Verano posts wider loss but revenue beats estimate

Verano Holdings Corp. VRNOFCA:VRNO said Wednesday it lost $9.2 million in its first quarter, deeper than its year-ago loss of $214,000 but down from a loss of $216.1 million in the fourth quarter. The company did not provide earning or loss per share figures. Revenue increased by 12% to $227 million, ahead of the analyst estimate of $225.3 million, according to FactSet data. CEO George Archos said the company was pleased with its results, which were boosted by the launch of adult-use cannabis sales in Connecticut. Verano stock is up 1.9% in 2023, compared to a 14.3% loss by the AdvisorShares Pure U.S. Cannabis ETF MSOS.

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