Verano Earnings + Call Notes

U.S. cannabis leader shares Q324 results.

Verano Earnings

$217 M Revs; est. $228M
$64M AEBITDA; est. $71.2M
$109M GP; est. $116.7M
$16.7M OI; est. $26.6M
50% GM; est. 51.2%
($ 43M)NI; est. ($17.2M)

Revenues of $217 million, -2.6% versus the prior quarter.
Gross profit of $109 million, or 50% of revenue.
SG&A expense of $92 million, or 43% of revenue.
Net loss of $(43) million, or (20)% of revenue.
AEBITDA of $64 million or 30% of revenue.
Net cash provided by operating activities of $30 million.
Capital expenditures of $57 million.

Current operations span 14 states, comprised of 152 dispensaries and 15 production facilities with more than 1.1 million square feet of cultivation capacity.

“During this election season, for the first time in history, cannabis took center stage as a key bipartisan issue for both U.S. presidential candidates and millions of voters across the nation. “Despite the Amendment 3 outcome, it was encouraging to see the measure supported by a majority of Floridians with 56% voting in favor, and we remain optimistic on our growth prospects in the state and our ability to succeed in the current environment.

With rescheduling proceedings set to commence in December, and additional dispensary openings planned across multiple markets, we are prepared to leverage potential catalysts in the months and years ahead at the state and federal levels. Given his prior supportive comments, we look forward to working with President-elect Trump and his administration to advance the rescheduling process and much-needed reforms, including tax relief and SAFER banking.” George Archos, CEO

Call Notes