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Cannabis Earnings: Verano, LEEF & Jushi CEOs Break Down Q3

By Shadd Dales On Nov 6, 2025

Earnings week is here and some of the biggest names in cannabis are putting their numbers on the table. The question everyone’s asking: how did they hold up in Q3 2025? The Trade To Black Podcast, presented by Dutchie, features host Shadd Dales and Anthony Varrell sitting down with three major cannabis CEOs to talk results, operations, and what’s driving performance across their businesses: George Archos, CEO of Verano Holdings Corp (CBOE: VRNO), Micah Anderson, CEO of LEEF Brands Inc (CSE: LEEF), and Jim Cacioppo, CEO of Jushi Holdings Inc (CSE: JUSH / OTCQX: JUSHF).

The hosts kicked off with Virginia’s gubernatorial win for cannabis advocate Abigail Spanberger, fueling optimism for adult-use legalization in the state. George Archos, the CEO of Verano Holdings, reported $203M in revenue, stable margins, and positive cash flow, along with a $43.8M net loss. He walks through the company’s financials and plans for Virginia’s adult-use market. Verano also reported adjusted EBITDA of $53 million, reinforcing its strength across product tiers and geographic markets, including Florida and Illinois.

Micah Anderson, CEO of LEEF Brands Inc. (CSE: LEEF) shared 24% revenue growth and positive EBITDA for the first time, with updates on expansion in California and New York. Micah Anderson and Jesse Redman also explained how their numbers relied on a differentiated focus on large-scale extraction. Their vertically integrated model—centered on a 1,900-acre California ranch and a new New York license—is designed to scale as interstate commerce becomes viable.

Finally, Jim Cacioppo, CEO of Jushi Holdings Inc. (CSE: JUSH / OTCQX: JUSHF) closed the show with candid commentary, celebrating 20% EBITDA margins and Virginia’s adult-use potential. Jushi posted $65.7M in Q3 revenue, a year-over-year increase. Cacioppo called out unsafe hemp-derived THC products, demanding stricter federal oversight. He emphasized that Pennsylvania, Virginia, and Ohio remain core growth markets for Jushi, where vertical integration and capital investment will drive future performance.

This episode gives a clear snapshot of where Verano, LEEF and Jushi stand from financial results to market positioning as the industry heads toward year-end and a busy 2026 ahead.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.