Verano Holdings Corp.
This article provides Verano Holdings’ (VRNOF) Q4 financial results for the period ending December 31st, 2023.
Q4 Financial Highlights
(All currency numbers are in USD and compared to the previous quarter.)
Revenue: DOWN 1.2% to $237.2M
Gross Profit: DOWN 11.7% to $117.6M
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as a % of revenue: DOWN to 49.6% from 55.5%
SG&A Expense: Unchanged at $86.0M
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as a % of revenue: UP to 36.3% from 35.8%
Adjusted EBITDA: DOWN 17.8% to $73.4M
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as a % of revenue: DOWN to 30.9% from 37.2%
Net Profit (Loss): Increased 307.9% to $(72.6)M primarily driven by the increase in provision for income taxes
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as a % of revenue: UP to 30.6% from 7.4%
Cash/Cash Equivalent: UP 34.5% to $174.8M
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 issued first quarter 2024 revenue guidance of a 5-7% decline versus the prior year period as the growing dispensary count in New Jersey continues to normalize.
Key Q4 Operational Highlights
Expanded the Company’s retail footprint by opening 3 MÜV dispensaries in Florida and a social equity joint venture Zen Leaf dispensary in Connecticut.
Introduced Savvy Threads, a non-plant-touching e-commerce extension of the Company’s Savvy brand featuring limited-edition, artist-driven streetwear available for sale and delivery to all 50 states.
Launched a reimagined Essence brand combining bespoke graphic art and terpene-rich full-spectrum products, including a new Essence Nectar line, across core markets.
Current operations span 13 states, comprised of 138 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:
“…2024 has the potential to be a game-changing year, and Verano is well positioned to continue capitalizing on growth opportunities both in the current regulatory environment and from any state or federal reform.
While we’ve never been dependent on legislation to drive sustained growth, with adult use imminent in Ohio, on the horizon in Florida and Pennsylvania, and the growing anticipation of a federal rescheduling decision, there is limitless potential for Verano.
I’m thankful for all that our team accomplished in 2023, and believe the sky is the limit for what we can achieve in 2024 and beyond.”
Stock Performance
Verano’s stock price went DOWN 2.6% in Q4, jumped 16.9% in the ensuing 2 months only to fall back 12.4% as of yesterday as a result of its poor Q4 financials and is now only UP 2.5% YTD.More By This Author:Trulieve Cannabis Q4 Net Loss Increased By 32%
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