Verano Announces 3Q 2022 Financial Results
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<![CDATA[CHICAGO, Nov. 14, 2022 – PRESS RELEASE – Verano Holdings Corp., a leading multistate cannabis company, announced its financial results for the third quarter ended Sept. 30, 2022 (Q3 2022), which were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Comparable numbers for the third quarter ended Sept. 30, 2021, were also prepared in accordance with U.S. GAAP.2022 Third Quarter Financial HighlightsQ3 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.Adjusted EBITDA was $82 million or 36% of revenue, compared to Adjusted EBITDA of $76 million or 34% of revenue in the prior quarter.Cash flow from operations for the nine months ended Sept. 30, 2022, was $65 million.2022 Third Quarter Operational HighlightsFurthered Florida retail expansion by opening 11 new MÜV dispensaries across the state throughout the quarter.Opened new Zen Leaf dispensaries in Wheeling and Clarksburg, W.Va., and New Kensington, Pa.; relocated Zen Leaf Jessup to Elkridge in Maryland to optimized location and…
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