Verano Holdings reports Q3 results

  • Verano Holdings press release (OTCQX:VRNOF): Q3 net loss of $(18) million.
  • Revenue of $240.09M (+5.5% Y/Y) misses by $0.31M.
  • Revenue for the third quarter 2023 was $240 million, up 5% from $228 million for the third quarter 2022, and up 3% from $234 million for the second quarter 2023. The increase in revenue for the third quarter 2023 compared to the third quarter 2022 was driven primarily by strength from wholesale adult use sales in Connecticut and Maryland, which began adult use sales in January 2023 and July 2023, respectively.
  • 2023 Guidance

    • The Company raises its free cash flow guidance for the year to $72-76 million, up from $65-75 million, and lowers its capital expenditures guidance to $30-37 million, down from $35-50 million.

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