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This article provides Verano Holdings’ (VRNOF) Q3 financial results for the period ending September 30th, 2024.
Q3 Financial Highlights
(All currency numbers are in USD and compared to the previous quarter.)
Revenue: DOWN 2.6% to $216.7M
Gross Profit: DOWN 4.5% to $109.1M
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as a % of revenue: DOWN to 50.3% from 51.4%
SG&A Expense: Increased 5.7% to $92.0M
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as a % of revenue: UP to 42.5% from 39.1%
Adjusted EBITDA: DOWN 8.6% to $64.5M
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as a % of revenue: DOWN to 29.8% from 31.7%
Net Profit (Loss): INCREASED by 95.4% to $(42.6)M
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as a % of revenue: INCREASED to (42.6)% from (9.8)%
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.
Management Commentary
George Archos, Verano Founder, Chairman and Chief Executive Officer, said:
“…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…”
2024 Guidance
The Company expects organic trends similar to those seen in the third quarter 2024 to continue into the fourth quarter 2024.
Key Q3 Operational Highlights
Expanded the Company’s national retail footprint to 152 by opening the following new dispensaries:
- 2 in Florida, elevating the Company’s Florida retail operations to 79 dispensaries statewide (52% of total);
- 1 in Pennsylvania; and
- 1 in Arizona.
Introduced Cabbage Club™, the first nationwide proprietary multi-state cannabis membership club, in Connecticut, Maryland and Michigan on July 1, following its April debut in the Illinois and New Jersey markets.
Welcomed adult use customers at the Company’s 5 Ohio Zen Leaf dispensaries on August 6th.
Completed acquisition of Arizona and Virginia subsidiaries of The Cannabist Company Holdings Inc..
Launched a “Save the Bits” fundraising campaign featuring BITS™ edibles and coalition of hundreds of dispensaries across eight states benefiting the Lynn Sage Breast Cancer Foundation.
Stock Performance
Verano’s stock price went DOWN 9.0% in Q3 (July, August, September), was unchanged in October and went DOWN 27% with the release of the Q3 financials.More By This Author:TerrAscend Q3 Financials: 245% Increase In Net Revenue Loss; 12% Decrease In EBITDA
Aurora Flexed Its Global Medical Cannabis Muscles In Q2
Trulieve Cannabis Spent $48M In Q3 Campaigning For Adult- Use In Florida Increasing Net Loss By 400%
