Verano stock: Q3 revenue reaches USD 212 million on stronger retail

Verano Holdings reported stronger third-quarter operating performance on October 29, 2026, with revenue growth, improved net loss and a sharp increase in operating cash flow. The company published the results in its financial results release.

Revenue growth meets tighter profitability

Revenue net of discounts reached USD 212 million for the three months ended September 30, up 5 percent from the prior-year quarter. Gross profit rose to USD 100 million, equal to 47 percent of revenue, while selling, general and administrative expenses increased to USD 85 million.

Verano narrowed its net loss to USD 4 million from USD 44 million a year earlier. Adjusted EBITDA, a non-US GAAP measure, was USD 50 million, or 24 percent of revenue, compared with USD 53 million and 26 percent in the prior-year period. The company also raised its 2026 capital expenditure guidance to a range of USD 54 million to USD 60 million.

Retail remains the main growth driver

Management said retail revenue increased 9 percent year over year to USD 179 million, with gains in 11 of the companys 13 markets. Wholesale revenue, excluding inter-segment eliminations, fell to USD 74 million as promotional activity was lower than in the prior-year quarter.

Net cash provided by operating activities rose to USD 49 million from USD 26 million, which the company described as its highest quarterly level in four years. Capital expenditures were USD 13 million during the quarter. Management pointed to seasonal products, holiday promotions and the planned launch of adult-use retail sales in Virginia as developments for the remainder of 2026.

Verano business and market position

Verano Holdings is a vertically integrated, multi-state cannabis operator based in the United States. It runs Zen Leaf and MUV dispensaries in medical and adult-use markets and produces regulated cannabis products under brands including Savvy, Essence, Encore and Verano.

The company said its operations span 13 US states, with 163 dispensaries and 14 production facilities. Its cultivation capacity exceeds 1.1 million square feet, giving Verano a broad retail and production footprint within the US cannabis market.

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