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This article provides Verano Holdings' (VRNOF)  Q2 financial results for the period ending June 30th, 2024.

Q2 Financial Highlights

(All currency numbers are in USD and compared to the previous quarter.)

• Revenue: UP 0.5% to $222,390M 
• Gross Profit: UP 1.2% to $114,340M
  • as a % of revenue: UP to 51.4% from 51.0%
• SG&A Expense: DOWN 3.3% to $87.0M
  • as a % of revenue: DOWN to 39.1% from 40.1%
• Adjusted EBITDA: UP 6.1% to $70,599M
  • as a % of revenue: UP to 31.7% from 30.1%
• Net Profit (Loss): DECREASED by 351.3% to $(21,764)M
  • as a % of revenue: INCREASED to (9.8)% from (2.2)%

For a detailed look at all the financial metrics related to Verano in the last quarter and for every year going back to 2018 go here.

2024 Guidance

The Company is not issuing guidance at this time given the timing uncertainties surrounding the closing of the pending acquisitions of The Cannabist Company's Arizona and Eastern Virginia operations.

Key Q2 Operational Highlights

• Opened 2 retail operations in Florida for a total of 77 dispensaries statewide
• Opened its fifth dispensary in Connecticut

Management Commentary

George Archos, Verano Founder, Chairman and Chief Executive Officer, said:

• “Our second quarter performance was strong, highlighted by proactive measures we executed to further bolster the business...
• Looking ahead...adding Virginia to our portfolio and deepening our robust Arizona business will provide additional growth opportunities...
• We remain excited and confident in Verano’s ability to continue driving long-term, sustainable growth throughout 2024 and beyond.”

Stock Performance

Verano's stock was DOWN 38.6% in Q2 (i.e. April 1st to June 30th), was DOWN a further 6.6% as of yesterday and is DOWN 3.8% so far today, and is now DOWN 26.0% YTD.

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