's Business Segments

Verano Holdings Corp. is a Nevada corporation operating as a vertically integrated multi-state operator in the U.S. cannabis industry. The company manages licensed cannabis cultivation, processing, wholesale distribution, and retail facilities across 13 states. Its operations include 160 retail dispensaries and 14 cultivation and processing facilities with over 1.1 million square feet of cultivation capacity. Verano produces cannabis products under brands such as Encore™, Avexia™, MÜV™, Savvy™, Essence™, BITS™, HYPHEN™, Swift Lifts™, and Verano™. It also designs, builds, and operates branded dispensaries under the Zen Leaf™ and MÜV™ banners, serving both medical and adult-use markets. Due to federal regulations prohibiting cannabis transport across state lines, the company conducts business on a state-by-state basis. In fiscal year 2025, medical-use sales accounted for approximately 53% of consolidated revenues, while adult-use sales comprised about 47%. Verano’s strategy emphasizes vertical integration through seed-to-sale operations and maintaining a diverse geographic presence. The company is publicly traded on Cboe Canada and OTCQX under the symbol “VRNO” and is headquartered in Chicago, Illinois. Verano originated from Verano Holdings, LLC, co-founded by George Archos in 2017, became a Canadian publicly traded company in 2021, and transitioned to a Nevada corporation in 2025.

The company operates two reportable segments: cultivation (wholesale) and retail. Revenue is reviewed at both the cultivation and retail levels, while operating results are assessed on a consolidated basis. For the year ended December 31, 2025, cultivation (wholesale) revenues net of discounts totaled $318.4 million, representing a 9.9% decrease from 2024, primarily due to third-party price compression and accounts receivable strategy. The leading cultivation markets were Illinois and New Jersey. Retail revenues net of discounts were $672.7 million in 2025, a 0.1% increase from the prior year, driven by product availability in Florida and the acquisitions of CC East Virginia and Cannabist AZ in August 2024, which expanded the retail footprint. In 2025, approximately 32.1% of total revenue was derived from cultivation (wholesale) and 67.9% from retail, compared to 34.5% and 65.5%, respectively, in 2024. The cultivation segment encompasses cultivating, producing, and selling cannabis products to third-party retail customers, while the retail segment involves direct sales to retail patients and consumers.