Verano Revenue Grew 223% To $738M In 2021, Reports Total Debt Of $290M

Verano Holdings Corp. (OTCQX: VRNOF) (CSE:VRNO) released its 2021 financial results which were prepared in accordance with U.S. GAAP.

In connection with the audit of its 2021 full year financial statements a change in consideration valuation resulted in a revaluation and reclassification of certain assets and liabilities related to acquisitions. Accordingly, the company restated and refiled on SEDAR its first, second and third quarter 2021 unaudited interim financial statements prepared in accordance with IFRS. As a result, shareholders reflects a favorable increase of $706,322. There is no impact to previously audited financials from 2019 and 2020.

2021 Financial Highlights

  • 2021 revenue increased by 223% to $738 million, compared to 2020.

  • On a proforma basis, revenue increased to $760 million, up by 233% compared to 2020.

  • 2021 gross profit increased by 147% to $335 million, or 45% of revenue, compared to $136 million or 59% of revenue in 2020; excluding a one-time inventory step up as well as the adoption of the amortization of licenses totaling $140 million, 2021 gross margin would have improved slightly over 2020.

  • Net loss for the year was $15 million, compared to a net income of $38 million in 2020, driven primarily from depreciation and amortization of acquisitions and expansion capex.

  • Adjusted EBITDA was $323 million or 44% of revenue, compared to $107 million or 47% of revenues in 2020.

2021 Q4 Financial Highlights

  • Revenue of $211 million.

  • Gross profit for the quarter was $115 million, or 54% of revenue.

  • Net income was $27 million, or 19% of revenue.

  • Adjusted EBITDA for the quarter was $84 million or 40% of revenue.

2021 Q4 Operational Highlights

  • Added non-dilutive funding of $120 million under the company’s senior secured credit facility.

  • Appointed Destiny Thompson

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