Verano Holdings Corp. (VRNO), a leading multi-state cannabis operator, is gearing up to release its financial results for the third quarter ending September 30, 2024. The announcement is scheduled for Thursday, November 7th, 2024, before the market opens. Following the release, a conference call and webcast will be held at 8:30 am ET to discuss the results and answer questions from investors and analysts.
Verano’s recent financial performance has been mixed. The second quarter of 2024 saw a 5% year-over-year revenue drop, although there was a slight 0.5% sequential increase to $222 million. This announcement comes on the heels of Verano’s strategic acquisition of assets from The Cannabist Company Holdings Inc. This $105 million deal, finalized in August, included one of Cannabist’s Virginia licenses and all its operations in Arizona. Verano’s CEO, George Archos, highlighted the acquisition as a significant step forward in the company’s growth trajectory, particularly in the coveted Virginia market ahead of its adult-use program. The deal also expands Verano’s presence in Arizona.
Verano continues to expand its reach and brand partnerships. In August, they joined forces with Mike Tyson’s TYSON 2.0 to bring the brand’s cannabis products to Florida and Illinois markets. Verano’s state-of-the-art cultivation facilities and dispensaries – MÜV in Florida and Zen Leaf in Illinois – are poised to amplify TYSON 2.0’s impact. Tyson, co-founder and chief brand officer of TYSON 2.0, praised the collaboration with Verano, stating that the partnership represents a significant step forward in their mission to reach a wider audience with exceptional cannabis experiences.
As of Friday, Verano’s shares were trading 1.66% lower at $3.383 per share. Investors and analysts will be closely watching Verano’s third-quarter results, particularly given the company’s recent acquisitions and strategic partnerships, to gauge its performance and future outlook in the evolving cannabis industry.
