Verano Holdings Corp. announced its results for the second quarter ended June 30, 2021, today, with mixed results.

Q2 Financial Highlights

(All financial information is provided in U.S. dollars unless otherwise indicated.)

• Net Revenue: +39% to $199M
• Gross Profit: -64% to $75M
• SG&A Exp.: +83% to $53M
• Net Income: -95% to $7M
• Adj. EBITDA: +9% to $81M
• Cash/Equiv.: +34% to $150M

Q2 Operational Highlights

• Brought 7 new dispensaries online across its core markets in Florida, Illinois, New Jersey, and Pennsylvania.
• Added 9 dispensaries to its portfolio in Arizona and Pennsylvania, as well as another permit for 3 additional dispensaries in Pennsylvania and now has 83 dispensaries nationally.
• Received DTC eligibility for its subordinate voting shares which has enhanced liquidity and strengthened its presence in the U.S. capital markets.

Stock Performance

As the chart below illustrates, Verano declined 7.7% over the 3-month Q2 period ending June 30th, and has declined a further 16.3% since then.