Verano Holdings Corp. reported $217.9 million in revenue for the second quarter of 2026, marking its third consecutive quarter of revenue growth.

Revenue increased 5% from $208.2 million during the first quarter and 8% from $202.3 million during the same period last year, according to financial results released Wednesday.

The multistate marijuana company reported a net loss of $13.4 million, compared with losses of $17.8 million during the previous quarter and $19.2 million during the second quarter of 2025.

Gross profit totaled $99.7 million, representing 46% of revenue. That compares with $99 million, or 48% of revenue, during the previous quarter and $113 million, or 56% of revenue, during the same quarter last year.

Adjusted earnings before interest, taxes, depreciation and amortization totaled $51.2 million, representing 24% of revenue. Adjusted EBITDA was $49 million during the first quarter and $66.2 million during the second quarter of 2025.

Verano generated $31 million in cash from operating activities, nearly triple the $11 million generated during the same period last year. Capital expenditures totaled $12 million.

“We are thrilled to report strong second quarter results highlighted by organic growth, improved operational cash flow, and our third consecutive quarter of revenue gains that also outperformed the prior year period,” said George Archos, Verano founder, chairman and chief executive officer.

During the quarter, Verano opened its 85th Florida dispensary and 162nd location nationwide. The company also authorized a $20 million stock repurchase program, repurchased $2 million in stock and completed a 1-for-5 reverse stock split as it continues pursuing a potential listing on a U.S. stock exchange.

Since the quarter ended, Verano has opened another Florida dispensary, bringing its nationwide footprint to 163 locations. The company operates in 13 states and has 14 production facilities with more than 1.1 million square feet of cultivation capacity.

As of June 30, Verano had $85.2 million in cash and cash equivalents, $295 million in working capital and $393 million in debt. The company narrowed its projected 2026 capital expenditures to between $40 million and $50 million.