Verano Holdings Archives - Green Market Report

StaffSeptember 25, 2023
2023 Notables

2023 Notable Leaders in Cannabis: George Archos

1min00

George Archos

Founder & CEO, Verano Holdings

George Archos, Verano founder and CEO, leads the company’s development of its growing footprint of 129 dispensaries and 14 cultivation and processing facilities. Since 2021, he led the company through an IPO and closed 15 acquisitions, expanding its footprint across 13 markets. Under his leadership, Verano has broadened its retail footprint, adding more than 30 dispensaries within the last year across several core markets and expanded its brand portfolio.

Under George’s leadership, in 2022 Verano reported record revenue of $879 million, a 19% year-over-year increase, and had one of the industry’s leading margins representing 37% of revenue. In June 2022, Verano announced an exclusive partnership with The Weldon Project’s Mission Green, an organization advocating for cannabis legislative reform, clemency and expungement initiatives for nonviolent cannabis offenders.

CONTINUE READING
StaffAugust 22, 2023
Daily-Hit-Header.png
BusinessDaily Hit

The Daily Hit: August 22, 2023

3min00

The Daily Hit is a recap of the top financial news stories for Aug. 22, 2023.

On the Site

Verano Sues Alabama Marijuana Commission Over License Loss

Chicago-based Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) on Monday followed through with its threat to sue Alabama marijuana regulators, after a state commission voided a medical cannabis business license that had been granted to the multistate operator in June. Read more here.

Lawsuit Between Scotts’ Hawthorne, Luxx Lighting Heats Up

The battle between hydroponic heavyweight Hawthorne, a subsidiary of Scotts Miracle-Gro (NYSE: SMG), and Luxx Lighting is heating up. The relationship between the two companies began in 2021 when Hawthorne agreed to buy Luxx Lighting in a deal valued at $215 million. Read more here.

StateHouse, Pelorus Ink Major Service Agreement for Humboldt Facilities

California-based cannabis company StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF) has announced an 18-month managed service agreement with Pelorus Capital Group. Under the deal, StateHouse will be taking over operations at the Willow Creek facility in Humboldt County, commonly referred to as the “Humboldt Facilities.” Read more here.

Leef Brands Sees 14.6% Sales Boost in Q2

California-based Leef Brands Inc. (CSE: LEEF) (OTC: LEEEF) reported Q2 net sales of $9.3 million, a rise of 14.6% versus the previous year. Profit figures also rose, with a gross profit of $2.9 million, a year-over-year growth rate of 8.2% for the quarter. Read more here.

In Other News

Humble & Fume

Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF) bolstered its expansion plans with an additional $4 million investment by Green Acre Capital Distribution Corp. into HC Solutions Holdings Inc., a joint venture company established by Humble and Green Acre. The focus of this venture continues to be the strategic distribution of cannabis products across the United States, with a primary focus on California. Read more here.

CuraScientific Corp.

CuraScientific Corp. (OTCPINK: CSTF) reported revenue of $441,000 for the three months ended June 30, up significantly from the $9,000 reported a year ago. The company also reduced convertible notes from $1.2 million in the period ended June 30, 2022, to $335,000 for the latest period. Read more here.

CONTINUE READING
StaffAugust 8, 2023
Daily-Hit-Header.png
BusinessDaily Hit

The Daily Hit: August 8, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Aug. 8, 2023.

On the Site

Tilray Leans into Beer in All-Cash Deal

Cannabis company Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) continued to expand its alcohol footprint by acquiring eight beer and beverage brands from Anheuser-Busch (NYSE: BUD) in an all-cash deal. Read more here.

Colorado Audit Finds Lax Cannabis Industry Oversight by State

A Colorado state audit requested by lawmakers on inspections of marijuana dispensaries found that regulators hadn’t lived up to their mandate, with oversight spotty and incomplete between 2019 and 2022. Read more here.

Cronos Reports Reduced Revenue, Announces Asset Sale

Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) delivered its 2023 second-quarter earnings as lower flower sales in Israel caused total revenue to fall to $25.7 million. Cronos also reported a net loss of $8.4 million, withdrew guidance, and announced the sale of assets. Read more here.

Green Thumb Industries Continues Profitable Streak in Q2

While GTI’s latest quarterly performance was an increase from the first quarter, with profits up 46% from Q1’s $9.1 million in income, the numbers are down from the same time period a year ago, when GTI made $24.4 million. Read more here.

More Earnings:

• AFC Gamma Falls Short on Revenue as Tenants Skip Rent
• Ascend Wellness Delivers Solid Second Quarter
• GrowGeneration Sees 15.1% Same-Store Sales Slump
• Verano Posts Solid Second Quarter Revenue, Raises Guidance
• Weedmaps Returns to the Black in Q2 with $1.9 Million Profit

In Other News

SMRB LLC

A cannabis company own er must pay nearly $700,000 in restitution and civil fines for his role in a scheme that ultimately defrauded investors out of $4.8 million, the Ninth Circuit has ruled, saying it didn’t matter the yacht he bought with investor money was worth less than the amount he “ultimately lost” in the scheme. Read more here.

BYND Cannasoft Enterprises

BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN, CSE: BYND) reported revenue increased 21% to C$251,047 in Q2 2023 from C$207,653 in the same period a year ago. Net loss increased 242% to C$1.1 million. Read more here.

Missouri

Missouri’s application period for microbusinesses will close this week. Next month, the Missouri Lottery will pick six winners from each of the state’s eight congressional districts, for a total of 48 new small business licenses. Read more here.

CONTINUE READING
StaffAugust 7, 2023
Daily-Hit-Header.png
BusinessDaily Hit

The Daily Hit: August 7, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Aug. 7, 2023.

On the Site

NY Judge Halts Retail Marijuana Licensing After Military Veterans Sue

History is repeating itself. For the second time in less than a year, a New York judge has issued an order halting all state cannabis retail licensing. Judge Kevin Bryant on Monday sided with four service-disabled military veterans who filed suit against the New York Office of Cannabis Management and other state officials last week. Read more here.

Get Paid to Wait in Cannabis

It’s an old Wall Street strategy on dividends – getting paid to wait. In cannabis stocks, this could be the way to go since valuations have been terribly slow to recover. If you genuinely believe in the cannabis sector, it might make sense to put your money where you may get something back as you wait for the buzz to return to cannabis investing. Read more here.

Connecticut-Based Fine Fettle Expanding into Multistate Operations

A new marijuana multistate operator is poised to join the ranks of cannabis companies that have industry footprints in three or more states: Connecticut-based Fine Fettle. Read more here.

Verano to Open Six Social Equity Joint Ventures in Connecticut

The first of six social equity joint ventures backed by multistate operator Verano Holdings (CSE: VRNO) (OTCQX: VRNOF) has opened in Connecticut, doing business under the MSO’s umbrella retail brand Zen Leaf. Read more here.

Illinois Hits 2023 High Mark With $140 Million in July Sales

Illinois marijuana dispensaries have set a new bar for the year after topping $140 million in sales for July, according to state figures. The only other time the Illinois cannabis market sold that much in a single month was December last year, when sales passed $143 million. Read more here.

In Other News

Ohio recreational ballot initiative

Ohio is now expected to vote on cannabis legalisation in November this year after campaigners successfully gathered more than 6,000 additional signatures to cover the shortfall of 697 signatures reported last month. Read more here.

Complete Hemp Processing

After five years of planning and working with South Dakota lawmakers on industrial hemp policy, Complete Hemp Processing opened its doors. A.H. Meyer & Sons, a fourth-generation South Dakota family-owned honey and beeswax processing business expanded into growing and processing hemp. Siblings Ken and JB Meyer and Melissa Shipley set up the new facility in Winfred, South Dakota. Read more here.

CONTINUE READING

Older Posts

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis

READ MORE
Recent Tweets
Company

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.