Verano Announces First Quarter 2024 Financial Results
CHICAGO, May 08, 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 first quarter ended March 31, 2024, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
- The increase in gross profit for the first quarter 2024 compared to the first quarter 2023 was driven primarily by higher third-party wholesale sales.
- Net cash provided by operating activities for the first quarter 2024 was $31 million, up from $17 million for the first quarter 2023.
- Capital expenditures for the first quarter 2024 were $10 million, up from $9 million for the first quarter 2023.
- Free cash flow2 for the first quarter 2024 was $21 million, up from $8 million for the first quarter 2023.