Verano Holdings’ CEO George Archos joins Shadd Dales and Anthony Varrell on the Trade to Black podcast to break down the company’s Q2 2025 earnings — and the numbers are turning heads. Also in this episode — the latest on U.S. cannabis rescheduling. Former Florida Congressman Matt Gaetz is urging President Trump to move marijuana from Schedule I to Schedule III, calling it a political and economic win that could end Democrats’ advantage on cannabis at the ballot box. Plus, we review Organigram Global’s (NASDAQ: OGI) quarterly earnings miss on EPS.
Verano (CBOE: VRNO) reported Q2 2025 $202M in revenue, $113M in gross profit, and a 33% adjusted EBITDA margin, handily beating margin expectations while focusing on operational efficiencies, automation, and product innovation. Shares have surged over 100% in the past 10 trading days. Retail revenue rose 3% year-over-year, driven by Florida adult-use momentum, while wholesale headwinds from competition and vertical integration at competitors remain. Verano’s focus: sustaining a 30%+ adjusted EBITDA margin profile, building cash reserves, and leveraging owned real estate for refinancing.
Archos credited a year-long focus on premium flower quality, which has driven market share gains in multiple states. Florida, a key market, returned to the #2 position after renovations and expansions improved supply. The CEO emphasized hands-on involvement, frequent facility visits, and a partner-oriented wholesale approach. With unencumbered real estate and stable SG&A at $86 million, Verano is positioned for efficiency gains, potential refinancing in 2026, and selective retail expansion in states like Arizona and Nevada.
The hosts also examined former Florida Congressman Matt Gaetz’s recent advocacy for cannabis reform. Gaetz frames it as “populism meets practicality,” noting 280E tax relief, expanded research opportunities, and the absurdity of cannabis being classified alongside heroin. While the hosts praised his understanding of the industry, they questioned his current political influence with Donald Trump, noting any move by Trump on rescheduling would likely be driven by voter appeal and campaign donations.
Earnings season continues to deliver strong results across the sector. Glass House Brands posted Q2 revenue of $59.9 million (+34% QoQ), a 53% gross margin, and reduced production costs to $91 per pound.
Market momentum remains strong, with the MSOS ETF logging 14 straight days of inflows. Verano and TerrAscend shares have tripled in recent sessions, while Tilray has rallied from $0.85 to over $1.30 USD in less than a week. The hosts cautioned against overexuberance until concrete policy changes occur but acknowledged optimism is at its highest in years.
