Canna_Business
2週前
How Companies Are Selling THCa Online Without a License:
The 2018 Farm Bill has created a legal loophole for selling THCa online. THCa, which is non-psychoactive until heated, can be sold legally if it tests under 0.3% Delta-9 THC on a dry weight basis. This allows companies to bypass traditional cannabis licensing and state regulations.
Key Points:
2018 Farm Bill: Permits cannabis products with under 0.3% Delta-9 THC.
THCa Products: Non-psychoactive until heated but converts to Delta-9 THC when smoked or vaped.
No License Needed: THCa meets legal THC limits, avoiding the need for a cannabis license.
Consumer Impact: Consumers can buy THCa products online, evading stricter state cannabis laws.
Summary: The 2018 Farm Bill has inadvertently allowed THCa products to be sold legally online by staying within THC limits, despite their psychoactive potential when heated.
For example,
https://www.prestonherbco.com/products/100-ozs
GE_Jim
11月前
FYI-Verano Opens MUV(TM) Satellite Beach, Elevating the Company's Retail Footprint to 72 Florida Dispensaries and 135 Locations Nationwide
6:00 am ET October 27, 2023 (Globe Newswire) Print
GlobeNewswireOctober 27, 2023
Located at 106 Florida Highway A1A, MUV Satellite Beach bolsters the Company's retail presence in Brevard County, an area with more than 606,000 residents1
MUV Satellite Beach joins nearby MUV dispensaries in Titusville, Merritt Island and West Melbourne
Verano's active operations span 13 states, comprised of 135 dispensaries and 14 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (NEO: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today announced the opening of MUV Satellite Beach on Friday, October 27, the Company's 72nd Florida dispensary and 135th location nationwide. MUV Satellite Beach, located on 106 Florida Highway A1A, will be open Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 11 a.m. to 5 p.m., local time.
Situated in Brevard County which counts more than 606,000 residents1, MUV Satellite Beach strengthens Verano's presence along the Atlantic Coast, complementing existing MUV dispensaries in Titusville, Merritt Island and West Melbourne.
"As we further expand our retail footprint across Florida, we're thrilled to open a new MUV dispensary in beautiful Satellite Beach, where we'll offer patients our extensive variety of high quality cannabis products," said Joel Noonan, EVP of the Southern Region. "Like the rest of Florida, Satellite Beach continues to experience population growth over the last decade, and we're excited for MUV to join this thriving community where our talented and compassionate team will proudly serve area patients for years to come."
MUV dispensaries feature online menus for effortless browsing of Verano's extensive, award-winning product selection spanning an array of categories, including Verano Reserve(TM), MUV and Sweet Supply(TM) flower; Encore(TM) edibles; On the Rocks(TM) concentrates and extracts; and Savvy(TM) flower and extracts. MUV also offers one-on-one virtual and in-store consultations at no cost to patients and provides patient-centric concierge services via phone, email, web chat and text to address patient questions and inquiries.
For additional convenience and accessibility, patients can visit muvfl.com or the MUV mobile application - available in the Google Play and Apple App stores - for additional information and to place orders for express in-store pickup.
Product images, logos and b-roll footage are available on the Company Newsroom.
About Verano
Verano Holdings Corp. (NEO: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry's leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano offers a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf(TM) and MUV(TM) dispensary banners and produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano(TM), MUV(TM), Savvy(TM), BITS(TM), Encore(TM), and Avexia(TM). Verano's active operations span 13 U.S. states, comprised of 14 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at www.verano.com.
GE_Jim
1年前
Verano Holdings Corp. (VRNOF) Reports Q2 Loss, Tops Revenue Estimates
8:05 am ET August 8, 2023 (Zacks) Print
Verano Holdings Corp. (VRNOF) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post a loss of $0.07 per share when it actually produced a loss of $0.03, delivering a surprise of 57.14%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Verano Holdings Corp., which belongs to the Zacks Medical - Products industry, posted revenues of $234.12 million for the quarter ended June 2023, surpassing the Zacks Consensus Estimate by 1.48%. This compares to year-ago revenues of $223.66 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Verano Holdings Corp. Shares have lost about 7.1% since the beginning of the year versus the S&P 500's gain of 17.7%.
What's Next for Verano Holdings Corp.
While Verano Holdings Corp. Has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Verano Holdings Corp. Mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
GE_Jim
1年前
FYI - Verano Announces Appointment of John Tipton and Charles Mueller to Board of Directors
7:30 am ET July 20, 2023 (Globe Newswire) Print
GlobeNewswireJuly 20, 2023
CHICAGO, July 20, 2023 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) ("Verano" or the "Company"), a leading multi-state cannabis company, today announced the appointment of John Tipton, President of the Southern Region, and Charles Mueller to its Board of Directors (the "Board") in conjunction with the retirement of Mike Smullen.
"We are pleased to welcome John and Charles as the newest members of the Verano Board of Directors and thank Mike for his years of service to the organization," said George Archos, Verano Founder and Chief Executive Officer. "John has built an impressive operation in Florida and has been an incredible contributor to the Company, while Charles brings a deep tax and accounting background, including over 35 years at PepsiCo, that nicely complements the Board's skillset. The Board looks forward to working alongside John and Charles in supporting the continued growth of the organization and providing high-quality products and exceptional hospitality for our growing patient and consumer base."
Following Mike Smullen's resignation from the Board on July 19, 2023, the Board approved a proposal to increase in size from four to five members, with Mr. Tipton and Mr. Mueller filling the two vacancies. Mr. Smullen's resignation is solely related to his desire to retire and is not the result of any disagreement between Mr. Smullen and the Company, its management, the Board or any committee of the Board, or with respect to any matter relating to the Company's operations, policies and practices.
Mr. Tipton served as President of the Company from February 2021 until June 2023, when he was named President of the Southern Region. Beginning in 1997, he served as Chief Executive Officer of Plants of Ruskin, LLC, which became a subsidiary of the Company upon its acquisition in February 2021 and the Company's sizable entrance into the attractive Florida market. Mr. Tipton's acumen in accounting, finance, agriculture and â??construction developed through his experience as founder and Chief Executive Officer â??of Plants of Ruskin, LLC, have been directly applied in his officer positions with the Company.
Since 2021, Mr. Mueller has provided independent corporate tax consulting services to Tropicana Products, Inc. and Cresa Partners Boston, Inc. From 1985 to 2021, he served in increasingly senior tax roles at PepsiCo, Inc., including as Vice President, State and Local Tax of the PepsiCo Corporate Division. In these roles, Mr. Mueller was responsible for all tax planning, accounting, compliance, audit, Sarbanes-Oxley Act compliance and controversy management arising at the state and local levels. Prior to his service with PepsiCo, Inc. Mr. Mueller served as a tax professional at a number of institutions, including Avon Products, Inc., SCM Corporation and Intercontinental Hotels Corporation. Mr. Mueller's extensive experience in tax matters, accounting, compliance and audit will enhance the Audit Committee functions and provide valuable expertise to the Company.
GE_Jim
1年前
The Florida Division of Elections now lists more signatures than needed to place an adult-use cannabis referendum on the state's 2024 ballot, according to the state's website. However, several legal hurdles remain before the question formally goes before voters. As of Thursday, the Florida Division of Elections website listed 967,528 statewide signatures currently valid, compared to the 891,523 signatures needed to place it on the ballot. Statewide and congressional district signature totals are not official until the Florida Secretary of State issues a certificate of ballot position. To complicate matters, Florida Attorney General Ashely Moody on May 15 told the Florida Supreme Court that the proposed ballot "fails to meet the requirements" of the law and that she will present additional arguments in the future. The signature campaign has been led by Smart & Safe Florida, a group that has received financial support from Trulieve Cannabis Corp. , one of the largest medical cannabis companies in the Sunshine State. Other cannabis companies with a presence in the state include Verano Holdings Corp. , Curaleaf Holdings Inc. , Ayr Wellness Inc. and Green Thumb Industries Inc. , and Cresco Labs .
GE_Jim
1年前
FYI - Cantor Fitzgerald Discontinues Cannabis Stock Coverage With Analyst Departure -- MarketWatch
2:36 pm ET May 1, 2023 (MarketWatch)
Print
Cantor Fitzgerald said Friday it will no longer provide research coverage of 23 cannabis stocks because analyst Pablo Zuanic has departed the firm. Zuanic is now head of Zuanic & Associates, a consulting and research firm aimed at the cannabis sector, according to his LinkedIn profile and a website for the firm. Cantor Fitzgerald said analyst Brett Knoblauch is now covering MDMA researcher WM Technology Inc. (MAPS), but it's dropping coverage of Cresco Labs , Curaleaf Holdings , Green Thumb Industries , Trulieve Cannabis , Verano Holdings , Tilray Inc. (TLRY), TerrAscend , Ascend Wellness , Canopy Growth Corp. (WEED.T) and others. Zuanic & Associates did not immediately reply to an email. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) is down nearly 20% in 2023 and down 63.5% in the past 12 months, compared to a 16.9% year-to-date gain and a loss of 0.8% in the past 12 months for the Nasdaq .
GE_Jim
1年前
Verano FY22 Revenue Grows 19%, Driven By Adult Use Sales In NJ And Contributions From FL Store Openings
8:11 am ET March 30, 2023 (Benzinga) Print
Verano Holdings Corp. (OTCQX: VRNOF) (CSE:VRNO) revenue for full year 2022 was $879 million, up 19% from $738 million for full year 2021. The increase in revenue for full year 2022 compared to full year 2021 was driven primarily by strength from adult use sales in New Jersey, in addition to increased retail contributions from Florida store openings.
Q4 2022 Financial Highlights
Revenue of $226 million increased 7% from $211 million in Q4 2021, and decreased 1% versus the prior quarter.
Gross profit of $103 million or 46% of revenue, down from $109 million or 52% of revenue for Q4 2021, and down from $123 million or 54% of revenue for third quarter 2022.
Net loss of $216 million, down from $7 million for fourth quarter 2021, and down from $43 million for third quarter 2022. The increase in net loss for fourth quarter 2022 compared to fourth quarter 2021 was driven by a $229 million impairment charge, primarily of intangible assets related to the Arizona cultivation license and Pennsylvania and Arizona retail reporting units.
Adjusted EBITDA of $79 million or 35% of revenue, down from $82 million or 39% of revenue for fourth quarter 2021, and down from $82 million or 36% of revenue for third quarter 2022.
Full Year 2022 Financial Highlights
Gross profit of $423 million or 48% of revenue, up from $331 million or 45% of revenue for full year 2021.
Net loss of $269 million, down from $58 million for full year 2021.
Adjusted EBITDA of $324 million or 37% of revenue, which was flat compared to $324 million or 44% of revenue for full year 2021.
As of December 31, 2022, the company’s current assets were $318 million, including cash and cash equivalents of $85 million. The company had a working capital deficit of $68 million and total debt, net of issuance costs, of $413 million.
“I’m very proud of our results in 2022, highlighted by record revenue and one of the industry’s leading margin profiles, which demonstrate our continued execution in driving efficiencies across the business and positioning ourselves ahead of growth,” stated George Archos, Verano founder, chairman and CEO.
"Since the end of 2021, we grew our retail footprint by adding more than 30 dispensaries across multiple core markets, significantly expanded our brand portfolio by launching a number of differentiated products that cater to a variety of consumers, celebrated the launch of adult use sales across our East Coast footprint in New Jersey and Connecticut, refinanced debt in a rising rate environment to include optionality, and made strategic investments to drive greater efficiencies across the business. Our products also continued to gain popularity with patients and consumers, demonstrated by an increased sell-through rate of Verano-branded products that have elevated our brands into top positions across many core markets, including our leading position in New Jersey."
GE_Jim
2年前
Cantor Fitzgerald initiates coverage of three cannabis stocks, with Verano drawing higher rating
10:03 am ET February 10, 2023 (MarketWatch)
Print
By Steve Gelsi
Verano is praised for offering 'some of the highest operating cash flow metrics'
Cantor Fitzgerald initiated coverage of three cannabis businesses on Friday, with Verano Holdings Corp. drawing an overweight rating while Planet 13 Holdings Inc. and Ascend Wellness Holdings Inc. were started at neutral.
Verano offers "some of the highest operating cash flow metrics" among multistate cannabis operators (MSOs), along with Green Thumb Industries Inc. , and has one of the strongest balance sheets in the group, analyst Pablo Zuanic said.
"Yes, the entire MSO sector is generally inexpensive, but we suggest investors buy the larger and more established names, with above average financial and operational metrics," Zuanic said. "We believe Verano fits all those criteria."
Zuanic set a 12-month price target of $10 for Verano's stock, which closed below $4 a share on Thursday.
Ascend Wellness (AAWH) drew a neutral rating and a $1.75 price target for its stock, which closed Thursday at $1.35 a share.
Zuanic said some of the company's stores, such as those in Rochelle Park, N.J., and Collinsville, Ill., rank among the best-performing in the country.
"A combination of great locations and superior retail service/execution, in our view, makes Ascend stores stand out," with sales growth well above its peer group, he said.
On the downside, Zuanic sees challenges for Ascend Wellness's dispensaries in Illinois, because two of its eight stores in the state are near St. Louis, which is opening up competing adult-use stores now that Missouri has voted to legalize cannabis.
"As with most MSOs, we believe the stock is attractively valued and it should rerate if the group begins to recover," Zuanic said. "But on a standalone basis, we see better risk/reward in other MSO names."
GE_Jim
2年前
Verano misses revenue estimate but says it's slowing its capital spending
Today 4:27 PM ET (MarketWatch)Print
Verano Holdings Corp. shares rose 2.9% on Monday after the cannabis company said it was slowing down some of its capital spending and that it's bullish on prospects in Maryland after the state voted to allow cannabis sales to adults 21 and over. Verano said it has paused some construction in Pennsylvania and is halting future rollout of additional square footage in Florida to keep its capital costs in line. Looking ahead, Verano said it sees potential growth in five future adult use markets representing 43 million Americans where it maintains field operations and competitive positions including Maryland and Connecticut. Verano said its third-quarter loss widened to $43 million, or 13 cents a share, from a loss of $12.5 million, or 4 cents a share, in the year-ago quarter. Revenue increased to $227.6 million in the three months ended Sept. 30, from $206.5 million in the year-ago quarter. Verano missed the analyst estimates for a loss of 2 cents a share and revenue of $229.1 million, according to a FactSet survey.
GE_Jim
2年前
Below is from Dow Jones Newswires that has some background about NY and Verano, sounds like they got it right.
November 29, 2022 12:21 ET (17:21 GMT)
But as the regulatory picture in New York grew more uncertain, both Verano Holdings Corp. and Ascend Wellness Holdings Inc. (AAWH) scrapped acquisitions.
Verano in October said it would no longer acquire Goodness Growth Holdings , a cannabis company in New York, New Mexico and Minnesota, for $413 million in stock.
Ascend Wellness in August scrapped its $88 million acquisition of MedMen's (MMNFF) New York business. MedMen then put the business back on the selling block.
Also read:Cannabis M&A cools but deals remain on the table despite scuttled Verano acquisition, analyst says
Among the regulatory uncertainty in New York, U.S. District Judge Gary Sharpe this month temporarily blocked the state from issuing 63 of the 150 licenses in Brooklyn and parts of upstate New York, citing a lawsuit by Variscite NY.
The suit alleges that New York state's plan -- to award the first 150 licenses for business applications to state residents affected by the war on drugs -- breaches the state constitution's dormant commerce clause that protects interstate commerce.
GE_Jim
2年前
Dated by a couple of weeks, but important.
12:01 pm ET November 14, 2022 (MarketWatch)
Verano Holdings Corp. shares rose 2.9% on Monday after the cannabis company said it was slowing down some of its capital spending and that it's bullish on prospects in Maryland after the state voted to allow cannabis sales to adults 21 and over. Verano said it has paused some construction in Pennsylvania and is halting future rollout of additional square footage in Florida to keep its capital costs in line. Looking ahead, Verano said it sees potential growth in five future adult use markets representing 43 million Americans where it maintains field operations and competitive positions including Maryland and Connecticut. Verano said its third-quarter loss widened to $43 million, or 13 cents a share, from a loss of $12.5 million, or 4 cents a share, in the year-ago quarter. Revenue increased to $227.6 million in the three months ended Sept. 30, from $206.5 million in the year-ago quarter. Verano missed the analyst estimates for a loss of 2 cents a share and revenue of $229.1 million, according to a FactSet survey.
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Bazwar6
2週前
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