Verano Holdings Corp. has reported its financial performance for the fiscal year ending December 31, 2025, revealing a total revenue of $821.5 million, a decrease of 6.5% from $878.6 million in 2024. The decline in revenue was attributed to price compression in established markets and a strategy to hold accounts for non-payment in the cultivation segment. However, retail revenues increased, driven by product availability in Florida and the acquisition of CC East Virginia and Cannabist AZ, which expanded the company's retail footprint. The retail segment accounted for approximately 67.9% of total revenues, up from 65.5% in the previous year.
The company's gross profit for 2025 was $413.5 million, reflecting a gross profit margin of 50.3%, slightly down from 50.5% in 2024. This decrease was primarily due to a decline in overall revenue and increased promotional activities in established markets, although it was partially offset by more efficient harvests from expanded cultivation facilities. Verano reported a net loss of $257.9 million for 2025, an improvement from a net loss of $341.9 million in 2024, attributed to lower impairments and operating expenses.
Operationally, Verano has expanded its footprint, operating in 13 states with 160 retail dispensaries and 14 cultivation and processing facilities, totaling over 1.1 million square feet of cultivation capacity. The company opened seven new retail stores during the year, contributing to its growth strategy. The filing also highlighted the company's ongoing efforts to manage its debt, including a recent $195 million senior secured term loan under the 2026 Credit Agreement, which was used to repay previous obligations.
Looking ahead, Verano's management expressed optimism about future growth, emphasizing the importance of maintaining a diverse geographic footprint to adapt to market changes. The company plans to continue investing in its cultivation and retail operations, with capital expenditures expected to range between $30 million and $50 million in 2026. However, the company remains cautious about the regulatory landscape, particularly the ongoing federal prohibition of cannabis, which poses risks to its operations and financial performance. The potential rescheduling of cannabis under federal law could significantly impact the industry, but the timeline and implications remain uncertain.
About Verano Holdings Corp.
Verano Holdings Corp. is a vertically integrated U.S. cannabis operator specializing in cultivation, processing, wholesale distribution, and retail of medical and adult-use cannabis products. It manages brands like Zen Leaf and MÜV across multiple states, offering a broad product portfolio. Focused on responsible access and community wellness, the company leverages scale, brand development, and geographic diversity within a complex regulatory environment.
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