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MARKETS / BALCAO / VRNO
BALCAO · AGRICULTURAL PRODUCTION-CROPS · MID CAP

Verano Holdings Corp. VRNO

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$821.5M
▼ 6.5% YoY
$-257.9M
$11.6M
▼ 11.5% YoY
In brief

What this company does

Verano operates licensed cannabis cultivation, processing, wholesale distribution and retail facilities. As of March 10, 2026, through its subsidiaries and affiliates it operated businesses in 13 states, including 160 retail dispensaries and 14 cultivation and processing facilities with over 1.1 million square feet of cultivation capacity. As of March 10, 2026, the Company had approximately 3,800 employees across its consolidated operating jurisdictions, spanning corporate, retail, and cultivation and processing roles. For the fiscal year ended December 31, 2025, medical-use sales and adult use sales comprised approximately 53% and 47% of its consolidated revenues, respectively. The corporate headquarters of Verano is located at 224 W. Hill Street, Suite 400, Chicago, Illinois. Verano is a holding company and conducts its business operations through direct and indirect subsidiaries and affiliates. Verano LLC, a subsidiary of the company, was co-founded by George Archos in September 2017 and was formed as a Chicago, Illinois based holding company to consolidate cannabis cultivation, production and retail dispensary operations initially in Illinois. On November 3, 2025, the Company filed articles of domestication and articles of incorporation with the Secretary of State of the State of Nevada, continuing its jurisdiction of incorporation from the Province of British Columbia, Canada to the U.S. State of Nevada.

Written from the business description in Verano Holdings Corp.'s annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth
USD 821.5M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 821.5 · Net income -257.9
400M800M-200M202020212022202320242025
Compound annual growth
−2.2%
+29.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +29.2% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−31 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -13.0% · Net -31.4%
20%40%-10%-20%-30%202020212022202320242025
ROE
FY2025 · ROE -31.1%
-10%-20%-30%202020212022202320242025

Each USD of equity lost 31 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 11.6
25.0M50.0M-10.0M-20.0M202020212022202320242025
Net buybacks $ Dividends $
FY2022 · Dividends 0.0 · Net buybacks —
2000040000202020212022

Total assetsUSD 1.7B
EquityUSD 704.2M
CashUSD 82.7M
Gross debtUSD 399.7M
Net debtUSD 317.0M
Current ratio2.88×

Net debt stands at 45% of equity.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 202520242023202220212020
Revenue $B0.80.90.90.90.70.2
Operating income $B−0.1−0.20.1−0.20.10.1
EBITDA $B0.0−0.10.2−0.00.20.1
Income tax $B0.10.00.10.10.10.0
Net income $B−0.3−0.3−0.1−0.3−0.10.0
Free cash flow $B0.00.00.1−0.00.00.0
EPS, diluted $−0.71−0.98−0.34−0.81−0.200.14
Dividend / sh $······
Payout %···−0−00
ROE %−31.1−31.2−9.1−19.1−3.9·
Shares out B0.36·0.00···

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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Provenance
Company facts, as filed
How we verify · 0 failures in 28 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 67 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityAgricultural Production-Crops
Listed onOTC market
Incorporated inNevada
Fiscal year endsDecember 31
Data on record since2020

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