Verano Holdings Q2 $222M Revenue In Line QoQ, Net Loss Widens To $22M Ahead of Cannabist Co. Acquisition
Portfolio Pulse from Nina Zdinjak
Verano Holdings reported Q2 2024 revenue of $222M, a 0.5% sequential increase but a 5% YoY decline. The net loss widened to $22M. The company announced the acquisition of significant assets from The Cannabist Company, including a Virginia license. Verano is also launching adult use sales in Ohio and sees positive trends in Florida and Pennsylvania. The company authorized a $50M share repurchase program.
August 07, 2024 | 12:14 pm
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POSITIVE IMPACT
The Cannabist Company is selling significant assets to Verano Holdings, including a Virginia license. This strategic move will allow Verano to expand its national footprint.
The sale of assets to Verano Holdings is a strategic move for The Cannabist Company, potentially providing liquidity and focus on core operations.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Verano Holdings reported Q2 2024 revenue of $222M, a 0.5% sequential increase but a 5% YoY decline. The net loss widened to $22M. The company announced the acquisition of significant assets from The Cannabist Company, including a Virginia license. Verano is also launching adult use sales in Ohio and sees positive trends in Florida and Pennsylvania. The company authorized a $50M share repurchase program.
Despite a widened net loss, Verano's revenue met guidance and the acquisition of Cannabist assets is strategic for growth. The share repurchase program and new market entries are positive catalysts.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100