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Verano Holdings ( (TSE:VRNO) ) has shared an announcement.
On March 12, 2026, Verano reported fourth-quarter 2025 revenue of $207 million, up 2% sequentially but down 5% year-on-year, with gross margin at 51% and adjusted EBITDA of $56 million, while posting a net loss of $183 million due largely to lower impairment charges versus 2024. For full-year 2025, revenue fell 6% to $822 million and net loss narrowed to $258 million, as the company streamlined operations, cut SG&A, and maintained a 28% adjusted EBITDA margin despite softer top-line performance.
Management highlighted achieving top-three market share across all categories, redomiciling from Canada to Nevada to position for potential U.S. capital markets access, settling legacy litigation, and winning a conditional vertical license in Texas ahead of a planned medical expansion. Verano also closed a new $195 million senior secured term loan at an initial 9.5% rate that it characterizes as among the industry’s most favorable, bolstering liquidity and funding measured capex of $41 million in 2025 and a guided $30–50 million range for 2026 aimed at efficiency upgrades and selective retail growth.
The company generated $53 million in operating cash flow in 2025, down from $112 million in 2024, reflecting inventory adjustments and higher tax payments, but continued to invest in automation, CPG technology, and marketing to support brand strength amid price compression and intensified competition. With existing or pending operations in Florida, Pennsylvania, Virginia, and Texas, Verano argues it is well-positioned to benefit from potential U.S. federal rescheduling of cannabis and state-level medical program expansion in what it expects could be a pivotal 2026 for the sector.
The most recent analyst rating on (TSE:VRNO) stock is a Hold with a C$6.50 price target. To see the full list of analyst forecasts on Verano Holdings stock, see the TSE:VRNO Stock Forecast page.
Spark’s Take on TSE:VRNO Stock
According to Spark, TipRanks’ AI Analyst, TSE:VRNO is a Neutral.
The overall stock score reflects significant challenges in financial performance and technical analysis, with declining revenues, profitability issues, and stagnant price trends. However, positive corporate events provide some optimism for future growth and market expansion. The valuation remains unattractive due to negative earnings and lack of dividends.
To see Spark’s full report on TSE:VRNO stock, click here.
More about Verano Holdings
Verano Holdings Corp., listed on Cboe Canada and OTCQX, is a multi-state cannabis operator focused on branded consumer packaged goods and retail in key U.S. medical and adult-use markets. The company sells cannabis products across multiple categories and has secured top-three market share positions in every category where it competes, according to third-party data.
Technical Sentiment Signal: Sell
Current Market Cap: C$2.17B
See more data about VRNO stock on TipRanks’ Stock Analysis page.