In today’s Trade To Black podcast presented by Flowhub, Shadd Dales and Anthony Varrell continue earnings season with Verano Holdings (OTCQX: VRNO) CEO George Archos and Chief Investment Officer Aaron Miles, who break down a strong Q3 2026. We also cover new cannabis bills in Michigan and Congress, and Flowhub’s Kyle Sherman joins us to recap this week’s NuggMD Check-In Poll.
Verano’s revenue grew 5% from a year ago to $212 million. Gross profit was $100 million at a 47% margin, and adjusted EBITDA reached $50 million, a 24% margin. Cash from operations nearly doubled to $49 million from $26 million, which works out to about $36 million in free cash flow after $13 million in capital spending. The net loss narrowed to $4 million from $44 million a year ago, and tax expense fell sharply. Verano ended the quarter with $102.1 million in cash and updated its full-year capital spending guidance to $54 million to $60 million.
Miles credits lower receivables and inventory, reduced interest costs and tax relief. With more than 60% of Verano’s business medical, the 280E relief from rescheduling medical cannabis is already showing in the numbers. Archos expects a new Florida administration to bring growth to the medical program. He calls Virginia, which launches adult-use sales July 1, a New Jersey-style opportunity. Spending in Texas hinges on when Verano’s license is finalized. Miles adds that investors care more about Schedule III clearing their compliance departments than about 280E itself.
Michigan Rep. Jay DeBoyer, the Republican nominee for lieutenant governor, filed a bill to pause the state’s new 24% wholesale cannabis tax for a year. He argues it’s raising far less than the projected $420 million. In Congress, Rep. Steve Cohen introduced a sweeping rewrite of the Controlled Substances Act. It would move scheduling authority toward HHS, end mandatory minimums and remove marijuana from the law.
This week’s NuggMD poll asked 654 cannabis consumers who they trust for information on products, dosing and effects. Dispensary staff led with 62.6% rating them high or very high trust, ahead of friends and family at 52.5% and doctors at 45.1%. AI chatbots had just 6.9% high trust and 61.9% low trust. Sherman isn’t surprised, saying people still want human connection when they shop. He also floats an idea for the industry to lead on responsible use, such as requiring most of a store’s products to be lower potency.
Catch the full conversation as earnings season rolls on.
