Verano Holdings Corp. (TSE:VRNO)
OTHER OTC:VRNO
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Verano Holdings
(OTC:VRNO)
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Rating:47Neutral
Price Target:
C$6.00
▼(-5.06% Downside)
Action:Reiterated
Date:05/02/26
The score is primarily weighed down by weak financial performance—especially the sharp TTM revenue decline and substantial net losses—despite positive free cash flow and acceptable gross/EBITDA margins. Technicals add risk with extremely overbought RSI and elevated stochastics while trend strength appears limited (flat MACD). Valuation is difficult to assess cleanly due to negative earnings and no dividend yield data.
Positive Factors
Vertical integration and diversified channels
Verano’s vertically integrated model — cultivation, manufacturing, wholesale and company-owned retail — supports durable margin capture and supply security. Owning retail and wholesale channels lets Verano place in-house SKUs across formats, reducing vendor dependence and aiding long-term margin and assortment control.
Negative Factors
Sharp TTM revenue decline
A ~61% TTM revenue decline denotes meaningful loss of scale and market share that erodes unit economics and makes fixed-cost absorption harder. Sustained top-line contraction undermines retail and wholesale growth strategies and raises pressure on store-level profitability and return on growth investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration and diversified channels
Verano’s vertically integrated model — cultivation, manufacturing, wholesale and company-owned retail — supports durable margin capture and supply security. Owning retail and wholesale channels lets Verano place in-house SKUs across formats, reducing vendor dependence and aiding long-term margin and assortment control.
Read all positive factors
Verano Holdings (VRNO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.17B
Dividend YieldN/A
Average Volume (3M)0.00
Price to Earnings (P/E)―
Beta (1Y)N/A
Revenue Growth-6.05%
EPS Growth25.65%
CountryCA
Employees3,800
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.73
Shares Outstanding364,381,800
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.65
Price to Sales (P/S)0.55
P/FCF Ratio38.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.50Price Target Upside-13.05% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.06
Revenue Forecast (FY)C$836.50M
Verano Holdings Business Overview & Revenue Model
Company Description
Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States. The company engages in the cultivation, processing, wholesale, and retail distribution of cannabis in Arizona, Arkansas, California, Conn...
How the Company Makes Money
Verano primarily makes money by selling cannabis products through two main channels: (1) retail sales at its company-operated dispensaries (direct-to-consumer) and (2) wholesale sales to other licensed dispensaries and operators (business-to-busin...
Verano Holdings Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q2-2025)
| Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
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.Positive Updates
Strong Retail Revenue Growth
Verano generated $169 million in retail revenue in Q2 2025, marking a 3% increase compared to the prior year. This growth was driven by organic expansion in Ohio and contributions from acquired assets in Virginia and Arizona.
Negative Updates
Decline in Wholesale Revenue
Wholesale revenue fell to $73 million, down 8% sequentially and 21% year-over-year, due to increased competition and a strategic accounts receivable focus.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Retail Revenue Growth
Verano generated $169 million in retail revenue in Q2 2025, marking a 3% increase compared to the prior year. This growth was driven by organic expansion in Ohio and contributions from acquired assets in Virginia and Arizona.
Read all positive 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
Income Statement
34
Negative
Balance Sheet
53
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 819.64M | 835.88M | 878.59M | 938.45M | 1.14B | 925.07M |
| Gross Profit | 403.21M | 428.67M | 443.93M | 475.21M | 534.79M | 405.23M |
| EBITDA | 194.64M | 221.72M | -94.29M | 239.22M | 47.32M | 212.51M |
| Net Income | -266.74M | -262.42M | -341.86M | -117.35M | -350.41M | -72.10M |
Balance Sheet | ||||||
| Total Assets | 1.71B | 1.76B | 1.99B | 3.08B | 3.26B | 3.22B |
| Cash, Cash Equivalents and Short-Term Investments | 74.08M | 82.57M | 87.80M | 230.44M | 114.97M | 125.20M |
| Total Debt | 496.70M | 501.88M | 522.98M | 542.79M | 675.78M | 446.27M |
| Total Liabilities | 1.02B | 1.06B | 1.04B | 1.45B | 1.45B | 1.35B |
| Stockholders Equity | 688.83M | 702.87M | 952.17M | 1.64B | 1.82B | 1.87B |
Cash Flow | ||||||
| Free Cash Flow | 27.37M | 11.83M | 13.15M | 99.04M | -32.32M | 54.55M |
| Operating Cash Flow | 69.57M | 53.78M | 112.19M | 148.07M | 122.83M | 242.15M |
| Investing Cash Flow | -42.65M | -33.17M | -133.25M | -63.98M | -270.59M | -582.27M |
| Financing Cash Flow | -36.96M | -25.76M | -65.93M | 27.60M | 129.20M | 443.82M |
Verano Holdings Technical Analysis
Negative
6.32
Price Trends
6.32
Positive
6.32
Negative
6.32
Negative
Market Momentum
<0.01
Neutral
100.00
Negative
81.97
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VRNO, the sentiment is Negative. The current price of 6.32 is above the 20-day moving average (MA) of 6.32, above the 50-day MA of 6.32, and below the 200-day MA of 6.32, indicating a neutral trend. The MACD of <0.01 indicates Neutral momentum. The RSI at 100.00 is Negative, neither overbought nor oversold. The STOCH value of 81.97 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:VRNO.
Verano Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$2.10B | 23.97 | 6.59% | ― | 4.14% | 146.77% | |
65 Neutral | C$3.63B | 6.09 | -12.61% | ― | -2.25% | 55.22% | |
59 Neutral | C$1.92B | 114.35 | -6.88% | ― | -2.05% | 52.34% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | C$2.17B | -5.59 | -33.23% | ― | -6.05% | 25.65% | |
47 Neutral | C$119.82M | -1.83 | 75.97% | ― | 3.04% | -47.28% | |
46 Neutral | C$505.02M | -6.31 | -35.26% | ― | -9.65% | -55.41% |
* Healthcare Sector Average
TSE:VRNO
Verano Holdings
6.32
0.00
0.00%
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Verano Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Verano Sets April 30 Date for Q1 2026 Earnings Release and Investor Call
Neutral
Mar 25, 2026
Verano Holdings said it will release its financial results for the first quarter of 2026 before markets open on April 30, 2026. Management will host a conference call and webcast with analysts and investors that morning, with live and archived acc...
Business Operations and StrategyProduct-Related Announcements
Verano Adds 84th Florida Dispensary as MÜV Lehigh Acres Opens in Growing Lee County
Positive
Mar 18, 2026
Verano Holdings is expanding its medical cannabis retail presence in Florida with the opening of MÜV Lehigh Acres, its 84th dispensary in the state and 161st location nationwide, located on a heavily trafficked corridor in Lee County. The new...
Financial Disclosures
Verano Sets March 12 Date to Unveil Q4 and 2025 Results
Neutral
Mar 6, 2026
Verano Holdings said it will release its fourth-quarter and full-year 2025 financial results before the market opens on March 12, 2026, followed by a conference call and webcast with analysts and investors that morning. The disclosure timeline giv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.