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Verano Reports Q1 2021 Results: What Cannabis Stock Investors Need To Know

May 18, 2021 10:23 am
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Verano Reports Q1 2021 Results: What Cannabis Stock Investors Need To Know

Verano Holdings Corp. (CSE:VRNO) (OTCQX:VRNOF) reported Tuesday it had generated $143 million in revenue in the first three months of fiscal 2021, representing year-over-year growth of 117%.

In addition, gross profit, on an unadjusted basis and not including the impact of biological assets, amounted to $89 million or 62% of revenue, increasing from $50 million in the corresponding quarter of last year.

“Our strong first-quarter performance was foundational in nature and set the tone for what we expect to be a transformational year,” George Archos, CEO and founder of Verano, said.

Q1 2021 Financial Highlights

  • Selling as well as general and administrative expenses were $29 million or 20% of revenue, versus $14 million or 21% of revenue in the same quarter of 2020.
  • Net income, including the impact of biological assets, amounted to $126 million, up by 75% compared to the same period of last year.
  • On an unadjusted basis, EBITDA (a non-IFRS financial measure) came in positive at $60 million and accounted for 42% of revenues.
  • Adjusted EBITDA (a non-IFRS financial measure) was $75 million or 52% of revenues.
  • Cash flow from operations totaled $42 million.
  • Free cash flow (a non-IFRS financial measure) amounted to $4 million.
  • The quarter ended with $549 million in assets on a pro forma consolidated basis, including cash and cash equivalents of $112 million as well as $329 million in working capital and total debt of $34 million.

 “We anticipate considerable quarter-over-quarter growth in 2021 as we begin to realize the impact of accretive acquisitions we’ve made over the last few months, in addition to a broad expansion of cultivation capacity and organic retail growth,” Archos continued.

Recent Moves

Following its debut on OTCQX Best Market, Verano expanded its presence in Pennsylvania by acquiring three stores in the Pittsburgh Metro Area of Township, Washington, and Monroevilland.

The company also boosted its cultivation and retail capacities by purchasing Agri-Kind, LLC and Agronomed Holdings Inc. for $207 million.

The Illinois-based Verano recently launched Zen Leaf West Loop, the first Zen Leaf to open within the city of Chicago.

SEE ALSO:

Photo by Diyahna Lewis on Unsplash

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