{"id":494763,"date":"2021-05-18T07:03:19","date_gmt":"2021-05-18T11:03:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/verano-holdings-announces-first-quarter-2021-results\/"},"modified":"2021-05-18T07:03:19","modified_gmt":"2021-05-18T11:03:19","slug":"verano-holdings-announces-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/verano-holdings-announces-first-quarter-2021-results\/","title":{"rendered":"Verano Holdings Announces First Quarter 2021 Results"},"content":{"rendered":"<div class=\"mw_release\">\n<ul type=\"disc\">\n<li style=\"text-align:justify\">First quarter 2021 revenue of $143 million, growth of approximately 117% year-over-year<\/li>\n<li style=\"text-align:justify\">Gross profit margin of over 62% for first quarter 2021<\/li>\n<li style=\"text-align:justify\">First quarter 2021 net income of $126 million, including the impact of biological assets, and $8 million excluding the impact of biological assets<\/li>\n<li style=\"text-align:justify\">First quarter 2021 adjusted EBITDA of $75 million, an industry-leading 52% margin<\/li>\n<\/ul>\n<p align=\"justify\">CHICAGO, May  18, 2021  (GLOBE NEWSWIRE) &#8212; Verano Holdings Corp. (CSE:VRNO) (OTCQX: VRNOF) (\u201cVerano\u201d or \u201cthe Company\u201d), a leading multi-state cannabis company, today announced its financial results for the first quarter ended March 31, 2021. The financial information below is reported on a pro forma consolidated basis accounting for the AltMed acquisition as if completed on January 1, 2021, and all currency is in U.S. dollars, unless otherwise noted.<\/p>\n<p align=\"justify\">\n        <strong>First Quarter<\/strong><br \/>\n        <strong> 202<\/strong><br \/>\n        <strong>1<\/strong><br \/>\n        <strong>Financial<\/strong><br \/>\n        <strong> Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">First quarter 2021 revenues increased 117% from the first quarter 2020 to $143 million.<\/li>\n<li style=\"text-align:justify\">First quarter gross profit, on an unadjusted basis and not including the impact of biological assets, was $89 million or 62% of revenue, compared to $50 million in the first quarter 2020.<\/li>\n<li style=\"text-align:justify\">First quarter 2021 SG&amp;A expense was $29 million or 20% of revenue, compared to $14 million or 21% of revenue in the first quarter 2020.<\/li>\n<li style=\"text-align:justify\">Net income in first quarter 2021, including the impact of biological assets, was $126 million compared to $72 million in the first quarter 2020. Excluding the impact of biological assets, net income was $8 million in the first quarter 2021.<\/li>\n<li style=\"text-align:justify\">First quarter 2021 EBITDA<sup>1<\/sup> on an unadjusted basis was $60 million or 42% of revenues, and Adjusted EBITDA<sup>1<\/sup> was $75 million or 52% of revenues.<\/li>\n<li style=\"text-align:justify\">Cash flow from operations for first quarter 2021 was $42 million, and free cash flow<sup>1<\/sup> was $4 million.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Recent <\/strong><br \/>\n        <strong>Operational Highlights <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Verano completed the acquisitions of Territory, Emerald, and Local Joint, all in Arizona, giving the Company the third largest retail footprint in the state with six active storefronts plus two cultivation facilities.<\/li>\n<li style=\"text-align:justify\">The Company was upgraded to the OTCQX Best Market, which is expected to increase visibility and improve liquidity for investors, and marks another step toward maximizing long-term shareholder value.<\/li>\n<li style=\"text-align:justify\">Verano completed a private placement raising gross proceeds of approximately C$100 million, with warrants issued in the offering being priced at C$28.50 for one Class A subordinate voting share of the Company.<\/li>\n<li style=\"text-align:justify\">In first quarter 2021, the company brought four new dispensaries online in as many states.<\/li>\n<li style=\"text-align:justify\">In April, the Company opened its second of three planned Zen Leaf dispensaries in New Jersey, where the expansion of its 120,000 sq. ft. cultivation facility is underway in anticipation of the onset of adult use sales in the state.<\/li>\n<li style=\"text-align:justify\">The Company completed acquisitions of TerraVida and The Healing Center, adding six dispensaries in Pennsylvania \u2013 three in the Philadelphia metroplex and three in the Pittsburgh metroplex \u2013 and also acquired a permit for the development of three additional dispensaries in the state.<\/li>\n<li style=\"text-align:justify\">In May, the Company upsized its existing credit facility by $100 million, with an industry-leading 9.75% interest rate on a non-dilutive basis.<\/li>\n<li style=\"text-align:justify\">Verano announced it has entered into agreements for the acquisitions of Agri-Kind and Agronomed Biologics in Pennsylvania, which are expected to add an active and completely built-out, state-of-the-art 62,000 sq. ft. indoor grow facility, in addition to further developing the Company\u2019s vertically integrated footprint with a permit for six new dispensaries and a second cultivation and production facility.<\/li>\n<\/ul>\n<p align=\"justify\">(1) See Non-IFRS Financial Measures below.<\/p>\n<p align=\"justify\">\n        <strong>Management Commentary<\/strong>\n      <\/p>\n<p align=\"justify\">\u201cOur strong first quarter performance was foundational in nature and sets the tone for what we expect to be a transformational year. We anticipate considerable quarter-over-quarter growth in 2021 as we begin to realize the impact of accretive acquistions we\u2019ve made over the last few months, in addition to broad expansion of cultivation capacity and organic retail growth,\u201d said George Archos, Verano CEO and Founder. \u201cI am very pleased with our accomplishments to-date, particularly how well we\u2019ve executed on our growth strategy. We\u2019ve expanded our retail footprint and production capacity in core markets where we\u2019ve identified substantial near- and long-term upside. Our management team has risen to every occasion, effectively guiding integrations across our markets to maximize a growing talent pool, while unearthing operational efficiencies along the way. We believe we are poised to deliver on our stated objectives, to maintain an industry-leading margin profile through considerable expansion, and we expect to deliver added shareholder value into the foreseeable future.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Balance Sheet and Liquidity<\/strong><br \/>\n        <br \/>As of March 31, 2021, the Company\u2019s current assets on a pro forma consolidated basis were $549 million, including cash and cash equivalents of $112 million. The Company had working capital of $329 million and total debt, not including lease liabilities and net of issuance costs, of $34 million.<\/p>\n<p align=\"justify\">Total shares on an as-converted basis are 303,609,405 as of May 17, 2021.<\/p>\n<p align=\"justify\">\n        <strong>Additional Information<\/strong><br \/>\n        <br \/>The financial information reported in this news release is based on the unaudited financial statements of Verano Holdings Corp. and the related management discussion and analysis (\u201cMD&amp;A\u201d) for the three months ended March 31, 2021, both of which are available under the Company\u2019s profile on SEDAR at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=yN8KBVfRiZfV5OXBKsGwYk6W1gAipX66J0N5CSo_cyy0iaiH2ZVTKpPmLXgFI26LQzepWNl4b8dz9uckLizz9w==\" rel=\"nofollow noopener\" target=\"_blank\">www.SEDAR.com<\/a>. All financial information contained in this news release is qualified in its entirety with reference to such financial statements and MD&amp;A.<\/p>\n<p align=\"justify\">\n        <strong>Non-IFRS Financial Measures<\/strong><br \/>\n        <br \/>Verano refers to certain non-IFRS measures to evaluate the performance of the Company. The terms \u201cEBITDA\u201d, \u201cAdjusted EBITDA\u201d and \u201cFree Cash Flow\u201d do not have any standardized meaning prescribed within International Financial Reporting Standards (\u201cIFRS\u201d) and therefore may not be comparable to similar measures presented by other companies. Such measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA is calculated as net earnings from operations before interest expense, tax expense, depreciation, and amortization. Adjusted EBITDA is calculated as EBITDA adjusted for one-time expenses related to other expenses, gain from investment in associates and acquisition related costs. Free Cash Flow is calculated as cash flow from operations minus capital expenditures. Reconciliations of the non-IFRS financial measures used in this news release to the most comparable IFRS financial numbers are included tables at the end of this news release.<\/p>\n<p align=\"justify\">Management believes that these non-IFRS financial measures provide useful information as a supplement to reported IFRS financial information. Management reviews these non-IFRS financial measures on a regular basis and uses them to evaluate and manage the performance of the Company\u2019s operations. These measures should be evaluated only in conjunction with the Company\u2019s comparable IFRS financial measures.<\/p>\n<p align=\"justify\">\n        <strong>Conference Call<\/strong><br \/>\n        <strong> and Webcast<\/strong><br \/>\n        <br \/>A conference call and audio webcast with analysts and investors will be held today at 8:30 a.m. Eastern Time\/7:30 a.m. Central Time, to discuss Verano\u2019s first quarter 2021 financial results and answer questions.<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Investors and participants can register for the call by visiting this <a href=\"https:\/\/event.on24.com\/eventRegistration\/EventLobbyServlet?target=reg20.jsp&amp;referrer=https%3A%2F%2Finvestors.verano.com%2F&amp;eventid=3157238&amp;sessionid=1&amp;key=05D7F9B4C2A294390B287903E874CA7F&amp;regTag=&amp;V2=false&amp;sourcepage=register\" rel=\"nofollow noopener\" target=\"_blank\">page<\/a>. After registering, instructions will be shared on how to join the call for those who wish to dial in.<\/li>\n<li style=\"text-align:justify\">Live and archived webcast will be available on the Events and Presentations page of Verano\u2019s investor relations website at\u00a0<a href=\"https:\/\/investors.verano.com\/overview\/default.aspx\" rel=\"nofollow noopener\" target=\"_blank\">investors.verano.com<\/a>.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>About Verano<\/strong><br \/>\n        <br \/>Verano Holdings Corp. is a leading, vertically-integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to address vital health and wellness needs, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands: Verano, Avexia, Encore, and M\u00dcV<sup>\u2122<\/sup>. The Company\u2019s portfolio encompasses 14 U.S. States, with active operations in 11, which includes nine production facilities comprising approximately 770,000 square feet of cultivation. Verano designs, builds, and operates dispensaries under retail brands Zen Leaf<sup>\u2122<\/sup> and M\u00dcV<sup>\u2122<\/sup>, delivering a superior cannabis shopping experience in both medical and adult-use markets. Learn more at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=jNkb64uEq8WxFJqFiGB6lytphrtNzSm8A220FcOKMSWQtP8YItWRUJRrhZbB_vZ-IwVpTO5wPapQiE0_z0Tshw==\" rel=\"nofollow noopener\" target=\"_blank\">www.verano.com<\/a><\/p>\n<p align=\"justify\">\n        <strong>Forward Looking Statements<\/strong><br \/>\n        <br \/>This news release contains certain &#8220;forward-looking information&#8221; within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company\u2019s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company&#8217;s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as &#8220;plans&#8221;, &#8220;expects&#8221; or &#8220;does not expect&#8221;, &#8220;is expected&#8221;, &#8220;budget&#8221;, &#8220;scheduled&#8221;, &#8220;estimates&#8221;, &#8220;forecasts&#8221;, &#8220;intends&#8221;, &#8220;anticipates&#8221; or &#8220;does not anticipate&#8221;, or &#8220;believes&#8221;, or variations of such words and phrases or may contain statements that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will be taken&#8221;, &#8220;will continue&#8221;, &#8220;will occur&#8221; or &#8220;will be achieved&#8221;. Forward-looking information and forward-looking statements may include, but are not limited to statements or information with respect to the Company\u2019s position in the marketplace, the proposed completion or buildout of Company facilities, the Company\u2019s cultivation capacity, the completion of pending acquisitions, the accretive nature of acquisitions, the fortification of the Company\u2019s presence in core markets, the possibility of material organic expansion, delivery of shareholder value and the ability to maintain industry-leading margins and add depth to leadership.<\/p>\n<p align=\"justify\">Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risk factors discussed in the Company&#8217;s filings including our financial statements and MD&amp;A for the fiscal year ending December 31, 2020 and our financial statements and MD&amp;A for the three months ended March 31, 2021 on SEDAR at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=TbpDpJE0rhFeFC_gM05b95EHYwc5nTxF8YtfpWmBr6o5ZiDlZQ5jy2PD7lFsQZ80zSHjigm12KfDhFQBGbh-OueHFRPWTQmHFSnnzwdk9p3K7G81j8_S0TQywcTMR4v-2rVoXxiDkqzO9zqmN6nk8APVpJTc_ZTzVXSNQg77VDuv8o-1Trbth2jSAG5EoOgZ\" rel=\"nofollow noopener\" target=\"_blank\">www.sedar.com<\/a>.\u00a0<\/p>\n<p align=\"justify\">The forward-looking information and forward-looking statements contained in this new release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.<\/p>\n<p align=\"center\">\n        <strong>Verano Holdings Corporation Pro Forma<\/strong><br \/>\n        <br \/>\n        <strong>Unaudited Financial Information<\/strong><br \/>\n        <br \/>\n        <strong>(All amounts expressed in thousands of U.S. Dollars)<\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong>Unaudited Consolidated Statements of Operations<\/strong><br \/>\n        <br \/>\n        <strong>For the Three Months Ended March 31, 2021 and 2020<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the Three Months Ended<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 31<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2021<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:60%;vertical-align: bottom\">Revenue<\/td>\n<td style=\"width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"width:16%;text-align: right;vertical-align: middle;vertical-align: bottom\">143,297<\/td>\n<td style=\"width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"width:16%;text-align: right;vertical-align: middle;vertical-align: bottom\">66,059<\/td>\n<td style=\"width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cost of Sales<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(54,605<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(15,618<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gross Profit Before Fair Value Adjustments of Biological Assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">88,693<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">50,441<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gross Profit % Before Changes In Fair Value of Biological Assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">61.9<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">76.4<\/td>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net Effect of Changes in Fair Value of Biological Assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">117,408<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">54,024<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Gross Profit<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>206,100<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>104,465<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Expenses:<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Selling, General and Administrative<sup>1<\/sup><\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">29,206<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">14,081<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and Amortization<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,957<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2,821<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Total Expenses<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">32,163<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,902<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income (Loss) from Investments in Associates<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">803<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">4,528<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Income (Loss) from Operations<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>174,740<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>92,091<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total Other Income (Expense), Net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,135<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,140<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Gain (Loss) Before Income Taxes<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>171,605<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>87,951<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Income Tax Expense<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">45,327<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">16,108<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net Income Attributable To Non-Controlling Interest<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>706<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>168<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Net Income\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>125,573<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>71,676<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">\n        <strong>Verano Holdings Corporation Pro Forma<\/strong><br \/>\n        <br \/>\n        <strong>Unaudited Summarized Consolidated Statements of Financial Position<\/strong><br \/>\n        <br \/>\n        <strong>As of March 31, 2021 and 2020\u00a0<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the Three Months Ended<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 31<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2021 <sup>1<\/sup><\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:60%;vertical-align: bottom\">Cash and Cash Equivalents<\/td>\n<td style=\"width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"width:16%;text-align: right;vertical-align: middle;vertical-align: bottom\">111,637<\/td>\n<td style=\"width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"width:16%;text-align: right;vertical-align: middle;vertical-align: bottom\">19,834<\/td>\n<td style=\"width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other Current Assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">437,083<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">142,418<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Property and Equipment, Net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">247,570<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">148,932<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Intangible Assets, Net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">722,917<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">19,880<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Goodwill<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">222,525<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,597<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other Long-Term Assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">37,600<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">65,133<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total Assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,779,332<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>401,795<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total Current Liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">220,043<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">88,284<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total Long-Term Liabilities<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">295,083<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">38,315<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total Shareholders&#8217; Equity<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,264,205<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">275,197<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Total Liabilities and Shareholders&#8217; Equity<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,779,332<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>401,795<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <sup>1<\/sup> 2021 consolidated statement reported on IFRS-basis<\/p>\n<p align=\"center\">\n        <strong>\u00a0Verano Holdings Corporation Pro Forma<\/strong><br \/>\n        <br \/>\n        <strong>Unaudited Reconciliation of Net Income to Adjusted EBITDA and Non-IFRS<\/strong><br \/>\n        <br \/>\n        <strong>For the Three Months Ended March 31, 2021 and 2020<\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the Three Months Ended<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <em>($ in thousands)<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 31,<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2021<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:60%;vertical-align: bottom\">\n            <strong>Net Income<sup>1<\/sup><\/strong>\n          <\/td>\n<td style=\"width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"width:16%;text-align: right;vertical-align: middle;vertical-align: bottom\">125,573<\/td>\n<td style=\"width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:2%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"width:16%;text-align: right;vertical-align: middle;vertical-align: bottom\">71,676<\/td>\n<td style=\"width:1%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depreciation and Amortization<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5,110<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">2,821<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest Expense, Net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,633<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">380<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Income Tax Expense<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">45,327<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">16,108<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Earnings (Loss) Before Interest, Taxes, Depreciation <br \/> and Amortization (EBITDA) (Non-IFRS)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>177,644<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>90,984<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other expense (income), net<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">1,268<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">3,760<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acquisition, transaction, and other non-operating costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">13,543<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">651<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Adjusted EBITDA (Non-IFRS)<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>192,454<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>95,395<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net Impact of Fair Value of Biological Assets<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(117,408<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(54,024<\/td>\n<td style=\"vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Adjusted EBITDA (non-IFRS), Net of Impact of Biological Assets<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>75,047<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>41,372<\/strong>\n          <\/td>\n<td style=\"vertical-align: bottom\">\n            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <sup>1 <\/sup>Net Income excludes amounts attributable to non-controlling interest.<strong>\u00a0<\/strong><\/p>\n<p>\n        <strong>Contacts:<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Investors<\/strong><br \/>\n        <br \/>Verano Holdings<br \/>Aaron Miles<br \/>Head of Investor Relations<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=qhn4DfYU0iJyNA5EIYJtQjHXsOvkWERRA6yDQ3eDRNJbTfe0E_n38v6rUG9QuH59FgxiL-wOH77GwtCBqN5LrhDQvUB8g_Qk8aMtq_DdiIA=\" rel=\"nofollow noopener\" target=\"_blank\">aaron@verano.holdings<\/a><\/p>\n<p align=\"justify\">\n        <strong>Media<\/strong><br \/>\n        <br \/>Verano Holdings<br \/>David Spreckman<br \/>VP, Marketing &amp; Communications<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gNwnf2lDFFzFwSKeupf2FGzoc1wNvUNFY-QDhpwX2rsdEl9Juolvn6PhC_lU0vy-PDkOk3pNWzkn4xB34aGmw-0HNi5EPT5RQngkNCMODvc=\" rel=\"nofollow noopener\" target=\"_blank\">david@verano.holdings<\/a><\/p>\n<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIzODUxMSM0MTg5NjQ4IzUwMDA3MDMzOA==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/d8ee9444-f0c9-4ffa-a6ca-e8f01da6e19f\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>First quarter 2021 revenue of $143 million, growth of approximately 117% year-over-year Gross profit margin of over 62% for first quarter 2021 First quarter 2021 net income of $126 million, including the impact of biological assets, and $8 million excluding the impact of biological assets First quarter 2021 adjusted EBITDA of $75 million, an industry-leading 52% margin CHICAGO, May 18, 2021 (GLOBE NEWSWIRE) &#8212; Verano Holdings Corp. (CSE:VRNO) (OTCQX: VRNOF) (\u201cVerano\u201d or \u201cthe Company\u201d), a leading multi-state cannabis company, today announced its financial results for the first quarter ended March 31, 2021. The financial information below is reported on a pro forma consolidated basis accounting for the AltMed acquisition as if completed on January 1, 2021, and all currency is &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/verano-holdings-announces-first-quarter-2021-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Verano Holdings Announces First Quarter 2021 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-494763","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Verano Holdings Announces First Quarter 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/verano-holdings-announces-first-quarter-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Verano Holdings Announces First Quarter 2021 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"First quarter 2021 revenue of $143 million, growth of approximately 117% year-over-year Gross profit margin of over 62% for first quarter 2021 First quarter 2021 net income of $126 million, including the impact of biological assets, and $8 million excluding the impact of biological assets First quarter 2021 adjusted EBITDA of $75 million, an industry-leading 52% margin CHICAGO, May 18, 2021 (GLOBE NEWSWIRE) &#8212; Verano Holdings Corp. (CSE:VRNO) (OTCQX: VRNOF) (\u201cVerano\u201d or \u201cthe Company\u201d), a leading multi-state cannabis company, today announced its financial results for the first quarter ended March 31, 2021. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/verano-holdings-announces-first-quarter-2021-results\/","og_locale":"en_US","og_type":"article","og_title":"Verano Holdings Announces First Quarter 2021 Results - Market Newsdesk","og_description":"First quarter 2021 revenue of $143 million, growth of approximately 117% year-over-year Gross profit margin of over 62% for first quarter 2021 First quarter 2021 net income of $126 million, including the impact of biological assets, and $8 million excluding the impact of biological assets First quarter 2021 adjusted EBITDA of $75 million, an industry-leading 52% margin CHICAGO, May 18, 2021 (GLOBE NEWSWIRE) &#8212; Verano Holdings Corp. (CSE:VRNO) (OTCQX: VRNOF) (\u201cVerano\u201d or \u201cthe Company\u201d), a leading multi-state cannabis company, today announced its financial results for the first quarter ended March 31, 2021. 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