Verano Holdings Q2 $222M Revenue In Line QoQ, Net Loss Widens To $22M Ahead of Cannabist Co. Acquisition
Chicago-based multi-state cannabis operator Verano Holdings Corp. (OTCQX:VRNOF) reported its financial results Wednesday for the second quarter ended June 30, 2024. The company disclosed revenues of $222 million, up 0.5% sequentially and meeting its guidance. On a year-over-year basis, revenue dropped 5%.
Financial results follow the company’s announcement to acquire significant assets from The Cannabist Company Holdings Inc. (OTCQX:CBSTF). The acquisition, strategic to expanding its national footprint, includes one of Cannabist’s Virginia licenses, along with associated operations including all operations in Arizona.
“Our second quarter performance was strong, highlighted by proactive measures we executed to further bolster the business, including authorization of a share repurchase program, capex investments, and subsequent to quarter end, strategic M&A that upon closure, will grant us vertical access to the Virginia market ahead of adult use,” stated George Archos, Verano founder and chief executive officer.
“Looking ahead, we are prepared …