Verano Completes Filing of June 30, 2022 Quarterly Report and Restated Financial Statements
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has filed its Quarterly Report on Form 10-Q for Q2 2022, ending June 30, with the SEC. The company also restated past financial statements to correct stock compensation and tax expenses, resulting in a lower tax obligation without materially affecting total assets or liabilities. The restated financials cover multiple quarters, including Q1 2021 to Q1 2022. The company continues to operate across 13 states with a focus on responsible access to cannabis products.
- Restated financials show a reduction in tax obligations.
- Active operations in 13 U.S. states with extensive cultivation capacity.
- Past financial statements required restatement, indicating potential prior inaccuracies.
CHICAGO, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today filed its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2022 (the “Form 10-Q”) with the U.S. Securities and Exchange Commission (the “SEC”) and in Canada on the System for Electronic Document Analysis and Retrieval (“SEDAR”). The Company also has completed the filing of the restatments of its financial statements and associated management discussion and analysis as previously announced on July 27, 2022. The Company’s restated financial statements are set forth below.
| 1. | Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements for the Quarter Ended March 31, 2021, filed on SEDAR; | |
| 2. | Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements for the Quarter Ended June 30, 2021, filed on SEDAR; | |
| 3. | Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements for the Quarter Ended September 30, 2021, filed on SEDAR; | |
| 4. | Amended and Restated Unaudited Condensed Interim Consolidated Financial Statements for the Quarter Ended March 31, 2022, set forth in the Company’s Amendment No. 2 to Registration Statement on Form 10 filed with the SEC (the “Amended Form 10”) and filed on SEDAR; and | |
| 5. | Audited Consolidated Financial Statements for the Year Ended December 31, 2021, set forth in the Amended Form 10 and filed on SEDAR. |
These financial statements were amended and restated to correct stock compensation expense, tax expense, consolidated entity distributions, and acquisition earnouts. There were no material impacts on total assets or liabilities in any of the periods, but the amendments did result in a reduction in the Company’s tax obligation. The results of these restatements are available via the Company’s public filings with the SEC and on SEDAR.
Additionally, the Company filed the Form 10-Q with the SEC following the completion of a review by the Company’s external auditor, which Form 10-Q contained the Company’s Quarter Ended June 30, 2022 financials.
About Verano
Verano is a leading, vertically integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to address vital health and wellness needs, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands, including Verano™, Avexia™, Encore™, and MÜV™. Verano’s portfolio encompasses 14 U.S. states, with active operations in 13, including 13 production facilities comprising over 1,000,000 square feet of cultivation capacity. Verano designs, builds, and operates dispensaries under retail brands including Zen Leaf™ and MÜV™, delivering a superior cannabis shopping experience in both medical and adult-use markets. Learn more at www.verano.com.
Contacts:
Media
Verano
Steve Mazeika
Director, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
Director, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release may contain certain “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 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”, “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 Amended Form 10 and the Form 10-Q filed with the SEC 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.
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