Verano Q3 Revenue Rises 5% to $212 Million, Net Loss Narrows to $4.1 Million as Operating Cash Flow Hits Four-Year High of $49 Million
Multi-state cannabis operator Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) on October 29 reported results for the third quarter ended September 30, 2026. Revenue was $212.4 million, up 5%, or about $10 million, from $202.8 million a year earlier, and gross profit was $100.0 million, or 47% of revenue.
The net loss attributable to the company narrowed to $4.1 million from a loss of $43.8 million a year earlier. Income from operations was $11.9 million, up from $9.3 million, and adjusted EBITDA was $50.4 million, or 24% of revenue. Net cash provided by operating activities was $49 million, the highest level in four years, and capital expenditures were $13 million.
George Archos, Verano founder, Chairman and Chief Executive Officer, said he was proud of the teams for delivering another strong quarter, highlighted by a 5% increase in revenue, robust retail performance, and the highest level of operating cash flow in four years.
During the quarter the company expanded its Florida retail footprint with MÜV Bradfordville, its 86th Florida dispensary and 163rd location nationwide, and entered the cannabis beverage category with Easy Landings, its first national beverage brand. Operations span 13 states, with 163 dispensaries and 14 production facilities totaling more than 1.1 million square feet of cultivation capacity.
As of September 30, current assets were $416 million, including cash and cash equivalents of $102 million; working capital was $301 million and total debt, net of issuance costs, was $390 million. The company raised its 2026 capital expenditures guidance to $54 million to $60 million. Archos said that with catalysts ahead, including the launch of retail adult-use sales in Virginia, the company aims to close 2026 on a high note.
Source: GSM · USA (original Chinese edition)
Photo: 图：加拿大 Alberta 省的大麻生产设施 Aurora Sky（资料图，非 Verano 旗下设施）。Khoshhat 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / The Aurora Sky cannabis production facility in Alberta, Canada (file photo; not a Verano facility). Photo by Khoshhat, CC BY-SA 4.0, via Wikimedia Commons.
