In today’s cannabis exclusive we are getting the inside intel on another shining star in the space. Chief Investment Officer Aaron Miles from Verano Holdings (CSE: VRNO) joins Shadd Dales and Anthony Varrell to talk about their stellar earnings report and one other topic that cannabis investors are hot for more information on: Florida’s market.
Miles is very happy with the Verano’s earnings report that was released first in the earnings season. Verano achieved a revenue milestone of $234 million, marking a 5% increase from the $224 million recorded in the corresponding quarter of 2022. They also saw a 5% increase in growth profit margin from the corresponding quarter of 2022. It set an incredibly positive tone for cannabis earnings season.
He also details a little bit about their positioning, which is important for the growth strategies in place. Miles acknowledges that in this space it’s a fight for every dollar. In Illinois, the pricing compression in that state outpaced their wholesale to client, a market in which they’ve maintained a hold since day one. Nothing can be taken for granted, he says.
Currently, Verano is #2 in the state of Florida for retail locations. Miles says while other companies may make headlines about grams sold, they don’t talk about the dollars made behind that – or the quality of the product involved. At approximately the 5:00 mark, he bares all about the competition between brands in Florida and MUV dispensary locations.
Of critical importance, perhaps, to investors: Miles addresses one of the misconceptions about the industry, emphasizing that Verano is actively managing tax payments rather than deferring them. This stewardship has resulted in revised upward free cash flow guidance, with the range now set between $65 million and $75 million.
Be sure to tune in for the full interview.