CHICAGO — Darren Weiss resigned from his role as president of Verano Holdings Corp. to pursue business opportunities in the cannabis industry outside of North America.
Weiss joined Verano as General Counsel in 2017 and subsequently served in leadership positions including Chief Legal Officer, Chief Operating Officer and most recently, President. Throughout his tenure, his industry knowledge and unique blend of legal and operations expertise helped scale Verano from a startup into one of the largest multistate cannabis operators in the industry. In addition to his other business ventures, Weiss will remain engaged with the Company as a consultant providing business development and other services to Verano outside of North America, including giving Verano a right of first refusal on business opportunities he may initiate, source, or participate in.
“I would like to express my sincere thanks and gratitude to Darren for his leadership and many contributions over the course of his tenure with Verano, and we look forward to working with him on international business opportunities he may bring to the Company,” said George Archos, Verano founder and Chief Executive Officer. “We are grateful for Darren’s many years of distinguished service and the positive impact he’s made on Verano, and wish him and his family all the best in their future endeavors as they begin their next chapter.”
“The last eight years at Verano have been some of the most rewarding of my life, and I am so proud of everything we’ve accomplished together growing the Company into one of the industry’s leading cannabis operators in the U.S.,” said Weiss. “I look forward to this new stage of my career and continued collaboration with Verano.”
The company also reported its financial results for the second quarter ended June 30, 2025, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
Second Quarter 2025 Financial Highlights
• Revenues, net of discounts, of $202 million.
• Gross profit of $113 million or 56% of revenue.
• SG&A expenses of $86 million or 43% of revenue.
• Net Loss of $(19) million or (9)% of revenue.
• Adjusted EBITDA of $66 million or 33% of revenue.
• Net cash provided by operating activities of $11 million.
• Capital expenditures of $10 million.
Management Commentary
“I am proud of the progress we made during the quarter to strengthen our foundation and advance key priorities, including streamlining our operations and improving margins,” said Archos. “Throughout the quarter, we generated more efficient and productive cultivation yields, delivered new product innovation, and improved retail performance in several key markets.”
He added: “As we focus on improving our wholesale business and accounts receivable strategy, given our pipeline of new store openings and product innovation, and our ongoing efficiency efforts, we anticipate a stronger second half of 2025 for Verano, and look forward to advancing key initiatives throughout the remainder of the year.”
Second Quarter 2025 Financial Overview
Revenues, net of discounts, for the second quarter 2025 were $202 million, down from $222 million for the second quarter of 2024, and down from $210 million for the first quarter of 2025. The decrease in revenue for the second quarter 2025 compared to the second quarter 2024 was driven primarily by ongoing price compression, competition, and impacts from the Company’s wholesale accounts receivable strategy, which was partially offset by positive results in Ohio, strong sales in Florida, and contributions from operations acquired from The Cannabist Company Holdings Inc. (“Cannabist”) in the third quarter of 2024.
Gross profit for the second quarter 2025 was $113 million or 56% of revenue, down from $114 million or 51% of revenue for the second quarter 2024, and up from $100 million or 47% of revenue for the first quarter 2025. The decrease in gross profit for the second quarter 2025 compared to the second quarter 2024 was due to overall top line revenue declines and increased promotional activity, partially offset by more efficient harvests from expanded cultivation facilities.
SG&A expenses for the second quarter 2025 were $86 million or 43% of revenue, down from $87 million or 39% of revenue for the second quarter 2024, and up from $85 million or 40% of revenue for the first quarter 2025. The decrease in SG&A expenses for the second quarter 2025 compared to the second quarter 2024 was driven primarily by a decrease in depreciation and amortization and ongoing efficiencies generated across the business.
Net loss for the second quarter 2025 was $(19) million or (9)% of revenue, versus $(22) million or (10)% of revenue in the second quarter 2024. The decrease in net loss for the second quarter 2025 compared to the second quarter 2024 was primarily driven by an overall decrease in other income (expense), partially offset by an increase in the provision for income taxes compared to the prior year period.
Adjusted EBITDA for the second quarter 2025 was $66 million or 33% of revenue.
Net cash provided by operating activities for the second quarter 2025 was $11 million, up from $8 million for the second quarter 2024, which was primarily attributable to operational efficiencies and a decrease in income tax payments made compared to the prior year period.
Capital expenditures for the second quarter 2025 were $10 million, down from $19 million for the second quarter 2024, and down from $14 million in the first quarter 2025. The decrease in capital expenditures was driven by achieving greater efficiencies across the Company’s cultivation and production facilities.
Second Quarter 2025 Operational Highlights
Promoted and appointed Richard Tarapchak as Chief Financial Officer.
Expanded the Company’s retail footprint by opening new dispensaries: MÜV New Smyrna Beach, the Company’s 81st dispensary in Florida; and Zen Leaf Ashford and Zen Leaf Enfield, elevating the Company’s Connecticut retail operations to seven dispensaries statewide.
Announced an exclusive partnership with Grow Sciences, an award-winning cultivator of elite genetics in craft cannabis formats, to launch their suite of flower and extract products in the Illinois market.
Introduced an innovative bodega-style retail experience at Zen Leaf Cave Creek in Phoenix, Arizona, featuring one of the largest assortments of directly accessible cannabis products in the U.S.
Subsequent Operational Highlights
Promoted and appointed James Leventis as Chief Strategy and Compliance Officer in July.
Current operations span 13 states, comprising 157 dispensaries and 15 production facilities with more than 1.1 million square feet of cultivation capacity.
Balance Sheet and Liquidity
As of June 30, 2025, the Company’s current assets were $371 million, including cash and cash equivalents of $69 million. The Company had working capital of $224 million and total debt, net of issuance costs, of $403 million.
The Company’s total Class A subordinate voting shares outstanding was 361,779,913 as of June 30, 2025.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies, is a vertically integrated, multistate operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano operates in medical and adult use markets under the Zen Leaf and MÜV dispensary banners, including Cabbage Club, an annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of regulated cannabis products sold under its diverse portfolio of consumer brands including Verano, (the) Essence, MÜV, Savvy, BITS, Encore, and Avexia. Verano’s active operations span 13 U.S. states, comprising 15 production facilities with over 1.1 million square feet of cultivation capacity.
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