Verano CEO George Archos Puts Virginia First for 2027 Growth, Lays Out Texas Buildout

Verano CEO George Archos sees Virginia as the company’s biggest organic growth opportunity in 2027. Texas could become a growth driver for years after that, he said, but Verano does not yet know when it will be able to move ahead with its planned buildout there.

“Organically, Virginia is the biggest growth driver for 2027,” Archos told IgniteIt in an exclusive interview. He expects a July 1 launch of adult-use sales and said Verano is preparing its existing Virginia business for new customers alongside its medical patients.

Meanwhile, Archos described a five-part plan for Texas: build a facility, cultivate cannabis, process it into medical products, open retail stores, and develop a distribution network to reach patients across the state. Verano has received a conditional license, Archos added, but is waiting for the regulatory process to advance.

“The reality is we don’t have a full idea of timing yet,” he said. “It’s really up to the regulator.”

Virginia: Preparing for a New Customer Base

Archos said Verano operates in Virginia’s HSA region, including Virginia Beach. The company recently received approval for a second cultivation facility and is considering moving some stores ahead of the adult-use launch he expects next year.

“We will be ready to bring in all of the new visitors into our stores in addition to our current medical patients,” he said.

Archos described Virginia as a substantial business for Verano already. His growth case rests on serving an expanded customer base through that existing operation, with more cultivation capacity and possible changes to its retail locations.

It also fits a broader priority he described during the interview: adding retail in markets where Verano has significant cultivation. More stores can give the company additional outlets for its own production.

“Anywhere where we have big cultivation, and we have an opportunity to add retail so we can add more vertical mix, that’s the priority,” Archos said.

Texas: A Facility, Medical Products and Statewide Distribution

In Texas, Archos said Verano plans to start with a production facility. Because the program doesn’t allow flower, as he described it, the company expects to extract its crop into oil and make a range of medical products. It would then add retail stores and build a distribution system to reach patients across Texas.

Archos said Verano’s experience entering new medical markets gives it a playbook for Texas. “We know how to expand quickly, efficiently,” he said.

He pointed to Florida as a comparison: that market also began without flower sales, then developed over time. His argument is that Verano can start with the products Texas permits and expand its facilities and retail network as patient demand grows.

“We’ll add retail, we’ll add distribution, and we’ll keep adding biomass behind it,” he said.

Archos also mentioned the facility would be designed to expand over time. He wants to work with legislators toward allowing flower, though he acknowledged that he does not know when that might happen.

For now, Verano’s stated plan is centered on products it can make without selling flower.

Archos pointed to Texas’s large population, limited number of licenses, expanded medical eligibility, and sizable intoxicating-hemp market as reasons for his interest. Those factors inform his expectation that it could become one of Verano’s longest and largest sources of organic growth.

“We believe that Texas is going to provide one of the biggest growth drivers organically within Verano’s footprint for many years to come,” Archos said.

He did not give a date for final licensing, construction, store openings, or sales, and clarified that regulators are still reviewing the conditional award, and Verano will be ready to build once that process is complete.

Growth Has to Produce Returns

Archos framed both states as part of Verano’s effort to grow within its existing footprint. He said the company’s recent revenue gains have been organic, without acquisitions contributing to that growth, and expects operational changes made over the past year and a half to yield further benefits.

Some of those changes take time to show up in financial results, he said. Verano is working through older, more costly inventory while producing new inventory more efficiently. Archos expects margin expansion in the fourth quarter and into 2027, though he did not quantify it in the interview.

The company is also weighing where to direct its cash. Archos named three competing uses: share repurchases, acquisitions, and organic growth, including the opportunities in Virginia and Texas.

“We’re trying to balance out the buckets and make sure we’re getting the best ROI for our shareholders,” he said.

That makes the difference between the two states significant. Archos described Virginia as an existing operation preparing for a launch he expects next year.

At the same time, Texas is a longer buildout whose timing Verano cannot yet pin down. His case for both is clear; how much capital each requires, and when each begins contributing more revenue, remains to be seen.