Verano Posts Year-On-Year Sales Decline, Warns On Price Compression
November 4, 2025Chicago’s Verano Holdings reported Q3 2025 net revenue of $203 million, a sequential improvement but down 6.5% year-over-year. Gross profit also declined from $109 million in Q3 2024 to $95 million this year. According to the company, net revenue fell due to price compression and market competition, and profit was down owing to the revenue drop coupled with increased promotional activity. Adjusted EBITDA for the quarter was at $53 million, or 26% of revenue.
“This quarter reflects our hard work positioning Verano ahead of long-term growth opportunities by investing in infrastructure, generating efficiencies, improving wholesale and brand performance, and strengthening our capital structure and financial foundation for the future,” said George Archos, founder, chairman, and CEO.
Verano opened its 82nd dispensary in Florida, a new location for its MÜV retailer, and also has opened a new dispensary, Zen Leaf Antwerp, in Ohio, bringing Verano’s total footprint in the Buckeye state to six locations. Verano operates in 13 states with 158 dispensaries and 15 production facilities.
Just ahead of its financial results, Verano announced that its shareholders had voted to “redomicile” the company to Nevada and the board of directors approved the move. Further details on the move will be forthcoming, the company added.—Shane English
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