Verano Holdings Reports 2024 Financial Results and Outlines 2025

LOS ANGELES- Verano Holdings Corp., a multi-state cannabis operator, has released its financial results for the fourth quarter and full year ending December 31, 2024, highlighting a decrease in revenue and an increase in net losses.

Financial Performance

• Revenue: The company reported fourth-quarter revenue of $218 million, marking an 8% decrease compared to the same period in the previous year. For the full year 2024, revenue totaled $879 million, a 6% decline from 2023.

• Net Loss: Verano’s net loss for the fourth quarter of 2024 was $273 million, a significant increase from the $77 million loss reported in the fourth quarter of 2023. The full-year net loss stood at $342 million, up from $117 million in 2023. The company attributes this increase primarily to impairments of fixed and intangible assets, as well as fair value adjustments.

Operational Highlights

In 2024, Verano expanded its operations by entering the Virginia market and enhancing its presence in Arizona. The company opened 17 new dispensaries across six key markets, initiated adult-use sales in Ohio, and launched new products in rapidly growing categories. As of December 31, 2024, Verano operated 153 dispensaries and 15 production facilities across 13 states, with over 1.1 million square feet of cultivation capacity. ​

2025 Outlook and Cost Reduction Measures

In response to the financial challenges of 2024, Verano plans to implement cost-saving measures in 2025. The company aims to significantly reduce capital expenditures, projecting a range between $25 million and $40 million for the year, down from $99 million in 2024. Additionally, Verano intends to focus on efficiency initiatives at its cultivation facilities and continue expanding its retail footprint, emphasizing sustainable growth and operational optimization.