Lake City will offer a wide range of cannabis products and patient-centric services, reinforcing Verano's commitment to accessibility for patients.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced executive participation in upcoming conferences: Wolfe Consumer Growth Conference on December 5, Cowen’s 5th Annual Cannabis Conference on December 6, and Stifel Canada’s 3rd Annual Future of Healthcare Conference on December 7. CEO George Archos and CIO Aaron Miles will feature in discussions, highlighting Verano's commitment to cannabis wellness. The company operates in 14 states with over 1 million square feet of cultivation capacity, offering a range of trusted cannabis brands.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) reported a strong Q3 2022, with revenue reaching $228 million, a 10% increase year-over-year driven by adult use sales in New Jersey. Gross profit improved to 54% of revenue, up from 48% the previous year. However, net loss widened to $(43) million. Adjusted EBITDA was $82 million, or 36% of revenue. Operationally, Verano expanded with new dispensaries in Florida and launched new products. The refinancing of a $350 million credit facility provides financial flexibility.
Verano Holdings Corp. (OTCQX: VRNOF) has launched BITS™, a new range of low-dose cannabis edibles designed to enhance everyday experiences. Each edible contains 5 mg of THC, along with other cannabinoids and adaptogens, and is available in five flavors. Starting November 4, BITS™ will be sold at Zen Leaf dispensaries and select retail locations in key U.S. markets including Illinois, Maryland, and Massachusetts, with plans for expansion in Arizona and Florida. CEO George Archos emphasized that BITS™ will broaden the company's consumer appeal and enhance its product portfolio.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), a major multi-state cannabis operator, will release its financial results for Q3 2022 on November 14, 2022, prior to market opening. A conference call will occur the same day at 8:30 a.m. ET for analysts and investors to discuss these results.
Verano is committed to promoting wellness through responsible access to cannabis products, operating across 14 U.S. states with over 1 million square feet of cultivation capacity.
Verano Holdings Corp. has successfully refinanced its existing $350 million credit facility, extending the maturity to October 30, 2026. The new agreement features a floating interest rate currently set at 12.75%. This refinancing opens doors for up to $270 million in additional financing, including $120 million in real estate-secured debt. The company aims for a blended interest rate of 10.5% by pursuing lower-cost secured debt. Prepayment options allow for $100 million repayment with a minimal fee, offering flexibility in managing overall capital costs.
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