Verano Holdings Corp. VRNOF VRNR REvening for the full year 2022 $879 million, up 19% of $738 million for full year 2021. The revenue increase for full year 2022 compared to full year 2021 was primarily due to the strength of Adult Sales in New Jerseyin addition to increased retail contributions from store openings in Florida.

Q4 Financial Highlights 2022

• Revenue of $226 million increased 7% from $211 million in the fourth quarter of 2021 and decreased 1% sequentially.

• Gross profit of $103 million, or 46% of revenue, less than $109 million, or 52% of revenue, in Q4 2021 and less than $123 million, or 54% of revenue, in Q3 2022.

• Net loss of $216 million versus $7 million in the fourth quarter of 2021 and versus $43 million in the third quarter of 2022 Intangible assets related to the Arizona cultivation license and the Pennsylvania and Arizona retail reporting units.

• Adjusted EBITDA of $79 million, or 35% of revenue, less than $82 million, or 39% of revenue, in Q4 2021 and less than $82 million, or 36% of revenue, in Q3 2022.

Financial highlights for the full year 2022

• Gross profit of $423 million, or 48% of revenue, up from $331 million, or 45% of revenue for full year 2021.

• Net loss of $269 million versus $58 million for full year 2021.

• Adjusted EBITDA of $324 million, or 37% of revenue, flat compared to $324 million, or 44% of revenue for full year 2021.

• As of December 31, 2022, the Company had working capital of $318 million, including $85 million in cash and cash equivalents. The company had a working capital deficit of $68 million and total debt less issuance costs of $413 million.

“I am very proud of our results in 2022, highlighted by record sales and one of the industry’s leading margin profiles, which…