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.
