VRNOOTCAgricultural Production-CropsUS GAAP · USD

Verano Holdings Corp.

Verano Holdings Corp. is a U.S.-based cannabis company organized as a holding company with operating subsidiaries across multiple states. It cultivates, processes, distributes, and sells cannabis products through wholesale channels and branded retail dispensaries under banners such as Zen Leaf and MÜV.

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Revenue822m USD
−6.5 %y/y
Operating profit (EBIT)-107m USD
+54.8 %y/y
EBIT margin-13.0%
+14.0 ppy/y
Net income-258m USD
+24.6 %y/y
Free cash flow11.6m USD
−11.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-25002505007501,000m USD2020: 229 m USD2020: EBIT 95 m USD20202021: 738 m USD2021: EBIT 65 m USD20212022: 879 m USD2022: EBIT -161 m USD20222023: 938 m USD2023: EBIT 85 m USD20232024: 879 m USD2024: EBIT -237 m USD20242025: 822 m USD2025: EBIT -107 m USD2025822-107
RevenueOperating profit (EBIT)

Business

Share of revenue
Wholesale cannabis products32 %

Cultivated and processed cannabis sold to third-party retailers and company stores.

Retail dispensary sales68 %

Cannabis sold directly to patients and consumers through owned dispensaries.

Medical cannabis53 %

Regulated cannabis products sold for medical-use markets.

Adult-use cannabis47 %

Cannabis products sold in recreational-use markets.

Customers

Verano sells to two main customer groups: retail patients and adult-use consumers who buy through its dispensaries, and third-party cannabis retailers that purchase wholesale product. Its medical customers typically seek regulated access and consistent product availability, while adult-use customers buy branded flower, concentrates, edibles, and topicals through local dispensaries.

Medical patients

Buy regulated cannabis products through dispensaries for medical-use needs and consistent access.

Adult-use consumers

Purchase branded cannabis products for recreational use in state-legal markets.

Third-party retail dispensaries

Source wholesale cannabis products to stock shelves and expand assortment.

Cannabis brand shoppers

Buy specific branded SKUs such as Encore, Avexia, MÜV, Savvy, and Verano.

Strategy

Verano’s strategy is to operate as a vertically integrated multi-state cannabis platform, combining cultivation, processing, wholesale distribution, and retail. It aims to scale branded products through its own dispensaries and third-party wholesale relationships while expanding its footprint in state markets as regulations allow.

Vertical integration across seed-to-sale operationsMedium term

Controls product flow from cultivation to retail and supports brand distribution at scale.

Expand retail footprint in state marketsShort term

More dispensaries increase direct customer access and brand presence.

Grow wholesale brand distributionMedium term

Third-party retail customers broaden reach beyond owned stores.

Optimize cultivation and processing capacityMedium term

Higher utilization supports supply reliability and operating leverage.

Geography

Verano operates in 13 U.S. states and is concentrated in state-licensed cannabis markets rather than a single national footprint. The company’s retail revenues were highlighted in Florida, New Jersey, Illinois, Connecticut, Ohio, Massachusetts, Pennsylvania, and Virginia, reflecting a multi-state operating model with local regulatory exposure.

Risks

Verano’s business is exposed to U.S. cannabis regulation, including federal illegality, state licensing rules, and changing enforcement or rescheduling outcomes. It also faces industry-specific risks from price compression, competition, supplier dependence, and debt service, all of which can affect access to capital and operating flexibility.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Federal illegality of cannabis in the U.S.1State regulatory and political changes2Indebtedness and refinancing risk3Wholesale price compression and competition4Supplier and contractor dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Federal illegality of cannabis in the U.S.Impact: CriticalLikelihood: High

    Cannabis remains regulated differently at the federal and state levels, creating legal and financing constraints.

    Exposure: All U.S. operations

  2. State regulatory and political changesImpact: HighLikelihood: Medium

    Licenses, product rules, and market access depend on state law and local enforcement.

    Exposure: Multi-state operations

  3. Indebtedness and refinancing riskImpact: HighLikelihood: Medium

    Debt service and covenant constraints can limit flexibility and capital allocation.

    Exposure: Credit facilities and borrowings

  4. Wholesale price compression and competitionImpact: HighLikelihood: Low

    Mature state markets can see lower prices and more competitors, reducing unit economics.

    Exposure: Cultivation and wholesale channels

  5. Supplier and contractor dependenceImpact: MediumLikelihood: Medium

    Packaging, construction, and other inputs are sourced from third parties and can be disrupted.

    Exposure: Facility expansion and operations

Accounting

Judgemental items
Wholesale vs. retail revenue mix

Different channel mix changes margins, seasonality, and comparability across periods.

Impact: Revenue and gross profit presentation

Goodwill and indefinite-lived intangible impairment

Cannabis licenses and acquired brands may require valuation-based impairment testing.

Impact: Non-cash charges can materially affect earnings and equity

Lease accounting for dispensaries and cultivation sites

Owned and leased locations create right-of-use assets and lease liabilities.

Impact: Balance sheet leverage and operating expense presentation

Inventory and held-for-sale asset estimates

Cultivation inventory and assets held for sale depend on valuation and recoverability judgments.

Impact: Asset values and impairment risk

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Last updated: 24/09/2026