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

Trulieve Cannabis Corp. reported a Q1 revenue of $298 million, a 4% increase both sequentially and year-over-year, with a gross profit of $174 million. The company's net loss narrowed to $23 million, showing significant improvement in financial performance. Trulieve, a major backer of Florida's recreational cannabis ballot initiative, along with other top cannabis operators, is positioned for growth with the upcoming vote in November 2024.

Portfolio Pulse from Jelena Martinovic

May 09, 2024 | 12:49 pm

Needham analyst Matt McGinley reiterated a Buy rating on Verano Holdings (OTC:VRNOF) and maintained a $7 price target.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 3:36 pm

Verano Holdings Corp. reported a 3% year-over-year revenue decline for Q1 2024, totaling $221 million, attributed mainly to expected drops in New Jersey retail, offset by strong wholesale performance. Despite the decline, the company exceeded its guidance and highlighted potential growth opportunities with upcoming legislative changes in key markets. Gross profit increased to $113 million, and the net loss improved to $5 million. The company anticipates flat to low single-digit revenue growth for Q2 2024.

Portfolio Pulse from Nina Zdinjak

May 08, 2024 | 12:05 pm

Goodness Growth Holdings, Inc. reported a 16% YoY revenue increase in Q1 2024, with net revenue reaching $24.09 million. The company highlighted improvements in operating and financial performance, notably due to the start of adult-use sales in Maryland. Goodness Growth is progressing in its New York divestiture with Ace Venture Enterprises and anticipates approval for wholesale sales into the adult-use market. The company also reported a net loss decrease and a significant EBITDA gain compared to the previous year. Additionally, Goodness Growth is in legal action against Verano Holdings, Inc. for the wrongful termination of a merger agreement, seeking damages of approximately $860.9 million.

Portfolio Pulse from Nina Zdinjak

May 08, 2024 | 11:25 am

Goodness Growth Holdings, Inc. (GDNSF) has initiated legal action against Verano Holdings, Inc (VRNOF) over the latter's termination of a share exchange agreement initially set for Goodness Growth's acquisition. The dispute, centered on a $413M deal terminated by Verano in October 2022, has escalated to Goodness Growth seeking $860.9M in damages for alleged breach of contract. Goodness Growth has applied for summary determination in the Supreme Court to expedite the case, emphasizing the litigation's importance for the company's future, particularly in New York and Minnesota.

Portfolio Pulse from Rolando García

May 03, 2024 | 8:00 pm

The DEA's rescheduling of cannabis to Schedule III has caused significant market volatility for multi-state operators (MSOs), with the MSO index initially surging by 25% and then dropping by 15%. Viridian Capital Advisors highlights the impact on MSOs' credit ratings and financial health, noting Green Thumb Industries' favorable deal, Trulieve's balanced risk-return profile, and the high yields but high risks for companies like Ascend Wellness, Verano, Cresco, and Curaleaf.

Portfolio Pulse from Nicolás Jose Rodriguez

May 03, 2024 | 3:57 pm

Cannabis stocks surged following the DEA's announcement to consider rescheduling marijuana from Schedule I to Schedule III, potentially allowing cannabis companies significant tax deductions. Green Thumb Industries, Verano Holdings, and Cresco Labs could see bottom-line boosts of $70M-$100M. Short sellers faced $210M in losses as stocks like Tilray Brands and Canopy Growth Corporation saw dramatic increases. The move is seen as revitalizing the cannabis industry, with potential for U.S. exchange listings to significantly increase market values.

Portfolio Pulse from Maureen Meehan

May 01, 2024 | 4:23 pm

Cannabis stocks and ETFs experienced significant gains following the DEA's decision to consider rescheduling marijuana from Schedule I to Schedule III, indicating a potential shift in regulatory stance and acknowledging its medical use. This move has sparked optimism among investors about the future of the cannabis industry.

Portfolio Pulse from Jelena Martinovic

April 30, 2024 | 6:43 pm

This 4/20, cannabis retailers anticipate record sales, with brands like MariMed's Betty’s Eddies, Cresco's High Supply, Ascend Wellness's Simply Herb, and others leading in various states. The article highlights market leaders in the East, Midwest, California, Nevada, Florida, and New York, with a focus on companies like AYR Wellness, Curaleaf Holdings, Green Thumb Industries, and Trulieve. The pre-roll segment and the competitive landscape in each state are also discussed, indicating a highly anticipated sales surge.

Portfolio Pulse from Nicolás Jose Rodriguez

April 20, 2024 | 1:54 pm

Unionized cannabis industry workers have resolved their labor conflict with Eaze/Stachs, reaching an agreement that improves pay, reimbursement for vehicle costs, work hours, and job protections. This settlement, recommended by UFCW locals 5, 135, 324, and 770, marks a significant advancement for labor rights within the cannabis sector. The resolution follows a nine-month dispute and a strike threat, highlighting the growing trend of unionization in the industry, with successful efforts at companies like Cannabist Company Holdings Inc (CBSTF), Cresco Labs (CRLBF), and Verano Holdings Corp (VRNOF).

Portfolio Pulse from Rolando García

April 18, 2024 | 12:18 am

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