Verano Announces Fourth Quarter and Full Year 2023 Financial Results

• Record Revenue of $938 Million
• Increased 2023 Net Cash Provided by Operating Activities by 16% to $110 Million
• Generated $73 million in Free Cash Flow1 for 2023, Meeting Guidance

CHICAGO, Feb. 29, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the fourth quarter and full year ended December 31, 2023, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

Fourth Quarter and Full Year 2023 Financial Highlights

Fourth Quarter 2023 Financial Highlights

• Revenue of $237 million, an increase of 5% year-over-year, and decrease of 1% versus the prior quarter.
• Gross profit of $118 million or 50% of revenue.
• SG&A expense of $86 million or 36% of revenue.
• Net loss of $(73) million or (31)% of revenue.
• Adjusted EBITDA² of $73 million or 31% of revenue.
• Net cash provided by operating activities of $32 million.
• Capital expenditures of $10 million.
• Free cash flow¹ of $23 million.

Full Year 2023 Financial Highlights

• Revenue of $938 million, an increase of 7% year-over-year.
• Gross profit of $475 million or 51% of revenue.
• SG&A expense of $332 million or 35% of revenue.
• Net loss of $(113) million or (12)% of revenue.
• Adjusted EBITDA² of $305 million or 32% of revenue.
• Net cash provided by operating activities of $110 million.
• Capital expenditures of $36 million.
• Free cash flow¹ of $73 million.

Management Commentary

“I’m incredibly proud of our performance in 2023, highlighted by key wins across all aspects of the business,” said George Archos, Verano Founder and Chief Executive Officer. “As excitement and anticipation builds in the industry, 2024 has the potential to be a game-changing year, and Verano is well positioned to continue capitalizing on growth opportunities both in the current regulatory environment and from any state or federal reform. While we’ve never been dependent on legislation to drive sustained growth, with adult use imminent in Ohio, on the horizon in Florida and Pennsylvania, and the growing anticipation of a federal rescheduling decision, there is limitless potential for Verano.”

I’m thankful for all that our team accomplished in 2023, and believe the sky is the limit for what we can achieve in 2024 and beyond.

George Archos, CEO

Original press release

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