Veranoโ€™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 weโ€™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,โ€ said Verano CEO George Archos.

Along with the boost in revenues, Veranoโ€™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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