Verano Holdings Sees Momentum Build With Q2 Revenue Growth And Cannabis Retail Expansion

Jelena MartinovicBy , Featured Writer
Burn After Reading The 30-second intel for operators and investors

Verano Holdings reports Q2 revenue up 8% year over year to $217.9 million, its third straight quarter of growth, as operating cash flow rises to $31 million and the retail footprint reaches 163 dispensaries in 13 states.

  • Operators: Growth is coming with thinner margins: gross margin is 46%, down from 48% last quarter and 56% a year ago. Verano is pairing retail expansion with DEA applications for certain state-licensed medical operations.
  • Investors: Net loss narrows to $13.4 million and operating cash flow climbs from $11 million to $31 million. Adjusted EBITDA of $51.2 million trails last year's $66.2 million. A $20 million buyback is authorized, with about $2 million repurchased.
  • Do now: Compare your own gross margin trend against revenue growth this quarter, and check whether expansion is diluting margins the way Verano's 10-point year-over-year decline suggests.
Short on time? You’re done. Want the numbers?Keep reading ↓

Multi-state cannabis company Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) announced on Wednesday its financial results for the second quarter, revealing an 8% year-over-year revenue growth to $217.9 million for the period. That’s the third consecutive quarter of revenue growth for Verano, according to a press release.

The company also reported better cash performance as operating cash flow improved to $31 million and continued expansion of its retail footprint, reaching 163 dispensaries across 13 states.

During the quarter, the company completed its reverse stock split and announced a $20 million share repurchase authorization and repurchased roughly $2 million of stock as part of its efforts to strengthen its U.S. exchange presence.

Verano also submitted applications to the U.S. Drug Enforcement Administration (DEA) to register certain state-licensed medical cannabis operations.

“As we continue fortifying the balance sheet, with additional retail expansion and new product innovation planned for the remainder of the year, we are in a strong position to accelerate further business momentum in what may be a pivotal year for Verano and the industry at large,” George Archos, the company’s founder, chairman and CEO, said.

Q2 2026 Financial Highlights

  • Gross profit totaled $99.7 million, representing a 46% gross margin compared to 48% in the prior quarter and 56% in the prior year’s quarter.
  • Adjusted EBITDA came in positive at $51.2 million, with a 24% margin, compared to $49 million in the previous period and $66.2 million in the corresponding quarter of 2025.
  • Net loss totaled $13.4 million, representing an improvement from a $17.8 million loss in the first quarter of 2026 and a $19.2 million loss in the second quarter of fiscal 2025.
  • Operating cash flow amounted to $31 million, compared to $11 million in the same quarter of last year.
  • Capital expenditures were $12 million during the quarter.

VRNO Price Action

Verano’s shares traded 3.61% lower at $5.34 per share at the time of writing on Wednesday.

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Jelena Martinovic
August 5, 2026
Covers cannabis news, markets and regulation for IgniteIt. Previously wrote about financial markets for Benzinga and Insider Monkey.
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