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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."
$3600 in trades today. 27 trades total.
VERANO TO REPORT FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS ON MARCH 30, 2023
Well Thomas, you already mentioned you are all in, so best wishes.
Well Woffman, here's hoping you get that huge order filled. Best wishes
Follow up there, I’ve noticed as they sell less and less of their product the share price also drops. It’s like there some how tied together.
You know it really is a simple problem, they just need more people to buy their product, this less people buying qt after qt for 4 years in a row isn’t working, just saying. I blame the people. LOL.
CV Sciences Non-GAAP EPS of -$0.05, revenue of $16.2M
CV Sciences press release (OTCQB:CVSI): FY Non-GAAP EPS of -$0.05.
Revenue of $16.2M (-19.2% Y/Y).
Cash balance of $0.6 million at year end compared to $1.4 million at the end of 2021;
Recognized gross margin of 34.2% for fiscal year 2022 compared to 43.0% for 2021;
Loss, loss,loss loss
Maybe you will have better luck today. Buy away!
LOST 0.05 a share, more than the company is worth!
In a word uninvestable IMO
That 10K is going to be real interesting. Alright just came out now
CV SCIENCES, INC. REPORTS FISCAL YEAR-END 2022 FINANCIAL RESULTS
Download as PDFMarch 29, 2023
SAN DIEGO, March 29, 2023 /PRNewswire/ -- CV Sciences, Inc. (OTCQB:CVSI) (the "Company", "CV Sciences", "our", "us" or "we"), a preeminent consumer wellness company specializing in hemp extracts and other proven science-backed, natural ingredients and products, today announced its financial results for the year and quarter ended December 31, 2022.
(PRNewsfoto/CV Sciences, Inc.)
Fiscal 2022, Fourth Quarter 2022 and Recent Financial and Operating Highlights
Generated revenue of $16.2 million for fiscal year 2022 compared to $20.0 million for 2021; Revenue of $3.9 million for the fourth quarter 2022 sequential increase of 3% from $3.8 million in the third quarter 2022; Recognized gross margin of 34.2% for fiscal year 2022 compared to 43.0% for 2021; Gross margin of 40.4% for the fourth quarter 2022 compared to 41.6% in the third quarter 2022; Cash balance of $0.6 million at year end compared to $1.4 million at the end of 2021; Reduced operating expenses by 54% to $12.4 million for fiscal year 2022 compared to $27.1 million for 2021; Generated cash flow from operations of $0.2 million in the fourth quarter of 2022 resulting in best quarterly operating cash results since the second quarter of 2019; Regained number one position as top-selling hemp extract brand in the natural product retail sales channel, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry; Launched four unique Over-the-Counter (OTC) pain relief topical products (Q1 2022); Launched PlusCBD™ Relief softgels to wellness line of CBD products (Q1 2022); Claimed refundable employee retention credit (ERC) under the CARES Act for a total of $2.5 million (Q1 and Q3 2022). Completed move to more efficient and cost effective facility in San Diego (Q2 2022); Launched PlusCBD™ Reserve Collection 30ct softgels to support stress relief and relaxation (Q3 2022); Extinguished entire outstanding convertible debt (Q3 2022); Settled six shareholder derivative lawsuits (Q3 2022); Launched PlusCBD™ Daily Balance, a new line of THC-free gummies and softgels (Q1 2023); Received formal notice of patent issuance from Japan Patent Office for formulations containing CBD and nicotine for treating smokeless tobacco addiction (Q1 2023); Received preliminary approval of proposed settlement of shareholder derivative lawsuit (Q1 2023); and Continued to evaluate strategic opportunities, including consideration of inbound and outbound merger, sale, acquisition or other options for the Company.
OK, $202,000 214 trades, about 40 times the volume of cv and this was not a big trading day.
Agreed!
Yep, $5000 in trades today, they made the big time. LOL
ROTFLOL. " is that the shares are very hard to purchase at the ASK" No there not, just go up to the ask price and there you go.
And not making a penny on any of them!
Yep, that’s a tough one to figure. I was wondering the other day if they have some type of contract to purchase a certain amount. Anyway we’ll see what the numbers look like.
Up 8 percent. 22 trades, $4100 in trades.
Hey Darth, have a little more time to look at your question. Answered between seminars yesterday.
Ok, CVSI does have a par of .0001.
CWBHF par value, from the 10K “Common shares, nil par value; unlimited shares authorized as of December 31, 2022”
However, you may be blending into another area. So again, from the 10K
Additionally, the Company evaluated the calculation for diluted EPS for the non-contingent conversion feature. Non-contingent features are considered at the option of the Lender at any time before maturity. The Company noted that only the non-contingent conversion feature requires further analysis for diluted EPS as there are no contingencies under the Subscription Agreement and common shares will be issued on conversion. The Company evaluated that the potential adjustments to the income available to common stockholders will include the after-tax amount of interest and other consequential changes in income or expense that would result from the assumed conversion, if any. The potential adjustment to the weighted-average number of common shares outstanding is based on the additional common shares resulting from the assumed conversion. The Company will consider the conversion feature only if it will have dilutive impact, not anti-dilutive. See reconciliation of basic and diluted EPS computations within note "Loss Per Share".
I don’t think you were going into the Black-Scholes option, so I’ll leave that off.
You also asked, CWBHF expects the BAT shares to convert even at the "high" price at which they were issued (~$1.50USD, conversion price of C$2.00 per common share). At what price(s) do you think CVSI's future conversions will take place?
What I think is they will either sell out, merge or go bankrupt before that’s a issue. IMO
That we will. Will have to see the numbers but, if they want to be taken serious about being a player in this field, they have to start to show it. Currently 99.7 percent of all cbd is being sold elsewhere. If they can get up to just 1 percent 12.5 to 15 million in sales a qt, and with that 3 to 5 cents in earnings then we may have a start. I do not think they will make those numbers WED. However, explaining how they WILL get there will be what to look for. No more excuses, no more song and dance. Factual and measurable movement without the BS. The best one can say right now is they are a highly speculative stock that is failing, badly. The last 3 years has been nothing but a place to collect paychecks with out providing anything other than losses. If they can’t change that, well then who cares what they say. Case in point in the last 4 years the stock price has dropped 99 percent. EXACTLY WHAT, is going to break the fall?
Down -4.9% -- $2811 in total trades. Only 1 at ask. Were going to call that the norm.
But here let me cheer all up with a song.
Last hr. No trades at all. DEAD IN THE WATER EFFECT!
3hr’s in Not even 1 buy at ask. $1900 total in trades. ROTFLOL. And this is a good day. Down 5 percent!!!
And yet they won't make even 1 penny.
LOL, one should never ask to get the wrong answer.
Correct. And currently they are years away from changing that statement, if ever.
Well, he sure got this one right, by dumping it, didn't he. I'd call that being right!
Well, I’ll tell you I don’t have a fixed conversion price for you.
The CVSI-007 WORLDWIDE will not be providing any, repeat any income anytime soon. It's currently a unused dead in the water patent.
There trying to get to that solid company you mention. In any event were going to find out. That MLB contract is a beast for exposure.
Exclusivities.
(a)MLB Designations: Licensor hereby authorizes Licensee to use, and shall not authorize any other third-party promoting goods or services in the Business Category to use, the designations “Proud Partner of Major League Baseball”, “Official Partner of Major League Baseball” and “Official Partner of [each MLB Jewel Event]” in connection with such party’s promotion of the goods or services in the Business Category.
Further, Licensor hereby authorizes Licensee to use, and shall not authorize any other third party to use the designation “Official CBD of Major League Baseball”.
(b)Licensed Properties: Licensor shall not license or authorize to any third party promoting goods or services in the Business Category the right to: (i) use the Licensed Properties via Offline Media; (ii) use the Licensed Properties via Interactive Media; and (iii) operate, sponsor or promote any sweepstakes, contest, giveaway or other similar consumer promotion offering MLB assets as prizing (e.g. tickets, licensed merchandise, discounts for MLB.com Shop), in each of cases (i) – (iii), in connection with such third party’s promotion of goods or services in the Business Category.
If you read over the list of what that all includes you will find it’s a very large coverage involving the media.
Darth posted under 21327 more color on this, but you may wish to see how this all plays before you throw rocks at it.
Oh, never mind there, you were talking about the 007 patent. Yes they have the patent, But no, they have no product to sell, will they have one later this year? NOOOOOOOOO. Will they have one next year? NOOOOOOOOOOO. You see where I’m going here.
In fact they haven’t even started a pretrial on trying to get a product. No help there. Year end numbers coming out next week. That should be interesting going thru that 10Q
Sounds good, when does that product roll out again?
Pablo Zuanic, yes he is a pretty good analyst. But in either late 2020 or early 2021 he also mentioned no obvious near-term catalysts, and dropped this one like a rock. Turns out, after 2 years looking back, he was absolutely correct in doing so.
Note no analyst has been covering this one this year, nobody, nor IMO should they, I mean come on now. It’s a 4 cent stock that’s losing money, losing market share, they rigged that vote to get 600,000,000 shares to dilute with to try and stay in business.
You stated “still burning cash” From the 10K - Cash and cash equivalents —end of year. Went to 66,963,000 in cash in 2022 from 19,494,000 in cash in 2021. Not only that but did you see the other very much improved numbers? I'll just mention higher is better. Enough said.
Distraction. Yes, IMO that is what CVSI is doing right before they come out with those 4th qt and year end numbers. Those numbers should be the focus!
But let’s entertain the 007 patent. Currently the 007 patent is sitting on a shelve collecting dust.
REF. from the 10Q “On May 19, 2020, the USPTO issued a patent pertaining to CVSI-007”
So, it’s been sitting for 3 years.
So, how’s the funding going for that
REF 10Q R&D expense decreased to $0.3 million during the nine months ended September 30, 2022 compared to $0.8 million in the first nine months of 2021. The decrease is mostly related to lower R&D spend in our specialty pharmaceutical segment.
Not exactly lighting it up there are they.
So whats the game plan, from the 10 Q: " We expect to realize revenue from our consumer products business segment to fund our working capital needs. In addition, we will be dependent, for the near future, on additional investment capital to fund operations, growth initiatives and to continue to make and implement strategic cost reductions. Also, in order to fund our pharmaceutical product development efforts, we will need to raise additional capital either through the issuance of equity and/or the issuance of debt. In the event we are unable to fund our drug development efforts, we may need to curtail, partner or delay such activity."
Well sure, I expect them to raise revenue from our consumer products business segment as well but for the last 3 years all they had were losses.
Good thing they have that 600 million shares to dilute with, cause I don’t think they will be getting the funding for this that they would need.
Still, that doesn’t leave much for the dreamers. Ok let’s go with this, all slanted to the positive. They find a partner that will pick up all costs, free ride, split the profits when done. They start the pretrial for 007 today! They pass 1 then 2 then 3 phases. Normally it would take 3 years plus, I’m going to knock it down to two. They build the product, set up the pipeline, and start the distribution nation wide at no cost to them. you say 6mo to a year to do it, nope going to do all that in a week. Product starts selling. It’s as simple as that.
Now all we have to do is see if they can make it past 2023,24, and into 2025. Find that partner and away we go.
The 4th qt and year end comes out next WED. Then reality kicks in. And the distraction is over. IMO
FTC Releases Reports on Cigarette and Smokeless Tobacco Sales. This is a year old.
Cigarettes are roughly 190.2 billion a year
Smokeless tobacco sales 4.82 billion.
Smokeless tobacco manufacturers also reported selling $804.8 million of nicotine lozenges or nicotine pouches in 2021, not containing tobacco.
The global nicotine gum market is $1.56 billion in 2022
The global nicotine gum market is highly competitive with the presence of various regional and global players. Moreover, the market has the presence of many private label nicotine gum brands owing to growing demand. Companies make themselves competitive by expanding product offerings, and improving taste, flavors, functionality, and marketing activities. Key players in the market include GlaxoSmithKline plc, ITC Limited, Johnson & Johnson, British American Tobacco, Perrigo Company, Takeda Consumer Healthcare Company Limited, Fertin Pharma, Alchem International Pvt. Limited, Cipla Health Limited, Dr Reddy’s Laboratories among others.
Worthwhile, depends. What I posted is the Nic/gum market. CVSI is shooting for Nic/cbd. Unknown to me how that would play. I see, example only that Walgreens sells their own brand of Nic/gum , many flavors, at about 17cent to 25 cent per piece. If CVSI can make something that works, at the same price or close, and get a foot hold in the market place, then why not. There are a lot of private vendors in this space, so. But they first have to get the product past the phase 1 2 3, and develop a pipeline.
It would seem to me that if a person is looking for a way to stop, Just go with what works, what is cheapest and available, because it’s only for a short term period anyway. IMO
All right, down a little over 2%. A little over 8k in trades total. Have a good weekend.
Another $26 traded over the last 90 min. Slowing downI guess.