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.
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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
