Verano Holdings reported $208 million in revenue for the first quarter of 2026 while also announcing a new $20 million share repurchase authorization, giving the multi-state marijuana company another tool to deploy capital as federal rescheduling moves forward.
The Chicago-based company said revenue for the quarter ending March 31 totaled $208.2 million, up slightly from $206.6 million in the fourth quarter of 2025, but down from $209.8 million in the same period last year. The company attributed the sequential increase to stronger retail performance, while the year-over-year dip was tied to increased competition and promotional activity in wholesale markets.
Verano reported gross profit of $99 million, or 48% of revenue, along with adjusted EBITDA of $49 million, or 24% of revenue. The company posted a net loss of $18 million, compared to a net loss of $11.5 million in the first quarter of 2025. Verano said the larger loss was primarily due to expenses tied to repaying obligations under its prior 2022 credit agreement.
The company also reported $19 million in net cash provided by operating activities and $15 million in capital expenditures. As of March 31, Verano had $74 million in cash and cash equivalents, $276 million in working capital and $395 million in total debt, net of issuance costs.
In a separate announcement, also made today, Verano said its board authorized the repurchase of up to $20 million in common shares listed on Cboe Canada. The program allows the company to buy up to 18,219,090 shares, representing 5% of its issued and outstanding shares at the time of authorization, over a 12-month period ending April 30, 2027, unless the limit is reached sooner.
Verano founder, Chairman and CEO George Archos said the authorization gives the company “further optionality to deploy capital in pursuit of growth initiatives,” while citing the recent Schedule III medical marijuana designation as part of what could make 2026 a transformative year for the company and broader industry.
During the quarter, Verano secured a new $195 million credit facility, opened MÜV dispensaries in Deltona and Lehigh Acres, Florida, and launched Swift Lifts as a standalone pre-roll brand. After the quarter ended, the company opened MÜV Miramar Beach, its 85th Florida dispensary and 162nd location nationwide.
Verano’s operations currently span 13 states and include 162 dispensaries, 14 production facilities and more than 1.1 million square feet of cultivation capacity.
Sponsored
