Streetbeat News

VRNOF

Verano Holdings Corp

Industry

Pharmaceutical Preparation Manufacturing

Open

1.78

Mkt cap

610M

Volume

135K

High

1.83

P/E Ratio

-4.07

52-wk high

7.08

Low

1.68

Div yield

N/A

52-wk low

1.42

Virginia lawmakers have filed legislation to legalize marijuana sales, despite the governor's lack of interest. New Jersey is considering over a dozen cannabis policy bills, while Arizona's cannabis market shows stability. The U.S. cannabis ETF MSOS showed resilience despite market volatility, and there's anticipation for a DEA headline regarding marijuana rescheduling. Putnam Global Health Care Fund made notable stock moves in the cannabis sector, and Illinois reported an increase in adult-use cannabis sales. Analysts predict significant financial benefits if the 280E tax is removed for U.S. cannabis companies.

Portfolio Pulse from Todd Harrison

January 12, 2024 | 7:47 pm

Connecticut, Maryland, and Maine have seen booming cannabis markets, with record sales in December 2023 for Connecticut ($27.5 million) and significant annual sales for Maryland ($700 million) and Maine ($200 million). Companies like Ascend Wellness Holdings, iAnthus Capital Holdings, and others are experiencing revenue growth. Maryland's market is particularly strong post-legalization, with $270 million in Q3 2023 sales. Investors are advised to watch for market saturation in Maine and potential challenges in Connecticut, such as limited testing lab capacity.

Portfolio Pulse from Nicolás Jose Rodriguez

January 11, 2024 | 8:47 pm

Cannabis stocks have experienced a significant surge in early 2024, with the US cannabis MSOS ETF and the global YOLO ETF posting substantial gains. The uptick is attributed to the potential reclassification of cannabis by the DEA, following a recommendation from the Dept. of Health and Human Services. Companies like Jushi, The Cannabist, Cresco, and AYR have seen remarkable increases in their stock prices. Green Thumb Industries, Verano, and MariMed also enjoyed gains, albeit more modest. Agrify reported a notable improvement in financials, with a decrease in operating expenses contributing to a shift from a gross loss to a gain.

Portfolio Pulse from Nicolás Jose Rodriguez

January 09, 2024 | 8:49 pm

Viridian Capital Advisors highlighted five attractively priced cannabis stocks with solid credit rankings and potential for growth. The MSOS ETF saw a significant rise, attributed to DEA's consideration of rescheduling cannabis. Viridian is cautious about the timing of regulatory changes before the election. The selected stocks are Marimed (MRMD), Trulieve (TCNNF), Cresco (CRLBF), Verano (VRNOF), and Planet 13 (PLNH), chosen for their low EV/EBITDA multiples and resilience. Grown Rogue (GRIN), Glass House Brands (GLASF), and Curaleaf (CURLF) were considered overvalued, while Green Thumb (GTBIF) and TerrAscend (TSNDF) were excluded from the top picks.

Portfolio Pulse from Viridian Capital Advisors

January 08, 2024 | 4:57 pm

A study in the Journal of Cancer Survivorship found that 17.4% of cancer survivors use cannabis, with many reporting symptom improvement. However, awareness of potential risks is low. The study calls for more research and education on cannabis use in cancer management. Industry players like Verano Holdings Corp. (VRNOF) and TILT Holdings Inc. (TLLTF) support breast cancer awareness initiatives.

Portfolio Pulse from Joana Scopel

January 05, 2024 | 9:15 pm

A Montgomery County Circuit Court Judge in Alabama has issued a restraining order preventing the Alabama Medical Cannabis Commission (AMCC) from issuing medical marijuana facility licenses. The decision follows a complaint by several plaintiff companies alleging that the AMCC violated Alabama law with a faulty voting process. The judge believes the plaintiffs will likely prove the AMCC's wrongdoing. Previously, the AMCC awarded 20 medical cannabis licenses and five integrated facility licenses. The legal battle over the licensing process has been ongoing, with previous attempts to issue licenses in June and August failing due to legal challenges involving companies like Medella LLC and Verano Holdings Corp.

Portfolio Pulse from Jelena Martinovic

January 05, 2024 | 3:01 pm

Alabama's medical marijuana industry faces delays as Judge James Anderson issues a temporary restraining order halting the issuance of dispensary licenses due to a legal battle involving Yellowhammer Medical Dispensaries, LLC, Pure by Sirmon Farms, LLC, and Alabama Always, LLC against the Alabama Medical Cannabis Commission (AMCC). The AMCC is accused of not following its own guidelines in the licensing process. The commission is limited to four dispensary licenses, each with the potential to operate three dispensaries. Other licenses for cultivators, processors, transporters, and testing labs are unaffected. Verano Holdings Corp. (VRNOF) was among the companies that filed lawsuits against the commission in 2023.

Portfolio Pulse from Jelena Martinovic

January 02, 2024 | 4:33 pm

In Atlantic City, N.J., Catholic nuns' efforts to prevent a cannabis dispensary from opening near their convent were unsuccessful as city officials approved the business. The city aims to become the East Coast hub for cannabis, with Mayor Marty Small Sr. and cannabis czar Kashawn McKinley leading the initiative. The Franciscan Sisters of the Renewal Convent raised concerns about the dispensary's impact on their educational and sobriety programs. Despite opposition from religious groups, the city's cannabis industry is expanding, with several multi-state operators including Acreage Holdings, Ascend Wellness, AYR Wellness, Curaleaf, Green Thumb, Columbia Care, TerrAscend, and Verano Holdings.

Portfolio Pulse from Maureen Meehan

December 26, 2023 | 6:16 am

MGO released its annual 'Cannabis 50' list, recognizing influential companies, organizations, and individuals in the cannabis and hemp sectors over the past five years. The list highlights the industry's progress and optimism for rescheduling cannabis. It includes companies like Charlotte’s Web Holdings, Cresco Labs, Curaleaf Holdings, and others. Athletes and entertainers are noted for mainstreaming the industry, and the list also acknowledges entities contributing to social progress and legislative reform.

Portfolio Pulse from Javier Hasse

December 14, 2023 | 5:55 pm

The Alabama Medical Cannabis Commission awarded five integrated facility licenses for medical cannabis to Trulieve Alabama Inc., Sustainable Alabama, LLC; Wagon Trail Med-Serv, LLC; Flowerwood Medical Cannabis, LLC and Specialty Medical Products of Alabama. Trulieve Alabama Inc. is part of Trulieve Cannabis Corp. (OTCQX:TCNNF). The licenses allow for vertical integration and were selected out of 33 applicants. Licensees have 14 days to pay a $50,000 fee, with licenses to be issued on Jan. 9. Legal challenges have been a hurdle, with Verano Holdings Corp. (OTCQX:VRNOF) previously awarded a license in June but then left without it in August. New lawsuits have emerged, but a temporary restraining order request by Alabama Always was denied.

Portfolio Pulse from Jelena Martinovic

December 13, 2023 | 5:22 pm

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