Verano Holdings Reports Mixed Q2 2024 Results

LOS ANGELES- Verano Holdings Corp. reported mixed financial results for Q2 2024, with revenue reaching $222 million, reflecting a 0.5% increase from the previous quarter but a 5% decline year-over-year. The revenue aligned with the company’s guidance for flat to low single-digit growth but fell slightly short of analysts’ expectations, which projected $224.36 million.

The company posted a net loss of $22 million, widening from the $13 million loss recorded in the same quarter last year. Verano’s gross profit stood at $114 million, representing 51% of revenue, while selling, general, and administrative (SG&A) expenses accounted for 39% of revenue.

Verano’s Founder and CEO, George Archos, emphasized ongoing strategic initiatives, including a share repurchase program and capital investments aimed at enhancing business resilience. The company also highlighted near-term growth opportunities, such as the launch of adult-use cannabis sales in Ohio and potential regulatory changes in Florida and Pennsylvania.

During the quarter, Verano expanded its retail footprint with new dispensary openings in Florida, Connecticut, and Pennsylvania. Additionally, the company announced plans to acquire operations from The Cannabist Company Holdings Inc. (OTC: CBSTF) in Arizona and Virginia, a move expected to support future growth.

Due to uncertainties surrounding pending acquisitions, Verano opted not to provide financial guidance for upcoming quarters. The company ended the quarter with $130 million in cash and cash equivalents, reinforcing its liquidity position amid ongoing market developments.