Verano Q1 2026: The First MSO Read-Through Post Schedule III

1. Executive Summary

Verano Holdings reported Q1 2026 results that were, on the surface, another flat MSO print: $208 million of revenue, +1% sequentially, –1% year-over-year. The Adjusted EBITDA margin of 24% landed at the low end of management's own 24%–26% guidance bracket. Net loss widened to $(18) million, and operating cash flow of $19 million was thin against $15 million of capex.

This is the wrong way to read the quarter.

The press release dropped on April 30, 2026 — eight days after Acting Attorney General Todd Blanche signed a final order moving state-licensed medical cannabis from Schedule I to Schedule III of the Controlled Substances Act, effective April 22, 2026. With that signature, Section 280E of the Internal Revenue Code structurally falls away for roughly 60% of Verano's retail revenue. The same $208 million of quarterly revenue translates to a materially different post-tax cash flow profile starting Q2 2026.

The same call also delivered three additional signals that, together, point to Verano positioning itself as the cleanest re-rate vehicle in the Tier 1 MSO group: a $20 million share repurchase authorization, a recently closed $195 million senior secured term loan at meaningfully lower cost of capital, and a completed re-domestication from British Columbia to Nevada that clears the procedural runway for a future U.S. exchange uplisting.

At a current EV/EBITDA multiple of approximately 5.3x, Verano is the cheapest name in the Tier 1 group on both EV/Sales (1.4x) and EV/EBITDA. The Tier 1 average sits at 2.6x EV/Sales and 7.3x EV/EBITDA. Multiple expansion to peer average alone implies meaningful upside before any consideration of EBITDA growth from 280E elimination.

The single binary catalyst that determines the magnitude of that re-rate is the DEA's expedited administrative hearing process, which begins June 29, 2026 and must conclude no later than July 15, 2026. That hearing will determine whether marijuana as a whole — not just FDA-approved and state-licensed medical products — moves to Schedule III.

This piece is the inaugural entry in a quarterly MSO earnings deep dive series covering Verano, Curaleaf, Green Thumb Industries, Trulieve, and Cresco Labs.

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2. The Print, Decoded

2.1 Reported Q1 2026 results

| Line item | Q1 2026 | Q4 2025 | Q1 2025 | QoQ | YoY | |---|---|---|---|---|---| | Revenue, net | $208M | $207M | $210M | +1% | (1%) | | Gross profit | $99M | $106M | $100M | (7%) | (1%) | | Gross margin | 48% | 51% | 47% | (300 bps) | +100 bps | | SG&A | $86M | $86M | $85M | flat | +1% | | SG&A % of revenue | 41% | 42% | 40% | (100 bps) | +100 bps | | Net loss | $(18)M | $(183)M | $(12)M | n/m | (50%) | | Adjusted EBITDA | $49M | $56M | $54M | (13%) | (9%) | | Adj EBITDA margin | 24% | 27% | 26% | (300 bps) | (200 bps) | | Operating cash flow | $19M | $14M | $2M | +36% | +850% | | Capital expenditures | $15M | $9M | $14M | +67% | +7% | | Free cash flow* | $4M | $5M | $(12)M | n/m | n/m |

*FCF defined as operating cash flow less capex.

Revenue was +1% sequentially, marking the second consecutive quarter of sequential top-line growth. Management attributed the sequential gain to retail performance and the slight YoY decline to "increased competition and promotional activity in wholesale markets."

Gross margin compression to 48% from 51% Q4 was driven primarily by promotional intensity. SG&A held flat in dollar terms despite new store openings — a small but real operating leverage signal as the dispensary footprint grew to 161 nationwide in March.

The widening of net loss to $(18) million from $(12) million Q1 2025 is a cosmetic figure: it reflects expenses associated with retiring the prior 2022 credit agreement during the March refinancing. The recurring P&L picture is closer to flat.

2.2 Cash flow and balance sheet

• Cash and equivalents: $74M (vs. $83M at year-end 2025)
• Working capital: $276M
• Total debt, net of issuance costs: $395M
• Diluted shares outstanding: 364.3 million
• Capex 2026 guidance: $30M–$50M

Operating cash flow of $19 million represents a 9.5x improvement versus the $2 million reported Q1 2025. The Q1 2025 figure was depressed by elevated income tax payments — a reminder of the very burden that Schedule III rescheduling now begins to eliminate.

At $395 million of total debt against approximately $196 million of LTM Adjusted EBITDA (using FY2025 $229M plus Q1 2026 $49M less Q1 2025 $54M), net leverage runs around 1.6x. That is conservative by industry standards. By comparison, Curaleaf and Trulieve carry total liabilities that are multiples of their net debt, with substantial unrecognized 280E tax exposures sitting on their balance sheets.

2.3 The number you have to keep in mind

Management quantified during the Q4 2025 earnings call that full marijuana rescheduling would save Verano an estimated $80 million in annual 280E expenses. Anchor that number. We will use it repeatedly.

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3. The Mix That Matters More Than the Topline

Verano disclosed that medical sales represent approximately 60% of Q1 2026 retail revenue. Total retail revenue was $172 million in the quarter (per company KPI commentary), implying roughly:

• Medical retail: ~$103M (60%)
• Adult-use retail: ~$69M (40%)

This breakout is the most consequential disclosure in the entire release. Acting AG Blanche's April 22 final order moves all state-licensed medical cannabis to Schedule III with immediate effect. Section 280E applies only to substances on Schedules I and II. Effective April 22, 2026, ordinary and necessary business deductions become deductible for the medical-licensed portion of Verano's operations.

On a forward run-rate basis, that is approximately $412 million of annual retail revenue that now sits outside 280E's reach — even if the June 29 hearing fails to extend Schedule III to adult-use.

3.1 Quantifying the medical-only 280E benefit

Working from management's previously disclosed $80M annual 280E savings figure (which assumed full rescheduling) and applying the medical mix:

• Total potential 280E savings (full S3): ~$80M/year
• Medical-only proportion of operations: ~60%
• Estimated medical-only 280E savings (current state): ~$48M/year

Q1 2026 Adjusted EBITDA was $49 million. Annualized, that is $196 million. Adding $48 million of medical-only 280E savings to that base — assuming Verano's other operating dynamics hold flat — implies a forward-looking pro forma EBITDA of approximately $244 million from medical relief alone.

Applied to the current 5.3x EV/EBITDA multiple, that translates to ~$254 million of incremental enterprise value from the medical-only piece. With Verano's market capitalization of approximately $406 million as of late April 2026, that is meaningful in proportion.

This calculation does not account for retroactive 280E refunds, multiple expansion, or the possibility of full Schedule III in July.

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4. The Retroactive 280E Question

Two scenarios floated on the Q1 2026 earnings call regarding retroactive 280E relief:

Scenario A — Refunds back to medical license inception Under this interpretation, state medical operators could file for refunds covering 280E-related federal tax overpayments dating back to when their state medical license was first issued. For long-tenured operators, this could represent multi-year tax overpayments.

Scenario B — Refunds from the 2023 HHS recommendation forward A more conservative interpretation: refunds bounded by the August 2023 Department of Health and Human Services recommendation that marijuana be moved to Schedule III. This would limit the lookback to roughly two and a half years.

The April 22 order is explicit on a key point: nothing in the rule constitutes a determination regarding federal tax liability. Treasury and IRS guidance is the next forcing function. State licensees are advised to consult tax counsel.

This is meaningful upside if Scenario A obtains. Verano has been a state-licensed cannabis operator since 2014. Even Scenario B implies multiple years of paid 280E that could be recovered in cash. Importantly, Verano's prior earnings calls have indicated it has already taken an aggressive 280E tax position — its current federal income tax payable balance was reduced when management took the position that 280E does not apply, with the offset booked to long-term liabilities as an uncertain tax position. The retroactive relief question therefore intersects with how those uncertain tax positions resolve.

Markets will not fully price retroactive 280E until Treasury or the IRS issues binding guidance. That guidance is unscheduled. The single largest non-financial event risk for Verano stockholders in Q2/Q3 2026 is therefore one or more government memoranda.

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5. Capital Allocation — Reading the Signals

Three discrete capital allocation actions were either confirmed or reaffirmed in the Q1 2026 earnings package:

5.1 The $20 million share repurchase

The Verano Board authorized the repurchase of up to $20 million of common stock listed on Cboe Canada. At a market capitalization of approximately $406 million, this represents roughly 5% of equity value. It is a small absolute number but a significant signal:

• It is the first material capital return in the company's history
• Timing suggests management is using rescheduling-related re-rate hesitation as a window to repurchase shares while the multiple is still suppressed
• Archos's own commentary tied the buyback explicitly to "the transformative Schedule III medical cannabis designation" and to providing "further optionality to deploy capital"

In a sector where most operators have spent the last three years issuing equity, a buyback authorization is a directional shift. It also serves as a visible commitment that any retroactive 280E refund is going to flow somewhere productive rather than to operating losses.

5.2 The $195 million term loan

Closed in March 2026 and led by Needham Bank with participation from Chicago Atlantic Financial Services and CEO George Archos personally, the new senior secured credit facility has the following terms:

• Principal: $195 million
• Maturity: Late 2029 / 2030 (extended)
• Interest rate: 5.5% + SOFR, subject to a 4% SOFR floor
• Initial all-in rate: ~9.5% annual interest
• Concurrent revolving credit facility upsized to $100 million

This refinancing replaces a 2022 facility that carried materially higher interest costs. Management described expected savings "in the eight-digit range" (i.e., $10M+ annually) versus the prior facility. For an operator with $395M of total debt and $196M of LTM EBITDA, every 100 basis points saved on interest expense converts almost directly to free cash flow.

The participation of a regional commercial bank (Needham Bank, Massachusetts) is itself notable. It is a precedent — both for Verano's access to lower-cost regulated bank capital and for the broader cannabis industry's eventual normalization of banking relationships.

5.3 The Nevada redomicile and uplisting prep

Verano completed re-domestication from British Columbia, Canada to the State of Nevada following shareholder approval on October 27, 2025 and a final order from the British Columbia Supreme Court. The procedural completion was delayed by an employee strike at the British Columbia Registrar of Companies but is now complete. Verano is now identified as a Nevada corporation in SEC filings.

This is the procedural prerequisite for a U.S. major exchange uplisting (NASDAQ or NYSE). Both exchanges have historically required listed companies to be both U.S.-domiciled and engaged exclusively in federally legal activities. Verano has solved the first half of that equation.

The second half — federal legality — depends on the June 29 hearing extending Schedule III to adult-use. Medical-only Schedule III is structurally insufficient for either NYSE or NASDAQ to relax their listing standards, since Verano's adult-use operations would remain Schedule I.

CEO Archos's remark on the call that the company is "ready to rock" once exchanges greenlight uplisting reflects this dependency. The redomicile, the buyback, and the term loan are pre-positioning for a re-rate event that hinges on a single regulatory decision in mid-2026.

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6. Sector Cross-Read — Tier 1 MSO Valuation

The current Tier 1 MSO valuation snapshot (per Zuanic & Associates, April 29, 2026):

| Operator | Ticker | EV/Sales | EV/EBITDA | 30-day return | 12-month return | |---|---|---|---|---|---| | Verano | VRNOF | 1.4x | 5.3x | +25% | +54% | | Cresco Labs | CRLBF | 1.7x | 6.7x | +29% | +28% | | Green Thumb | GTBIF | 1.6x | 4.9x | +37% | +34% | | Trulieve | TCNNF | 2.4x | 6.7x | +93% | +126% | | Curaleaf | CURLF | 3.1x | 14.6x | +67% | +246% | | Tier 1 average | | 2.6x | 7.3x | +50% | +98% |

Verano is the cheapest Tier 1 name on both metrics. The 30-day and 12-month returns confirm that the equity has lagged the broader rescheduling re-rate. The valuation gap is the bull case in compressed form.

A few interpretive notes:

On Curaleaf at 14.6x. This multiple looks anomalous next to peers. It reflects multiple compounding factors: Curaleaf's larger international optionality (UK and EU operations), its more aggressive domestic store count, and its outsized weight in the AdvisorShares Pure US Cannabis ETF (MSOS), which drives concentrated ETF flow. Mechanical demand from rescheduling-related ETF inflows has had an outsized effect on Curaleaf's price.

On Green Thumb at 4.9x. GTI trades at a discount to the average despite being the only Tier 1 MSO that is consistently profitable on a GAAP basis. The discount reflects slower revenue growth and less Florida exposure (a state where adult-use upside is still on the table for a future ballot cycle).

On Verano at 5.3x. Verano's discount to peer average reflects (a) lower trading liquidity because of its Cboe Canada / OTCQX listing, (b) lack of inclusion in the largest cannabis ETF, MSOS, and (c) a thinner public float. The first two factors are addressable in the uplisting scenario.

6.1 Multiple expansion math

Holding 2026 EBITDA flat at the LTM run rate of approximately $196 million:

• Current implied EV at 5.3x: $1,039M
• Peer average (7.3x) implied EV: $1,431M
• Implied multiple expansion EV upside: $392M (38%)
• Less: $395M total debt + adjust for cash $74M → Net EV impact ≈ $392M to equity
• On 364M shares, that is approximately $1.08/share of pure multiple expansion upside before any 280E benefit lands in EBITDA

Now layer in the medical-only 280E benefit. If 2027E EBITDA reaches $244M (current run rate plus ~$48M medical-only 280E savings), and the multiple expands to 7.3x:

• 2027E EV at 7.3x on $244M EBITDA: $1,781M
• Less net debt of $321M → Equity value: $1,460M
• On 364M shares: $4.01/share

That is a 218% upside from the late-April $1.26 close, on a base case that assumes only medical Schedule III holds, peer multiple expansion to current peer average (not better), and no retroactive refund.

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7. State-Level Proof Points

7.1 Florida (OMMU 1Q 2026 data)

Florida is the single most analytically useful state for evaluating MSO operational health because of the Office of Medical Marijuana Use's weekly per-operator disclosures.

| Operator | Flower YoY | Non-flower YoY | Read | |---|---|---|---| | Verano (MÜV) | +22% | (4%) | Flower share gain | | Curaleaf | +13% | +14% | Balanced growth | | Cresco Labs | +7% | +13% | Steady | | Trulieve | +2% | +2% | Volume share loss | | Green Thumb | (3%) | +67% | Format mix shift |

Verano's +22% flower volume growth in Florida is the single best operational data point in the quarter. Florida is a vertically integrated medical-only market where Verano competes against Trulieve (the dominant operator), Curaleaf, Ayr Wellness, and others. Verano gained market share in flower against an incumbent that has historically held over 40% of the state's flower volume.

The –4% in non-flower products is worth noting but is a smaller component of Florida revenue mix. The flower number is the point.

Verano's MÜV brand reached 84 Florida dispensaries in Q1 with the March 20 opening of MÜV Lehigh Acres. That brings Verano's nationwide dispensary count to 161 across 13 states.

7.2 New Jersey

Per Q4 2025 earnings commentary, Verano regained the #1 wholesale market share position in New Jersey. New Jersey is a fully adult-use state, so this share gain is in the recreational segment that remains under 280E pending the June 29 hearing. Wholesale presence in adult-use states represents downside cushion: even if the June 29 hearing fails, Verano's New Jersey position is independently competitive.

7.3 Pennsylvania

Pennsylvania remains the largest non-legal-adult-use state in the Northeast and Mid-Atlantic, with approximately 13 million residents. On April 20, 2026, Pennsylvania Democrats held a public testimony hearing on three competing legalization vehicles — SB 120, HB 20, and HB 1735. None has yet been voted out of committee. Public support sits at approximately 56% in favor and 37% against per a February 2026 survey, and Governor Josh Shapiro has signaled he would sign a workable bill.

The fight in Pennsylvania is structural: state-store monopoly versus private licensure, with social equity allocations cutting across both models. Verano operates 18+ Pennsylvania medical dispensaries under the Zen Leaf brand. An adult-use conversion of the Pennsylvania medical program is a high-conviction 2026–2027 catalyst, but timing remains uncertain.

7.4 Virginia

Virginia is the closest-in adult-use catalyst. In February 2026, both chambers of the Virginia General Assembly passed competing retail cannabis frameworks:

• HB 642 (House): targets a November 1, 2026 retail launch
• SB 542 (Senate): pushes launch to January 1, 2027

Governor Abigail Spanberger has signaled likelihood to sign a unified version. Verano holds Virginia medical operations and is one of the few publicly traded MSOs positioned for an early-mover Virginia adult-use launch.

7.5 Texas

Verano disclosed in Q4 2025 commentary that it has current or pending operations in Texas — making it one of the only publicly traded MSOs with Texas exposure. Texas has the second-largest population in the U.S. and a tightly limited medical program (compassionate use). Any future expansion of the Texas medical or adult-use market represents pure optionality for the position holders, of which Verano is one.

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8. Forward Catalyst Stack

| Time horizon | Catalyst | Significance | |---|---|---| | Near-term (Q2/Q3 2026) | Treasury/IRS retroactive 280E guidance | Determines refund magnitude; Scenario A vs. Scenario B materially different | | June 29, 2026 | DEA expedited admin hearing begins | Binary catalyst for full Schedule III | | July 15, 2026 | DEA hearing must conclude | Final determination on adult-use rescheduling | | H2 2026 | Major U.S. exchange uplisting | Liquidity and ETF inclusion catalyst, contingent on full Schedule III | | H2 2026 | 5–10 new dispensary openings | Verano-specific Florida-weighted growth | | H2 2026 / 2027 | Pennsylvania adult-use legislation | Largest remaining un-legalized Northeast market | | Nov 1, 2026 / Jan 1, 2027 | Virginia adult-use retail launch | Earliest concrete adult-use conversion pending HB 642 vs. SB 542 | | Ongoing | SAM/Bill Barr APA legal challenges | Downside risk to Schedule III order via injunction or vacatur |

The June 29 hearing is the binary. Everything else either depends on it (uplisting) or is incremental to it (state-level adult-use conversions, retroactive refunds).

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9. Risk Factors

A balanced read requires explicit treatment of the downside scenarios.

9.1 Legal challenge to the Schedule III order

Smart Approaches to Marijuana (SAM), the leading prohibitionist organization, retained former Attorney General Bill Barr as legal counsel and announced within hours of Blanche's signing that it would sue. APA challenges in multiple circuits are expected. SAM may seek a temporary restraining order or preliminary injunction to delay the effective date of the Schedule III rule.

The probability of a successful TRO appears low — the order's reliance on the international treaty implementation pathway gives the Acting Attorney General independent statutory authority. But a partial vacatur or remand-for-additional-process scenario exists. Markets will treat any successful injunction as a re-imposition of 280E and the equity will discount accordingly.

9.2 Bifurcated rescheduling and dual-license operators

Verano operates dispensaries that hold both medical and adult-use licenses in several states. The April 22 order moves "marijuana subject to a state medical marijuana license" to Schedule III. Whether a dispensary holding a dual license can claim 280E relief on the medical portion of its sales while remaining 280E-burdened on its adult-use portion is not fully clear from the order text. Treasury and IRS guidance will need to address mechanics.

This implementation question is meaningful. A worst-case reading would require operators to fully segregate medical and adult-use operations into separate legal entities to claim the medical-only deduction. That is achievable but operationally costly.

9.3 Adult-use rescheduling fails on June 29

If the DEA hearing fails to extend Schedule III to adult-use, Verano captures only the medical-only benefit (~$48M/year). Market expectations have been pricing in some probability of full rescheduling — the Tier 1 30-day returns of +25%–+93% reflect this. A hearing outcome that holds adult-use at Schedule I would compress those gains.

The hearing process is procedural and evidentiary. The substantive case for Schedule III at the adult-use level rests on the same medical-evidence record that supported the medical-only move. The deadline pressure (must conclude by July 15) is favorable to a positive outcome, but the procedural constraints introduced by interlocutory appeals during the prior Biden-era hearing process are a reminder that this is not a sure thing.

9.4 Florida market dynamics

The Florida market continues to face pricing compression and increased dispensary density. Eustis, Florida adopted Ordinance 2026-20 on April 16, 2026, prohibiting Medical Marijuana Treatment Center dispensing facilities across all land use districts within city limits. This is a small example of a broader pattern: Florida municipalities are using state opt-out authority to close off new MMTC dispensaries even as existing operators expand.

If Florida fails to legalize adult-use in the next ballot cycle (no measure currently scheduled), the medical-only market continues to mature. Verano's +22% flower YoY is encouraging, but the overall market growth rate has slowed materially, and patient count growth has fallen below 5% annually.

9.5 Wholesale revenue compression

Management explicitly attributed the Q1 2026 YoY revenue decline to "increased competition and promotional activity in wholesale markets." This is a recurring theme across MSOs. Wholesale margins are structurally lower than retail margins, but pricing pressure in wholesale flows through to gross margin compression for vertically integrated operators. The 300 bps QoQ gross margin decline is the visible manifestation.

9.6 Interest coverage and balance sheet

At $395M of total debt and ~9.5% blended interest rate, annual interest expense runs approximately $37M. Against $196M of LTM EBITDA, interest coverage sits around 5.3x, which is comfortable. But on operating cash flow ($53M FY2025) less capex ($41M FY2025) of $12M FCF, the cushion is thinner than it looks. Schedule III tax savings improve this materially, but until they do, the FCF buffer is real.

9.7 Supreme Court Second Amendment case

A pending Supreme Court case considers whether marijuana and other drug users may possess firearms. Resolution is unrelated to MSO operational performance but is a reminder that medical cannabis patients face ongoing federal collateral consequences that affect patient enrollment and program participation rates.

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10. Valuation Framework

Three methodologies, weighted toward base case.

10.1 Method 1 — Peer EV/EBITDA expansion (medical-only S3)

• LTM Adjusted EBITDA: $196M
• 2027E EBITDA with medical-only 280E savings: $244M (+25%)
• Apply Tier 1 average multiple of 7.3x: $1,781M EV
• Less net debt ($321M): $1,460M equity value
• On 364M shares: $4.01/share

10.2 Method 2 — Full Schedule III scenario

• LTM Adjusted EBITDA: $196M
• 2027E EBITDA with full $80M annual 280E savings: $276M (+41%)
• Apply Tier 1 average multiple of 7.3x: $2,015M EV
• Less net debt ($321M): $1,694M equity value
• On 364M shares: $4.65/share
• Add: potential retroactive 280E refund of $100M–$300M (sensitive to Scenario A vs. B)
• Refund per share: $0.27–$0.82

Combined full S3 + refund: $4.92–$5.47/share base case

10.3 Method 3 — Sum-of-parts (preserved for upside scenario)

A more aggressive approach treats the medical business at S3 as a regulated consumer healthcare product warranting a premium multiple (say, 10x EBITDA) while keeping adult-use at the 5.3x current MSO multiple. Blended fair value emerges in the $2.50–$3.50 range as a base case using current run-rate EBITDA without any 280E benefit yet recognized. As benefits flow through, this method's fair value moves toward Method 1's output.

10.4 Scenarios summarized

| Scenario | 2027 EBITDA | Multiple | Equity value | Per share | Upside vs. $1.26 | |---|---|---|---|---|---| | Bear: SAM injunction, uplisting delays | $196M | 4.5x | $560M | $1.54 | +22% | | Base: medical-only S3 holds, peer mult | $244M | 7.3x | $1,460M | $4.01 | +218% | | Bull: full S3 + uplisting + refund | $276M | 8.0x | $2,074M | $5.69 | +351% |

The bear case is not a zero. Even in a scenario where SAM obtains an injunction and the rescheduling rule is paused, Verano's existing operations, the term loan refinance, the buyback, and the redomicile remain in place. The downside is bounded by the operating EBITDA, which is already $196M and growing modestly.

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11. Bottom Line

Q1 2026 was the last "old world" quarter for Verano Holdings. The financials still reflect 280E's full burden. Q2 2026 will be the first quarter where roughly 60% of retail revenue flows through at corporate tax rates rather than the 60%–80% effective tax rates that have characterized cannabis financials for a decade.

Verano comes into this transition with three structural advantages relative to its Tier 1 peers:

1. The cheapest valuation in the group at 5.3x EV/EBITDA against a 7.3x peer average
2. The most procedurally complete uplisting setup — Nevada redomicile done, low-cost senior debt in place
3. A recently authorized capital return — $20M buyback in a sector that has not historically returned capital

The single binary outcome that determines the magnitude of the re-rate is the DEA hearing process beginning June 29, 2026. The probability-weighted value sits well above the current price even in scenarios that fall short of full rescheduling.

Cash, optionality, and execution. The Q1 print itself was unremarkable. The context around it is anything but.

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12. Methodology and Sources

This analysis follows a quarterly MSO earnings deep dive framework intended for repeat application across the Tier 1 MSO group (Verano, Curaleaf, Green Thumb Industries, Trulieve, Cresco Labs).

Primary sources

• Verano Holdings Corp. Q1 2026 earnings press release (April 30, 2026)
• Verano Holdings Corp. Q4 2025 earnings press release and call transcript (March 12, 2026)
• Verano Holdings Corp. Q3 2025 earnings press release (October 29, 2025)
• Federal Register: Schedules of Controlled Substances rescheduling order, Acting AG Blanche, April 22, 2026
• Florida Office of Medical Marijuana Use (OMMU) weekly disclosures
• Zuanic & Associates US MSO 1Q26 Trends report (April 29, 2026)
• Verano Holdings Corp. SEC filings on redomicile (proxy materials, October 2025)

Methodology notes

• All multiples calculated on LTM bases unless otherwise specified
• Adjusted EBITDA per company-reported figures, not adjusted by analyst
• Peer comparison uses publicly disclosed financial metrics; international operations included
• Forward EBITDA scenarios assume static operational dynamics and apply 280E savings linearly
• "Net debt" defined as total debt less cash and cash equivalents

Disclaimers

This piece is intended as analytical commentary for retail investor education. It is not investment advice. Cannabis equities carry above-average regulatory, legal, and execution risk. The Schedule III rescheduling order is subject to active legal challenge. Past performance does not guarantee future results.