Pot Stock Verano CEO Says 'The Sky Is The Limit' For Its 2024 Achievements Despite Higher Net Loss QoQ
Portfolio Pulse from Nina Zdinjak
Verano Holdings Corp. (VRNOF) reported a Q4 revenue of $237 million, a 5% increase year-over-year but a 1% decrease from the previous quarter. The company experienced a higher net loss of $(73) million compared to $(18) million in Q3. For the full year 2023, revenue was $938 million, up from $879 million in 2022, with a net loss of $(113) million, an improvement from $(269) million. CEO George Archos expressed optimism for 2024, citing potential growth opportunities and legislative changes. The company forecasts a 5-7% revenue decline in Q1 2024 due to market normalization in New Jersey. Shares closed 2.21% lower at $5.38.
February 29, 2024 | 1:14 pm
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NEGATIVE IMPACT
Verano Holdings Corp. reported increased revenue but a higher net loss in Q4. The company remains optimistic for 2024, despite a projected revenue decline in Q1. Shares fell 2.21%.
The reported increase in revenue juxtaposed with a higher net loss and a projected revenue decline in Q1 2024 suggests potential short-term negative impact on VRNOF's stock price. The recent 2.21% drop in share price post-earnings report further supports this outlook. However, the CEO's optimistic view for 2024 and beyond, based on potential legislative changes and growth opportunities, could mitigate some of the negative sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100