Verano Q3 revenue $217M (-10% YoY), net loss widens to $43M, Adj. EBITDA $64M

Verano Holdings Corp.

2024-Q3 EPS reported -$0.20 revenue$660,379,000

Revenue fell 9.7% YoY to $216.7M; net loss of $42.6M vs. $17.8M loss in Q3 2023.
Adjusted EBITDA dropped to $64.5M (30% margin) from $89.3M (37% margin) a year ago.
Opened 2 new MÜV dispensaries in Florida (total 79) and converted Ohio stores to adult-use.
Completed acquisition of Cannabist Company's Arizona and Virginia subsidiaries.
Guidance: expects Q4 trends similar to Q3; net cash from ops YTD $69M vs. $77M.

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