---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-22-029590"
form_type: "8-K"
ticker: "VRNO"
cik: "0001848416"
company_name: "Verano Holdings Corp."
filed_at: "2022-11-14T23:59:59+00:00"
generated_at: "2026-06-21T21:23:16.478191+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Verano Q3 revenue up 10% YoY to $228M; net loss widens to $43M

## Summary
- Q3 2022 revenue $228M, up 10% YoY and 2% QoQ; growth driven by adult-use sales in New Jersey.
- Gross profit $123M (54% margin) vs 48% a year ago; improvement from top-line growth and lower inventory step-up.
- Net loss widened to $(43)M from $(13)M in Q3 2021; Adjusted EBITDA $82M (36% of revenue) vs $76M (34%) in prior quarter.
- Opened 11 new MÜV dispensaries in Florida; expanded Verano signature flower to 4 new markets; launched Savvy brand across 7 markets.
- Subsequent to quarter: refinanced $350M credit facility for enhanced flexibility and lower capital costs.

## SEC filing metadata
- accession: 0001628280-22-029590
- form_type: 8-K
- ticker: VRNO
- cik: 0001848416
- company_name: Verano Holdings Corp.
- filed_at: 2022-11-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1848416/000162828022029590/0001628280-22-029590-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1848416/000162828022029590/vrnof-20221114.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-22-029590
- JSON: https://secwatch.observer/filing/0001628280-22-029590.json
- Plain text: https://secwatch.observer/filing/0001628280-22-029590.txt

## Key facts
- Earnings Releases
  Verano Holdings Corp. reported the third quarter ended September 30, 2022 results: revenue $228 million, net income $(43) million.
  - Period: the third quarter ended September 30, 2022
  - Revenue: $228 million
  - Net income: $(43) million
  - Result: reported results
  source text: • Q3 2022 revenue increased 2% versus the prior quarter and 10% year-over-year to $228 million. ◦ Revenue growth versus the year-ago period was driven by strength from adult-use sales in New Jersey. • Q3 2022 gross profit was $123 million or 54% of revenue, compared to $98 million or 44% of revenue in the prior quarter, and $98 million or 48% of revenue in the third quarter 2021. ◦ Gross profit growth versus the year-ago period was driven by top-line growth and a lower comparative impact related to the inventory step-up from acquisitions. • Q3 2022 SG&A was $86 million or 38% of revenue, compared to $100 million or 45% of revenue in the prior quarter, and $76 million or 37% of revenue in the third quarter 2021. ◦ SG&A growth versus the year-ago period was primarily driven by an increase in retail locations. • Q3 2022 net loss was $(43) million, compared to a loss of $(10) million in the prior quarter, and $(13) million in the year-ago period.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1848416/000162828022029590/0001628280-22-029590-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.