Verano Holdings Corp
verano.comWhat Do They Do?
Cultivates, processes, wholesales and sells regulated medical and adult-use cannabis products through branded dispensaries to patients and consumers, and supplies cannabis products to third-party retailers.
10-K for FY2025, filed Mar 12, 2026
How Do They Make Money?
Retail customers buy cannabis products in Verano's dispensaries, while third-party operators buy wholesale; payment is generally due when goods are delivered, though wholesale buyers may pay within the permitted credit period, typically within 30 days.
10-K for FY2025, filed Mar 12, 2026Substantially all of the Company’s business, operating results and financial condition relate to U.S. cannabis-related activities. Our…View ↗
Revenues from the wholesale and retail sales are generally recognized by the Company at a point in time when control over the goods has…View ↗
Payment is typically due upon transferring the goods to the customer or within a specified time period permitted under the Company’s credit…View ↗
Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers…View ↗
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10-K for FY2025, filed Mar 12, 2026
FY2025 revenue by reportable segment ↗
$821.5M
-
10-K for FY2025, filed Mar 12, 2026
$821.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Retail
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
82%
FY2022: 82%
|
Retail, FY2025
$672.7M Sources
|
Sold outright |
|
Wholesale
Sold outright
10-K for FY2025, filed Mar 12, 2026 |
39%
FY2022: 31%
|
Wholesale, FY2025
$318.4M Sources
|
Sold outright |
Who Are Their Customers?
Patients and adult-use consumers buy through Verano's branded dispensaries; third-party retail operators buy cannabis products wholesale.
10-K for FY2025, filed Mar 12, 2026Verano Holdings Corp., a Nevada corporation (“Verano,” the “Company,” “we,” “us,” or “our”), one of the U.S. cannabis industry’s leading…View ↗
Substantially all of the Company’s business, operating results and financial condition relate to U.S. cannabis-related activities. Our…View ↗
As of March 10, 2026, through our subsidiaries and affiliates we operate businesses in 13 states, including 160 retail dispensaries and 14…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $257.9M in FY2025, but brought in more cash than it spent: $11.6M of free cash flow.
10-K for FY2025, filed Mar 12, 2026
−$107.1MView ↗
10-K for FY2025, filed Mar 12, 2026
−$257.9MView ↗
10-K for FY2025, filed Mar 12, 2026
$11.6MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$13.4MView ↗
- ▼ −30% (Loss)
- vs −$19.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
Growing. Revenue grew 11% in 4 years, from $737.9M in FY2021 to $821.5M in FY2025, about 3% a year.
Additional consumer brands
The latest report adds (the) Essence, HYPHEN and Swift Lifts to the consumer brands it names; the older report named Encore, Avexia, MÜV, Savvy, BITS and Verano.
10-K for FY2022, filed Mar 30, 2023 10-K for FY2025, filed Mar 12, 2026Verano Holdings Corp., a British Columbia corporation (“Verano”, the “Company” or “we”) is a leading vertically-integrated multi-state…View ↗
Verano Holdings Corp., a Nevada corporation (“Verano,” the “Company,” “we,” “us,” or “our”), one of the U.S. cannabis industry’s leading…View ↗
Who Do They Compete With?
Competes with Green Thumb Industries, Cresco Labs, Curaleaf Holdings, and Trulieve Cannabis
10-K for FY2025, filed Mar 12, 2026The fast-growing market for legalized cannabis in the U.S. has created a competitive environment for cannabis producers as well as other…View ↗
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