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$VRNOF Earnings - My Takeaways:
1. Strong headline numbers on their first ever qtrly report. Total revs in 2020 up ~200% on PF basis and +247% for Verano standalone and +134% for AltMed (FL) standalone. Mostly organic per my understanding
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1. Strong headline numbers on their first ever qtrly report. Total revs in 2020 up ~200% on PF basis and +247% for Verano standalone and +134% for AltMed (FL) standalone. Mostly organic per my understanding
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2. Margins were very impressive. 63% PF GMs and 48% PF EBITDA margins. Looks like Verano standalone EM was 45% and AltMed was 53.5% in 2020. These are $TCNNF level margins with a more diversified footprint. EBITDA recon. looked fairly clean to me. There were some ??s on that...
3. Core states: IL, FL, AZ, NJ, PA, OH, MD. Company executing on capacity expansions in most of these states and deepening retail footprint throughout. Recent M&A and commentary suggests they aren't done in AZ and PA. I anticipate they will acquire cultivation in PA before YE
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