Water Tower Hour Recap
Verano is a top-five US multi-state operator (MSO) in the US cannabis industry. Its footprint spans 14 states and includes 130 operational dispensaries and 14 cultivation and production facilities. The firm is known for operational excellence, premium products, and a balanced revenue profile. Verano is vertically integrated in 11 of 13 active markets, which may lead to higher margins and greater control of the supply chain. Verano CIO Aaron Miles joined The Water Tower Hour to discuss how Verano is poised to take advantage of an improving US cannabis landscape. Verano has issued 2023 free cash flow guidance of $50-75 million, with accelerating revenues throughout 2023. Miles explained how Verano is positioned with the maximum of four stores in Maryland, plus 39,000 square feet of cultivation and processing. Maryland transitioned from medical-only to adult-use sales on July 1 and this often leads to a 2-4x increase in sales. Florida is also moving toward adult use and with 22 million residents and 138 million visitors last year, this is an enormous opportunity. Miles shared how Verano has 69 stores and 262,000 square feet of cultivation in the Sunshine State. We cover why Miles is cautiously optimistic about potential political progress. In 2022, Verano paid an extra ~$100 million in state and federal taxes due to the 280E tax burden and the rescheduling under Schedule III would eliminate 280E. SAFE Banking would also lead to more operational efficiencies and may lower lending rates. Progress on both is possible by the end of 2023. Verano is always innovating, and its latest products take advantage of consumers moving toward more convenient and discreet consumption methods. Its new solventless edibles and vapor cartridges provide a richer whole-plant experience and infused pre rolls will resonate with the connoisseur market. Finally, we both share our personal reasons for being passionate about cannabis. The podcast is available on our website, Apple Podcasts, Google Podcasts, Spotify, and more.
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