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Cannabis Earnings Season: The Biggest Takeaways So Far

By Shadd Dales On Mar 13, 2026

On the latest Trade To Black podcast powered by Flowhub, hosts Shadd Dales and Anthony Varrell continued their coverage of cannabis earnings season with a closer look at some of the biggest results shaping the sector. In the first segment, George Archos, CEO of Verano Holdings (CBOE: VRNO | OTCQX: VRNOF), joined the show to break down the company’s latest earnings. Verano reported $821.5 million in 2025 revenue, while maintaining gross margins near 50% and adjusted EBITDA around 28% despite continued price compression across the cannabis industry. In the second segment, Adam Stettner, CEO of FundCanna, joined the podcast to discuss the biggest takeaways from this latest earnings season and what they mean for the cannabis industry moving forward. The conversation also touches on broader trends seen from recent reports by Green Thumb Industries (CSE: GTII | OTCQX: GTBIF), Trulieve Cannabis (CSE: TRUL | OTCQX: TCNNF), Curaleaf Holdings (TSX: CURA | OTCQX: CURLF) and others, including margin discipline, capital preservation, efficiency, and the growing importance of scale, cash flow, and balance sheet strength in today’s market.

Verano Holdings CEO George Archos and Chief Investment Officer Aaron Miles discuss the company’s 2025 results, which included $821 million in revenue and gross margins holding around 50 percent with adjusted EBITDA of roughly 28 percent. Archos credited a deliberate operational reset throughout the year — focused on product quality, retail efficiency, and cost discipline — for protecting margins in a difficult environment. Miles highlighted several structural moves made in parallel, including re-domiciling from Canada to Nevada, resolving a major lawsuit, and completing a debt refinancing at a 9.5 percent rate that compared favorably to peers. On growth markets, Archos expressed enthusiasm about the company’s Texas license and its Virginia footprint ahead of an anticipated adult use launch there, while characterizing Florida as a resilient medical market that does not need adult use legalization to continue performing strongly.

Adam Stettner, CEO of FundCanna, provided a broader earnings season recap. His central theme was that the top-tier multi-state operators are no longer chasing top-line growth, instead demonstrating genuine operational maturity through margin protection, balance sheet discipline, and capital efficiency. He argued that while revenue growth has been modest at two to five percent across the sector, the quality of that performance — achieved despite ongoing price compression and regulatory headwinds — is a signal the market has yet to fully appreciate. Stettner also made the case that the health of major operators has a meaningful trickle-down effect on mid-tier and smaller companies through wholesale channels, suggesting the industry is developing a coherent ecosystem rather than simply concentrating power at the top.

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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.