Verano Holdings Reports Revenues Of $120.9 Million, Net Income Of $68.8 Million

Verano Holdings (CSE: VRNO) reported first quarter financial results this morning, reporting revenues of $143.0 million on a pro-forma basis. The company however officially filed revenues of $120.9 million, along with a net income of $68.8 million after taxes.

Notably, the company presented all results within its related news release on a pro-forma basis, meaning that much of the data provided does not match that of actually filed financial results. On a pro-forma basis, the company reported a net income of $125.6 million, along with an adjusted EBITDA of $75.0 million.

Officially, revenues amounted to $120.9 million for the quarter, while cost of goods sold came in at $46.3 million, resulting in a gross profit before fair value adjustments of $74.6 million. Expenses meanwhile amounted to $29.1 million, lead by general and administrative expenditures of $14.8 million, resulting in an income from operations of $117.2 million following a significant bump from fair value adjustments.

Other expenses meanwhile amounted to $3.1 million, lead by interest expenses of $1.8 million for the quarter. Following provisions for income taxes of $45.3 million, the company reported a net income of $68.8 million for the three month period, largely a result of a net $70.9 million fair value adjustment to its biological assets.

In terms of current liquidity, on a pro-forma basis the company reported cash and cash equivalents of $112 million, and working capital of $329 million. Total debt excluding lease liabilities amounted to $34 million.

Verano Holdings last traded at $23.87 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.

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