Verano Holdings VRNO

Verano Holdings Corp. is a vertically integrated multistate operator in the United States cannabis industry. The company engages in the cultivation, processing, wholesale distribution, and retail sale of medical and adult cannabis products. As of March 10 2026 it operates in thirteen states including Arizona Connecticut Florida Illinois Maryland Massachusetts Michigan Nevada New Jersey Ohio Pennsylvania Virginia and West Virginia. It maintains a portfolio of consumer brands such as Encore Avexia MÜV Savvy Essence BITS HYPHEN Swift Lifts and Verano and operates branded dispensaries under the Zen Leaf and MÜV names.

Verano Holdings Corp. generates revenue primarily from its wholesale business and its retail dispensary operations. The wholesale segment supplies cannabis flower concentrates edibles topicals and other infused products to third party dispensaries and to the companys own retail stores. The retail segment derives income from the sale of these products through its network of brick and mortar dispensaries operating under the Zen Leaf and MÜV brands as well as through acquired banners such as Cannabist and SWC. For the fiscal year ended December 31 2025 wholesale contributed approximately thirty two point one percent of consolidated revenue net of discounts while retail accounted for the remaining sixty seven point nine percent. Medical use sales represented about fifty three percent of total revenue and adult use sales represented about forty seven percent for the same period.

The company operates through the following segments: wholesale and retail.

• Wholesale produce and distribute a broad range of cannabis infused products including flower concentrates edibles and topicals to independent dispensaries and to the companys own retail locations.

• Retail operate a network of brick and mortar dispensaries under the Zen Leaf and MÜV brands as well as acquired banners such as Cannabist and SWC selling cannabis infused products directly to medical and adult consumers.

Verano Holdings Corp. holds a leading position among United States multistate cannabis operators based on revenue scale geographic breadth and brand recognition. Its primary competitors include Green Thumb Industries Inc. Cresco Labs Inc. Curaleaf Holdings Inc. and Trulieve Cannabis Corp. The company differentiates itself through vertical integration that controls the full seed to sale chain within each state allowing cost control and consistent product quality. A diversified footprint across thirteen states reduces reliance on any single market and provides flexibility to adapt to regulatory changes. Strong brand portfolio and proprietary formulations support pricing power and customer loyalty while the company's scale enables efficient purchasing and distribution.

Verano Holdings Corp. serves two main customer groups: medical patients who possess valid authorizations and adult consumers who meet age requirements in states where recreational use is permitted. Through its retail dispensaries the company sells directly to these individuals offering a range of product formats and price points. The wholesale business supplies third party dispensaries that in turn sell to the same patient and consumer base. No single customer accounts for a material portion of revenue and the company is not dependent on any individual account. Overall the customer base consists of registered medical patients and adult users across the thirteen states where the company operates.