GE_Jim
6 months ago
FYI-Verano Opens MUV(TM) Satellite Beach, Elevating the Company's Retail Footprint to 72 Florida Dispensaries and 135 Locations Nationwide
6:00 am ET October 27, 2023 (Globe Newswire) Print
GlobeNewswireOctober 27, 2023
Located at 106 Florida Highway A1A, MUV Satellite Beach bolsters the Company's retail presence in Brevard County, an area with more than 606,000 residents1
MUV Satellite Beach joins nearby MUV dispensaries in Titusville, Merritt Island and West Melbourne
Verano's active operations span 13 states, comprised of 135 dispensaries and 14 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (NEO: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today announced the opening of MUV Satellite Beach on Friday, October 27, the Company's 72nd Florida dispensary and 135th location nationwide. MUV Satellite Beach, located on 106 Florida Highway A1A, will be open Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 11 a.m. to 5 p.m., local time.
Situated in Brevard County which counts more than 606,000 residents1, MUV Satellite Beach strengthens Verano's presence along the Atlantic Coast, complementing existing MUV dispensaries in Titusville, Merritt Island and West Melbourne.
"As we further expand our retail footprint across Florida, we're thrilled to open a new MUV dispensary in beautiful Satellite Beach, where we'll offer patients our extensive variety of high quality cannabis products," said Joel Noonan, EVP of the Southern Region. "Like the rest of Florida, Satellite Beach continues to experience population growth over the last decade, and we're excited for MUV to join this thriving community where our talented and compassionate team will proudly serve area patients for years to come."
MUV dispensaries feature online menus for effortless browsing of Verano's extensive, award-winning product selection spanning an array of categories, including Verano Reserve(TM), MUV and Sweet Supply(TM) flower; Encore(TM) edibles; On the Rocks(TM) concentrates and extracts; and Savvy(TM) flower and extracts. MUV also offers one-on-one virtual and in-store consultations at no cost to patients and provides patient-centric concierge services via phone, email, web chat and text to address patient questions and inquiries.
For additional convenience and accessibility, patients can visit muvfl.com or the MUV mobile application - available in the Google Play and Apple App stores - for additional information and to place orders for express in-store pickup.
Product images, logos and b-roll footage are available on the Company Newsroom.
About Verano
Verano Holdings Corp. (NEO: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry's leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano offers a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf(TM) and MUV(TM) dispensary banners and produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano(TM), MUV(TM), Savvy(TM), BITS(TM), Encore(TM), and Avexia(TM). Verano's active operations span 13 U.S. states, comprised of 14 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at www.verano.com.
GE_Jim
9 months ago
Verano Holdings Corp. (VRNOF) Reports Q2 Loss, Tops Revenue Estimates
8:05 am ET August 8, 2023 (Zacks) Print
Verano Holdings Corp. (VRNOF) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post a loss of $0.07 per share when it actually produced a loss of $0.03, delivering a surprise of 57.14%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Verano Holdings Corp., which belongs to the Zacks Medical - Products industry, posted revenues of $234.12 million for the quarter ended June 2023, surpassing the Zacks Consensus Estimate by 1.48%. This compares to year-ago revenues of $223.66 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Verano Holdings Corp. Shares have lost about 7.1% since the beginning of the year versus the S&P 500's gain of 17.7%.
What's Next for Verano Holdings Corp.
While Verano Holdings Corp. Has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Verano Holdings Corp. Mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
GE_Jim
9 months ago
FYI - Verano Announces Appointment of John Tipton and Charles Mueller to Board of Directors
7:30 am ET July 20, 2023 (Globe Newswire) Print
GlobeNewswireJuly 20, 2023
CHICAGO, July 20, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today announced the appointment of John Tipton, President of the Southern Region, and Charles Mueller to its Board of Directors (the "Board") in conjunction with the retirement of Mike Smullen.
"We are pleased to welcome John and Charles as the newest members of the Verano Board of Directors and thank Mike for his years of service to the organization," said George Archos, Verano Founder and Chief Executive Officer. "John has built an impressive operation in Florida and has been an incredible contributor to the Company, while Charles brings a deep tax and accounting background, including over 35 years at PepsiCo, that nicely complements the Board's skillset. The Board looks forward to working alongside John and Charles in supporting the continued growth of the organization and providing high-quality products and exceptional hospitality for our growing patient and consumer base."
Following Mike Smullen's resignation from the Board on July 19, 2023, the Board approved a proposal to increase in size from four to five members, with Mr. Tipton and Mr. Mueller filling the two vacancies. Mr. Smullen's resignation is solely related to his desire to retire and is not the result of any disagreement between Mr. Smullen and the Company, its management, the Board or any committee of the Board, or with respect to any matter relating to the Company's operations, policies and practices.
Mr. Tipton served as President of the Company from February 2021 until June 2023, when he was named President of the Southern Region. Beginning in 1997, he served as Chief Executive Officer of Plants of Ruskin, LLC, which became a subsidiary of the Company upon its acquisition in February 2021 and the Company's sizable entrance into the attractive Florida market. Mr. Tipton's acumen in accounting, finance, agriculture and â??construction developed through his experience as founder and Chief Executive Officer â??of Plants of Ruskin, LLC, have been directly applied in his officer positions with the Company.
Since 2021, Mr. Mueller has provided independent corporate tax consulting services to Tropicana Products, Inc. and Cresa Partners Boston, Inc. From 1985 to 2021, he served in increasingly senior tax roles at PepsiCo, Inc., including as Vice President, State and Local Tax of the PepsiCo Corporate Division. In these roles, Mr. Mueller was responsible for all tax planning, accounting, compliance, audit, Sarbanes-Oxley Act compliance and controversy management arising at the state and local levels. Prior to his service with PepsiCo, Inc. Mr. Mueller served as a tax professional at a number of institutions, including Avon Products, Inc., SCM Corporation and Intercontinental Hotels Corporation. Mr. Mueller's extensive experience in tax matters, accounting, compliance and audit will enhance the Audit Committee functions and provide valuable expertise to the Company.
GE_Jim
11 months ago
The Florida Division of Elections now lists more signatures than needed to place an adult-use cannabis referendum on the state's 2024 ballot, according to the state's website. However, several legal hurdles remain before the question formally goes before voters. As of Thursday, the Florida Division of Elections website listed 967,528 statewide signatures currently valid, compared to the 891,523 signatures needed to place it on the ballot. Statewide and congressional district signature totals are not official until the Florida Secretary of State issues a certificate of ballot position. To complicate matters, Florida Attorney General Ashely Moody on May 15 told the Florida Supreme Court that the proposed ballot "fails to meet the requirements" of the law and that she will present additional arguments in the future. The signature campaign has been led by Smart & Safe Florida, a group that has received financial support from Trulieve Cannabis Corp. , one of the largest medical cannabis companies in the Sunshine State. Other cannabis companies with a presence in the state include Verano Holdings Corp. , Curaleaf Holdings Inc. , Ayr Wellness Inc. and Green Thumb Industries Inc. , and Cresco Labs .
GE_Jim
12 months ago
FYI - Cantor Fitzgerald Discontinues Cannabis Stock Coverage With Analyst Departure -- MarketWatch
2:36 pm ET May 1, 2023 (MarketWatch)
Print
Cantor Fitzgerald said Friday it will no longer provide research coverage of 23 cannabis stocks because analyst Pablo Zuanic has departed the firm. Zuanic is now head of Zuanic & Associates, a consulting and research firm aimed at the cannabis sector, according to his LinkedIn profile and a website for the firm. Cantor Fitzgerald said analyst Brett Knoblauch is now covering MDMA researcher WM Technology Inc. (MAPS), but it's dropping coverage of Cresco Labs , Curaleaf Holdings , Green Thumb Industries , Trulieve Cannabis , Verano Holdings , Tilray Inc. (TLRY), TerrAscend , Ascend Wellness , Canopy Growth Corp. (WEED.T) and others. Zuanic & Associates did not immediately reply to an email. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) is down nearly 20% in 2023 and down 63.5% in the past 12 months, compared to a 16.9% year-to-date gain and a loss of 0.8% in the past 12 months for the Nasdaq .
GE_Jim
1 year ago
Verano FY22 Revenue Grows 19%, Driven By Adult Use Sales In NJ And Contributions From FL Store Openings
8:11 am ET March 30, 2023 (Benzinga) Print
Verano Holdings Corp. (OTCQX: VRNOF) (CSE:VRNO) revenue for full year 2022 was $879 million, up 19% from $738 million for full year 2021. The increase in revenue for full year 2022 compared to full year 2021 was driven primarily by strength from adult use sales in New Jersey, in addition to increased retail contributions from Florida store openings.
Q4 2022 Financial Highlights
Revenue of $226 million increased 7% from $211 million in Q4 2021, and decreased 1% versus the prior quarter.
Gross profit of $103 million or 46% of revenue, down from $109 million or 52% of revenue for Q4 2021, and down from $123 million or 54% of revenue for third quarter 2022.
Net loss of $216 million, down from $7 million for fourth quarter 2021, and down from $43 million for third quarter 2022. The increase in net loss for fourth quarter 2022 compared to fourth quarter 2021 was driven by a $229 million impairment charge, primarily of intangible assets related to the Arizona cultivation license and Pennsylvania and Arizona retail reporting units.
Adjusted EBITDA of $79 million or 35% of revenue, down from $82 million or 39% of revenue for fourth quarter 2021, and down from $82 million or 36% of revenue for third quarter 2022.
Full Year 2022 Financial Highlights
Gross profit of $423 million or 48% of revenue, up from $331 million or 45% of revenue for full year 2021.
Net loss of $269 million, down from $58 million for full year 2021.
Adjusted EBITDA of $324 million or 37% of revenue, which was flat compared to $324 million or 44% of revenue for full year 2021.
As of December 31, 2022, the company’s current assets were $318 million, including cash and cash equivalents of $85 million. The company had a working capital deficit of $68 million and total debt, net of issuance costs, of $413 million.
“I’m very proud of our results in 2022, highlighted by record revenue and one of the industry’s leading margin profiles, which demonstrate our continued execution in driving efficiencies across the business and positioning ourselves ahead of growth,” stated George Archos, Verano founder, chairman and CEO.
"Since the end of 2021, we grew our retail footprint by adding more than 30 dispensaries across multiple core markets, significantly expanded our brand portfolio by launching a number of differentiated products that cater to a variety of consumers, celebrated the launch of adult use sales across our East Coast footprint in New Jersey and Connecticut, refinanced debt in a rising rate environment to include optionality, and made strategic investments to drive greater efficiencies across the business. Our products also continued to gain popularity with patients and consumers, demonstrated by an increased sell-through rate of Verano-branded products that have elevated our brands into top positions across many core markets, including our leading position in New Jersey."
GE_Jim
1 year ago
Cantor Fitzgerald initiates coverage of three cannabis stocks, with Verano drawing higher rating
10:03 am ET February 10, 2023 (MarketWatch)
Print
By Steve Gelsi
Verano is praised for offering 'some of the highest operating cash flow metrics'
Cantor Fitzgerald initiated coverage of three cannabis businesses on Friday, with Verano Holdings Corp. drawing an overweight rating while Planet 13 Holdings Inc. and Ascend Wellness Holdings Inc. were started at neutral.
Verano offers "some of the highest operating cash flow metrics" among multistate cannabis operators (MSOs), along with Green Thumb Industries Inc. , and has one of the strongest balance sheets in the group, analyst Pablo Zuanic said.
"Yes, the entire MSO sector is generally inexpensive, but we suggest investors buy the larger and more established names, with above average financial and operational metrics," Zuanic said. "We believe Verano fits all those criteria."
Zuanic set a 12-month price target of $10 for Verano's stock, which closed below $4 a share on Thursday.
Ascend Wellness (AAWH) drew a neutral rating and a $1.75 price target for its stock, which closed Thursday at $1.35 a share.
Zuanic said some of the company's stores, such as those in Rochelle Park, N.J., and Collinsville, Ill., rank among the best-performing in the country.
"A combination of great locations and superior retail service/execution, in our view, makes Ascend stores stand out," with sales growth well above its peer group, he said.
On the downside, Zuanic sees challenges for Ascend Wellness's dispensaries in Illinois, because two of its eight stores in the state are near St. Louis, which is opening up competing adult-use stores now that Missouri has voted to legalize cannabis.
"As with most MSOs, we believe the stock is attractively valued and it should rerate if the group begins to recover," Zuanic said. "But on a standalone basis, we see better risk/reward in other MSO names."
GE_Jim
1 year ago
Verano misses revenue estimate but says it's slowing its capital spending
Today 4:27 PM ET (MarketWatch)Print
Verano Holdings Corp. shares rose 2.9% on Monday after the cannabis company said it was slowing down some of its capital spending and that it's bullish on prospects in Maryland after the state voted to allow cannabis sales to adults 21 and over. Verano said it has paused some construction in Pennsylvania and is halting future rollout of additional square footage in Florida to keep its capital costs in line. Looking ahead, Verano said it sees potential growth in five future adult use markets representing 43 million Americans where it maintains field operations and competitive positions including Maryland and Connecticut. Verano said its third-quarter loss widened to $43 million, or 13 cents a share, from a loss of $12.5 million, or 4 cents a share, in the year-ago quarter. Revenue increased to $227.6 million in the three months ended Sept. 30, from $206.5 million in the year-ago quarter. Verano missed the analyst estimates for a loss of 2 cents a share and revenue of $229.1 million, according to a FactSet survey.
GE_Jim
1 year ago
Below is from Dow Jones Newswires that has some background about NY and Verano, sounds like they got it right.
November 29, 2022 12:21 ET (17:21 GMT)
But as the regulatory picture in New York grew more uncertain, both Verano Holdings Corp. and Ascend Wellness Holdings Inc. (AAWH) scrapped acquisitions.
Verano in October said it would no longer acquire Goodness Growth Holdings , a cannabis company in New York, New Mexico and Minnesota, for $413 million in stock.
Ascend Wellness in August scrapped its $88 million acquisition of MedMen's (MMNFF) New York business. MedMen then put the business back on the selling block.
Also read:Cannabis M&A cools but deals remain on the table despite scuttled Verano acquisition, analyst says
Among the regulatory uncertainty in New York, U.S. District Judge Gary Sharpe this month temporarily blocked the state from issuing 63 of the 150 licenses in Brooklyn and parts of upstate New York, citing a lawsuit by Variscite NY.
The suit alleges that New York state's plan -- to award the first 150 licenses for business applications to state residents affected by the war on drugs -- breaches the state constitution's dormant commerce clause that protects interstate commerce.
GE_Jim
1 year ago
Dated by a couple of weeks, but important.
12:01 pm ET November 14, 2022 (MarketWatch)
Verano Holdings Corp. shares rose 2.9% on Monday after the cannabis company said it was slowing down some of its capital spending and that it's bullish on prospects in Maryland after the state voted to allow cannabis sales to adults 21 and over. Verano said it has paused some construction in Pennsylvania and is halting future rollout of additional square footage in Florida to keep its capital costs in line. Looking ahead, Verano said it sees potential growth in five future adult use markets representing 43 million Americans where it maintains field operations and competitive positions including Maryland and Connecticut. Verano said its third-quarter loss widened to $43 million, or 13 cents a share, from a loss of $12.5 million, or 4 cents a share, in the year-ago quarter. Revenue increased to $227.6 million in the three months ended Sept. 30, from $206.5 million in the year-ago quarter. Verano missed the analyst estimates for a loss of 2 cents a share and revenue of $229.1 million, according to a FactSet survey.
OSOROJO
2 years ago
Verano Q2 Revenue Increases 11% Sequentially to $223.7 Million
Published by NCV Newswire
Verano Announces Second Quarter 2022 Financial Results
CHICAGO, Aug. 16, 2022 (GLOBE NEWSWIRE) — Verano Holdings Corp.
2022 Second Quarter Financial Highlights
Q2 2022 revenue increased 12% to $224 million compared to the second quarter 2021.
Q2 2022 gross profit was $98 million or 44% of revenue, compared to $69 million or 35% of revenue in the second quarter 2021.
Q2 2022 SG&A was $100 million or 45% of revenue, compared to $70 million or 35% of revenue in the second quarter 2021.
Q2 2022 net loss was $(10) million, compared to a loss of $(30) million in the second quarter 2021.
Q2 2022 EBITDA on an unadjusted basis was $48 million or 22% of revenue, and Adjusted EBITDA1 was $76 million or 34% of revenue.
Cash flow from operations for the six months ended June 30, 2022 was $44 million.
2022 Second Quarter Operational Highlights
On April 21, 2022, Verano welcomed New Jersey Governor Phil Murphy at Zen Leaf Elizabeth to celebrate the commencement of adult use sales in the state, and also launched adult use sales at the Company’s Zen Leaf Lawrence Township dispensary.
Exceeded 100-dispensary milestone by expanding the Company’s retail footprint with new store openings that include:
five new MÜV dispensaries located in Marco Island, Hobe Sound, Fort Myers Beach, Ocala, and Winter Haven, FL.
two new Zen Leaf locations in Westover, WV and Wynnewood, PA.
Announced exclusive partnership with The Weldon Project’s Mission Green to advance cannabis clemency and advocacy initiatives.
Relocated Zen Leaf dispensaries in Canton, OH and Phoenix, AZ to optimize store locations and amenities.
Launched mobile applications and exclusive rewards programs for Verano’s flagship Zen Leaf and MÜV dispensaries.
Surpassed 50-dispensary retail footprint milestone for MÜV in Florida, bringing the total state footprint to 55.
Opened new Zen Leaf dispensary in Wheeling, WV; relocated Zen Leaf Jessup to Elkridge in Maryland to optimized location and retail space; maximized New Jersey footprint with the commencement of adult use sales at Zen Leaf Neptune on the Jersey Shore.
Launched Verano signature flower branded products in four new core markets – Arizona, Florida, Massachusetts and Pennsylvania; Verano signature flower branded products are now distributed to more than 500 dispensaries across nine states, including more than 100 of the Company’s retail locations.
Announced the upcoming launch of Savvy in September 2022, a new brand featuring larger-format cannabis products that caters to more value-oriented patients and consumers, across seven core markets.
Active operations span 13 states, comprised of 109 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity.
GE_Jim
2 years ago
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today announced the launch of Savvy, a new brand featuring larger-format cannabis products, catering to more value-oriented patients and consumers. Savvy will be available in MUV and Zen Leaf dispensaries beginning September 2022 followed by additional third-party retail locations across six core markets - Arizona, Illinois, Massachusetts, Maryland, Nevada and Ohio - with additional launches planned in the future for New Jersey and Pennsylvania.
"We are excited to bring Savvy, our newest brand, to patients and consumers across seven core markets, with plans to expand," said George Archos, Verano Founder and Chief Executive Officer. "The Savvy launch demonstrates our ability and willingness to adapt and address market demand at scale at both ends of the price spectrum. Savvy is intended to address the budget-conscious consumer's demand for authentic, wallet-friendly cannabis products derived from our state-of-the-art indoor cultivation facilities."
Savvy products will be available in 7 grams or 14 grams of cannabis flower and one-gram oil cartridges, with expanded product offerings of disposable vaporizers and pre-rolls in select markets shortly after. The brand joins the Company's robust product portfolio that includes its namesake brand Verano Reserve and Essence, Swift Lift mini pre-rolled joints, extracts and vaporizers; Encore Edibles, hand-crafted cannabis gummies, hard candies, mints, caramels and chocolates; and Avexia topicals, tablets, tinctures and RSO, made to effortlessly enhance any self-care routine.
GE_Jim
2 years ago
Verano Announces the Opening of MUV Sebring, the Company's 52nd Florida Location
Today 7:00 AM ET (GlobeNewswire)Print
EQNX::TICKER_START (CNSX:VRNO),(OTC US:VRNOF),(Other OTC:VRNOF),(CNSX:VRNO.CN), EQNX::TICKER_END Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today announced the opening of MUV Sebring on Saturday, July 16, the Company's 52 Florida dispensary and 106 nationwide. MUV Sebring, located at 3900 US-27 North, is open Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 11 a.m. to 5 p.m., local time.
According to Florida's Office of Medical Marijuana Use, there are currently over 736,000 qualified medical cannabis patients in the state. Florida medical cannabis sales are projected to potentially reach $2.5 billion by 2026, as reported by MJBiz Factbook 2022.
"MUV Sebring marks our 52 retail location in Florida and our first in the Heartland region of the state," said John Tipton, President of Verano. "We are excited and ready to introduce the area's medical marijuana patient community to the MUV retail experience and our premium cannabis products."
As a demonstration of their commitment to provide a convenient and reliable experience for Florida patients, MUV dispensaries feature online menus for effortless browsing of their extensive, award-winning product selection, including the Company's signature Verano Reserve flower line. For additional convenience and accessibility, patients can choose to order ahead at muvfl.com or through the MUV mobile application available in the Google Play and Apple App stores for express in-store pickup.
MUV offers one-on-one virtual and in-store consultations at no cost to the patient. MUV's comprehensive product selection includes edibles, chocolates and lozenges, flower, pre-rolls, an array of vaporizer pens, concentrates, metered-dose inhalers, topicals and oral sprays; along with patented encapsulation formulations in its EnCaps(TM) capsules, tinctures, 72-hour transdermal patches and transdermal gels.
GE_Jim
2 years ago
Verano Opens 2 MÃœV Cannabis Dispensaries, Raising Florida Footprint To 51 Locations Statewide
Today 10:51 AM ET (Benzinga)Print
Verano Holdings Corp. (OTCQX: VRNOF) (CSE:VRNO) opened MÜV Fort Myers Cypress and MÜV Sarasota Main, the company’s 50th and 51st Florida dispensaries and 103rd nationwide. Both MÜV Fort Myers Cypress, located at 7010 Cypress Terrace, and MÜV Sarasota Main, located at 1618 Main Street, are open Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 11 a.m. to 5 p.m., local time.
“Opening our third MÜV location in Fort Myers and second in Sarasota, and surpassing our 50th MÜV dispensary milestone in Florida, is an exciting achievement for Verano, our team, and the Florida medical marijuana community,” stated John Tipton, president of Verano. “We have witnessed incredible growth in the Florida medical marijuana patient population and are excited to provide more paitients with our premium cannabis products through our growing retail footprint. We’re grateful for our incredible team members and patients for helping us surpass this milestone, and look forward to a bright future ahead in the Sunshine State.”
As a demonstration of their commitment to provide a convenient and reliable experience for Florida patients, MÜV dispensaries feature online menus for browsing of their product selection, including the company’s signature Verano Reserve flower line. For additional convenience and accessibility, patients can choose to order ahead at MÜV’s website or through the MÜV mobile application available in the Google Play and Apple App stores for express in-store pickup.
MÜV offers one-on-one virtual and in-store consultations at no cost to the patient. MÜV’s comprehensive product selection includes edibles, chocolates and lozenges, flower, pre-rolls, an array of vaporizer pens, concentrates, metered-dose inhalers, topicals and oral sprays; along with patented encapsulation formulations in its EnCaps capsules, tinctures, 72-hour transdermal patches and transdermal gels.
GE_Jim
2 years ago
Verano Announces the Opening of MUV Winter Haven, the Company's 48th Florida Location
Today 7:00 AM ET (GlobeNewswire)Print
EQNX::TICKER_START (CNSX:VRNO),(OTC US:VRNOF),(Other OTC:VRNOF),(CNSX:VRNO.CN), EQNX::TICKER_END -- MUV Winter Haven is located at 6900 Cypress Garden Boulevard, a busy thoroughfare with an average daily traffic count of 28,000 vehicles
-- The dispensary is based in Polk County, the fastest growing county by population in Florida, with a population of 753,520
-- Verano's active operations span 13 states, comprised of 101 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today announced the opening of MUV Winter Haven on Wednesday, June 29, the Company's 48Florida dispensary and 101 nationwide. MUV Winter Haven, located at 6900 Cypress Garden Boulevard, is open Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 11 a.m. to 5 p.m., local time.
MUV Winter Haven is located in Polk County, the fastest growing county by population in Florida and the seventh fastest growing county by population in the country. The county experienced growth of three percent from 2020 to 2021.
"We are excited to open our 48 MUV location in Florida, MUV Winter Haven, where our compassionate and dedicated team will have the opportunity to serve Florida's growing medical cannabis patient community," said John Tipton, President of Verano. "Given Winter Haven and the surrounding Polk County region's booming population growth, we are excited to add a second MUV dispensary in the area to provide its growing patient base with access to our premium cannabis products."
As a demonstration of their commitment to provide a convenient and reliable experience for Florida patients, MUV dispensaries feature online menus for effortless browsing of their extensive, award-winning product selection, including the Company's signature Verano Reserve flower line. For additional convenience and accessibility, patients can choose to order ahead at muvfl.com or through the MUV mobile application available in the Google Play and Apple App stores for express in-store pickup.
MUV offers one-on-one virtual and in-store consultations at no cost to the patient. MUV's comprehensive product selection includes edibles, chocolates and lozenges, flower, pre-rolls, an array of vaporizer pens, concentrates, metered-dose inhalers, topicals and oral sprays; along with patented encapsulation formulations in its EnCaps capsules, tinctures, 72-hour transdermal patches and transdermal gels.
GE_Jim
2 years ago
Verano Confirms Filing of Reviewed First Quarter 2022 Financials
6/22/22 5:49 PM ET (GlobeNewswire)Print
EQNX::TICKER_START (CNSX:VRNO),(OTC US:VRNOF),(Other OTC:VRNOF),(CNSX:VRNO.CN), EQNX::TICKER_END Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today is confirming that on June 17, 2022 it filed its first quarter 2022 financial statements on SEDAR that have been reviewed by its outside auditor, which replace the previously filed first quarter 2022 financial statements filed on SEDAR on May 25, 2022. The reviewed 2022 first quarter financial statements were also included in the Company's amended Form 10 registration statement filed concurrently with the U.S. Securities and Exchange Commission.
Based on the reviewed 2022 first quarter reviewed financial statements, the Company is clarifying that the non-GAAP financial measure Free Cash Flow of $6 million disclosed in its May 25, 2022 earnings release included approximately $20 million of cash flow from investments. In addition, although its previously disclosed non-GAAP financial measure Adjusted EBITDA remained unchanged at $81 million, a reconciliation line item has been modified to reflect a currency exchange difference in "other income (expense), net." The calculations of Free Cash Flow and Adjusted EBITDA and their reconciliation to the most comparable U.S. GAAP financial metrics are included in the tables below.
Corresponding changes to cash provided by operations and net cash used in investing activtites were included in the reviewed 2022 first quarter financial statements. These changes had no impact on the reported net increase in cash and the Company's cash position remains unchanged with a balance of $140 million as of the March 31, 2022 quarter end.
GE_Jim
2 years ago
Verano Prevails In Nielsen Arbitration Dismissing All Claims
5/23/22 8:48 AM ET (Benzinga)Print
Verano Holdings Corp. (OTCQX: VRNOF) (CSE:VRNO) through its subsidiary, Verano Holdings, LLC, yesterday notified the U.S. District Court for the District of Colorado of its complete victory in arbitration regarding various frivolous RICO (Racketeer Influenced and Corrupt Organizations Act) claims brought by Nicholas Nielsen. The arbitrator dismissed all of Nielsen’s claims with prejudice and awarded Verano nearly $100,000 in attorney’s fees in the arbitration, further underscoring the groundless nature of the lawsuit.
In his claims, originally brought in Federal Court but ultimately adjudicated on the merits in arbitration, Nielsen failed to disclose that he had pleaded guilty to a four-count felony indictment in the State of Arkansas for the blatantly illegal marijuana cultivation and production operation he ran out of his home. Nielsen’s claims were a meritless effort to shift blame to Verano and more than fifty other defendants for his conviction, which was based on illegal activity in which he engaged on his own volition and without the knowledge or involvement of Verano or others.
“The allegations in the complaint are completely and totally false and absurd,” stated George Archos, Verano founder and CEO. “The plaintiff and his lawyer have turned an employment dispute between a former employee and his employer into a sensationalized and imagined series of events aimed at a company like Verano with a proven track record of compliant operations. Verano and its affiliates are proud of their strict compliance with, and adherence to, state laws and regulations, and any insinuation to the contrary is completely fictional.”
With operations in 13 states, all with highly regulated state-legalized cannabis programs, Verano is a leading, vertically integrated multi-state cannabis operator in the United States. This complete victory for Verano validates its vigorous efforts to defend itself from these false, baseless and defamatory allegations that struck at one of Verano’s core foundational principles - strict compliance with applicable law.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Bazwar6
2 months ago
Marillionaire
2 years ago
Hot Features
Premium
