Verano Holdings Posts Third Straight Quarter of Growth
Cannabis earnings week continues on today’s Trade To Black podcast presented by Flowhub, with host Shadd Dales — solo while Anthony Varrell adventures out west — bringing on two more big names: Verano Holdings CEO George Archos and Chief Investment Officer Aaron Miles, before special guest host Seth Yakatan returns for a data-driven look at the sector. We cover Verano’s second quarter, its path to a U.S. exchange, the reform backdrop, and fresh prints from across the industry.
Archos and Miles break down Verano’s (CBOE: VRNO) (OTCQX: VRNOF) second-quarter 2026 results: revenue of $218 million, up 8% year over year and a third straight quarter of growth, with gross profit of $100 million, or 46% of revenue, and adjusted EBITDA of $51 million. Margin compressed from 56% a year ago on promotional activity and price competition, though operating cash flow strengthened to $31 million. Archos credits organic gains across nearly every market — Verano opened its 85th and 86th Florida dispensaries in the period and now runs 163 locations across 13 states — and frames Virginia, where adult-use sales go live next July, as a potential $3–4 billion opportunity, alongside Texas, Pennsylvania, and a Florida market shifting under a new administration.
On capital markets, the pair walk through the moves positioning Verano for a senior U.S. exchange: a 1-for-5 reverse split, a $195 million credit facility, re-domiciling from Canada, and a $20 million buyback authorization. They also confirm DEA applications submitted to register certain state-licensed medical operations. On reform, Archos expects some retroactive 280E relief given the 2023 HHS recommendation, and both flag momentum on SAFE banking now that Senate Banking Chairman Tim Scott and the American Bankers Association are behind it. On M&A, Verano favors tuck-ins that add retail near its existing cultivation.
In segment two, Yakatan breaks down Verano’s print alongside Aurora Cannabis (NASDAQ: ACB), which posted net revenue of $67.6 million with 17% year-over-year growth in international medical — its Safari Flower Company earning a three-year EU-GMP certification — and closed the quarter debt-free with $149.1 million in cash. From there, we get his read on Curaleaf’s aftermarket numbers, a brand-level look at winners like Dark Heart, and his “hunters versus hunted” framework for a sector he sees primed for consolidation. He also teases a fuller critique of Cresco ahead of Charlie Bachtel’s Friday appearance.
Hear our take on all of it when you tune in.
