Verano Q3 Revenue Slips, Losses Widen Amid Retail Decline In Key States
Verano Holdings Corp. (OTCQX:VRNOF) reported its financial results Thursday for the third quarter ended Sep. 30, 2024, revealing revenue (net of discounts) of $216.68 million, compared to $240.09 million in the same period last year.
The Chicago-headquartered cannabis operator attributes the decrease in revenue to declines in Florida retail due to a temporary shift in cultivation output, in addition to expected declines in Illinois and New Jersey retail as dispensaries continue to open across the state.
“During this election season, for the first time in history, cannabis took center stage as a key bipartisan issue for both U.S. presidential candidates and millions of voters across the nation,” stated George Archos, Verano founder, chairman and CEO. “Despite the Amendment 3 outcome, it was encouraging to see the measure supported by a majority of Floridians with 56% …