Verano Announces Third Quarter 2025 Financial Results
CHICAGO, Oct. 29, 2025 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multinational cannabis company, today announced its financial results for the third quarter ended September 30, 2025, prepared in accordance with US Generally Accepted Accounting Principles (“US GAAP”).
Financial highlights for the third quarter of 2025
Revenues: $203 million net of discounts.
Gross profit: 95 million dollars or 47% of revenue.
SG&A expenses were $81 million or 40% of revenue.
Net loss of $(44) million or (22)% of revenue.
Adjusted EBITDA¹ of $53 million or 26% of revenue.
Net cash provided by operating activities is $26 million.
$8 million in capital expenditures.
Management Commentary
“This quarter reflects our hard work positioning Verano for long-term growth opportunities by investing in infrastructure, creating efficiencies, improving wholesale and brand performance, and strengthening our capital structure and financial foundation for the future,” said George Arcos, Verano’s founder, president and chief executive officer.
“With more exciting new product innovation in time for the busy retail holiday season, along with our valued partners and talented teams across the country, we look forward to closing the year on a high note and building on what we hope will be a transformative year for Verano and the industry in 2026.”
Financial overview for the third quarter of 2025
Revenues, net of discounts, were $203 million for the third quarter of 2025, down from $217 million in the third quarter of 2024 and $202 million in the second quarter of 2025. The decrease in revenues for the third quarter of 2025 compared to the third quarter of 2024 is primarily due to pricing and continued competition.
Gross profit for the third quarter of 2025 was $95 million, or 47 percent of revenue, down from $109 million, or 50 percent of revenue, for the third quarter of 2024, and $113 million, or 56 percent of revenue, for the second quarter of 2025. promotional activities and increases in cost of goods sold due to short-term operational improvements.
SG&A expenses for the third quarter of 2025 were $81 million, or 40% of revenue, down from $92 million, or 43% of revenue, for the third quarter of 2024, and $86 million, or 43% of revenue, for the second quarter of 2025. depreciation and amortization and efficiency arising in the business.
Net loss for the third quarter of 2025 was $(44) million or (22) percent of revenue, compared to $(43) million or (20) percent of revenue for the third quarter of 2024. The increase in net loss for the third quarter of 2025 compared to the third quarter of 2024 was primarily due to an impairment charge and impairment charge of $5 million. compared to the previous year in terms of income tax.
Adjusted EBITDA¹ for the third quarter of 2025 was $53 million, or 26% of revenue.
Net cash provided by operating activities for the third quarter of 2025 was $26 million, down from $30 million in the third quarter of 2024, primarily due to an increase in income tax payments made in the third quarter of 2025 compared to the prior year.
Capital expenditures for the third quarter of 2025 were $8 million, down from $57 million in the third quarter of 2024 and $10 million in the second quarter of 2025.
Third Quarter 2025 Operating Highlights
It is proposed to re-domicile the company from British Columbia, Canada to the state of Nevada.
Expanded the company’s retail footprint by opening MÜV™ Crystal River, the company’s 82nd dispensary in Florida.
Secured a US$75,000,000 revolving credit facility, of which the Company drew US$50,000,000 to retire US$50,000,000 of higher interest rate debt from its existing senior secured credit facility without incurring any prepayment penalty, with the remainder available in amounts up to US$250.
Subsequent operational milestones
With the opening of Antwerp’s Zen Leaf, the Ohio retail footprint has grown to six locations.
Expanded vape product portfolio with the exclusive, first-to-market release of the HYPHEN all-in-one kit system.
On October 27, 2025, the Company’s stockholders approved the Company’s redomiciling to Nevada, and its Board of Directors subsequently approved the completion of the redomicil.
Due to an employee strike at the Companies Registry of British Columbia, the Company cannot provide an exact date for when the completion will occur, but will plan to finalize the redomicil as soon as possible.
Current operations span 13 states, consisting of 158 dispensaries and 15 manufacturing facilities with more than 1.1 million square feet of processing capacity.
Balance sheet and liquidity
As of September 30, 2025, the Company’s current assets were $385 million, including $83 million in cash and cash equivalents. The company had working capital of $242 million and total debt of $401 million, net of issuance costs.
The total number of Class A Subordinate Voting Shares of the Company as of September 30, 2025 was 361,815,879.
Conference call and webcast
A conference call and webcast with analysts and investors is scheduled for October 29, 2025 at 8:30 a.m. ET / 7:30 a.m. CT to discuss the results.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Vireo Growth Inc. Announces Fourth Quarter 2025 Results
Q4 GAAP revenue of $104.5 million was up 317.7% year-over-year, driven by recently closed M&A deals.
In Q4, same-store sales were up 22% year-over-year and wholesale revenue was up 55% year-over-year; Excluding Minnesota, same-store sales rose 11.3% year-over-year
Announced pending acquisitions of Eaze, Schwazze and PharmaCann retail assets in Colorado, as well as an MOU for the Hawthorne acquisition, all of which are expected to close in the first half of 2026.
The company closed the fourth quarter with $122.5 million in cash; expects to remain obtainable
MINNEAPOLIS, March 17, 2026 (GLOBE NEWSWIRE) — Vireo Growth Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF), today reported financial results for its fourth fiscal quarter ended December 31, 2025. Key financial results are presented below in summary form, with accompanying commentary and from management of certain key operating metrics that the Company uses to evaluate its performance. All currency figures shown here are in US dollars.
Management Commentary
Chief Executive Officer John Mazarakis commented: “Fourth quarter performance remained in line with our expectations and reflected same-store sales growth excluding Minnesota’s 11.3% increase and wholesale’s 55% increase in the year-ago quarter. As we begin the new year, we will continue to optimize all areas of our business while maintaining opportunities for further growth.
Recent developments
On December 16, 2025, the Company entered into an asset purchase agreement through a wholly-owned subsidiary to acquire certain assets and property used in a cannabis dispensary operating in the state of Colorado owned by PharmaCann Inc. (“PharmaCann”). Under the terms of the agreement, the Company expects to issue subordinated voting stock with an estimated value of $49,000,000 and assume certain liabilities in exchange for the assets acquired. Stock compensation is subject to certain adjustments.
On December 22, 2025, the Company entered into a merger agreement and plan to acquire Eaze Inc. (“Eaze”) in a business combination transaction. Pursuant to the agreement, following the closing of the transaction, the Company expects to issue subordinate voting shares as consideration for the issued and outstanding shares of Eaze. The estimated closing consideration is approximately $47,000,000, subject to customary post-closing adjustments. The merger agreement also provides for the payment of potential earnings payable in subordinated voting shares of the Company based on Eaze’s future financial performance, subject to contractual restrictions.
On January 15, 2026, the Company entered into a non-binding memorandum of understanding (“MOU”) with ScottsMiracle-Gro regarding the potential acquisition of The Hawthorne Gardening Company LLC (“Hawthorne”).
At the end of the fourth quarter, the Company completed the integration of its recent acquisitions from Deep Roots, Proper, and Wholesome, including streamlined accounting, finance, human resources, insurance and procurement operations, and the implementation of a new enterprise resource planning system across the organization. As a result, the Company has already implemented corporate synergies.
Balance sheet and liquidity
As of December 31, 2025, total current assets, excluding Medicine Man Technologies Inc. (dba Schwazze) (“Schwazze”) receivables, assets held for sale and income taxes receivable, were $204.1 million, including cash of $122.5 million. Total current liabilities, excluding uncertain tax liabilities, were $71.6 million. As of December 31, 2025, the Company had a total of 1,177,624,278 shares of subordinate voting stock outstanding on a treasury method basis at a par value of $0.60 per share.
Conference call and webcast information
Vireo’s management will hold a conference call with research analysts today, March 17, 2026 at 8:00 a.m. ET (7:00 a.m. CT) to discuss its financial results for the fourth quarter ended December 31, 2025. 1-646-307-1963 (Toll Free) (International) and the conference ID number is 9471311.
A live audio webcast of this event will also be available on the Events and Presentations section of the Company’s Investor Relations website and via the following link: https://events.q4inc.com/attendee/171708452.
About Vireo Growth Inc
Vireo was founded in 2014 as a leading medical cannabis company. Vireo is building a disciplined, strategically aligned and execution-focused platform in the industry. This strategy drives our intense local market focus while leveraging the strength of the national portfolio. We are committed to hiring industry leaders and deploying capital and talent where we believe it will deliver the most value. Vireo operates with a long-term mindset, an action bias, and an unwavering commitment to its customers, employees, shareholders, industry partners, and the communities it serves. For more information about Vireo, visit www.vireogrowth.com.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Michigan hemp sales for february decreased compared to a year ago, as they increased sequentially by 3.4%. Sales of $234.6 million decreased by 3.0% compared to last year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 38.6% year over year to $0.4 million, down 3.8% sequentially, and adult use sales down 3.0% year over year to $234.2 million, down 3.4% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – Use
Medical
As supply continues to expand, prices for adult flowers have plummeted. The average price of $945 a pound in January was up 1.3 percent sequentially from a record low in December and down 8.2 percent from a year ago.
Michigan hemp sales are expected to grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. billion In 2026, Michigan cannabis sales decreased by 5.7%.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Verano Announces Fourth Quarter and Full Year 2025 Financial Results
The company delivered sequential revenue and margin improvement within guidance in the fourth quarter; closes 2025 with the top three market share positions1 in all competing categories
The newly announced $195 million credit facility demonstrates the Company’s ability to access lower cost capital and secure some of the industry’s most favorable terms, including maturity and prepayment flexibility and an initial interest rate of 9.5% per annum.
CHICAGO, March 12, 2026 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) (“Verano” or the “Company”), a leading multinational cannabis company, today announced its financial results for the fourth quarter and full year ended December 31, 2025, prepared in accordance with US Generally Accepted Accounting Principles (“US GAAP”).
Financial highlights for the fourth quarter and full year of 2025
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
