Streetbeat News

VRNOF

Verano Holdings Corp

Industry

Pharmaceutical Preparation Manufacturing

Open

2.30

Mkt cap

1.5B

Volume

478K

High

2.30

P/E Ratio

-5.54

52-wk high

7.08

Low

1.88

Div yield

N/A

52-wk low

1.88

Marijuana stocks experienced a bullish Thursday with several companies seeing significant gains. Top gainers included EVIO, Tetra Bio Pharma, GrowLife, MGC Pharmaceuticals, Heritage Cannabis Holding, Avicanna, iAnthus Capital Hldgs, TILT Holdings, InnoCan Pharma, Skye Bioscience, Willow Biosciences, OrganiGram Holdings, Village Farms Intl, WM Tech, BZAM, Leafbuyer Techs, Irwin Naturals, Canopy Gwth, CLS Holdings USA, GreenGro Technologies, Vext Science, Cronos Group, Acreage Holdings, Ispire Technology, 1933 Industries, Item 9 Labs, Delivra Health Brands, Ayr Wellness, MariMed, Akanda, and Zoned Props. However, several companies also experienced losses, including Target Group, Radient Technologies, Bright Green, Malachite Innovations, StateHouse Hldgs, Khiron Life Sciences, Cansortium, CBD Unlimited, C21 Investments, Goodness Growth Holdings, Maple Leaf Green World, Rubicon Organics, Agrify, EnWave, Acreage Holdings, Psychemedics, CNBX Pharmaceuticals, Ascend Wellness Holdings, Elixinol Wellness, Charlottes Web Holdings, Incannex Healthcare, SciSparc, SOL Glb Inv, 22nd Century Group, BioHarvest Sciences, TerrAscend, Verano Holdings, SHF Hldgs, and Livewire Ergogenics.

Portfolio Pulse from Benzinga Insights

August 17, 2023 | 9:30 pm

Cannabis consultants and agents-in-charge at two Chicago-based dispensaries operated by Zen Leaf, a subsidiary of Verano (OTCQX:VRNOF), have ratified their first collective bargaining agreements with Teamsters Local 777. This comes less than a month after reaching tentative agreements at Zen Leaf dispensaries in Chicago and Schaumburg, Ill. Verano is the third multi-state operator that Local 777 has successfully bargained agreements with. Other recent Teamsters activity includes wellness advisors and other cannabis workers at Sunnyside, a subsidiary of Cresco Labs (OTCQX:CRLBF), voting to join Teamsters Local 777.

Portfolio Pulse from Nina Zdinjak

August 15, 2023 | 11:00 am

Illinois Governor J.D. Pritzker has signed 45 bills into law, including cannabis reform, and has expunged over 800,000 low-level cannabis arrest records. He will be a keynote speaker at the Benzinga Cannabis Capital Conference in Chicago. Since Pritzker legalized cannabis two years ago, the market has grown significantly, with companies like Cresco Labs Inc, Verano Holdings Corp., and Green Thumb Industries participating. Illinois weed retailers sold $140 million in cannabis products in July 2023 alone, and total sales reached $1.5 billion in 2022.

Portfolio Pulse from Maureen Meehan

August 14, 2023 | 5:34 pm

Verano Holdings Corp. (CSE:VRNO) (OTCQX:VRNOF) has lost its chance to get a share of the Alabama medical cannabis market after the state's cannabis regulator reissued licenses. Verano, which had secured a highly sought-after Integrated Facility License in June, was not included in the renewed licenses. The company has expressed disappointment and frustration, claiming it had the highest score of any applicant and will pursue all options to defend its license, including legal remedies.

Portfolio Pulse from Jelena Martinovic

August 11, 2023 | 5:21 pm

Illinois' cannabis industry is undergoing significant transformation, with Governor J.B. Pritzker highlighting the creation of over 30,000 jobs since legalization. Major companies in the state include Cresco Labs Inc (CRLBF), Verano Holdings Corp. (VRNOF), and Green Thumb Industries Inc. (GTBIF). Viola CHI, a subsidiary of Viola Brands, is emerging as a key player in the sector, with plans to expand its retail presence in Chicago. The company is also involved in legal proceedings against the state for fair treatment in license allocation.

Portfolio Pulse from Joana Scopel

August 08, 2023 | 8:32 pm

Verano Holdings Corp. reported Q2 2023 revenue of $234 million, up 5% YoY and 3% QoQ. The increase was driven by strong retail and wholesale adult use sales in New Jersey and Connecticut, offset by retail declines in Pennsylvania and Arizona. Gross profit was $115 million, up from $98 million YoY and $109 million QoQ. However, the company reported a net loss of $13 million, higher than the $10 million loss in Q2 2022 and $9 million in Q1 2023. Adjusted EBITDA was $72 million, down from $76 million YoY but up from $71 million QoQ.

Portfolio Pulse from Vuk Zdinjak

August 08, 2023 | 11:32 am

Viridian Capital Advisors has released a chart showing credit quality and trading yield for nineteen public U.S. cannabis companies with market caps over $25M. The chart suggests that investors should consider the senior secured cannabis debt market, with stronger credits like Trulieve (OTC:TRUL), Verano (OTC:VRNOF), and Curaleaf (OTC:CURLF) trading between 15% and 16.5%, while weaker credits like AYR (OTC:AYRWF), Columbia Care (OTC:CCHWF), and Jushi (OTC:JUSHF) trade from 20% to 30%. The chart also highlights potential pricing inefficiencies and opportunities for higher risk-adjusted returns in smaller names.

Portfolio Pulse from Viridian Capital Advisors

August 07, 2023 | 4:35 pm

Illinois' cannabis retailers sold $140 million in weed products in July 2023, setting a new record. The state collected $36 million in tax revenue from Wisconsin residents alone. Governor Pritzker noted that cannabis legalization has resulted in the creation of more than 30,000 jobs in Illinois over the past two years. Major companies in the state's cannabis industry include Cresco Labs Inc, Verano Holdings Corp., Green Thumb Industries, and PharmaCann. Illinois' weed sales reached $1.5 billion in 2022, and 2023 is on track to meet or exceed that record.

Portfolio Pulse from Maureen Meehan

August 04, 2023 | 5:54 pm

Maryland's cannabis sales reached $87.43 million in the first month of recreational sales, exceeding expectations. The state's cannabis retailers, including TerrAscend (OTCQX: TRSSF) and Curaleaf Holdings (OTCQX: CURLF), are delighted with the results. The Maryland Cannabis Administration anticipates the industry will generate $600 million in retail sales during the first year of adult-use cannabis legalization.

Portfolio Pulse from Maureen Meehan

August 04, 2023 | 12:33 pm

Cannabis is now legal in Minnesota, making it the 23rd state to legalize adult use. A bill has been filed to prepare for federal cannabis legalization with alcohol-like regulations. The U.S. Senate has approved legislation to protect people from being denied security clearances due to past cannabis use. TerrAscend preannounced stronger-than-consensus Q2 revenues and gross margins and provided robust full-year guidance. Looking ahead to the upcoming earnings, Green Thumb (OTC: GTBIF), Verano (OTC: VRNOF), and TerrAscend (OTC:TSNDF) (TSX:TSND) are favored among the Tier-1 MSOs.

Portfolio Pulse from Todd Harrison

August 04, 2023 | 11:48 am

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