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Verano Reaches 100 Dispensaries, As Revenues Rise 12%

August 23, 2022

Multi-state cannabis operator Verano, based in Illinois, has posted sales up 12% year-on-year to $224 million for its second quarter ended in June, with adjusted EBITDA reaching $76 million, or 34% of revenue. The company was boosted by the opening of five new MÜV dispensaries in the quarter, located in Marco Island, Hobe Sound, Fort Myers Beach, Ocala, and Winter Haven, FL, and two new Zen Leaf locations in Westover, WV and Wynnewood, PA.

Active across 13 states, the company launched its Verano signature flower branded products in four new core markets recently: Arizona, Florida, Massachusetts, and Pennsylvania, with those products now reaching more than 500 dispensaries across nine states. It also announced the upcoming launch of Savvy in September, a new brand featuring larger-format cannabis products that caters to more value-oriented patients and consumers, across seven core markets.

“Despite ongoing macroeconomic headwinds, we achieved a number of wins throughout the quarter,” said founder and CEO George Archos, “including the successful launch of adult use sales in New Jersey, and exceeding a milestone of operating more than 100 dispensaries following the opening of seven new stores in Florida, West Virginia, and Pennsylvania.”

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