Verano Announces Third Quarter 2024 Financial Results
Verano Holdings reported Q3 2024 financial results with revenues of $217 million, down 2.6% from the previous quarter and 9.7% year-over-year. The company posted a gross profit of $109 million (50% of revenue) and a net loss of $43 million. The decline in revenue was primarily attributed to decreased Florida retail sales due to temporary cultivation output shifts and expected declines in Illinois and New Jersey retail operations. Operating expenses increased due to higher headcount from new store openings. The company expanded its retail footprint with new MÜV and Zen Leaf locations, now operating 152 dispensaries across 14 states.
Verano Holdings ha riportato i risultati finanziari del terzo trimestre del 2024 con ricavi pari a 217 milioni di dollari, in calo del 2,6% rispetto al trimestre precedente e del 9,7% rispetto all’anno precedente. L'azienda ha registrato un utile lordo di 109 milioni di dollari (50% dei ricavi) e una perdita netta di 43 milioni di dollari. Il calo dei ricavi è stato principalmente attribuito alla diminuzione delle vendite al dettaglio in Florida a causa di spostamenti temporanei nella produzione agricola e agli attesi cali nelle operazioni al dettaglio in Illinois e New Jersey. Le spese operative sono aumentate a causa dell’aumento del personale per le aperture di nuovi negozi. L'azienda ha ampliato la sua presenza al dettaglio con nuove location MÜV e Zen Leaf, ora operando 152 dispensari in 14 stati.
Verano Holdings reportó resultados financieros del tercer trimestre de 2024 con ingresos de 217 millones de dólares, una disminución del 2.6% con respecto al trimestre anterior y del 9.7% interanual. La compañía reportó una ganancia bruta de 109 millones de dólares (50% de los ingresos) y una pérdida neta de 43 millones. La disminución en los ingresos se atribuyó principalmente a la reducción de las ventas minoristas en Florida debido a cambios temporales en la producción agrícola y se esperaban descensos en las operaciones minoristas en Illinois y Nueva Jersey. Los gastos operativos aumentaron debido al incremento del personal por las nuevas aperturas de tiendas. La compañía expandió su presencia minorista con nuevas ubicaciones de MÜV y Zen Leaf, operando ahora 152 dispensarios en 14 estados.
Verano Holdings는 2024년 3분기 재무 결과를 보고했으며, 수입은 2억 1,700만 달러로 전 분기 대비 2.6% 감소하고 전년 대비 9.7% 감소했습니다. 회사는 총 이익이 1억 900만 달러(수익의 50%) 및 순손실이 4,300만 달러 임을 보고했습니다. 수익 감소는 플로리다의 소매 매출 감소, 임시 재배 생산 변화 및 일리노이와 뉴저지의 소매 운영 감소가 주로 원인으로 분석됩니다. 운영 비용은 신규 매장 개설로 인한 인력 증가로 인해 증가했습니다. 이 회사는 새로운 MÜV 및 Zen Leaf 매장을 오픈하면서 소매 점포를 확대하였으며, 현재 14개 주에서 152개의 약국을 운영하고 있습니다.
Verano Holdings a rapporté les résultats financiers du troisième trimestre de 2024 avec des revenus de 217 millions de dollars, en baisse de 2,6% par rapport au trimestre précédent et de 9,7% d'une année sur l'autre. L'entreprise a affiché un bénéfice brut de 109 millions de dollars (50% des revenus) et une perte nette de 43 millions de dollars. La baisse des revenus a été principalement attribuée à la diminution des ventes au détail en Floride en raison de changements temporaires dans la production agricole et à des baisses attendues des opérations de vente au détail dans l'Illinois et le New Jersey. Les dépenses d'exploitation ont augmenté en raison d'une hausse de l'effectif due à de nouvelles ouvertures de magasins. L'entreprise a élargi son empreinte de vente au détail avec de nouveaux emplacements MÜV et Zen Leaf, maintenant 152 dispensaires dans 14 États.
Verano Holdings berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 mit Einnahmen von 217 Millionen Dollar, was einem Rückgang von 2,6% im Vergleich zum vorherigen Quartal und 9,7% im Vergleich zum Vorjahr entspricht. Das Unternehmen meldete einen Bruttogewinn von 109 Millionen Dollar (50% der Einnahmen) und einen Nettverlust von 43 Millionen Dollar. Der Rückgang der Einnahmen wurde hauptsächlich auf verringerte Einzelhandelsverkäufe in Florida aufgrund temporärer Verschiebungen der Anbauausgaben und erwarteter Rückgänge in den Einzelhandelsbetrieben in Illinois und New Jersey zurückgeführt. Die Betriebskosten stiegen aufgrund eines höheren Personalbedarfs durch die Eröffnung neuer Geschäfte. Das Unternehmen erweiterte seine Einzelhandelspräsenz mit neuen MÜV- und Zen Leaf-Standorten und betreibt nun 152 Apotheken in 14 Bundesstaaten.
- Maintained strong gross profit margin of 50%
- Generated $30 million in operating cash flow
- Expanded retail presence to 152 dispensaries across 14 states
- Successfully launched adult-use sales in Ohio and Connecticut markets
- Revenue declined 9.7% year-over-year to $217 million
- Net loss increased to $43 million from $18 million in Q3 2023
- SG&A expenses increased to 43% of revenue from 36% year-over-year
- Adjusted EBITDA decreased to $64 million from $89 million year-over-year
- Working capital deficit of $114 million
CHICAGO, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the third quarter ended September 30, 2024, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
Third Quarter 2024 Financial Highlights
| For the Three Months Ended, | ||||||||||||
| ($ in thousands) | September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||
| Revenues, net of Discounts | $ | 216,683 | $ | 222,390 | $ | 240,088 | ||||||
| Gross Profit | 109,097 | 114,340 | 133,220 | |||||||||
| Income from Operations | 16,770 | 27,266 | 40,288 | |||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | (42,567 | ) | (21,764 | ) | (17,842 | ) | ||||||
| Adjusted EBITDA1 | 64,458 | 70,599 | 89,349 | |||||||||
Third Quarter 2024 Financial Highlights
- Revenues, net of discounts, of
$217 million , a decrease of2.6% versus the prior quarter. - Gross profit of
$109 million or50% of revenue. - SG&A expense of
$92 million or43% of revenue. - Net loss of
$(43) million or (20)% of revenue. - Adjusted EBITDA1 of
$64 million or30% of revenue. - Net cash provided by operating activities of
$30 million . - Capital expenditures of
$57 million .
Management Commentary
“During this election season, for the first time in history, cannabis took center stage as a key bipartisan issue for both U.S. presidential candidates and millions of voters across the nation,” said George Archos, Verano founder, Chairman and Chief Executive Officer. “Despite the Amendment 3 outcome, it was encouraging to see the measure supported by a majority of Floridians with
Archos concluded: "With rescheduling proceedings set to commence in December, and additional dispensary openings planned across multiple markets, we are prepared to leverage potential catalysts in the months and years ahead at the state and federal levels. Given his prior supportive comments, we look forward to working with President-elect Trump and his administration to advance the rescheduling process and much-needed reforms, including tax relief and SAFER banking.”
Third Quarter 2024 Financial Overview
Revenue for the third quarter 2024 was
Gross profit for the third quarter 2024 was
SG&A expense for the third quarter 2024 was
Net loss for the third quarter 2024 was
Adjusted EBITDA1 for the third quarter 2024 was
Net cash provided by operating activities year to date was
Capital expenditures year to date were
2024 Guidance
- The Company expects organic trends similar to those seen in the third quarter 2024 to continue into the fourth quarter 2024.
Third Quarter 2024 Operational Highlights
- Expanded the Company's retail footprint by opening the following new dispensaries:
- MÜV™ locations in Melbourne and Okeechobee, elevating the Company's Florida retail operations to 79 dispensaries statewide;
- Zen Leaf™ Fairless Hills in Pennsylvania, which relocated to a prime new Philadelphia area location;
- and Zen Leaf™ Arcadia in Arizona, featuring an array of new dispensary features and customer conveniences, which relocated to an enhanced Phoenix location.
- Introduced Cabbage Club™, the first nationwide proprietary multi-state cannabis membership club, in Connecticut, Maryland and Michigan on July 1, following its April debut in the Illinois and New Jersey markets.
- Welcomed adult use customers at the Company's five Ohio Zen Leaf dispensaries on August 6th.
- Completed acquisition of Arizona and Virginia subsidiaries of The Cannabist Company Holdings Inc., confirming the Company's position as exclusive cannabis operator for HSA 5 in Eastern Virginia, and strengthening its Arizona footprint.
- In late September, launched "Save the Bits" fundraising campaign featuring BITS™ edibles and coalition of hundreds of dispensaries across eight states benefiting the Lynn Sage Breast Cancer Foundation.
Subsequent Operational Highlights
- Issued Company donation, and launched "Round Up for Relief" fundraising campaign across Florida MÜV™ dispensaries to support Red Cross hurricane relief efforts.
- Commenced adult use sales at Zen Leaf™ Waterbury, completing the conversion of all five existing Connecticut Zen Leaf™ dispensaries from medical to hybrid sales.
- Current operations span 14 states, comprised of 152 dispensaries and 15 production facilities with more than 1.1 million square feet of cultivation capacity.
Balance Sheet and Liquidity
As of September 30, 2024, the Company’s current assets were
The Company’s total Class A subordinate voting shares outstanding was 356,925,414 as of September 30, 2024.
Conference Call and Webcast
A conference call and webcast with analysts and investors is scheduled for November 7, 2024 at 8:30 a.m. ET / 7:30 a.m. CT to discuss the results and answer investor and participant questions.
- Investors and participants can register in advance for the call by visiting: https://registrations.events/direct/Q4I4391562816
- After registering, instructions will be shared on how to join the call for those who wish to dial in.
- On November 7, 2024, the live webcast can be accessed via the following link: https://events.q4inc.com/attendee/396945417
- The live and archived webcast will be available on the Events and Presentations page of the Company’s investor relations website at investors.verano.com.
_________________________
1Adjusted EBITDA and adjusted EBITDA as a percentage of revenue (“adjusted EBITDA margin”) are non-U.S. GAAP financial measures. Each is derived from EBITDA, another non-U.S. GAAP financial measure, and is defined in this news release in the section below titled “Non-U.S. GAAP Financial Measures.” The most directly comparable U.S. GAAP financial measure to adjusted EBITDA is net income (loss) and the most directly comparable measure to adjusted EBITDA margin is net income (loss) as a percentage of revenue (“net income (loss) margin”). The reconciliation of (i) adjusted EBITDA to U.S. GAAP net income (loss) and (ii) adjusted EBITDA margin to net income (loss) margin is set forth below in the tables included in this news release.
Non-U.S. GAAP Financial Measures
Verano uses non-U.S. GAAP financial information to evaluate the performance of the Company. The terms “EBIT,” “EBITDA,” “adjusted EBITDA margin,” and "Operating Cash Flow" do not have any standardized meaning prescribed within U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. Accordingly, this non-U.S. GAAP financial information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.
The Company calculates EBIT as net income (loss) before interest expense and income tax expense; EBITDA as net income (loss) before interest expense, income tax expense, depreciation, and amortization; and adjusted EBITDA as net income (loss) plus net interest expense, income tax expense, depreciation and amortization and also excludes certain one-time extraordinary items. The calculations of the non-U.S. GAAP financial measures used in this news release and the reconciliations to the most comparable U.S. GAAP financial numbers are included in the tables below.
Operating Cash Flow is a non-U.S. GAAP financial measure. It is derived from U.S. GAAP net income (loss) which is also its most directly comparable U.S. GAAP financial measure. The reconciliation of operating cash flow to U.S. GAAP net income (loss) is set forth below in the tables included in this news release.
Management believes that this non-U.S. GAAP financial information is useful as a supplement to comparable U.S. GAAP financial information because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. Management reviews these non-U.S. GAAP financial measures on a regular basis and uses them, together with financial measures included in the Company’s financial statements, to evaluate and manage the performance of the Company’s operations. These measures should be evaluated only in conjunction with the comparable U.S. GAAP financial numbers reported by the Company.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 14 U.S. states, comprised of 15 production facilities with over 1.1 million square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
julianna.paterra@verano.com
Media
Verano
Steve Mazeika
VP, Communications
steve.mazeika@verano.com
312-348-4430
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
Financial Information Tables
The following tables include select financial results and the reconciliations of the non-U.S. GAAP financial measures to the respective most directly comparable U.S. GAAP financial measures for the presented periods.
VERANO HOLDINGS CORP.
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations (Unaudited)
($ in Thousands)
| For the Three Months Ended, | ||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||
| Revenues, net of Discounts | $ | 216,683 | $ | 222,390 | $ | 240,088 | ||||||
| Cost of Goods Sold, net | 107,586 | 108,050 | 106,868 | |||||||||
| Gross Profit | 109,097 | 114,340 | 133,220 | |||||||||
| Gross Profit % | 50 | % | 51 | % | 55 | % | ||||||
| Operating Expenses | ||||||||||||
| Selling, General and Administrative | 92,327 | 87,074 | 86,316 | |||||||||
| Loss on Impairment - Investment in Associates | — | — | 6,571 | |||||||||
| Total Operating Expenses | 92,327 | 87,074 | 92,887 | |||||||||
| Loss from Investments in Associates | — | — | (45 | ) | ||||||||
| Income from Operations | 16,770 | 27,266 | 40,288 | |||||||||
| Other Income (Expense), net: | ||||||||||||
| Loss on Disposal of Property, Plant and Equipment | (604 | ) | — | (234 | ) | |||||||
| Loss on Debt Extinguishment | — | (3,068 | ) | — | ||||||||
| Interest Expense, net | (12,771 | ) | (14,237 | ) | (15,166 | ) | ||||||
| Other Income (Expense), net | (484 | ) | (1,195 | ) | 2,145 | |||||||
| Total Other Income (Expense), Net | (13,859 | ) | (18,500 | ) | (13,255 | ) | ||||||
| Income Before Provision for Income Taxes | 2,911 | 8,766 | 27,033 | |||||||||
| Provision for Income Taxes | (45,478 | ) | (30,530 | ) | (44,797 | ) | ||||||
| Net Income Attributable to Non-Controlling Interest | — | — | 78 | |||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | (42,567 | ) | (21,764 | ) | (17,842 | ) | ||||||
VERANO HOLDINGS CORP.
Highlights from Condensed Consolidated Balance Sheets
($ in Thousands)
| September 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| Cash and Cash Equivalents | $ | 64,981 | $ | 174,760 | ||||
| Other Current Assets | 256,740 | 219,436 | ||||||
| Property, Plant and Equipment, net | 584,598 | 501,304 | ||||||
| Intangible Assets, net | 1,047,519 | 1,086,146 | ||||||
| Goodwill | 252,182 | 231,291 | ||||||
| Other Long-Term Assets | 108,659 | 105,808 | ||||||
| Total Assets | $ | 2,314,679 | $ | 2,318,745 | ||||
| Total Current Liabilities | 435,375 | 412,188 | ||||||
| Total Long-Term Liabilities | 661,586 | 666,477 | ||||||
| Shareholders' Equity | 1,217,944 | 1,240,080 | ||||||
| Non-Controlling Interest | (226 | ) | — | |||||
| Total Liabilities and Shareholders' Equity | $ | 2,314,679 | $ | 2,318,745 | ||||
VERANO HOLDINGS CORP.
Segmented Revenues, net of Discounts, By State (Unaudited)
| For the Three Months Ended, | For the Nine Months Ended, | |||||||
| Retail Revenues, net of Discounts | September 30, 2024 | September 30, 2024 | ||||||
| ($ in thousands) | ||||||||
| Florida | $ | 45,301 | $ | 144,801 | ||||
| Illinois | 23,926 | 77,602 | ||||||
| New Jersey | 19,991 | 63,683 | ||||||
| Arizona | 14,653 | 44,098 | ||||||
| Pennsylvania | 11,266 | 35,043 | ||||||
| Maryland | 11,315 | 32,632 | ||||||
| Connecticut | 9,845 | 30,054 | ||||||
| Nevada | 6,828 | 21,181 | ||||||
| Ohio | 8,585 | 19,518 | ||||||
| Massachusetts | 2,909 | 8,800 | ||||||
| West Virginia | 1,899 | 5,465 | ||||||
| Virginia | 4,720 | 4,720 | ||||||
| Other | 3,166 | 10,078 | ||||||
| Total Retail Revenues, net of Discounts | $ | 164,404 | $ | 497,675 | ||||
| For the Three Months Ended, | For the Nine Months Ended, | |||||||||||||||
| September 30, 2024 | September 30, 2024 | |||||||||||||||
| Wholesale Revenues, net of Discounts | Gross | Net1 | Gross | Net1 | ||||||||||||
| ($ in thousands) | ||||||||||||||||
| New Jersey | $ | 21,570 | $ | 13,970 | $ | 69,446 | $ | 49,174 | ||||||||
| Illinois | 21,003 | 13,373 | 61,253 | 38,127 | ||||||||||||
| Connecticut | 14,088 | 9,532 | 41,814 | 28,636 | ||||||||||||
| Maryland | 8,859 | 4,974 | 25,787 | 15,156 | ||||||||||||
| Pennsylvania | 6,387 | 2,544 | 19,158 | 9,571 | ||||||||||||
| Arizona | 6,286 | 2,255 | 19,424 | 7,182 | ||||||||||||
| Nevada | 2,439 | 939 | 8,912 | 3,015 | ||||||||||||
| Ohio | 3,866 | 1,904 | 8,816 | 4,405 | ||||||||||||
| Massachusetts | 1,885 | 1,085 | 5,951 | 3,488 | ||||||||||||
| West Virginia | 2,394 | 1,317 | 6,595 | 3,564 | ||||||||||||
| Virginia | $ | 1,673 | $ | 386 | $ | 1,673 | $ | 386 | ||||||||
| Total Wholesale Revenues, net of Discounts | $ | 90,450 | $ | 52,279 | $ | 268,829 | $ | 162,704 | ||||||||
1Net of intercompany eliminations
VERANO HOLDINGS CORP.
Reconciliation of Net Loss to Operating Cash Flow (Non-U.S. GAAP)
| For the Nine Months Ended, | ||||||||
| September 30, 2024 | September 30, 2023 | |||||||
| ($ in thousands) | (Unaudited) | (Unaudited) | ||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (69,153 | ) | $ | (40,140 | ) | ||
| Depreciation and Amortization | 108,150 | 105,559 | ||||||
| Other Non-cash Adjustments | 34,683 | 24,995 | ||||||
| Operating Cash Flow | $ | 73,680 | $ | 90,414 | ||||
VERANO HOLDINGS CORP.
Reconciliation of Net Loss to EBITDA (Non-U.S. GAAP)
| For the Three Months Ended, | ||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||
| ($ in thousands) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (42,567 | ) | $ | (21,764 | ) | $ | (17,842 | ) | |||
| Interest Expense, net | 12,771 | 14,237 | 15,166 | |||||||||
| Income Tax Expense | 45,478 | 30,530 | 44,797 | |||||||||
| Depreciation and Amortization - COGS | 19,433 | 18,749 | 18,384 | |||||||||
| Depreciation and Amortization - SG&A | 17,432 | 16,984 | 16,882 | |||||||||
| Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) | $ | 52,547 | $ | 58,736 | $ | 77,387 | ||||||
VERANO HOLDINGS CORP.
Reconciliation of Net Loss to EBIT (Non-U.S. GAAP) and Adjusted EBITDA (Non-U.S. GAAP)
| For the Three Months Ended, | ||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||
| ($ in thousands) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | (42,567 | ) | (21,764 | ) | (17,842 | ) | ||||||
| Interest Expense, Net | 12,771 | 14,237 | 15,166 | |||||||||
| Income Tax Expense | 45,478 | 30,530 | 44,797 | |||||||||
| Earnings Before Interest, Taxes (EBIT) | $ | 15,682 | $ | 23,003 | $ | 42,121 | ||||||
| COGS Add-backs: | ||||||||||||
| Depreciation and Amortization - COGS | 19,433 | 18,749 | 18,384 | |||||||||
| Acquisition, Transaction and Other Non-operating Costs | 3,280 | — | — | |||||||||
| Employee Stock Compensation | 733 | 680 | 625 | |||||||||
| SG&A Add-backs: | ||||||||||||
| Depreciation and Amortization - SG&A | 17,432 | 16,984 | 16,882 | |||||||||
| Acquisition, Transaction and Other Non-operating Costs | 2,138 | 2,570 | 617 | |||||||||
| Employee Stock Compensation | 4,057 | 3,636 | 4,062 | |||||||||
| Acquisition Adjustments and Other Income (Expense), net | 1,703 | 4,977 | 6,658 | |||||||||
| Adjusted EBITDA | $ | 64,458 | $ | 70,599 | $ | 89,349 | ||||||
| Net Loss Margin | (20 | )% | (10 | )% | (7 | )% | ||||||
| Adjusted EBITDA Margin | 30 | % | 32 | % | 37 | % | ||||||
FAQ
What was Verano's (VRNOF) revenue in Q3 2024?
How many dispensaries does Verano (VRNOF) operate as of Q3 2024?
What caused Verano's (VRNOF) revenue decline in Q3 2024?
What was Verano's (VRNOF) net loss in Q3 2024?
