Verano Broadens Vertical Operations in Limited-License States

Other Notable Highlights:

• Introduced On the Rocks brand of solventless products in Pennsylvania and Illinois, with plans to further scale into additional core markets throughout 2023 including Florida, Arizona and New Jersey.
• Plans to add additional MÜV dispensaries in Florida throughout 2023. 

Commentary:

In addition to launching adult-use sales in Connecticut earlier this year, Verano successfully launched adult-use sales on July 1 in Maryland.

"Verano is no stranger to the introduction an adult-use program to an existing medical market. And after being through this many times before, most recently [in] Connecticut just months ago, we are ready and excited for what we expect to be a robust program launch [in Maryland]," George Archos, Verano CEO and founder, said in May during the company's first quarter 2023 earnings call. 

Verano also expects to open six social equity joint venture dispensaries during the second half of 2023 in Connecticut, which will allow the company to expand while supporting social equity efforts in the state, he said.

Florida and Illinois are also on Verano's list of states to expand in 2023. 

"We now have [70] MÜV dispensaries across [Florida], and with a few more planned openings for the year," Archos said. "[We] anticipate continuing to strengthen our foothold in this medical market in advance of a potential adult-use ballot initiative."

 In Illinois, the company is optimizing canopy and production to meet demand.

"This decision is driven in large part by the slower than anticipated pace of new dispensary openings," Archos said. "Despite these delays, we continue our efforts to streamline operations, increase yields and introduce new brands and products."