Verano Announces Second Quarter 2024 Financial Results
CHICAGO, Aug. 07, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the second quarter ended June 30, 2024, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
Second Quarter 2024 Financial Highlights
Second Quarter 2024 Financial Highlights
- Revenues, net of discounts, of $222 million, an increase of 0.5% versus the prior quarter, meeting Company guidance, and a decrease of 5% year-over-year.
- Gross profit of $114 million or 51% of revenue.
- SG&A expense of $87 million or 39% of revenue.
- Net loss of $(22) million or (10)% of revenue.
- Adjusted EBITDA¹ of $71 million or 32% of revenue.
- Net cash provided by operating activities of $8 million.
- Capital expenditures of $19 million.
Management Commentary
“Our second quarter performance was strong, highlighted by proactive measures we executed to further bolster the business, including authorization of a share repurchase program, capex investments, and subsequent to quarter end, strategic M&A that upon closure, will grant us vertical access to the Virginia market ahead of adult use,” said George Archos, Verano founder and Chief Executive Officer.
“Looking ahead, we are prepared to leverage near-term catalysts including this week’s launch of Ohio adult use sales, positive polling trends in Florida showing strengthening support of Amendment 3, ongoing adult use discussions in Pennsylvania, and continued rescheduling momentum at the federal level. Adding Virginia to our portfolio and deepening our robust Arizona business also provides additional growth opportunities regardless of federal rescheduling timing and progress. We remain excited and confident in Verano’s ability to continue driving long-term, sustainable growth throughout 2024 and beyond.”
