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Verano Holdings (VRNO) AI Stock Analysis
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Verano Holdings
(NEO-L:VRNO)
The score is primarily held back by ongoing net losses and negative ROE despite strong revenue growth and healthy gross margins. Positive operating and free cash flow provides an important offset and supports financial stability. Technically, signals are mostly neutral with limited trend confirmation, while valuation is hard to assess given negative earnings and no dividend yield data.
Verano Holdings (VRNO) vs. iShares MSCI Canada ETF (EWC)
- Market Cap
- CAD 366.82M
- Dividend Yield
- ―
- Average Volume (3M)
- ―
- Price to Earnings (P/E)
- -1.7
- Beta (1Y)
- ―
- Revenue Growth
- 0.61%
- EPS Growth
- 37.92%
- Country
- Canada
- Employees
- 3,800
- Sector
- Healthcare
- Sector Strength
- 51
- Industry
- Drug Manufacturers - Specialty & Generic
Verano Holdings Business Overview & Revenue Model
Company Description
Verano Holdings Corp. functions as a vertically integrated, multi-state cannabis enterprise throughout the United States. Its operations span the complete cannabis supply chain, from growing and manufacturing to wholesale and direct-to-consumer sales...
How the Company Makes Money
Verano primarily makes money by selling cannabis products in state-regulated markets through two main revenue streams: (1) Retail sales: The largest driver is sales to end consumers via Verano-operated dispensaries. Revenue is generated at the point...
Verano Holdings Earnings Call Summary
The earnings call highlighted strong retail growth and improved margins due to cost management and efficiency efforts. However, significant challenges remain with declining wholesale revenue, increased net loss, and ongoing market pressures.
Q2-2025 Updates
Positive Updates
Negative Updates
Company Guidance
During the Verano Second Quarter 2025 Earnings Conference Call, the company reported a revenue of $202 million, a gross profit of $113 million, and an adjusted EBITDA of $66 million, or 33% of revenue. Despite a 4% sequential and 9% year-over-year decline in total revenue, retail revenue grew 3% compared to the previous year, driven by organic growth in Ohio and acquired assets in Virginia and Arizona. The wholesale segment generated $73 million, impacted by increased competition and a strategic accounts receivable approach. The company maintained a gross margin of 56%, attributed to operational efficiencies, especially in Florida and Illinois. SG&A expenses were stable at $86 million, with a net loss of $19 million due to higher income tax provisions. Verano ended the quarter with $69 million in cash and cash equivalents, with expectations to bolster cash reserves in the latter half of the year. Looking ahead, Verano aims to continue cost management, enhance its product pipeline, and focus on strategic growth in key markets like Florida, Virginia, and Pennsylvania, while addressing industry-wide credit challenges.
Verano Holdings Financial Statement Overview
Summary
Fundamentals are improving but still constrained by profitability. Revenue growth is strong (+138.5% TTM) and gross margin is healthy (~46.7%), with a return to positive EBIT margin (~4.7%). However, the company remains loss-making (net margin ~-24.2%) with negative ROE (~-28.9%). Cash flow is a relative strength with positive operating cash flow (~$112M) and free cash flow (~$62M), which helps offset earnings weakness.
Income Statement
38NegativeBalance Sheet
56NeutralCash Flow
62Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 846.85M | 835.88M | 878.59M | 938.45M | 853.24M | 725.46M |
| Gross Profit | 390.54M | 428.67M | 443.93M | 475.21M | 398.57M | 317.79M |
| EBITDA | 180.22M | 231.54M | -94.29M | 239.22M | 214.84M | 166.66M |
| Net Income | -221.27M | -262.42M | -341.86M | -117.35M | -269.16M | -57.51M |
Balance Sheet | ||||||
| Total Assets | 1.70B | 1.76B | 1.99B | 3.08B | 3.26B | 2.53B |
| Cash, Cash Equivalents and Short-Term Investments | 101.40M | 82.57M | 87.80M | 230.44M | 114.97M | 98.19M |
| Total Debt | 487.71M | 501.88M | 522.98M | 542.79M | 498.75M | 353.30M |
| Total Liabilities | 1.03B | 1.06B | 1.04B | 1.45B | 1.45B | 1.06B |
| Stockholders Equity | 667.59M | 702.87M | 952.17M | 1.64B | 1.82B | 1.47B |
Cash Flow | ||||||
| Free Cash Flow | 62.42M | 11.83M | 13.15M | 99.04M | -32.32M | 42.78M |
| Operating Cash Flow | 111.82M | 53.78M | 112.19M | 148.07M | 122.83M | 189.90M |
| Investing Cash Flow | -63.26M | -33.17M | -133.25M | -34.15M | -207.85M | -456.63M |
| Financing Cash Flow | -28.99M | -25.76M | -65.93M | 14.35M | 99.25M | 348.06M |
Verano Holdings Risk Analysis
Verano Holdings disclosed 90 risk factors in its most recent earnings report. Verano Holdings reported the most risks in the "Legal & Regulatory" category.
Latest Risks Added
0 New RisksVerano Holdings Peers Comparison
Overall Rating
TSE:GTII68Neutral- TSE:VRNO51Neutral
TSE:CURA42Neutral
TSE:JUSH42Neutral
TSE:CL40Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TSE:GTII | 68Neutral | CAD 1.90B | 11.41 | 6.82% | ― | 3.81% | 344.13% |
| Sector * | 51Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
| TSE:VRNO | 51Neutral | CAD 2.17B | -1.65 | -28.93% | ― | 0.61% | 37.92% |
| TSE:CURA | 42Neutral | CAD 3.12B | -60.28 | -4.47% | ― | 1.50% | 81.84% |
| TSE:JUSH | 42Neutral | CAD 133.80M | -1.72 | 40.27% | ― | 5.37% | 17.78% |
| TSE:CL | 40Underperform | CAD 365.32M | -1.89 | -28.27% | ― | -5.83% | -115.39% |
* Healthcare Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TSE:VRNO | Verano Holdings Corp. | 6.32 | 0.00 | 0.00% | |
| TSE:JUSH | Jushi Holdings Inc | 0.67 | -0.20 | -22.99% | |
| TSE:CURA | Curaleaf Holdings (Otc) | 11.77 | 0.04 | 0.34% | |
| TSE:GTII | Green Thumb Industries (OTC) | 8.70 | -0.95 | -9.84% | |
| TSE:CL | Cresco Labs OTC | 0.80 | -0.83 | -50.92% |
Verano Holdings Corporate Events
Verano Posts Higher Revenue and Cash Flow as Net Loss Narrows in Q3 2026
PositiveVerano reported third-quarter 2026 revenue of $212 million, up 5% year over year, with gross profit of $100 million representing a 47% margin and adjusted EBITDA of $50 million, or 24% of revenue. Despite posting a small net loss of $4 million, the c...
Verano Opens Zen Leaf Ephrata, Expanding Pennsylvania Medical Cannabis Footprint
PositiveVerano Holdings has expanded its Pennsylvania presence with the grand opening of Zen Leaf Ephrata, a relocated medical cannabis dispensary now situated at 848 E Main St as the first such facility in the borough. The new site offers extended hours, am...
Verano Sets October 29 Date for Third-Quarter 2026 Results
NeutralVerano Holdings said it will release its financial results for the third quarter ended September 30, 2026, before markets open on October 29, 2026. Management will host a conference call and webcast that morning for analysts and investors, with live...
Verano to Engage Investors at ATB Cormark Cannabis Conference
PositiveVerano Holdings Corp., a leading vertically integrated U.S. cannabis operator, serves medical and adult-use markets through its Zen Leaf and MÜV dispensaries and an extensive portfolio of branded products. The company’s operations span 13...
Verano Launches Easy Landings to Tap Growing Cannabis Beverage Market
PositiveVerano has entered the cannabis beverage segment with Easy Landings, its first national drink brand, launching 100 mg single-serve THC shots in four flavors across Arizona, Illinois, Nevada and New Jersey, with further state rollouts planned. The all...
Verano to Spotlight Strategy at Canaccord Genuity Growth Conference
PositiveVerano Holdings said its executive leadership team will take part in a fireside chat and investor meetings at the Canaccord Genuity 46th Annual Growth Conference in Boston on August 11, 2026. The appearance is expected to enhance the company’s...
Verano Posts Strong Q2 Revenue Gains as It Advances U.S. Expansion and Listing Plans
PositiveVerano reported second-quarter 2026 revenue of $218 million, marking its third consecutive quarter of organic revenue growth and an 8% increase year-on-year, with gross profit at $100 million and adjusted EBITDA of $51 million. Despite a net loss of...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 31, 2026