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Verano Expands U.S. Cannabis Footprint With New Buyouts
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Verano Holdings Corp. (VRNOF - Free Report) , a leading multi-state cannabis operator, has solidified its presence in the U.S. cannabis market by completing the acquisition of three subsidiaries from The Cannabist Company Holdings Inc. This strategic move includes two subsidiaries in Arizona (203 Organix, L.L.C. and Salubrious Wellness Center, Inc.) and the third one in Virginia (Columbia Care Eastern Virginia LLC.), enhancing Verano’s market footprint in key regions and positioning the company for significant growth.
The acquisition deal was initiated on July 29. This deal helps Verano foray into the Virginia market, ahead of the Adult Use Program launch. It will deepen the company’s footprint in Arizona.
Verano Enters Virginia Market
Verano's acquisition of Columbia Care Eastern Virginia LLC marks a significant milestone in its expansion strategy. By becoming the sole vertical cannabis operator in Health Service Area 5 (HSA 5) of Eastern Virginia, Verano gains exclusive access to a market with nearly two million residents and a thriving tourism industry. This acquisition includes an active cultivation and production facility, along with six operational dispensaries in major cities like Hampton, Norfolk, and Virginia Beach.
Virginia’s cannabis program is uniquely structured, allowing only one operator per health service area. This exclusivity not only limits competition but also provides Verano with the opportunity to establish a dominant presence in the state, especially as the market prepares for the potential legalization of adult-use cannabis. The addition of delivery services and wholesale opportunities across the Commonwealth further enhances Verano’s capacity to serve a broader customer base, setting the stage for future growth.
VRNOF Strengthens Operations in Arizona
In Arizona, Verano’s acquisition of 203 Organix, L.L.C. and Salubrious Wellness Center, Inc. significantly boosts its operational capabilities. With this deal, Verano’s retail footprint expands to eight locations, including new dispensaries in Tempe and Prescott. This complements its existing Zen Leaf dispensaries and multiple cultivation and processing facilities, enabling the company to meet growing consumer demand and strengthen its position in the Arizona market.
Image Source: Zacks Investment Research
The addition of these assets in Arizona not only increases Verano’s cultivation capacity but also enhances its ability to deliver a diverse range of cannabis products. The expanded retail presence, coupled with high-performing dispensaries in strategic locations, aligns with Verano’s goal of broadening access to its award-winning brand portfolio.
Veranos' Strategic Growth and Future Outlook
Verano’s strategic acquisitions in Virginia and Arizona are pivotal to its long-term growth plans. By consolidating its market presence in these states, Verano is well-positioned to capitalize on emerging opportunities, particularly the anticipated shift toward adult-use cannabis in Virginia. The company’s ability to integrate and optimize these new operations reflects its commitment to maintaining a top-tier status in the competitive cannabis industry.
Veranos Aided by Cannabis Market Prospects
Going by a Fortune Business Insights report, the global cannabis market is experiencing explosive growth. It is projected to grow from $57.18 billion in 2023 to $444.34 billion by 2030, at a staggering CAGR of 34.03%. This surge will be driven by increasing legalization and recognition of cannabis' medicinal and therapeutic benefits worldwide.
VRNOF Stock Performance
Year to date, shares of VRNOF have plunged 14.1% against the industry’s 10.5% growth.
Zacks Rank and Key Picks
Veranos stock currently carries a Zacks Rank #3 (Hold).
Exact Sciences’ shares have fallen 25.3% in the past year. Estimates for the company’s loss per share have improved from $1.09 to 95 cents for 2024 and from 26 cents to 6 cents for 2025 in the past 30 days.
EXAS’ earnings beat estimates in three of the trailing four quarters and matched in one, delivering an average surprise of 56.2%. In the last reported quarter, it posted an earnings surprise of 75.7%.
Estimates for Boston Scientific’s 2024 earnings per share have moved to $2.40 from $2.36 in the past 30 days. Shares of the company have gained 47.8% in the past year compared with the industry’s growth of 13.7%.
BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.2%. In the last reported quarter, it delivered an earnings surprise of 6.9%.
Estimates for SiBone’s 2024 loss per share have narrowed to 89 cents from 95 cents in the past 30 days. Shares of the company have decreased 20.6% in the past year against the industry’s 12.3% growth.
SIBN’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.4%. In the last reported quarter, it delivered an earnings surprise of 15.4%.
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Verano Expands U.S. Cannabis Footprint With New Buyouts
Verano Holdings Corp. (VRNOF - Free Report) , a leading multi-state cannabis operator, has solidified its presence in the U.S. cannabis market by completing the acquisition of three subsidiaries from The Cannabist Company Holdings Inc. This strategic move includes two subsidiaries in Arizona (203 Organix, L.L.C. and Salubrious Wellness Center, Inc.) and the third one in Virginia (Columbia Care Eastern Virginia LLC.), enhancing Verano’s market footprint in key regions and positioning the company for significant growth.
The acquisition deal was initiated on July 29. This deal helps Verano foray into the Virginia market, ahead of the Adult Use Program launch. It will deepen the company’s footprint in Arizona.
Verano Enters Virginia Market
Verano's acquisition of Columbia Care Eastern Virginia LLC marks a significant milestone in its expansion strategy. By becoming the sole vertical cannabis operator in Health Service Area 5 (HSA 5) of Eastern Virginia, Verano gains exclusive access to a market with nearly two million residents and a thriving tourism industry. This acquisition includes an active cultivation and production facility, along with six operational dispensaries in major cities like Hampton, Norfolk, and Virginia Beach.
Virginia’s cannabis program is uniquely structured, allowing only one operator per health service area. This exclusivity not only limits competition but also provides Verano with the opportunity to establish a dominant presence in the state, especially as the market prepares for the potential legalization of adult-use cannabis. The addition of delivery services and wholesale opportunities across the Commonwealth further enhances Verano’s capacity to serve a broader customer base, setting the stage for future growth.
VRNOF Strengthens Operations in Arizona
In Arizona, Verano’s acquisition of 203 Organix, L.L.C. and Salubrious Wellness Center, Inc. significantly boosts its operational capabilities. With this deal, Verano’s retail footprint expands to eight locations, including new dispensaries in Tempe and Prescott. This complements its existing Zen Leaf dispensaries and multiple cultivation and processing facilities, enabling the company to meet growing consumer demand and strengthen its position in the Arizona market.
Image Source: Zacks Investment Research
The addition of these assets in Arizona not only increases Verano’s cultivation capacity but also enhances its ability to deliver a diverse range of cannabis products. The expanded retail presence, coupled with high-performing dispensaries in strategic locations, aligns with Verano’s goal of broadening access to its award-winning brand portfolio.
Veranos' Strategic Growth and Future Outlook
Verano’s strategic acquisitions in Virginia and Arizona are pivotal to its long-term growth plans. By consolidating its market presence in these states, Verano is well-positioned to capitalize on emerging opportunities, particularly the anticipated shift toward adult-use cannabis in Virginia. The company’s ability to integrate and optimize these new operations reflects its commitment to maintaining a top-tier status in the competitive cannabis industry.
Veranos Aided by Cannabis Market Prospects
Going by a Fortune Business Insights report, the global cannabis market is experiencing explosive growth. It is projected to grow from $57.18 billion in 2023 to $444.34 billion by 2030, at a staggering CAGR of 34.03%. This surge will be driven by increasing legalization and recognition of cannabis' medicinal and therapeutic benefits worldwide.
VRNOF Stock Performance
Year to date, shares of VRNOF have plunged 14.1% against the industry’s 10.5% growth.
Zacks Rank and Key Picks
Veranos stock currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Exact Sciences (EXAS - Free Report) , Boston Scientific (BSX - Free Report) and SiBone (SIBN - Free Report) . Each of these carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Exact Sciences’ shares have fallen 25.3% in the past year. Estimates for the company’s loss per share have improved from $1.09 to 95 cents for 2024 and from 26 cents to 6 cents for 2025 in the past 30 days.
EXAS’ earnings beat estimates in three of the trailing four quarters and matched in one, delivering an average surprise of 56.2%. In the last reported quarter, it posted an earnings surprise of 75.7%.
Estimates for Boston Scientific’s 2024 earnings per share have moved to $2.40 from $2.36 in the past 30 days. Shares of the company have gained 47.8% in the past year compared with the industry’s growth of 13.7%.
BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.2%. In the last reported quarter, it delivered an earnings surprise of 6.9%.
Estimates for SiBone’s 2024 loss per share have narrowed to 89 cents from 95 cents in the past 30 days. Shares of the company have decreased 20.6% in the past year against the industry’s 12.3% growth.
SIBN’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.4%. In the last reported quarter, it delivered an earnings surprise of 15.4%.