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.

Been away today. Did leave some bids in, this one filled at 7.50, in fact GTBIF, VRNOF, AYRWF MSOS and a few others all filled. Then I read this:

Cannabis stocks end sharply lower on reports that SAFE Banking measure is dead for 2022
Today 4:17 PM ET
AdvisorShares Pure US Cannabis ETF fell more than 18% on Monday on reports that the SAFE Banking measure has been left out of Congress's omnibus spending bill. Cannabis advocates had hoped the measure to open up the financial system to cannabis companies would be passed during the lame duck session, but it appears to have been left out of the annual spending package due up for a vote before the end of the year. Among individual stocks, Green Thumb Industries fell 12.1%, Curaleaf Holdings dropped 16.7%, Trulieve Cannabis Corp. retreated by 17.5%, Cresco Labs declined by 17.6% and Verano Holdings fell 15.3%. Canopy Growth Corp. dropped 7.3%, Tilray Inc. subtracted 8.6% and TerrAscend fell 20.7%.

Well that’s just great, now I have to earn my supper, work the trade or cut bait, hmmmmmmm, normally I would look at the charts but I was clued in that charts don’t work on, well it appears and apparently anything. So, I’m going to set up a magic eight ball on top of a Ouija board setting on a bed of tea leaves. You know it’s a shame too as I just recently renewed my membership to stock charts, son of a . . . .

What, you didn’t get the memo :
https://www.marijuanamoment.net/cannabis-banking-bumped-to-2023-key-chair-indicates-newsletter-december-16-2022
That was from yesterday, so how can I trade on something that’s not going to happen ? Now you are just confusing me.
No, I was mistakenly trading on technical indicators before I found out they can’t be used after I read your post. Haven’t got a prediction now that charting doesn’t work. Coin flip maybe or maybe Ouija boards, we’ll have to explore.

Didn't have the votes then, certainly unclear he has them now.

Now I feel left out, as I was not offended, if fact I just found out charting doesn't work!

So, there I was trading away, just as happy as I could be. 11 different trading plays. All up pretty good. And then I read Holdhigh’s post “They can’t tell you because charts don’t work with this stock.” Oh-oh, wait a minute, that’s what I was doing. I thought well if it doesn’t work, I better get out, hate trying to do something that doesn’t work. So, I sold everything that I was trading with, kept the 7.12 percent profit and will now regroup, man I ‘m glad I read that post before I made a fool out of myself.

It's been crystal clear for some time.

Nice little exercise but I’m out.

FYI - https://thehill.com/homenews/senate/3777205-senate-gop-faces-politics-vs-policy-battle-on-marijuana/

FYI and update- https://thehill.com/homenews/senate/3777205-senate-gop-faces-politics-vs-policy-battle-on-marijuana/

Regarding “but the R's don't want the D's to get credit, so they're going to wait until they're in control and then they'll pass SAFE-light”

Maybe, but what ever doesn’t get passed this year will have to wait awhile next year, the HOUSE is going to have to sort a few things out, The Rep. currently are not aligned over there and the infighting is not going away, but growing, at least for now, we’ll see.

Well I hope you aren’t done with the board, your perspective does have value and point/ counter points gives one fuel for thought.

What you seek is what’s called seller exhaustion. In this case not just this stock, not just this entire sector but most of the markets as well. MF’,ETF’s, hedge funds are all involved, in fact in this sector, leading the way. And were now getting into the 2nd half of Dec. What the charts show is the oversold, a person needs to figure out the reasons why and there is a lot of thought process on that to factor. For me it’s a still in process workout, but I like where I’m starting from with the trade stock.
Reasonableness is a word I like to use, in regards to the subject above is it reasonable to assume it’s because of a recession, I don’t think so others may, that talk has been around now since last summer, were not in one yet BTW, but it is coming, inflation, again no, that’s starting to level off and come down, interest rate hikes, certainly a factor but this last hike was less and they are now 80 percent done with the hike. 1 more ½ point and ¼ point, or 3 ¼ points will take us into next summer. For that matter even at 5.5 percent IF it makes it that high, is not high, historically it would be considered the norm, this is not the early 80’s on replay. A person could go on and on, covid, trade war, war over seas etc. Pick one.
What is over inflated is most stock prices themselves. I still feel 3200 to 3300 in the S&P is coming ,currently 3900, so a ways to go. In this sector it’s the politics mostly in play, will they or won’t they.
Today we have 4 trillion in option plays going to expire, should make for a lively day intermixed with I’m sure some tax loss interplay and don’t forget the stop gap was only passed for 1 week. Still don’t know what’s in the bill, mainly because they haven’t fully agreed on anything yet, that’s what the week is for.
It could be an interesting day

That’s some good advice, especially with the weight of the markets and Powell pushing that falling knife. I’ll try and be careful and if I don’t see what I’m looking for I’ll get out of the trade.

On the 15, not exactly a waterfall event but it is close enough.

By all means. Just trying my hand on a little trading, and unless you are set up for it it's best for you to not follow suit.

Over solds popping every where , in fact the MSOS is also oversold. Might be worth some trading stock usage here.

You and me both.

A simple chart, about as simple as they come. As I mentioned before the relation of the Sept rise and fall and this rise and fall in Dec. {the main point was it could not have stayed up where it was without reason/s.} A chip, a chair and a chance was not a good enough reason. No follow thru on the SAFE yet but it could still happen, we’ll see. In any event we are once again almost at the oversold. And it can’t stay over sold with out reason either. However, we do have some cross currents mixed in, tax loss selling, economy, the markets and as everybody knows the politics all in play right now. Being oversold it wouldn’t take much to get the ball rolling. Not making any call here, only pointing out anything positive will be magnified by the over sold position.

Why waste the money. And if you have noticed over the last few years not buying would have been the smart move. Congrats to them.

17 more day till this year is over. Maybe not today, but a lot of trading yet to go.

Well, didn't make it over 9k trading today, about 1/3 volume on the up day vs a down day, funny that.

On fire today, already over 8k in dollars throw down on trades. 2 hours to go . Can we say 10 maybe?

Wow, do you just make it up as you go. I know AMZN very well. but let's play this out. Amzn started out selling books on the internet, TCNNF started selling FED illegal product that can not be done on the internet. Special note AMZN is currently 164 billion in debt.

So your statement was what if TCNNF did what Amzn did. I would think they would be in court trying to explain why they were trying to sell illegal product on the internet and how long they would be in jail for.

You claim they haven't borrowed a single dime, question how did they get in debt then?

Need you say more, oh hell ya, you need to explain alot more.

And lastly "Did you know that not one company on this planet
has ever become successful by borrowing money
or buying a competitor"

YOU GOT TO BE KIDDING ME, WOW!!!

Good catch

Well here we go. A higher number of trades today {91} and a avg price of 213 dollars per trade. Things are picking up.
Also including a chart for just Dec. It’s a continuous chart that will update by itself until the end of the month.

Did buy some in the 1.90's today.

I had some problems as well, it would seem they just lost my account and information. Anyway it is what it is.

Bailing you say . . . . . well, without knowing what the next year will bring it might very well be a brilliant move.
Rivers made some bold moves to be sure and you are correct that some were done with a cloudy vision, but no doubt calculated.
Currently TCNNF biggest problem is they are losing money running the company. They have huge debt issues and that over position of the markets and the economy. Now that can and will all change but for today that is where they are.
Yea, taking a bet on the politics to support an investment is a hit and miss , even with the timing.
I think everybody can have a guess however, mine is in the short term instead of passing, they will just do a stop gap until early next year and then strip out what the dem’s want, but again just a guess.
In regards to the 5 dollars, with all the unknown on the macro out there I think it’s impossible to rule anything out. I’m willing to trade time for clarity, I just need a sharper picture is all. And that would be on , well everything.

Immaterial event? How could that be?

Think of it this way, were all early to the party. Way early it appears . . . .
I question that being a positive note. But I like the glass half full thought process.
The next two, well kind of like the last 6, but Jorden, gavel = cartoons
Got to remember that mallet is made with hardwood, with all that crazed waving around I just hope he doesn’t hit himself in the head by accident, . . . . several times.

I’m sure that is part of the synergy we were all expecting, in fact I was and am expecting as lot more than this to come forward.

Really! well, good luck and have some fun with it.

Sounds like progress to me, and it’s good to hear.

Regarding your statement "most of the sector experience same ", ok buy the ones that don't fit in the"most"

Let's get this correct. See chart. 99.51 percent drop. You can read it in the lower right corner. While this company has dropped over 99 percent, cbd sales has increased 402 percent in the same time frame. This company has had reduced sales qt after qt, year after year, in fact last qt release yet again shows falling sales. If they want to increase PPS, sell more product! IMO

Remember the good times, see chart below. 4 years ago were high times indeed. Now after a 99 percent loss not so much. The fact that the company can't make any money might be a clue. But no matter the chart says it all.

With the end of year 3 weeks away it will be nice to see if this gets into the 0.02’s to get a fair price. We’ll see.

Well, I have a slightly different take, with the same result. IMO my view is the congress is controlled in some degree by the lobbyists who work for and are all about big business interests and also the very rich who do a very good job of controlling their interests. IMO this has been the case for several decades, it’s just more blatant nowadays. Kind of like we don’t care if you know about it, there is nothing you can do anyway. That and the fight between the two parties is a perfect back drop to continue it all. Again, just IMO. There is a reason the congress gets all those millions of dollars from the lobby, and once again IMO it isn’t because how great they are, no it’s what they can do and agree to do for the lobby, big business and the very rich. That is where the bread is buttered, not from what the people want or why they voted for them. Or if you prefer just a song and dance smoke show to get elected. Just an opinion.

Yep, the 50 mark. There we were, a new and exciting market right before us. Loaded with potential. Big talk of making grass legal, huge expansion occurring, more opening's than you can shake a stick at, company saying all the right things, a frenzy of buying . . . . . . as I said then how Dot com. bubble like . . . . . alas that was then. A totally different environment than what we have now. Now we have a company, certainly still one of the leaders, dealing with a huge debt issue, a profit margin that is neg 20 percent, poised at the edge of a recession, still dealing in a FED illegal market, with increased competition and we haven’t even really begun a serious price compression phase yet.

A few lines from a old song . . . .
Come gather 'round people
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
You'll be drenched to the bone
If your time to you is worth savin'
And you better start swimmin'
Or you'll sink like a stone
For the times they are a-changin'
Come writers and critics
Who prophesize with your pen
And keep your eyes wide
The chance won't come again
And don't speak too soon
For the wheel's still in spin
And there's no tellin' who
That it's namin'
For the loser now
Will be later to win
For the times they are a-changin'

And so it goes.

Nope, a chart can’t tell you what a congressman said/says. But you’re not really being fair with that statement either. Yes, McConnell did make a statement. Does that now mean Schumer’s statements are wrong? Everybody following that train of thought must have gone from half full to half empty in their own thoughts, right?
A week ago, we were at roughly the price we are now. If a person got caught up in the political theater over the past week, even though both people mentioned have been very clear in their thoughts, well it’s not on them. I don’t care what they say, I care what they do.
So no on the charts predicting what they would say. However, and as I mentioned here earlier, this company, in fact the entire MSOS sector was overbought. If no reason presented itself, it will not stay over bought without reason. With or without McConnell’s statement unless something presented itself as in factual, it would certainly be reasonable to see it come back down. Now the question is, the now being broken momentum, how far. I have no prediction, I just watch, I’m following 11 different leading and tailing indicators with this one which should give me some idea, but again I’m not adding any long positions at this time, so.
Frankly I thought the charts and the price action worked as they should have. Minus the fact that there was only hope and a maybe but not anything concrete. Or if you prefer, jumping the gun could be used.

First, thanks for that post. No hype, no BS, just a smart guy telling it like it is. I found it to be refreshingly accurate on what was stated. That would be on all 3 subjects. Again, thanks!