Verano Holdings Corp. (VRNO)
Verano Holdings Corp. engages in the cannabis business in the United States. It is involved in the cultivation, processing, wholesale, and retail distribution of cannabis. The company also designs, builds, and operates cannabis dispensaries. It sells its products under the Encore, Avexia, MÜV, Savvy, Essence, BITS, HYPHEN, Swift Lifts, Verano, and Zen Leaf brand names to medical and adult use markets. The company is headquartered in Chicago, Illinois.
Sector: Agricultural Production-Crops
Industry: Drug Manufacturers - Specialty & Generic
Verano Holdings Corp.
OTC:VRNOHealthcare · Drug Manufacturers - Specialty & Generic
-0.60%$4.97
Mkt Cap$363.89M
Float67.79M
O/S73.22M
Inst Own-
SI0.2%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$835.88M
Net Income-$262.42M
Total Assets$1.76B
Free Cash Flow$11.83M
Debt & Equity
Debt 42%
Equity 58%
Total Debt$501.88M
Total Equity$702.87M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
2-year cumulative
1:5
Nasdaq bars a compliance period at 1:250
- 1:5Reverse splitJun 11, 20265 shares → 1
Balance Sheet Details
Assets$1.76B
Liabilities$1.06B
Accounts Receivable$42.84M
Accounts Payable$38.67M
Inventory$229.97M
PP&E (Net)$491.58M
Goodwill$160.72M
Intangible Assets$578.04M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 |
| Revenue | $835.88M | $878.59M | $938.45M | $879.41M | $731.36M | $240.6M | $0 | $0 | $0 |
| YoY Growth | -4.9% | -6.4% | 6.7% | 20.2% | 204.0% | - | - | - | - |
| Cost of Revenue | $435.29M | $434.65M | $463.25M | $456.35M | $410.98M | $117.36M | $0 | $0 | $0 |
| Gross Profit | $400.59M | $443.93M | $475.21M | $423.06M | $320.38M | $123.25M | $0 | $0 | $0 |
| Gross Margin | 47.9% | 50.5% | 50.6% | 48.1% | 43.8% | 51.2% | - | - | - |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $333.28M | $353.41M | $331.93M | $356.57M | $270.93M | $26.06M | $58K | $100K | $59K |
| Other | -$10.19M | $327.7M | $58.49M | $227.62M | -$742.47M | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $323.09M | $681.11M | $390.42M | $584.19M | -$471.54M | $26.06M | $58K | $100K | $59K |
| Operating Income (EBIT) | $77.51M | -$237.18M | $84.78M | -$161.13M | $59.56M | $97.18M | -$58K | -$100K | -$59K |
| Operating Margin | 9.3% | -27.0% | 9.0% | -18.3% | 8.1% | 40.4% | - | - | - |
| Interest Expense | $54.53M | $54.76M | $59.79M | $49.43M | $24.06M | $11.01M | $6K | $3K | $9K |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$246.65M | -$62.74M | -$56.99M | -$2.27M | -$7.94M | -$10.37M | -$6K | -$3K | -$959K |
| Income Before Tax (EBT) | -$169.14M | -$299.92M | $27.8M | -$163.4M | $51.62M | $86.81M | -$64K | -$103K | -$1.02M |
| Income Tax Expense | $93.28M | $41.94M | $145.15M | $105.47M | $103.07M | $44.53M | -$3K | -$9K | $0 |
| Net Income | -$262.42M | -$341.86M | -$117.35M | -$269.16M | -$57M | $40.43M | -$61K | -$94K | -$1.02M |
| Net Income Margin | -31.4% | -38.9% | -12.5% | -30.6% | -7.8% | 16.8% | - | - | - |
| Supplementary Data | |||||||||
| EPS | -3.60 | -4.75 | -1.75 | -4.05 | -1.00 | 0.70 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | -3.60 | -4.75 | -1.75 | -4.05 | -1.00 | 0.70 | 0.00 | 0.00 | 0.00 |
| Weighted Average OS | 72.65M | 71.75M | 68.81M | 66.28M | 58.09M | 58.02M | 58.02M | 3.31B | 3.31B |
| EBITDA | $216.04M | -$94.29M | $239.22M | $36.35M | $154.96M | $103.27M | -$58K | -$100K | -$1.01M |
| EBITDA Margin | 25.8% | -10.7% | 25.5% | 4.1% | 21.2% | 42.9% | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2017-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $82.57M | $87.8M | $174.76M | $84.85M | $77.73M | $16.4M | $933 | $0 |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $82.57M | $87.8M | $174.76M | $84.85M | $77.73M | $16.4M | $933 | $0 |
| Accounts Receivable | $42.84M | $45.41M | $38.98M | $16.58M | $13.88M | $11.32M | $2K | $10K |
| Inventory | $229.97M | $184.46M | $140.69M | $164.53M | $0 | $37.35M | $0 | $0 |
| Other Current Assets | $48.54M | $39.85M | $39.77M | $52.31M | $110.05M | $6.17M | $0 | $0 |
| Total Current Assets | $403.91M | $357.51M | $394.2M | $318.27M | $216.97M | $71.25M | $2K | $10K |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $491.58M | $637.88M | $594.76M | $608.18M | $402.76M | $155.97M | $0 | $0 |
| Goodwill | $160.72M | $246.23M | $231.29M | $269.09M | $288.7M | $16.03M | $0 | $0 |
| Intangible Assets | $578.04M | $734M | $1.09B | $1.18B | $1.08B | $72.42M | $0 | $0 |
| Long-Term Investments | $0 | $0 | $100K | $6.98M | $5.87M | $11.55M | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $125.96M | $13.33M | $12.25M | $12.77M | $1.16M | $2.44M | $0 | $461K |
| Total Long-Term Assets | $1.36B | $1.63B | $1.92B | $2.08B | $1.78B | $258.4M | $0 | $461K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.76B | $1.99B | $2.32B | $2.4B | $2B | $329.65M | $2K | $471K |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $38.67M | $39.93M | $31.28M | $40.5M | $35.42M | $18.29M | $0 | $0 |
| Short-Term Debt | $19.79M | $18.15M | $52.01M | $24.46M | $10.8M | $9.62M | $56K | $478K |
| Current Income Tax Payable | $0 | $58.76M | $248.47M | $252.77M | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $143K | $0 | $0 | $0 | $297.55M | $47.22M | $26K | $140K |
| Total Current Liabilities | $140.01M | $203.11M | $412.19M | $386.64M | $469.88M | $116.29M | $82K | $618K |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $391.17M | $395.7M | $393.64M | $388.54M | $275.78M | $32.48M | $9K | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $255K | $1.18M | $2.04M | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $58.35M | $344.68M | $182.22M | $196.47M | $263.87M | $14.82M | $0 | $0 |
| Other Long-Term Liabilities | $378.65M | $1.91M | $3.23M | $5.74M | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $919.09M | $840.17M | $666.48M | $667.86M | $597.57M | $59.96M | $9K | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.06B | $1.04B | $1.08B | $1.05B | $1.07B | $176.25M | $91K | $618K |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $1.74B | $1.74B | $1.68B | $1.67B | $1.2B | $137.91M | $1.09M | $941K |
| Retained Earnings | -$1.04B | -$783.61M | -$441.75M | -$324.4M | -$43.26M | $9.25M | -$1.29M | -$1.2M |
| Comprehensive Income & Other | $0 | $5K | -$13K | -$8K | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | -$1 | $5K | -$13K | -$8K | $319.03M | $0 | $120K | $114K |
| Total Equity | $702.87M | $952.17M | $1.24B | $1.34B | $1.48B | $147.16M | -$89K | -$147K |
| Minority Interest | -$1.77M | -$1.35M | $0 | $0 | $1.27M | $6.24M | $0 | $0 |
| Total Liabilities and Equity | $1.76B | $1.99B | $2.32B | $2.4B | $2.55B | $323.41M | $2K | $471K |
| Supplementary Data | ||||||||
| Total Debt | $501.88M | $522.98M | $542.79M | $498.75M | $277.07M | $52.72M | $65K | $478K |
| Net Debt | $419.31M | $435.19M | $368.03M | $413.89M | $199.34M | $36.32M | $64K | $478K |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | -$262.42M | -$341.86M | -$117.35M | -$268.87M | -$57M | $40.43M | -$61K | -$94K |
| Depreciation & Amortization | $138.53M | $150.86M | $151.63M | $150.32M | $95.4M | $8.28M | $0 | $0 |
| Deferred Income Tax | -$38.11M | $0 | $0 | $0 | $0 | -$586K | $0 | $0 |
| Stock-Based Compensation | $0 | $16.95M | $13.23M | $39.05M | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | -$1.51M | -$2.75M | -$22.68M | $821K | -$6.61M | -$2.64M | -$2K | $9K |
| Inventory | -$47.58M | -$15.89M | $23.89M | -$24.23M | -$58.98M | -$24.08M | $0 | $0 |
| Accounts Payable | $5.47M | -$4.18M | -$8.88M | -$7.58M | $9.83M | $1.87M | $0 | $0 |
| Other Working Capital | $46.95M | -$38.47M | $7.47M | -$7.96M | $72.93M | $44.7M | $3K | $44K |
| Total Working Capital Change | $3.33M | -$61.29M | -$194K | -$38.96M | $17.17M | $19.85M | $1K | $54K |
| Other Non-Cash Items | $212.46M | $347.53M | $62.4M | $212.8M | $135.89M | $11.21M | $6K | $30K |
| Net Cash from Operating | $53.78M | $112.19M | $109.71M | $94.35M | $191.45M | $79.18M | -$53K | -$11K |
| Investing Activities | ||||||||
| Capital Expenditures | -$41.95M | -$99.05M | -$37M | -$119.17M | -$148.32M | -$70.71M | $0 | $0 |
| Acquisitions | $360K | -$35.88M | -$11.27M | -$94.93M | -$312.98M | -$23.06M | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | -$3.32M | $0 | $0 | $0 |
| Sales of Investments | $9.23M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$814K | $1.67M | $14.12M | $6.25M | $4.28M | $305K | $0 | $0 |
| Net Cash from Investing | -$33.17M | -$133.25M | -$34.15M | -$207.85M | -$460.35M | -$93.46M | $0 | $0 |
| Financing Activities | ||||||||
| Debt Repaid | - | - | -$29.22M | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $74.44M | $2.31M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$6.85M | -$4.62M | -$13.76M | $632K | $73.1M | -$48K | -$11K | $0 |
| Net Cash from Financing | -$25.76M | -$65.93M | $14.35M | $99.25M | $350.89M | $26.6M | $54K | $11K |
| Forex Effect | -$15K | $18K | -$5K | -$8K | $594K | $4.08M | $7 | $0 |
| Net Change in Cash | -$5.17M | -$86.96M | $89.91M | -$14.27M | $82.58M | $16.4M | $788 | $145 |
| Supplementary Data | ||||||||
| Operating Cash Flow | $53.78M | $112.19M | $109.71M | $94.35M | $191.45M | $79.18M | -$53K | -$11K |
| Capital Expenditure | -$41.95M | -$99.05M | -$36.33M | -$119.17M | -$140.02M | -$63.33M | $0 | $0 |
| Free Cash Flow | $11.83M | $13.15M | $73.38M | -$24.83M | $51.43M | $15.85M | -$53K | -$11K |
| Cash at Beginning | $87.74M | $174.76M | $84.85M | $99.12M | $16.4M | $933 | $145 | $0 |
| Cash at End | $82.57M | $87.8M | $174.76M | $84.85M | $98.98M | $16.4M | $933 | $145 |