Verano Holdings Reports Pro-Forma 2020 Revenues Of $354.8 Million, Net Income Of $244.6 Million

Verano Holdings (CSE: VRNO) this morning reported its fourth quarter and full year financial results for the period ended December 31, 2020. The company reported revenues of $354.8 million for the full fiscal year, along with a net income of $244.6 million on a pro-forma basis.

Notably, results are presented on a pro-forma basis as a result of the consolidation of multiple entities after the closing of the quarter for the firms go public transaction. Such results were not broken down for the fourth quarter as a result.

Looking at the full year, the company saw costs of sales of $131.1 million on revenues of $354.8 million, resulting in a gross profit before fair value adjustments of $223.8 million. That gross profit figure climbed to $408.4 following fair value adjustments.

Expenses meanwhile were rather contained, with the company seeing total expenses amount to $76.7 million for the year, of which selling, general and administrative expenses amounted to $67.6 million. Depreciation and amortization meanwhile accounted for $9.1 million, resulting in an income from operations of $334.3 million. Following other expenses of $10.1 million, the company posted a net income $244.6 million after taxes.

In terms of a pro-forma balance sheet, Verano only provided an abbreviated sheet. Cash was reportedly sitting at $30.9 million, while other current assets amounted to $289.7 million. Current liabilities meanwhile amounted to $142.6 million, with no color provided on specifically what those figures entail.

Verano Holdings last traded at $24.34 on the CSE.

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Information for this briefing was found via Sedar, and Verano Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.