: Cannabis company Verano Q4 loss widens on impairment costs, but revenue climbs
Verano Holdings Corp. VRNOFCA:VRNO said Thursday its fourth-quarter loss widened to $216 million from $7 million in the year-ago period. The company did not provide figures for loss per share. The Chicago-based cannabis company’s fourth-quarter loss includes a $229 million impairment charge, primarily of intangible assets related to its Arizona cultivation license and Pennsylvania and Arizona retail reporting units. Fourth-quarter revenue rose 7% to $225.93 million from $211.4 million in the year-ago quarter but fell slightly short of the analyst estimate of $227.2 million, according to a survey by FacstSet. “In 2023, we will consider selective opportunities to further expand our footprint, focus on free cash flow generation, and leverage our leading position in markets that are poised for adult use transition in the near future, including Maryland,” CEO George Archos said. Verano stock is down 8% so far in 2023, compared to a 16.3% drop by the AdvisorShares Pure U.S. Cannabis ETF MSOS.
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