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Marijuana MSO Verano to restate financials from five prior quarters

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Marijuana multistate operator Verano Holdings said it must restate five quarterly financial statements dating back to March 31, 2021, and that all of its disclosures and investor presentations since then “should therefore no longer be relied upon.”

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The Illinois-based company said this week in a news release the restatements will include:

A revaluation of the company’s stock-based compensation expense for each of those financial quarters. The company said it understated those expenses. A recalculation of the company’s tax expense in the first quarter of 2022. That was overstated and, accordingly, the company’s tax obligation will be reduced, according to Verano.

In addition, Verano said its audit committee determined that the company’s tax expense for the first quarter of 2022 was overstated because of a clerical error in calculating the tax rate.

Verano said it will file the appropriate adjustments to its financials “as soon as

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Marijuana Business Daily

New York to open social equity marijuana licensing window

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This free resource offers practical business tips and valuable insights from cannabis extraction professionals to help plan or scale your extraction or processing operation with confidence.

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Arkansas court orders recreational cannabis amendment put back on ballot

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    Curaleaf removes marijuana from NY stores over potency labels, report says

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    Cannabis multistate operator Curaleaf Holdings has temporarily removed medical marijuana products from New York dispensaries after an issue regarding THC potency labeling.

    Curaleaf started labeling its marijuana products in New York using “dry weight” rather than “wet weight” in July without approval from New York’s Office of Cannabis Management (OCM), NY Cannabis Insider reported.

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    Such a practice makes the resulting THC percentages appear higher, according to the NY Cannabis Insider, an arm of The (Syracuse) Post-Standard.

    A Curaleaf spokesperson told the publication that dry weight is a standard metric for THC potency testing in neighboring markets and that the switch gave consumers “a more accurate and consistent metric of THC content.”

    The company did not say why it did not obtain approval from the OCM before making the switch.

    In late July, the OCM reportedly told Curaleaf that dry-weight measurements “cannot be applied to approved product labeling

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