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Verano’s Record Revenue for 2023 Approaches $1 Billion

Looking ahead, though, the company expects a first-quarter revenue decline.

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Verano, a large multi-state cannabis operator, claimed record revenues for 2023 that came close to passing the $1 billion mark.

The company reported more than $938 million in revenue for 2023, up from approximately $879 million in 2022. The company said the increase was driven by a full year's adult use contribution from New Jersey in addition to adult-use launches in Connecticut and Maryland.

"As excitement and anticipation builds in the industry, 2024 has the potential to be a game-changing year, and Verano is well positioned to continue capitalizing on growth opportunities both in the current regulatory environment and from any state or federal reform. While we’ve never been dependent on legislation to drive sustained growth, with adult use imminent in Ohio, on the horizon in Florida and Pennsylvania, and the growing anticipation of a federal rescheduling decision, there is limitless potential for Verano,” said Verano CEO George Archos.

Along with the boost in revenues, Verano’s full-year 2023 results included income from operations swinging to a gain of more than $93 million, compared to a loss of $161 million during the previous fiscal year, and a net loss that shrunk by more than half from $269 million to about $113 million.

Looking ahead, though, Verano expects a first-quarter revenue decline of 5% to 7% year over year as dispensary growth in New Jersey begins to normalize.

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