Verano Holdings Corp.

This article provides Verano Holdings' (VRNOF)  Q3 financial results for the period ending September 30th, 2023.

Q3 Financial Highlights

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

• Revenue: UP 2.6% to $240.1M
• Gross Profit: UP 15.6% to $133.2M
  • as a % of revenue: UP to 55.5% from 49.2%
• SG&A Expense: UP 1.2% to $86.0M
  • as a % of revenue: DOWN to 35.8% from 36.3%
• Adjusted EBITDA: Increased 24.9% to $89.3M
  • as a % of revenue: UP to 37.2% from 30.5%
• Net Profit (Loss): Increased 35.9% to $(17.8)M
• Cash/Cash Equivalent: UP 26.2% to $130M

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.

2023 Guidance

• The Company raised its free cash flow guidance for the year to $72-76 million, up from $65-75 million, and lowered its capital expenditures guidance to $30-37 million, down from $35-50 million.

Key Q3 Operational Highlights

• Commenced trading on Cboe Canada, elevating the Company's capital markets strategy and presence on a senior exchange with a global platform that spans 26 markets.

• Current operations span 13 states, comprised of 135 dispensaries and 14 production facilities with more than one million square feet of cultivation capacity.

Management Commentary

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

“I am tremendously proud of the strong results we delivered in the third quarter, highlighted by raising and tightening our free cash flow guidance range and generating record revenue, and the recent strategic elevation of our capital markets strategy by up-listing to Cboe Canada...I am grateful to our Verano team for their continued efforts to disrupt, innovate and differentiate Verano at every level of our business, and remain excited and confident for our growth prospects in the future.”

Stock Performance

Verano's stock price is up marginally today as a result of its impressive Q3 financials (excluding the 35.9% increase in its Net Loss) but remains relatively unchanged in price YTD. 

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