Chicago Cannabis Giant Verano To Report Quarterly Financial Results Post Major Acquisition

Multi-state cannabis operator Verano Holdings Corp. (Cboe CA: VRNO) VRNOF will release financial results for the third quarter ended Sept. 30, 2024, before the market opens on Thursday, Nov. 7, 2024.

A conference call and webcast with analysts and investors is scheduled for the same day at 8:30 am ET to discuss the results and answer investor and participant questions, Chicago-based Verano said in a press release.

Verano's second quarter financial results for the period ended June 30, 2024, revealed a 5% revenue drop year-over-year and a 0.5% sequential increase to $222 million.

The recent earnings announcement came on the heels of the company’s announcement to acquire assets from The Cannabist Company Holdings Inc. CBSTF 3LP.

The $105 million acquisition, strategic to expanding its national footprint was wrapped up in August, included one of Cannabist’s Virginia licenses, along with all operations in Arizona.

George Archos, Verano’s chairman and CEO, said the opportunity "greatly increases Verano’s growth trajectory as we gain access to the coveted market of Virginia ahead of an adult use program and deepens our footprint in Arizona."

Read Also: Arizona Cannabis Market Faces Decline In Sales Though Valuations Remain Strong

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In August, Verano partnered with Mike Tyson‘s TYSON 2.0 to bring the brand's products to Florida and Illinois markets.

Verano’s state-of-the-art cultivation facilities and dispensaries – MÜV in Florida and Zen Leaf in Illinois – are expected to scale TYSON 2.0’s impact.

Tyson, co-founder and chief brand officer of TYSON 2.0, praised the collaboration with Verano.

"This partnership represents a major step forward in our mission to deliver exceptional cannabis experiences to a wider audience. With Verano’s unparalleled industry knowledge and resources, we are in a position to make a significant impact in Florida and Illinois,” Tyson said.

Read Next:

• Can Cannabis ‘Bring Retail Back To Life’? Verano, Curaleaf, NewLake Capital Bet Big On Local New Jersey Market

VRNOF Price Action

Verano's shares traded 1.66% lower at $3.383 per share at the time of writing on Friday.