Verano Posts Sharp Sales Increase, Topping $700 MillionMay 3, 2022
Chicago-based Verano Holdings announced results for the last quarter of 2021, as well as the full year. For the three months ended December 31, Verano reported $211.4 million in revenue and net income of $27.2 million. Adjusted EBITDA for the quarter was $84 million, or 40% of revenue. The company boosted its retail presence during the quarter, opening dispensaries under its Zen Leaf and Muv brands in Florida, Nevada, Pennsylvania, and Illinois, as well as securing a place in Connecticut ahead of recreational legalization with the acquisition of two dispensaries and a cultivation/production facility.
For the full year, revenue was up 223% to $738 million compared to 2020. Gross profit increased 147% to $335 million. The company took a net loss for the year of $15 million, stemming primarily from depreciation and amortization of acquisitions and expansion expenses. Adjusted EBITDA was $323 million, or 44% of revenue.
“2021 was a transformational year for Verano, our first as a public company. I remain confident in our ability to build upon this strong foundation to achieve long-term, sustainable growth,” said George Archos, Verano CEO. “Growth across all our key financial metrics was driven organically, from our core operations and by accretive acquisitions we made throughout the year. We have always focused on driving profitability, which we believe sets us apart in the industry.”—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.