Verano Holdings price target lowered to C$23 from C$24.50 at Canaccord » 13:1305/2605/26/22
Canaccord analyst Matt…
Canaccord analyst Matt Bottomley lowered the firm's price target on Verano Holdings to C$23 from C$24.50 and keeps a Buy rating on the shares.
Verano Holdings announces opening of Zen Leaf Westover » 07:2105/2605/26/22
Verano Holdings announced…
Verano Holdings announced the opening of Zen Leaf Westover, the Company's second in West Virginia dispensary and 99th location nationwide, on Friday, May 27. Zen Leaf Westover, located at 871 Fairmont Road, is open Wednesday through Saturday from 11:00 a.m. to 7:00 p.m. and 10:00 a.m. to 4:00 p.m. on Sunday, local time. Zen Leaf Westover is located in Monongalia County, the third largest county in West Virginia, with a population of over 106,0002. The dispensary is conveniently located just over one mile from the Morgantown Mall and two miles from West Virginia University, which has a population of nearly 26,000 students. Across West Virginia, Verano has permits issued by West Virginia's Office of Medical Cannabis to operate a cultivation and processing facility, along with seven total medical cannabis dispensaries that are projected to continue to open throughout 2022, subject to customary approvals.
Verano Holdings reports Q1 revenue $202M, consensus $299.39M » 07:0805/2505/25/22
Q1 2022 gross profit was…
Q1 2022 gross profit was $100M or 49% of revenue, compared to $54M in the first quarter 2021; excluding an M&A inventory step up and depreciation and amortization, gross margin was 61%, up 1% from Q4 2021 on a comparable basis. Net loss in the first quarter 2022 was $7M, compared to a loss of $2 million in the first quarter 2021. "I am proud of the financial and operational performance we achieved this quarter, including sustaining our signature industry-leading margins, despite facing substantial headwinds that have affected our industry and the broader economy," said George Archos, Verano Founder and Chief Executive Officer. "We remain focused on execution, evidenced by our continued retail footprint expansion, where we added seven locations in the first quarter, including our first Zen Leaf dispensary in West Virginia. Further, the April launch of adult-use sales in New Jersey generated significant and immediate growth in the state, which is representative of similar opportunities we are poised to capitalize on in future transitioning markets in our portfolio. This summer, we are excited to add Zen Leaf Neptune as an additional adult-use dispensary in a prime Jersey Shore location, and throughout the course of 2022, we will continue to invest back in our business through a number of cultivation construction and expansion projects. Overall, we are pleased by our progress in strategically positioning Verano to capitalize on anticipated growth in the second half of the year and beyond."
Verano reports dismissal of all claims in Nielsen arbitration » 07:0905/2305/23/22
The company said,…
The company said, "Verano Holdings notified the U.S. District Court for the District of Colorado of its complete victory in arbitration regarding various frivolous RICO claims brought by Nicholas Nielsen. The arbitrator dismissed all of Nielsen's claims with prejudice and awarded Verano nearly $100,000 in attorney's fees in the arbitration, further underscoring the groundless nature of the lawsuit. In his claims, originally brought in Federal Court but ultimately adjudicated on the merits in arbitration, Nielsen failed to disclose that he had pled guilty to a four-count felony indictment in the State of Arkansas for the blatantly illegal marijuana cultivation and production operation he ran out of his home. Nielsen's claims were a meritless effort to shift blame to Verano and more than fifty other defendants for his conviction, which was based on illegal activity in which he engaged on his own volition and without the knowledge or involvement of Verano or others. With operations in 13 states, all with highly regulated state-legalized cannabis programs, Verano is a leading, vertically integrated multi-state cannabis operator in the United States. This complete victory for Verano validates its vigorous efforts to defend itself from these false, baseless and defamatory allegations that struck at one of Verano's core foundational principles - strict compliance with applicable law."
|Over a week ago|
Verano Holdings announces opening of MUV Ocala » 07:3305/1905/19/22
Verano Holdings announced…
Verano Holdings announced the opening of MUV Ocala on Friday, May 20, the Company's 47th Florida dispensary and 98th nationwide. MUV Ocala, located at 3701 SW College Road, is open Monday through Saturday from 9:00 a.m. to 7:00 p.m. and Sunday from 11:00 a.m. to 5:00 p.m., local time. MUV Ocala is located in Marion County, a rapidly growing area that experienced a population increase of 13.5% from 2010 to 2021. Ocala was also recently named the sixth fastest-growing city in the United States.
Marimed awarded dispensary license in Ohio » 07:3705/1805/18/22
MariMed announced it had…
MariMed announced it had been awarded a provisional dispensary license, PDL, by the Ohio Board of Pharmacy. MariMed won this license in the Ohio lottery process. The license allows the Company to develop a medical dispensary in Tiffin, Ohio, located south of Toledo and home to the University of Bucharest and Tiffin University. Under the Ohio regulations, MariMed must complete the buildout and pass final inspection by February of 2023. "We are delighted to enter the medical cannabis program in Ohio," said Bob Fireman, Chief Executive Officer of MariMed. "We intend to seek additional opportunities to expand our cannabis operations in Ohio including the distribution of our award-winning branded products."
Street Wrap: Today's Top 15 Upgrades, Downgrades, Initiations » 10:0005/1605/16/22
NFLX, BABA, PDD, TCEHY, JD, BIDU, BILI, NTES, CI, TTD, TWLO, DIS, RNG, BAND, SFT, NLSN, MPC, INM, WOOF, RH, NVCR, SVFC, WMT, SYM, DKNG
Verano Holdings launches mobile applications, rewards programs » 07:4505/1605/16/22
Verano Holdings announced…
Verano Holdings announced the launch of mobile applications for the Company's flagship Zen Leaf and MUV dispensaries, unlocking an additional digital channel for shoppers to order cannabis products and access exclusive rewards across a total of 71 dispensaries in seven states. "Since Verano's inception, we've taken pride in fostering an exceptional environment for our guests by ensuring that customer care, convenience, accessibility, and first-class service are perpetual elements of our shoppers' experience," said George Archos, Verano Founder and Chief Executive Officer. "Offering our Zen Leaf and MUV mobile applications is a natural extension of our customer-first mindset, and we're thrilled to deliver this additional channel for our valued guests to access our suite of premium products and exclusive rewards from their preferred devices."
InMed Pharmaceuticals downgraded to Neutral from Buy at Roth Capital » 07:0905/1605/16/22
Roth Capital analyst…
Roth Capital analyst Scott Henry downgraded InMed Pharmaceuticals to Neutral from Buy with a price target of $0.80, down from $6. While "intrigued" by the commercial business, he has concerns about the viability of the R&D unit in the current market environment and he has adopted conservative valuation metrics given concerns with the ability to finance and the potential for a recapitalization, Henry tells investors.
InMed Pharmaceuticals reports Q3 EPS (25c) vs (41c) last year » 07:3305/1305/13/22
Reports Q3 revenue…
Reports Q3 revenue $309,585 vs $0 last year. "The third quarter of fiscal 2022 saw noticeable advancements across all of our programs, including commencing sales of the rare cannabinoids CBDV and CBT as raw ingredients for the health and wellness industry," says Eric A. Adams, InMed President & CEO. "For the remainder of fiscal 2022, we will remain focused on driving our commercial operations by expanding our product portfolio, increasing sales of our existing and new rare cannabinoids, exploring new distribution channels and optimizing our product development and supply chain strategy. We continue to grow revenues and have established a solid platform upon which to build as we commercialize additional high value products. We continue to focus on enhancing our sales and marketing efforts to support increasing demand."