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

Following the Florida Supreme Court's decision to allow a constitutional amendment for legalizing recreational marijuana on the November 2024 ballot, cannabis companies, including Trulieve, have collectively contributed over $15 million in support. Trulieve had previously donated $40 million. The amendment, known as Amendment 3, aims to legalize non-medical personal use of marijuana for adults 21 or older and requires a 60% voter approval. Companies like Verano Holdings, Curaleaf Holdings, AYR Wellness, Cresco Labs, Green Thumb Industries, and INSA, Inc. are among the new donors. The funding announcement coincides with the upcoming Benzinga Cannabis Capital Conference in Florida.

Portfolio Pulse from Maureen Meehan

April 03, 2024 | 7:56 pm

The Florida Supreme Court's decision to allow a cannabis legalization amendment on the November 2024 ballot has been met with enthusiasm from the cannabis community, including executives from Trulieve Cannabis Corp (TCNNF) and Verano Holdings Corp (VRNOF). Both companies have expressed their support for the initiative, which could significantly impact the cannabis market in Florida, the nation's largest medical cannabis market.

Portfolio Pulse from Maureen Meehan

April 01, 2024 | 11:21 pm

The upcoming Benzinga Cannabis Capital Conference will feature discussions on scaling marijuana businesses to self-sustainability, with insights from industry experts Seth Yakatan, Bryan Gerber, and Jon Levine. Yakatan emphasizes operating within market constraints due to federal illegality and capital challenges. Gerber's Hara Supply, a major player in the cone industry, serves clients like Verano Holdings and Curaleaf, boasting significant market share and profitability. Levine, of MariMed, highlights the importance of consistency and passion in achieving success in the cannabis industry. The conference aims to provide strategies for growth amidst regulatory and financial hurdles.

Portfolio Pulse from Nina Zdinjak

March 27, 2024 | 6:30 pm

Verano Holdings Inc. (OTC:VRNOF) CIO Aaron Miles will share insights into Florida's cannabis market at the Benzinga Cannabis Capital Conference. With over 20 years of experience, Miles has led Verano to a $2.1 billion valuation, demonstrating significant growth, especially in Florida. The company's stock has increased by 16% over the past 90 days, outperforming its peers in the MSOS ETF (NYSE:MSOS), which gained 23%. The conference, set for April 16-17, 2024, in Hollywood, Florida, will cover key topics in the cannabis industry.

Portfolio Pulse from Nicolás Jose Rodriguez

March 25, 2024 | 12:33 am

Verano Holdings Corp. (OTCQX:VRNOF) has launched the Cabbage Club, a national cannabis membership program, initially available in its 13 Zen Leaf dispensaries in New Jersey and Illinois, with plans to expand across its 138 dispensaries in 13 states. The club offers various membership levels with benefits including store credits, coupons, exclusive merchandise, and VIP event access. Verano's shares were down 1.70% at $5.21 per share following the announcement.

Portfolio Pulse from Jelena Martinovic

March 20, 2024 | 5:04 pm

Several cannabis companies, led by Verano Holdings (OTC:VRNOF), are challenging the federal ban on marijuana, arguing that the landscape has changed significantly since many states have legalized marijuana. The lawsuit aims to counter the government's attempt to dismiss the case, citing the reduction in illicit interstate commerce due to state-regulated access. Verano Holdings is highlighted for its standout performance in the cannabis sector, with notable growth in states like Florida, despite challenges in others like Illinois and New Jersey. The company's valuation stands at $2.1 billion, with a 16% stock increase over the last 90 days.

Portfolio Pulse from Nicolás Jose Rodriguez

March 19, 2024 | 1:47 am

Verano Holdings (OTC:VRNOF), a marijuana company, is valued at $2.1 billion, outpacing its expected 2024 earnings despite a forecasted 5-7% dip in Q1 2024 sales, mainly due to retail pressures in New Jersey. The company has seen mixed performance across key states, with significant growth in Florida but declines in Illinois, New Jersey, Arizona, and Pennsylvania. However, it has shown resilience with a 16% stock increase over the past 90 days. The broader MSOS ETF (NYSE:MSOS) outperformed Verano with a 23% gain. The financial outlook remains positive, with potential growth drivers including state-level cannabis legalization and the SAFER Banking Act.

Portfolio Pulse from Nicolás Jose Rodriguez

March 14, 2024 | 2:42 pm

Tension between the White House and the DEA over marijuana rescheduling is increasing, with DEA officials questioning the medicinal benefits of cannabis despite HHS documents supporting its medical use. The DEA's resistance and concerns over THC potency have caused cannabis stocks to wobble, with notable dips in stocks like MSOS, CURLF, GTBIF, VRNOF, and TCNNF. Rescheduling cannabis could offer significant benefits for the industry, including federal tax deductions and more research opportunities, but faces legal and international treaty concerns.

Portfolio Pulse from Maureen Meehan

March 11, 2024 | 10:56 pm

Needham analyst Matt McGinley maintains a Buy rating on Verano Holdings (OTC:VRNOF) and raises the price target from $6 to $7.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 7:01 pm

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.

Portfolio Pulse from Nina Zdinjak

February 29, 2024 | 1:14 pm

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