Verano Q3 Revenue Jumps 105% To $207M, Adjusted EBITDA Reaches $111M

  • Multi-state operator Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) disclosed its results Tuesday for the third quarter ended September 30, 2021, reporting revenues of $207 million, compared to $101 million in the same period year ago. The Chicago, Illinois-based company noted that the reported financial data accounts for the AltMed acquisition as if completed on January 1, 2021.

Third Quarter Financial Summary

  • Gross profit increased 33% sequentially on an unadjusted basis and excluding the impact of biological assets, to $133 million, or 64% of revenue, compared to $100 million or 50% of revenue reported in the second quarter of 2021.
  • Third-quarter adjusted EBITDA was $111 million or 54% of revenue compared to $81 million or 41% of revenues in the prior quarter. Third-quarter EBITDA on an unadjusted basis was $107 million or 52% of revenues.
  • SG&A expense was $32 million or 15% of revenue.
  • Net income, …

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