Verano Holdings (VRNO) Gross Margin (2021 - 2026)
Verano Holdings' Gross Margin was 45.75% in Q2 2026, down 10.11 percentage points from 55.86% a year earlier and down 1.79 percentage points from the prior quarter.
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Analysis
Verano Holdings (VRNO) Gross Margin (2021 - 2026) Analysis & Trends
On a trailing twelve-month basis, Verano Holdings' Gross Margin was 47.83% through Jun 30, 2026, down 2.85 percentage points year-over-year; for FY2025, it was 50.33%, down 0.19 percentage points from FY2024.
- Gross Margin shows a five-year change of -8.99 percentage points (FY2020 to FY2025).
- In earlier years, Gross Margin was 50.53% in FY2024 (-0.11 pp), 50.64% in FY2023 (+2.53 pp), 48.11% in FY2022 (+3.24 pp) and 44.86% in FY2021 (-14.46 pp).
- The Q2 2026 figure marks the lowest quarterly Gross Margin since Q4 2022.
- Compared with a year earlier, Gross Margin was higher in three of the last eight quarters, with an average year-over-year change of -2.02 percentage points.
- The best year-over-year quarter for Gross Margin over five years was Q2 2022 (a gain of 9.10 percentage points); the worst was Q2 2026 (a drop of 10.11 percentage points).
- Per Business Quant data, VRNO's Gross Margin in the three quarters before Q2 2026 was 47.54% (Q1 2026), 51.16% (Q4 2025) and 46.96% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 302.14 Bn | 283.71 Bn | 7.66 Bn | 68.43% |
| 2 | British American Tobacco p.l.c | 129.64 Bn | 108.78 Bn | - | - |
| 3 | Altria | 115.45 Bn | 101.65 Bn | 3.82 Bn | 62.51% |
| 4 | Curaleaf Holdings | 2.87 Bn | 2.47 Bn | 169.91 Mn | 49.96% |
| 5 | RLX Technology | 2.63 Bn | -932.13 Mn | 52.74 Mn | 35.41% |
| 6 | Trulieve Cannabis | 2.37 Bn | 989.63 Mn | 162.29 Mn | 59.90% |
| 7 | Green Thumb Industries | 1.53 Bn | 385.54 Mn | 137.87 Mn | 44.96% |
| 8 | Cronos | 1.26 Bn | -1.96 Bn | 28.45 Mn | 40.30% |
| 9 | Turning Point Brands | 1.21 Bn | 343.16 Mn | 93.70 Mn | 65.55% |
| 10 | Verano Holdings | 871.29 Mn | 544.91 Mn | 99.70 Mn | 45.75% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 45.75% |
| Mar 31, 2026 | 47.54% |
| Dec 31, 2025 | 51.16% |
| Sep 30, 2025 | 46.96% |
| Jun 30, 2025 | 55.86% |
| Mar 31, 2025 | 47.46% |
| Dec 31, 2024 | 49.28% |
| Sep 30, 2024 | 50.35% |
| Jun 30, 2024 | 51.41% |
| Mar 31, 2024 | 51.04% |
| Dec 31, 2023 | 49.59% |
| Sep 30, 2023 | 55.49% |
| Jun 30, 2023 | 49.20% |
| Mar 31, 2023 | 48.09% |
| Dec 31, 2022 | 45.74% |
| Sep 30, 2022 | 54.04% |
| Jun 30, 2022 | 43.87% |
| Mar 31, 2022 | 48.76% |
| Dec 31, 2021 | 51.71% |
| Sep 30, 2021 | 47.56% |
API Access
Verano Holdings Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=VRNO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "VRNO", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=VRNO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();