Verano

Verano Announces Third Quarter 2023 Financial Results

Retrieved on: 
Wednesday, November 8, 2023
Sale, Public expenditure, EBITDA, Commerce, Marex (British company), News, GAAP, Ground substance, Commerce Clause, EBIT, Bank statement, Controlled Substances Act, Webcast, Capital expenditure, Verano, Fort Pierce, Florida, Depreciation, Table, Video game, Bank, Cryptocurrency, Drug, Online shopping, Security (finance), Bookkeeping, Non-U.S. operators of the M60 Patton

CHICAGO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (NEO: 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, 2023, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

Key Points: 
  • Revenue for the third quarter 2023 was $240 million, up 5% from $228 million for the third quarter 2022, and up 3% from $234 million for the second quarter 2023.
  • Gross profit for the third quarter 2023 was $133 million or 55% of revenue, up from $123 million or 54% of revenue for the third quarter 2022, and up from $115 million or 49% of revenue for the second quarter 2023.
  • SG&A expense for the third quarter 2023 was $86 million or 36% of revenue, flat with $86 million or 38% of revenue for the third quarter 2022, and up from $85 million or 36% of revenue for the second quarter 2023.
  • Net loss for the third quarter 2023 was $(18) million, versus a loss of $(43) million in the third quarter 2022, and $(13) million for the second quarter 2023.

Lawsuit Seeks Equal Treatment for Cannabis Businesses

Retrieved on: 
Thursday, October 26, 2023
Poseidon, Supreme court, Cannabis, Executive (government), Sale, Controlled Substances Act, Small business, OTCQX, Congress, Commerce, Court, Federation, Ground substance, Law of the United Kingdom, Risk, District court, Freedom, Western Division, Executive branch of the government of Honduras, Verano, War, Seed, Removal of cannabis from Schedule I of the Controlled Substances Act, Investment, SBA, Patient, Commerce Clause, Constitution, Plaintiff, TSX, CSA, SAFER, Drug

SPRINGFIELD, Mass., Oct. 26, 2023 /PRNewswire/ -- A coalition of U.S. cannabis operators and investors working in state-legal medical and adult-use cannabis markets today filed a lawsuit against U.S. Attorney General Merrick Garland. The coalition, represented by the law firm Boies Schiller Flexner, seeks to enjoin the federal government from enforcing the Controlled Substances Act in a manner that interferes with the intrastate cultivation, manufacture, possession, and distribution of cannabis, pursuant to state law. The lawsuit asserts that the federal government has no basis for enforcing the Controlled Substances Act against intrastate, state-regulated cannabis operations.

Key Points: 
  • The lawsuit asserts that the federal government has no basis for enforcing the Controlled Substances Act against intrastate, state-regulated cannabis operations.
  • The lawsuit seeks to confirm the rights of Massachusetts and other states to regulate cannabis within their borders, and to confirm the corresponding limits on the federal government's power to regulate commerce.
  • Absent the relief sought in this lawsuit, Plaintiffs and other state-regulated cannabis operators will continue to suffer severe harms.
  • The result is that many cannabis businesses are suffering, people are losing their jobs and individual wealth is being destroyed.

Verano Commences Trading on Cboe Canada

Retrieved on: 
Wednesday, October 18, 2023
Heart, OTCQX, News, Growth, Planter's Exchange, Inc., Share (finance), Verano, NEO, Movement, Security (finance)

CHICAGO, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (NEO: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, announced that its Class A subordinate voting shares (the “Shares”) begin trading today on Canada’s Neo Exchange Inc., operating as Cboe Canada (“Cboe Canada”).

Key Points: 
  • CHICAGO, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (NEO: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, announced that its Class A subordinate voting shares (the “Shares”) begin trading today on Canada’s Neo Exchange Inc., operating as Cboe Canada (“Cboe Canada”).
  • The Shares will trade in Canada on Cboe Canada under the same symbol “VRNO” and in the U.S. on the OTCQX under the same symbol “VRNOF.”
    “In light of recent news and movement within the U.S. cannabis space, today’s listing on Cboe Canada, which is part of a global network of exchanges across 26 marketplaces, is an intentional and strategic decision,” said George Archos, Verano Founder and Chief Executive Officer.
  • “We believe that this move positions Verano for continued growth and expansion as we evolve in tandem with the rapidly changing industry.
  • Graduating to a senior exchange positions Verano on a launch pad, at the ready for legislative progress on a federal level in the U.S.,” commented Jos Schmitt, President and CEO of Cboe Canada.

Verano Expands Retail Footprint in Connecticut with the Opening of Zen Leaf Newington, the Company’s Second Social Equity Joint Venture Location in Connecticut and Fourth Dispensary Statewide

Retrieved on: 
Thursday, October 12, 2023
Verano, Growth, CSE, Patient, Tea, Drug

Zen Leaf Newington, located at 2903 Berlin Turnpike, is open Monday through Saturday from 9 a.m. to 9 p.m. and Sunday from 10 a.m. to 6 p.m.

Key Points: 
  • Zen Leaf Newington, located at 2903 Berlin Turnpike, is open Monday through Saturday from 9 a.m. to 9 p.m. and Sunday from 10 a.m. to 6 p.m.
  • “Opening Zen Leaf Newington, our second social equity joint venture dispensary, further demonstrates our commitment to support the equitable growth of the cannabis industry in Connecticut,” said George Archos, Verano Founder and Chief Executive Officer.
  • Including both Zen Leaf Newington and Zen Leaf Norwich, the Company plans to open a total of six equity joint venture dispensaries across Connecticut with its social equity partners in the months ahead, subject to obtaining all customary approvals, which would raise Verano’s total retail footprint to eight stores statewide.
  • Members of the media can access downloadable images, corporate information and an archive of Company press releases via Investors.Verano.com .

Verano Launches Third Annual Breast Cancer Awareness Month Donation Effort Supporting the Lynn Sage Breast Cancer Foundation

Retrieved on: 
Friday, September 29, 2023
Breast Cancer Awareness Month, Partnership, CSE, Education, Research, Organization, Verano, Patient, Breast cancer, Birth control

CHICAGO, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the launch of the Company’s third annual campaign on October 1st supporting the Lynn Sage Breast Cancer Foundation for Breast Cancer Awareness Month. Throughout the entire month of October, Verano will host a fundraising campaign across the Company’s Zen Leaf and MÜV dispensaries in eleven states, including: Arizona, Arkansas, Connecticut, Florida, Illinois, Massachusetts, Maryland, Michigan, New Jersey, Nevada and West Virginia.

Key Points: 
  • CHICAGO, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the launch of the Company’s third annual campaign on October 1st supporting the Lynn Sage Breast Cancer Foundation for Breast Cancer Awareness Month.
  • The Company will facilitate a donation to Lynn Sage Breast Cancer Foundation upon each customer’s punch card being completed, and customers will receive exclusive rewards with each purchase.
  • "We are so very appreciative of Verano’s support of the Lynn Sage Breast Cancer Foundation and their efforts to further our mission of eradicating breast cancer by investing in early career practitioners and innovative research,” said Halee Sage, Lynn Sage Breast Cancer Foundation Board Chair.
  • To learn more about the Lynn Sage Breast Cancer Foundation, visit www.lynnsage.org .

Verano Announces the Opening of Zen Leaf Norwich, the Company’s First Social Equity Joint Venture Location in Connecticut and Third Cannabis Dispensary Statewide

Retrieved on: 
Wednesday, July 12, 2023
Consumer protection, CSE, New York and New England Railroad, Organization, Verano, City, Patient, Growth, NAACP, Commerce, Tea, Drug, Rocky

Zen Leaf Norwich, located at 606 W Main Street, is open Monday through Saturday from 9 a.m. to 9 p.m. and Sunday from 10 a.m. to 6 p.m.

Key Points: 
  • Zen Leaf Norwich, located at 606 W Main Street, is open Monday through Saturday from 9 a.m. to 9 p.m. and Sunday from 10 a.m. to 6 p.m.
  • “As our first social equity joint venture dispensary in Connecticut, opening Zen Leaf Norwich allows us to contribute to equitable growth within the cannabis industry as the program continues to expand across the state,” said George Archos, Verano Founder and Chief Executive Officer.
  • Including Zen Leaf Norwich, the Company plans to open a total of six social equity joint venture dispensaries across Connecticut with its social equity partners in the months ahead, subject to obtaining all customary approvals, which would raise Verano’s total retail footprint to eight stores statewide.
  • Members of the media can access downloadable images, corporate information and an archive of Company press releases via Investors.Verano.com .

Verano Announces First Quarter 2023 Financial Results

Retrieved on: 
Wednesday, May 10, 2023
Capital expenditure, Table, Bank statement, GAAP, EBIT, Free cash flow, Verano, EBITDA, Depreciation, Adjustment, News, Video game, Online shopping, Security (finance), Cryptocurrency, Hospital, Bank, Bookkeeping, Operation, Non-U.S. operators of the M60 Patton

CHICAGO, May 10, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the first quarter ended March 31, 2023, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

Key Points: 
  • Revenue for the first quarter 2023 was $227 million, up 12% from $202 million for the first quarter 2022, and up 1% from $226 million for the fourth quarter 2022.
  • Net loss for the first quarter 2023 was $(9) million, versus a slight loss in the first quarter 2022, and $(216) million for the fourth quarter 2022.
  • Cash Flow from Operations for the first quarter 2023 was $17 million, down from $34 million for the first quarter 2022.
  • Capital expenditures for the first quarter 2023 were $9 million, down from $48 million for the first quarter 2022.

Verano Reports Fourth Quarter and Full Year 2022 Financial Results

Retrieved on: 
Thursday, March 30, 2023
Capital expenditure, Table, Bank statement, Cannabinoid, GAAP, EBIT, Verano, EBITDA, Acquisition, Depreciation, Adjustment, Free cash flow, THC, News, High-functioning autism, Video game, Pharmaceutical industry, Reinsurance, Pet industry, Commercial property, Cryptocurrency, Security (finance), Bookkeeping, Bank, Operation, Non-U.S. operators of the M60 Patton

CHICAGO, March 30, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the fourth quarter and year ended December 31, 2022, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

Key Points: 
  • Revenue for fourth quarter 2022 was $226 million, up 7% from $211 million for fourth quarter 2021, and down 1% from $228 million for third quarter 2022.
  • Net loss for fourth quarter 2022 was $(216) million, down from $(7) million for fourth quarter 2021, and down from $(43) million for third quarter 2022.
  • Cash flow from operations for fourth quarter 2022 was $29 million, down from $63 million for fourth quarter 2021.
  • Free Cash Flow2 for fourth quarter 2022 was $20 million, up from $14 million for fourth quarter 2021.

Verano Announces Simplification of its Capital Structure

Retrieved on: 
Monday, March 27, 2023
OTCQX, CSE, Verano, Canadian Securities Exchange, Security (finance)

CHICAGO, March 27, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced that it has simplified its capital structure by completing the conversion of all its outstanding Class B proportionate voting shares (“PV Shares”) into Class A subordinate voting shares (“SV Shares”), resulting in one class of outstanding shares.

Key Points: 
  • CHICAGO, March 27, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced that it has simplified its capital structure by completing the conversion of all its outstanding Class B proportionate voting shares (“PV Shares”) into Class A subordinate voting shares (“SV Shares”), resulting in one class of outstanding shares.
  • Each PV Share was converted into 100 SV Shares pursuant to the terms of the Company’s Articles.
  • The rights and preferences of the SV Shares and the PV Shares are the same, except that the converted PV Shares were entitled to economic and voting rights 100 times the economic and voting rights of the SV Shares, which formed the basis for the conversion ratio of 100 SV Shares per PV Share.
  • As of March 24, 2023, post conversion, Verano had 341,774,840 SV Shares outstanding.

Partners Group and Glenfarne Energy Transition Joint Venture EnfraGen Announces EPC Contracts for Eight Chilean Solar Projects in its Fontus Renewables Subsidiary

Retrieved on: 
Tuesday, January 10, 2023
Utilities, Environment, Oil, Gas, Sustainability, Alternative Energy, Green Technology, Energy, PMG, Verano, Growth, Partners Group, NCAA Division III, Fontus, EPC, Renewable energy

When combined with the newly acquired and existing operating solar projects owned by EnfraGen, the solar portfolio will total 246 MWdc (185 MWac).

Key Points: 
  • When combined with the newly acquired and existing operating solar projects owned by EnfraGen, the solar portfolio will total 246 MWdc (185 MWac).
  • All projects will qualify for Chile’s stabilized price regime as PMG/PMGD plants and add to EnfraGen’s existing value-added renewable power business division, Fontus Renewables (“Fontus”).
  • Brendan Wolters, Head of Solar for Fontus said, “We are excited to partner with Verano Energy and move forward with these new eight projects.
  • EnfraGen is focused on contributing to and advancing Chile’s leadership role in the energy transition through renewable power growth and grid stability.