Verano Holdings Corp. (VRNO) is a U.S. multi-state cannabis operator that cultivates, manufactures, and retails cannabis products across multiple state-licensed markets. Revenue comes from direct-to-consumer retail sales through licensed dispensaries and wholesale distribution of flower, edibles, and concentrates to third-party retailers. Verano competes primarily against other vertically integrated multi-state operators including Green Thumb Industries, Cresco Labs, Curaleaf Holdings, and Trulieve Cannabis Corp. The company operates on a state-by-state basis, as federal law prohibits interstate cannabis transport. George Archos, who signed the FY2025 10-K as Chairman, Chief Executive Officer, and President, leads the company. Total operating expenses for FY2025 were $520,590 thousand, down 23.6% from $681,107 thousand in FY2024. Cost of goods sold for FY2025 was $408,007 thousand, a 6.1% decline from FY2024. The company carries a $195,000,000 senior secured term loan originated March 11, 2026, maturing March 11, 2029.

Revenue model

Transactional retail sales of cannabis products through state-licensed dispensaries, supplemented by wholesale cultivation and distribution revenue to third-party licensees. Cost of goods sold includes flower, edibles, concentrates, packaging, processing fees, rent, and utilities (FY2025 10-K).

Products and services

Cannabis flower, edibles, and concentrates sold under proprietary consumer-packaged goods brands. The company holds approximately 130 active trademarks registered or pending registration as of the FY2025 10-K filing date.

Customers and end markets

Medical cannabis patients and adult-use recreational consumers in U.S. states where cannabis has been authorized at the state level. Operations are confined to state-licensed markets; federal law prohibits interstate cannabis commerce.

Value-chain role

Vertically integrated operator spanning cultivation, manufacturing, and retail dispensary sales within individual state markets.

Geographic exposure

U.S. multi-state footprint operating exclusively within states that have authorized medical or adult-use cannabis programs. Federal law restricts all operations to intrastate commerce.

Competitors

Green Thumb Industries Inc., Cresco Labs, Inc., Curaleaf Holdings, Inc., Trulieve Cannabis Corp., Illicit market operators, Psychoactive hemp-based product sellers

Source: SEC 10-K, filed 2026-03-12

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