0001628280-24-045933 | 10-Q | XBRL Viewer

LEASES

9 Months Ended

Sep. 30, 2024

The Company has operating leases for some of its retail dispensaries and processing and production facilities located throughout the U.S., as well as for its corporate offices located in Chicago, Illinois. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.

Leases with an initial term of 12 months or less are not recorded on the Company's balance sheet. Certain leases require payments for taxes, insurance, and maintenance, and are considered non-lease components. The Company accounts for non-lease components separately.

The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset.

The Company leases certain business facilities from third parties under non-cancellable operating lease agreements that contain minimum rental provisions that expire through 2037. Some leases also contain renewal provisions and provide for rent abatement and escalating payments.

During the three months ended September 30, 2024 and 2023, the Company recorded approximately $5,210 and $4,691 in operating lease expense, respectively, of which $198 and $167 was included in cost of goods sold for the same periods, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded approximately $15,122 and $13,451 in operating lease expense, respectively, of which $426 and $538 was included in cost of goods sold for the same periods, respectively.

Other information related to operating leases as of and for the periods ended September 30, 2024 and December 31, 2023, were as follows:


	September 30, 2024		December 31, 2023
Weighted average remaining lease term - years	7.88		8.19
Weighted average discount rate	9.99	%	9.52	%

Maturities of lease liabilities for operating leases as of September 30, 2024 were as follows:


Year Ending December 31,	Maturities of Lease Liability
2024 (Remaining)	$	5,144
2025	20,226
2026	19,297
2027	18,619
2028	17,792
Thereafter	70,533

Total Lease Payments	151,611

Less: Imputed Interest	(49,803)

Present Value of Lease Liability	$	101,808

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Laura Marie Kalesnik [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Laura Marie Kalesnik, the Company’s Chief Legal Officer, General Counsel and Secretary, adopted a prearranged share trading plan with a brokerage firm on September 9, 2024, provided that such prearranged share trading plan will not become effective until the completion of the applicable cooling-off period following the termination of Ms. Kalesnik’s currently effective prearranged share trading plan (the "Cooling-Off Period"). Ms. Kalesnik’s currently effective prearranged trading plan will remain in place until all contemplated sales are completed. Ms. Kalesnik’s plan provides for the sale of 72,888 Subordinate Voting Shares between (i) the later of (x) June 1, 2025 and (y) the first trading date following the completion of the Cooling-Off Period, and (ii) December 1, 2025; provided, that such number of Subordinate Voting Shares reflects estimated tax withholdings and actual sale amounts may vary. Ms. Kalesnik’s trading plan was entered into during an open trading window and is intended to satisfy the affirmative defenses of Rule 10b5-1(c) under the Exchange Act and the Company's policies regarding insider transactions.
Name	Laura Marie Kalesnik
Title	Chief Legal Officer, General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 9, 2024
Expiration Date	December 1, 2025
Arrangement Duration	183 days
Aggregate Available	72,888	72,888

SHARE CAPITAL - Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock Based Compensation Expense	$ 4,790	$ 4,687	$ 13,034	$ 8,979
Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock Based Compensation Expense	0	63	0	226
Restricted Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock Based Compensation Expense	$ 4,790	$ 4,624	$ 13,034	$ 8,753

CONTINGENCIES AND OTHER (Details) - USD ($) $ in Thousands			9 Months Ended
CONTINGENCIES AND OTHER (Details) - USD ($) $ in Thousands	May 02, 2024	Nov. 14, 2022	Sep. 30, 2023
Loss Contingencies [Line Items]
Loss contingency accrual			$ 1,893
Loss contingency accrual, provision			$ 1,893
Goodness Growth Holdings, Inc. Litigation \| Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 860,900
Goodness Growth Holdings, Inc. Litigation \| Contract Termination, Fees
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 14,875
Goodness Growth Holdings, Inc. Litigation \| Contract Termination, Expense Reimbursement
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 3,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

OVERVIEW AND BASIS OF PRESENTATION	9 Months Ended
OVERVIEW AND BASIS OF PRESENTATION	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OVERVIEW AND BASIS OF PRESENTATION	Description of Business Unless otherwise stated or the context requires otherwise, references herein to the “Company,” “Verano,” “we,” “us,” and “our” mean Verano Holdings Corp. and its direct and indirect subsidiaries, and controlled and managed entities. The Company is a vertically integrated cannabis operator that focuses on limited-licensed markets in the United States (“U.S.”). As a vertically integrated operator, the Company owns, operates, manages, controls, and/or has licensing, consulting or other commercial agreements with cultivation, processing, and retail licenses across 14 state markets (Arizona, Arkansas, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia). The Company also conducts pre-licensing activities in other markets. In these markets, the Company has either applied for licenses, or plans on applying for licenses, but does not currently own or manage any cultivation, processing, or retail licenses. The Company’s Class A subordinate voting shares, no par value (the “Subordinate Voting Shares”) are listed on Cboe Canada (“Cboe”) under the ticker symbol “VRNO” and are quoted in the United States on the OTCQX marketplace operated by the OTC Market Group, under the ticker symbol “VRNOF”. The Company’s corporate headquarters is located at 224 W Hill Street, Suite 400, Chicago, Illinois 60610. (b)Basis of Presentation The accompanying Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Unless otherwise indicated, all references to “$” or “US$” in this Form 10-Q refer to United States dollars, and all references to “C$” refer to Canadian dollars. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 (the “2023 Annual Audited Financials”), included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2024 (the “Form 10-K”). Certain prior year amounts have been reclassified to conform to the current year's presentation, which the Company does not consider to be material. The accompanying Unaudited Interim Condensed Consolidated Financial Statements include the accounts of Verano Holdings Corp. and its direct and indirect subsidiaries as well as the accounts of any entities over which the Company has a controlling financial interest in accordance with Accounting Standards Codification (“ASC”) 810 Consolidation. The preparation of the Company’s Unaudited Interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the disclosure of assets and liabilities in such financial statements and in the accompanying notes. Actual results may differ materially from these estimates. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the 2024 full year or any future periods. The accompanying consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated balance sheet as of December 31, 2023 contained in the 2023 Annual Audited Financials included in the Form 10-K. (c)Basis of Consolidation The Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries, as well as the accounts of any entities over which the Company has a controlling financial interest in accordance with ASC 810 Consolidation. All transactions and balances between these entities have been eliminated upon consolidation. (d)Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in Note 2 - Significant Accounting Policies to the 2023 Annual Audited Financials included in the Form 10-K. (e)Earnings (Loss) per Share Basic earnings (loss) per share is calculated using the treasury stock method, by dividing the net earnings (losses) attributable to shareholders by the weighted average number of shares (including the Company's Class B proportionate voting shares, no par value (the “Proportionate Voting Shares”) on an as converted to Subordinate Voting Shares basis of 100 Subordinate Voting Shares to one Proportionate Voting Share) outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding shares and consequently are not included in the earnings (loss) per share calculations. Diluted income per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. To determine diluted income (loss) per share, the Company assumes that any proceeds from the exercise of dilutive share options would be used to repurchase shares at the average market price during the period. The diluted income (loss) per share calculation excludes any potential conversion of share options and convertible debt, if any, that would increase earnings per share or decrease loss per share. No potentially dilutive share equivalents were included in the computation of diluted loss per share for the three and nine months ended September 30, 2024 and 2023 because their impact would have been anti-dilutive. (f)Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07 - ASC 280 Segment Reporting - Improvements to Reportable Segment Disclosures (“ASU 280”), which extends the existing requirements for annual disclosures to quarterly periods, and requires that both annual and quarterly disclosures present segment expenses using line items consistent with information regularly provided to the chief operating decision maker. ASU 280 is effective for annual periods beginning after December 15, 2023 and quarterly periods beginning after December 15, 2024. The Company does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements.

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	2022 Credit Agreement George Archos, the Chairman, Chief Executive Officer and Founder of the Company, participated in the 2022 Credit Agreement as a Lender funding $1,000 of the $350,000 principal amount. Mr. Archos is excluded from certain approval rights of the lenders and any penalties and fees due to Mr. Archos under the 2022 Credit Agreement are immaterial to the Company. Two Pointo In October 2022, the Company entered into a conditional management and services agreements with each of Americana Dream, LLC and Green Therapy, LLC, operators of dispensaries in Illinois pursuant to social equity licenses issued by Illinois regulatory authorities (together, the “LLCs”), and in 2023 the Company received an aggregate of $10 for services rendered under the agreements. The Company sold products to the LLCs and two associated entities on a wholesale basis in the aggregate amounts of $681 and $1,061, net of discounts, for the three months ended September 30, 2024 and 2023, respectively. The Company sold products to the LLCs and two associated entities on a wholesale basis in the aggregate amounts of $2,856 and $2,117, net of discounts, for the nine months ended September 30, 2024 and 2023, respectively. Two Pointo, LLC (“Two Point”) has contractual rights to purchase ownership interests in the LLCs and associated entities, subject to submitting a request for and receiving applicable Illinois regulatory approvals and other conditions. The existing owners of the LLCs and associated entities will maintain ownership interests together with Two Point. In 2023, Darren Weiss, the Company’s President, received in connection with application support services rendered to an LLC in 2019, (i) a 2.73% profit interest in Two Point subject to Two Point’s purchase of ownership interests in the LLCs, and (ii) a profit interest in Two Point of 0.30%, and David Spreckman, the Company’s Chief Marketing Officer, received a profit interest in Two Point of 0.30% for services. All profit interests issued to Messrs. Weiss and Spreckman were voluntarily forfeited in 2024 as if they were never granted. Maria Fragias, an immediate family member of George Archos, the Company’s Chairman and Chief Executive Officer, is the beneficiary of a trust that holds a 7.92% ownership interest and a 3.95% profit interest in Two Point. To the Company's knowledge, none of the trust or such persons has received any distributions, payments, or proceeds from Two Point. As of September 30, 2024, and December 31, 2023, the amounts due from the LLCs and two associated entities were $454 and $443, respectively. Leases The Company leases real property for a retail dispensary in Aurora, Illinois from 740 Rte. 59, LLC (“740”). Pursuant to the lease agreement, the Company made payments totaling $46 and $46 during each of the three months ended September 30, 2024 and 2023, respectively, and $138 and $138 during each of the nine months ended September 30, 2024 and 2023, respectively. Payments consist of base rent, real estate taxes and customary tenant charges. George Archos, the Company’s Chief Executive Officer, holds an indirect 50% ownership interest in 740. Pursuant to the lease agreement, the initial term expires on June 30, 2030. The Company leases real property for a retail dispensary in Lombard, Illinois from 783 Butterfield LLC (“783”). Pursuant to the lease agreement, the Company made payments to 783 totaling $92 and $90 during the three months ended September 30, 2024 and 2023, respectively, and $274 and $270 during the nine months ended September 30, 2024 and 2023, respectively. Payments consist of base rent, real estate taxes and customary tenant charges. George Archos, the Company’s Chief Executive Officer, holds a 50% indirect ownership interest in 783. Pursuant to the lease agreement, the initial term expires on January 11, 2031. Sweed High Tech Holdings, Inc. (“Sweed”) provides point of sale software systems to retail cannabis businesses under the names “Sweed” and “Leaftrade.” Sweed provides these software systems to the Company. For these services the Company paid Sweed $674 during the year ended December 31, 2023 and $1,117 during the nine months ended September 30, 2024. GP Management Group, LLC, an entity beneficially owned and controlled by George Archos, holds a 0.476% ownership interest in Sweed.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before Income Taxes	$ 2,911	$ 27,033	$ 18,332	$ 60,734
Income Tax Expense	$ (45,478)	$ (44,797)	$ (87,485)	$ (100,796)
Effective Tax Rate	1562.00%	166.00%	477.00%	166.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Lease, Cost

Other information related to operating leases as of and for the periods ended September 30, 2024 and December 31, 2023, were as follows:


	September 30, 2024		December 31, 2023
Weighted average remaining lease term - years	7.88		8.19
Weighted average discount rate	9.99	%	9.52	%

Lessee, Operating Lease, Liability, Maturity

Maturities of lease liabilities for operating leases as of September 30, 2024 were as follows:


Year Ending December 31,	Maturities of Lease Liability
2024 (Remaining)	$	5,144
2025	20,226
2026	19,297
2027	18,619
2028	17,792
Thereafter	70,533

Total Lease Payments	151,611

Less: Imputed Interest	(49,803)

Present Value of Lease Liability	$	101,808

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Oct. 27, 2022
Related Party Transaction [Line Items]
Revenues, net of Discounts	$ 216,683,000	$ 240,088,000	$ 660,379,000	$ 701,263,000
Accounts Receivable, net	46,937,000		46,937,000		$ 38,981,000
Related Party \| Americana Dream, LLC and Green Therapy, LLC
Related Party Transaction [Line Items]
Revenues, net of Discounts	681,000	1,061,000	2,856,000	2,117,000
Accounts Receivable, net	$ 454,000		$ 454,000		$ 443,000
Related Party \| Sweed \| GP Management Group, LLC
Related Party Transaction [Line Items]
Ownership percentage	0.476%		0.476%
Related Party \| Aurora, Illinois
Related Party Transaction [Line Items]
Operating lease, payments	$ 46,000	46,000	$ 138,000	138,000
Related Party \| Lombard, Illinois
Related Party Transaction [Line Items]
Operating lease, payments	$ 92,000	$ 90,000	$ 274,000	$ 270,000
Related Party \| President \| Two Point
Related Party Transaction [Line Items]
Profit interest rate, subject to purchase of ownership interest					2.73%
Profit interest rate (as a percent)					0.30%
Related Party \| Chief Marketing Officer \| Two Point
Related Party Transaction [Line Items]
Profit interest rate (as a percent)					0.30%
Related Party \| Chief Executive Officer \| Two Point
Related Party Transaction [Line Items]
Profit interest rate (as a percent)			3.95%
Related Party \| Chief Executive Officer \| Two Point \| Two Point
Related Party Transaction [Line Items]
Ownership percentage	7.92%		7.92%
Related Party \| Chief Executive Officer \| Aurora, Illinois
Related Party Transaction [Line Items]
Ownership percentage	50.00%		50.00%
Related Party \| Chief Executive Officer \| Lombard, Illinois
Related Party Transaction [Line Items]
Ownership percentage	50.00%		50.00%
Related Party \| Service Agreement \| Americana Dream, LLC and Green Therapy, LLC
Related Party Transaction [Line Items]
Revenues, net of Discounts					$ 10,000
Related Party \| Payments For Software Systems \| Sweed
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 1,117,000		$ 674,000
Secured Debt \| 2022 Credit Agreement \| Credit Facility
Related Party Transaction [Line Items]
Debt instrument, face amount						$ 350,000,000
Secured Debt \| 2022 Credit Agreement \| Credit Facility \| Chief Executive Officer
Related Party Transaction [Line Items]
Debt instrument, face amount						$ 1,000,000

LOYALTY OBLIGATIONS (Details) $ in Thousands	9 Months Ended
LOYALTY OBLIGATIONS (Details) $ in Thousands	Sep. 30, 2024 USD ($) loyaltyPoint $ / loyaltyPoint	Dec. 31, 2023 USD ($) loyaltyPoint
Disaggregation of Revenue [Line Items]
Percentage of loyalty points estimated to not be redeemed	20.00%
Loyalty point expiration period	6 months
Loyalty points outstanding \| loyaltyPoint	126,000,000	110,000,000
Contract with customer, liability, current \| $	$ 6,144	$ 5,781
Minimum
Disaggregation of Revenue [Line Items]
Loyalty program standalone selling price per loyalty point	0.03
Maximum
Disaggregation of Revenue [Line Items]
Loyalty program standalone selling price per loyalty point	0.06

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LOYALTY OBLIGATIONS

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

LOYALTY OBLIGATIONS

The Company has customer loyalty programs where retail customers accumulate points for each dollar of spending, net of tax. These points are recorded as a contractual liability until customers redeem their points for discounts on eligible products as part of an in-store sales transaction. In addition, the Company records a performance obligation as a reduction of revenue based on the estimated probability of point obligation incurred.

The Company has a calculated standalone selling price that ranges between $0.031 and $0.061 per loyalty point. Upon redemption, the loyalty program obligation is relieved, and the offset is recorded as revenue. The Company estimates that 20% of points will not be redeemed (breakage) prior to their six-month expiration dates. The Company continues to evaluate breakage and redemption values to determine the standalone selling price.

As of December 31, 2023, there were approximately 110,000,0001 points outstanding with an approximate value of $5,781. As of September 30, 2024, there were approximately 126,000,0001 points outstanding with an approximate value of $6,144. During the second quarter of 2024, the Florida market transitioned to a new loyalty rewards program. The points associated with the prior rewards program were transitioned to store credits which approximated the value attributable to the respective outstanding loyalty points. Such balances are included in accrued liabilities on the Company's Condensed Consolidated Balance Sheets.


1 Such amount not in Thousands

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation	$ 9,511	$ 8,354	$ 27,065	$ 25,410
Selling, General and Administrative Expenses
Property, Plant and Equipment [Line Items]
Depreciation	$ 4,401	$ 4,014	$ 12,558	$ 11,521

CONSOLIDATION - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Current Assets	$ 321,721	$ 394,196
Current Liabilities	435,375	412,188
Non-Current Liabilities	661,586	666,477
Equity attributable to Verano Holdings Corp.	1,217,944	1,240,080
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current Assets	4,439	14,671
Non-Current Assets	25,125	28,568
Current Liabilities	26,498	30,437
Non-Current Liabilities	6,051	7,614
Equity attributable to Verano Holdings Corp.	$ (2,985)	$ 5,188

- Definition

Amount of asset recognized for present right to economic benefit, classified as current.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INCOME TAXES

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table summarizes the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income before Income Taxes	$	2,911		$	27,033		$	18,332		$	60,734
Income Tax Expense	(45,478)			(44,797)			(87,485)			(100,796)
Effective Tax Rate	1562		%	166		%	477		%	166		%

The effective tax rates for the three and nine months ended September 30, 2024 and 2023 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented. Net discrete tax items of $9,927 and $8,517 were recorded during the three months ended September 30, 2024 and 2023, respectively. Net discrete tax items of $18,623 and $20,704 were recorded during the nine months ended September 30, 2024 and 2023, respectively. Discrete items recorded during the three and nine months ended September 30, 2024 and 2023 primarily relate to penalties and interest on unpaid tax liabilities, impacts of prior period return to provision adjustments, remeasurement of deferred taxes for state tax rate changes, and book remeasurement adjustments not recognized for tax purposes.

Due to its cannabis operations, the Company is subject to the limitations of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) Section 280E, under which the Company is only allowed to deduct expenses directly related to sales of product. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under Section 280E of the Code. Therefore, the effective tax rate can be highly variable and may not necessarily correlate with pre-tax income and the Company's effective tax rates are well in excess of statutory tax rates.

Taxes paid during the nine months ended September 30, 2024 and 2023 were $74,026 and $114,659, respectively.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

SHARE CAPITAL - Schedule of Unvested Restricted Stock Units Roll Forward (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Beginning Balance (in shares) \| shares	8,812,537
Granted (in shares) \| shares	2,682,741
Forfeited (in shares) \| shares	356,269
Vested (in shares) \| shares	2,528,817
Ending balance (in shares) \| shares	8,610,192
Weighted Avg. Grant Date Fair Value C$
Beginning balance \| $ / shares	$ 4.72
Granted (in dollars per share) \| $ / shares	5.61
Forfeited (in dollars per share) \| $ / shares	4.69
Vested (in dollars per share) \| $ / shares	5.64
Ending balance \| $ / shares	$ 4.82

TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

For the acquisitions of CC East Virginia and Cannabist AZ, the major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows:


	CC East Virginia		Cannabist AZ
Cash and Cash Equivalents	$	1,150	$	348
Accounts Receivable, net	535		252
Inventory	16,237		7,145
Prepaid Expenses and Other Current Assets	310		33
Property, Plant and Equipment, net	20,798		5,796
Right of Use Assets, net	3,323		2,212
Deposits and Other Assets	791		230
Intangible Assets, net	26,700		3,200
Goodwill	19,810		1,081
Accounts Payable and Accrued Liabilities	(2,461)		(3,790)
Income Tax Payable	—		(280)
Current Portion of Lease Liabilities	(470)		(208)
Lease Liabilities, net of Current Portion	(2,894)		(1,761)
Deferred Income Taxes	—		(952)
Other Long-Term Liabilities	(104)		(55)

Purchase Price	$	83,725	$	13,251

Business Acquisition, Pro Forma Information

The following tables represent the supplemental consolidated financial results on an unaudited pro forma basis, as if the Cannabist AZ acquisition had been consummated on January 1, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues	$	218,851	$	244,800	$	672,224	$	716,046
Net Income (Loss)	$	(42,397)	$	(18,845)	$	(68,826)	$	(42,180)

The following tables represent the supplemental consolidated financial results on an unaudited pro forma basis, as if the CC East Virginia acquisition had been consummated on January 1, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues	$	222,939	$	250,099	$	687,922	$	728,112
Net Income (Loss)	$	(40,920)	$	(20,197)	$	(63,264)	$	(44,027)

PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment and related accumulated depreciation consists of the following as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023

Land	$	32,029	$	30,934
Buildings and Improvements	195,928		194,274
Furniture and Fixtures	21,657		19,884
Computer Equipment and Software	28,513		25,861
Leasehold Improvements	264,160		230,877
Tools and Equipment	99,695		90,386
Vehicles	4,341		4,373
Assets Under Construction (1)	111,702		39,844

Total Property, Plant and Equipment, Gross	758,025		636,433
Less: Accumulated Depreciation	(173,427)		(135,129)

Total Property, Plant and Equipment, Net	$	584,598	$	501,304

(1) Assets under construction represent construction in progress related to facilities not yet completed or otherwise not placed in service.

INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value as of the acquisition date. Amortization of definite life intangible assets is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods for intangible assets are reviewed by the Company at each year end, and any changes in estimates are accounted for prospectively.

As of September 30, 2024, intangible assets consisted of the following:


	Licenses		Tradenames		Technology		Total
Cost
Balance as of January 1, 2024	$	1,269,326	$	54,166	$	6,431	$	1,329,923
Additions from business combination	$	29,900	$	—	$	—	$	29,900
Balance as of September 30, 2024	$	1,299,226	$	54,166	$	6,431	$	1,359,823

Accumulated Amortization
Balance as of January 1, 2024	225,751		15,001		3,025		243,777
Amortization	63,683		4,066		778		68,527
Balance as of September 30, 2024	$	289,434	$	19,067	$	3,803	$	312,304

Net Book Value
Balance as of January 1, 2024	1,043,575		39,165		3,406		1,086,146
Balance as of September 30, 2024	$	1,009,792	$	35,099	$	2,628	$	1,047,519

The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2024:


Year Ending December 31:	Estimated Amortization
2024 (Remaining)	$	23,285
2025	93,142
2026	92,427
2027	92,354
2028	92,336
Thereafter	653,975
Total	$	1,047,519

The changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2024 were as follows:


	January 1, 2024		Impairment		Adjustments to purchase price allocation		Acquisitions		September 30, 2024
Cultivation	$	49,318	$	—	$	—	$	4,810	$	54,128
Retail	181,973		—		—		16,081		198,054
Total	$	231,291	$	—	$	—	$	20,891	$	252,182

INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 231,291
Impairment	0
Adjustments to purchase price allocation	0
Acquisitions	20,891
Ending balance	252,182
Cultivation
Goodwill [Roll Forward]
Beginning balance	49,318
Impairment	0
Adjustments to purchase price allocation	0
Acquisitions	4,810
Ending balance	54,128
Retail
Goodwill [Roll Forward]
Beginning balance	181,973
Impairment	0
Adjustments to purchase price allocation	0
Acquisitions	16,081
Ending balance	$ 198,054

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

SEGMENTS - Narrative (Details)	9 Months Ended
SEGMENTS - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summarized financial information for these segments is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues, net of Discounts
Cultivation (Wholesale)	$	90,450	$	92,389	$	268,829	$	259,266
Retail	164,404		185,707		497,675		556,307
Intersegment Eliminations	(38,171)		(38,008)		(106,125)		(114,310)
Total Revenues, net of Discounts	216,683		240,088		660,379		701,263

Gross Profit
Cultivation (Wholesale)	28,262		33,499		80,478		57,068
Retail	80,835		99,721		255,919		300,527
Total Gross Profit	109,097		133,220		336,397		357,595

Depreciation and Amortization
Cultivation (Wholesale)	19,877		18,384		58,159		55,434
Retail	16,988		16,882		49,991		50,125
Total Depreciation and Amortization	36,865		35,266		108,150		105,559

Income taxes
Cultivation (Wholesale)	3,662		20,840		18,161		39,851
Retail	41,816		23,957		69,324		60,945
Total Income Taxes	45,478		44,797		87,485		100,796

Schedule of Reconciliation of Gross profit to Consolidated Income Before Provision For Income Taxes

The following table reconciles gross profit to consolidated income before provision for income taxes.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Gross Profit	$	109,097	$	133,220	$	336,397	$	357,595
Total Operating Expenses	(92,327)		(92,887)		(269,690)		(252,795)
Loss from Investments in Associates	—		(45)		—		(306)
Total Other Income (Expense), net	(13,859)		(13,255)		(48,375)		(43,760)
Income Before Provision for Income Taxes	2,911		27,033		18,332		60,734

INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Cost
Beginning balance	$ 1,329,923
Additions from business combination	29,900
Ending balance	1,359,823
Accumulated Amortization
Beginning balance	243,777
Amortization	68,527
Ending balance	312,304
Net Book Value
Carrying value of intangible asset	1,047,519	$ 1,086,146
Licenses
Cost
Beginning balance	1,269,326
Additions from business combination	29,900
Ending balance	1,299,226
Accumulated Amortization
Beginning balance	225,751
Amortization	63,683
Ending balance	289,434
Net Book Value
Carrying value of intangible asset	1,009,792	1,043,575
Tradenames
Cost
Beginning balance	54,166
Additions from business combination	0
Ending balance	54,166
Accumulated Amortization
Beginning balance	15,001
Amortization	4,066
Ending balance	19,067
Net Book Value
Carrying value of intangible asset	35,099	39,165
Technology
Cost
Beginning balance	6,431
Additions from business combination	0
Ending balance	6,431
Accumulated Amortization
Beginning balance	3,025
Amortization	778
Ending balance	3,803
Net Book Value
Carrying value of intangible asset	$ 2,628	$ 3,406

INTANGIBLE ASSETS AND GOODWILL (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

As of September 30, 2024, intangible assets consisted of the following:


	Licenses		Tradenames		Technology		Total
Cost
Balance as of January 1, 2024	$	1,269,326	$	54,166	$	6,431	$	1,329,923
Additions from business combination	$	29,900	$	—	$	—	$	29,900
Balance as of September 30, 2024	$	1,299,226	$	54,166	$	6,431	$	1,359,823

Accumulated Amortization
Balance as of January 1, 2024	225,751		15,001		3,025		243,777
Amortization	63,683		4,066		778		68,527
Balance as of September 30, 2024	$	289,434	$	19,067	$	3,803	$	312,304

Net Book Value
Balance as of January 1, 2024	1,043,575		39,165		3,406		1,086,146
Balance as of September 30, 2024	$	1,009,792	$	35,099	$	2,628	$	1,047,519

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2024:


Year Ending December 31:	Estimated Amortization
2024 (Remaining)	$	23,285
2025	93,142
2026	92,427
2027	92,354
2028	92,336
Thereafter	653,975
Total	$	1,047,519

Schedule of Goodwill

The changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2024 were as follows:


	January 1, 2024		Impairment		Adjustments to purchase price allocation		Acquisitions		September 30, 2024
Cultivation	$	49,318	$	—	$	—	$	4,810	$	54,128
Retail	181,973		—		—		16,081		198,054
Total	$	231,291	$	—	$	—	$	20,891	$	252,182

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

As of September 30, 2024, and December 31, 2023 debt consisted of the following:



	September 30, 2024		December 31, 2023

Credit Facility	$	295,800	$	348,950
Promissory Notes	28,237		1,582
Mortgage Loans	108,312		111,221
Vehicle and Equipment Loans	719		1,081
Unamortized Debt Issuance Costs	(12,919)		(17,192)

Total Debt	$	420,149	$	445,642

Less: Current Portion of Debt	22,532		52,005

Total Long-Term Debt, net	$	397,617	$	393,637

Credit Facility

On October 27, 2022, Verano and certain of its subsidiaries and affiliates from time-to-time party thereto (collectively, the “Borrowers”), entered into a Credit Agreement (the “2022 Credit Agreement”) with Chicago Atlantic Admin, LLC (“Chicago Atlantic”), as administrative agent for the lenders, and the lenders from time-to-time party thereto (the “Lenders”), pursuant to which the Lenders advanced the Borrowers a $350,000 senior secured term loan, all of which was used to repay the principal indebtedness outstanding under the Company's previous senior secured term loan credit facility. In connection with such repayment, such previous credit facility was terminated and is no longer in force or effect.

The 2022 Credit Agreement provides the Borrowers with the right, subject to conditions, to request an additional incremental term loan in the aggregate principal amount of up to $100,000; provided that the Lenders elect to fund such incremental term loan. Beginning in October 2023, the loan requires scheduled amortization payments of $350 per month and the remaining principal balance is due in full on October 30, 2026.

The 2022 Credit Agreement also provides the Borrowers with the right to (a) incur up to $120,000 of additional indebtedness from third-party lenders secured by real estate excluded as collateral under the 2022 Credit Agreement, (b) incur additional mortgage financing from third-party lenders secured by real estate acquired after the closing date, and (c) upon the SAFE Banking Act or similar legislation making banking services available to U.S. cannabis companies being passed by the United States Congress, incur up to $50,000 pursuant to a revolving credit facility from third-party lenders that is pari passu or subordinated to the 2022 Credit Agreement obligations, each of which are subject to customary conditions.

The obligations under the 2022 Credit Agreement are secured by substantially all of the assets of the Borrowers, excluding vehicles, specified parcels of real estate and other customary exclusions.

The 2022 Credit Agreement provides for a floating annual interest rate equal to the prime rate then in effect plus 6.50%, which rate may be increased by 3.00% upon an event of default that is not a material event of default or 6.00% upon a material event of default.

At any time, the Company may voluntarily prepay up to $100,000 of the principal balance, subject to a one-time $1,000 prepayment premium upon the first prepayment, and may prepay the remaining outstanding principal balance for a prepayment premium at varying rates based on the timing of any subsequent prepayments. The Borrowers may not voluntarily prepay more than $100,000 of the principal balance without prepaying the entire outstanding principal balance of the loan.

The 2022 Credit Agreement includes customary representations and warranties and customary events of default, including, without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to material indebtedness, and events of bankruptcy and insolvency.

The 2022 Credit Agreement also includes customary negative covenants limiting the Borrowers’ ability to incur additional indebtedness and grant liens that are not otherwise permitted, and the ability to enter into or consummate acquisitions or dispositions that are not otherwise permitted, among others. Additionally, the 2022 Credit Agreement requires the Borrowers to meet certain financial tests regarding minimum cash balances, minimum levels of Adjusted EBITDA (as defined in the 2022 Credit Agreement) and a minimum fixed charge coverage ratio.

As of September 30, 2024, the Company was in compliance with such covenants.

Permitted Partial Optional Prepayment and Lien Release

On April 30, 2024, the Company, made a Permitted Partial Optional Prepayment (as defined in the 2022 Credit Agreement) in the amount of $50,000 pursuant to the 2022 Credit Agreement and paid $1,000 prepayment premium in connection therewith.

In connection with such Permitted Partial Optional Prepayment, Chicago Atlantic and certain Lenders agreed to (a) release certain Borrowers from their obligations under, and as parties to, the 2022 Credit Agreement and related agreements (the “Released Borrowers”) and (b) release all liens over the Released Borrowers’ property, including real estate, held by Chicago Atlantic for the benefit of the Lenders, in each case, pursuant to a limited consent and waiver, dated as of April 29, 2024, by and among the Borrowers, certain of the Lenders party thereto and Chicago Atlantic.

Columbia Care Eastern Virginia LLC

On July 29, 2024, the Company entered into the Virginia EPA to purchase all of the issued and outstanding equity interests of CC East Virginia. The transaction closed on August 21, 2024. Pursuant to the Virginia EPA, the Company issued the CC East Virginia Promissory Note in the amount of $26,700, which is subject to further adjustment, and which bears interest at a rate of 7% per annum beginning on the closing date, through maturity on the two-year anniversary of the closing date.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

As of September 30, 2024, and December 31, 2023 debt consisted of the following:



	September 30, 2024		December 31, 2023

Credit Facility	$	295,800	$	348,950
Promissory Notes	28,237		1,582
Mortgage Loans	108,312		111,221
Vehicle and Equipment Loans	719		1,081
Unamortized Debt Issuance Costs	(12,919)		(17,192)

Total Debt	$	420,149	$	445,642

Less: Current Portion of Debt	22,532		52,005

Total Long-Term Debt, net	$	397,617	$	393,637

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

TRANSACTIONS - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 21, 2024	Aug. 16, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 252,182			$ 231,291
CC East Virginia
Business Acquisition [Line Items]
Cash and Cash Equivalents		$ 1,150
Accounts Receivable, net		535
Inventory		16,237
Prepaid Expenses and Other Current Assets		310
Property, Plant and Equipment, net		20,798
Right of Use Assets, net		3,323
Deposits and Other Assets		791
Intangible Assets, net		26,700
Goodwill		19,810
Accounts Payable and Accrued Liabilities		(2,461)
Income Tax Payable		0
Current Portion of Lease Liabilities		(470)
Lease Liabilities, net of Current Portion		(2,894)
Deferred Income Taxes		0
Other Long-Term Liabilities		(104)
Purchase Price		$ 83,725
Cannabist AZ
Business Acquisition [Line Items]
Cash and Cash Equivalents			$ 348
Accounts Receivable, net			252
Inventory			7,145
Prepaid Expenses and Other Current Assets			33
Property, Plant and Equipment, net			5,796
Right of Use Assets, net			2,212
Deposits and Other Assets			230
Intangible Assets, net			3,200
Goodwill			1,081
Accounts Payable and Accrued Liabilities			(3,790)
Income Tax Payable			(280)
Current Portion of Lease Liabilities			(208)
Lease Liabilities, net of Current Portion			(1,761)
Deferred Income Taxes			(952)
Other Long-Term Liabilities			(55)
Purchase Price			$ 13,251

LEASES - Lessee, Operating Lease, Liability, Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (Remaining)	$ 5,144
2025	20,226
2026	19,297
2027	18,619
2028	17,792
Thereafter	70,533
Total Lease Payments	151,611
Less: Imputed Interest	(49,803)
Present Value of Lease Liability	$ 101,808

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	The Company has evaluated subsequent events through the date of issuance of this Form 10-Q and has determined there have been no subsequent events that have occurred during such period that would require adjustments to its disclosures in the Unaudited Interim Condensed Consolidated Financial Statements.

Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues, net of Discounts	$ 216,683	$ 240,088	$ 660,379	$ 701,263
Cost of Goods Sold, net	107,586	106,868	323,982	343,668
Gross Profit	109,097	133,220	336,397	357,595
Operating Expenses
Selling, General, and Administrative Expenses	92,327	86,316	269,690	246,224
Loss on Impairment - Investment in Associates	0	6,571	0	6,571
Total Operating Expenses	92,327	92,887	269,690	252,795
Loss from Investments in Associates	0	(45)	0	(306)
Income from Operations	16,770	40,288	66,707	104,494
Other Income (Expense):
Loss on Disposal of Property, Plant and Equipment	(604)	(234)	(747)	(555)
Loss on Debt Extinguishment	0	0	(3,068)	(663)
Interest Expense, net	(12,771)	(15,166)	(42,122)	(45,084)
Other Income (Expense), net	(484)	2,145	(2,438)	2,542
Total Other Income (Expense), net	(13,859)	(13,255)	(48,375)	(43,760)
Income Before Provision for Income Taxes	2,911	27,033	18,332	60,734
Provision For Income Taxes	(45,478)	(44,797)	(87,485)	(100,796)
Net Loss Before Non-Controlling Interest	(42,567)	(17,764)	(69,153)	(40,062)
Net Income Attributable to Non-Controlling Interest	0	78	0	78
Net loss attributable to Verano Holdings Corp. and Subsidiaries	$ (42,567)	$ (17,842)	$ (69,153)	$ (40,140)
Net Loss per share - basic (in dollars per share)	$ (0.12)	$ (0.05)	$ (0.20)	$ (0.12)
Net Loss per share - diluted (in dollars per share)	$ (0.12)	$ (0.05)	$ (0.20)	$ (0.12)
Basic - weighted average shares outstanding (in shares)	351,168,596	343,432,601	346,727,978	342,484,942
Diluted - weighted average shares outstanding (in shares)	351,168,596	343,432,601	346,727,978	342,484,942

DEBT - Narrative (Details) - USD ($)				9 Months Ended
DEBT - Narrative (Details) - USD ($)	Aug. 21, 2024	Apr. 30, 2024	Oct. 27, 2022	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Payment of debt prepayment cost				$ 1,000,000	$ 0
Promissory Note \| CC East Virginia
Debt Instrument [Line Items]
Debt instrument, face amount	$ 26,700,000
Interest rate, stated percentage	7.00%
Debt instrument, term	2 years
Credit Facility \| Secured Debt \| 2022 Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount			$ 350,000,000
Additional incremental loan, maximum			100,000,000
Monthly amortization payment			350,000
Accordion feature, increase limit			120,000,000
Accordion feature, increase limit upon passing of legislation			$ 50,000,000
Debt instrument, variable interest rate, type [Extensible Enumeration]			Prime Rate [Member]
Basis spread on variable rate			6.50%
Prepayment amount, maximum			$ 100,000,000
Payment of debt prepayment cost		$ 50,000,000
Prepayment premium		$ 1,000,000	$ 1,000,000
Credit Facility \| Secured Debt \| 2022 Credit Agreement \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate, increase upon event of default			3.00%
Credit Facility \| Secured Debt \| 2022 Credit Agreement \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate, increase upon event of default			6.00%

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Subordinate Voting Shares (as converted)	Share Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2022		339,983,374
Beginning balance at Dec. 31, 2022	$ 1,341,550		$ 1,665,957	$ (8)	$ (324,399)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		1,104,515
Share-based compensation	9,391		9,391
Issuance of shares to relieve liability obligations, net (in shares)		816,021
Issuance of shares to relieve liability obligations, net	2,610		2,610
Foreign Currency Translation Adjustment	(4)			(4)
Contingent consideration & other adjustments to purchase accounting (in shares)		1,625,546
Net Income (Loss)	(40,062)				(40,140)	78
Ending balance (in shares) at Sep. 30, 2023		343,529,456
Ending balance at Sep. 30, 2023	1,313,485		1,677,958	(12)	(364,539)	78
Beginning balance (in shares) at Jun. 30, 2023		343,367,514
Beginning balance at Jun. 30, 2023	1,326,344		1,673,049	(8)	(346,697)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		161,942
Share-based compensation	4,909		4,909
Foreign Currency Translation Adjustment	(4)			(4)
Net Income (Loss)	(17,764)				(17,842)	78
Ending balance (in shares) at Sep. 30, 2023		343,529,456
Ending balance at Sep. 30, 2023	1,313,485		1,677,958	(12)	(364,539)	78
Beginning balance (in shares) at Dec. 31, 2023		344,074,096
Beginning balance at Dec. 31, 2023	1,240,080		1,681,840	(13)	(441,747)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		2,404,096
Share-based compensation	12,550		12,550
Issuance of shares in conjunction with acquisitions (in shares)		10,416,041
Issuance of shares in conjunction with acquisitions	34,453		34,453
Foreign Currency Translation Adjustment	14			14
Contingent consideration & other adjustments to purchase accounting (in shares)		31,181
Distributions paid to non-controlling interest holders	(226)					(226)
Net Income (Loss)	(69,153)				(69,153)
Ending balance (in shares) at Sep. 30, 2024		356,925,414
Ending balance at Sep. 30, 2024	1,217,718		1,728,843	1	(510,900)	(226)
Beginning balance (in shares) at Jun. 30, 2024		346,417,144
Beginning balance at Jun. 30, 2024	1,221,392		1,689,723	2	(468,333)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		92,229
Share-based compensation	4,667		4,667
Issuance of shares in conjunction with acquisitions (in shares)		10,416,041
Issuance of shares in conjunction with acquisitions	34,453		34,453
Foreign Currency Translation Adjustment	(1)			(1)
Distributions paid to non-controlling interest holders	(226)					(226)
Net Income (Loss)	(42,567)				(42,567)
Ending balance (in shares) at Sep. 30, 2024		356,925,414
Ending balance at Sep. 30, 2024	$ 1,217,718		$ 1,728,843	$ 1	$ (510,900)	$ (226)

TRANSACTIONS - Narrative (Details) $ in Thousands			3 Months Ended			9 Months Ended
TRANSACTIONS - Narrative (Details) $ in Thousands	Aug. 21, 2024 USD ($) shares	Aug. 16, 2024 USD ($) business	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 07, 2022
Business Acquisition [Line Items]
Goodwill			$ 252,182			$ 252,182		$ 231,291
Acquisition of business, net of cash acquired						35,875	$ 0
Cannabist AZ
Business Acquisition [Line Items]
Number of businesses acquired \| business		2
Payments to acquire businesses		$ 13,251
Adjustment period		120 days
Acquired intangible assets		$ 3,200
Goodwill		$ 1,081
Revenues, net of acquiree since acquisition date, actual			2,140
Net loss of acquiree since acquisition date, actual			1,324
Revenues			218,851		$ 244,800	672,224	716,046
Net loss			42,397		18,845	68,826	42,180
CC East Virginia
Business Acquisition [Line Items]
Payments to acquire businesses	$ 24,122
Adjustment period	120 days
Acquired intangible assets	$ 26,700
Goodwill	$ 19,810
Revenues, net of acquiree since acquisition date, actual			5,105
Net loss of acquiree since acquisition date, actual			226
Equity interest issued or issuable, number of shares (in shares) \| shares	10,416,041
Equity interests issued and issuable	$ 34,453
Revenues			222,939		250,099	687,922	728,112
Net loss			$ 40,920		$ 20,197	$ 63,264	$ 44,027
CC East Virginia \| Promissory Note
Business Acquisition [Line Items]
Debt instrument, face amount	26,700
Fair value	$ 25,150
Interest rate, stated percentage	7.00%
Debt instrument, term	2 years
Sierra Well
Business Acquisition [Line Items]
Equity interest issued or issuable, number of shares (in shares) \| shares				31,181
Percentage of voting interests acquired									100.00%
Acquisition of business, net of cash acquired				$ 32

SHARE CAPITAL (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Unvested Restricted Stock Units Roll Forward

The following table summarizes the number of unvested RSU awards as of September 30, 2024 and December 31, 2023 and the changes during the nine months ended September 30, 2024:


	Number of Shares	Weighted Avg. Grant Date Fair Value C$
Unvested RSUs at December 31, 2023	8,812,537	4.72
Granted	2,682,741	5.61
Forfeited	356,269	4.69
Vested	2,528,817	5.64
Unvested RSUs at September 30, 2024	8,610,192	4.82

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock Options	$	—	$	63	$	—	$	226
Restricted Stock Units	4,790		4,624		13,034		8,753
Total Stock Based Compensation Expense	$	4,790	$	4,687	$	13,034	$	8,979

SEGMENTS - Schedule of Reconciliation of Gross Profit to Consolidated Income Before Provision For Income Taxes (Details)) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Gross Profit	$ 109,097	$ 133,220	$ 336,397	$ 357,595
Total Operating Expenses	(92,327)	(92,887)	(269,690)	(252,795)
Loss from Investments in Associates	0	(45)	0	(306)
Total Other Income (Expense), net	(13,859)	(13,255)	(48,375)	(43,760)
Income Before Provision for Income Taxes	$ 2,911	$ 27,033	$ 18,332	$ 60,734

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

FAIR VALUE MEASURMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The fair value of the Company’s financial instruments associated with each of the three levels of the hierarchy are:


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	64,981	$	—	$	—	$	64,981
Investments	2,137		—		—		2,137
Acquisition Consideration Payable	—		—		(4,151)		(4,151)
Total	$	67,118	$	—	$	(4,151)	$	62,967


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	174,760	$	—	$	—	$	174,760
Investments	2,294		—		—		2,294
Acquisition Consideration Payable	—		—		(3,915)		(3,915)
Total	$	177,054	$	—	$	(3,915)	$	173,139

DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (12,919)	$ (17,192)
Total Debt	420,149	445,642
Less: Current Portion of Debt	22,532	52,005
Total Long-Term Debt, net	397,617	393,637
Promissory Notes
Debt Instrument [Line Items]
Long-term debt, gross	28,237	1,582
Mortgage Loans
Debt Instrument [Line Items]
Long-term debt, gross	108,312	111,221
Vehicle and Equipment Loans
Debt Instrument [Line Items]
Long-term debt, gross	719	1,081
Secured Debt \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 295,800	$ 348,950

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-56342
Entity Registrant Name	VERANO HOLDINGS CORP.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1583243
Entity Address, Address Line One	224 W Hill Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60610
City Area Code	312
Local Phone Number	265-0730
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001848416
Amendment Flag	false
Subordinate Voting Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		356,925,414
Proportionate Voting Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

FAIR VALUE MEASURMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASURMENTS

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit-risk.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Inputs for the asset or liability that are not based on observable market data.

Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, debt, and acquisition consideration payable.

For the Company’s long-term debt (which primarily consists of a credit facility and mortgage loans), for which there were no quoted market prices of active trading markets, it was not practicable to estimate the fair value of these financial instruments. The carrying amount of debt as of September 30, 2024 and December 31, 2023 was $420,149 and $445,642, which included $22,532 and $52,005, respectively, of short-term debt due within one year.

Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The fair value of the Company’s financial instruments associated with each of the three levels of the hierarchy are:


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	64,981	$	—	$	—	$	64,981
Investments	2,137		—		—		2,137
Acquisition Consideration Payable	—		—		(4,151)		(4,151)
Total	$	67,118	$	—	$	(4,151)	$	62,967


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	174,760	$	—	$	—	$	174,760
Investments	2,294		—		—		2,294
Acquisition Consideration Payable	—		—		(3,915)		(3,915)
Total	$	177,054	$	—	$	(3,915)	$	173,139

As of September 30, 2024, the Company held publicly traded shares of $2,137, which is included in other current assets in the accompanying Condensed Consolidated Balance Sheet, and is a Level 1 financial instrument.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

CONTINGENCIES AND OTHER	9 Months Ended
CONTINGENCIES AND OTHER	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND OTHER	Claims and Litigation From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of September 30, 2024, other than as set forth below, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s consolidated operations. There are no proceedings in which the Company is a party and any of the Company’s directors, officers or affiliates is an adverse party or has a material interest adverse to the Company’s interest. On January 31, 2022, the Company entered into an Arrangement Agreement (the “GGH Arrangement Agreement”) with Vireo Growth, Inc., formerly known as Goodness Growth Holdings, Inc. (“GGH”), pursuant to which it agreed to acquire all of the issued and outstanding equity interests of GGH in exchange for equity interests in the Company, subject to the conditions set forth in the GGH Arrangement Agreement. On October 13, 2022, the Company provided written notice to GGH of GGH’s breach of the GGH Arrangement Agreement and exercised the Company’s termination rights under the GGH Arrangement Agreement. On October 21, 2022, GGH filed suit against the Company in the Supreme Court of British Columbia alleging that the Company breached (i) the GGH Arrangement Agreement through, among other things, the purported wrongful repudiation of the GGH Arrangement Agreement, (ii) the duty of good faith, and (iii) the duty of honest performance in contract. In addition, on November 14, 2022, the Company filed a counterclaim asserting that GGH owes it a termination fee in the amount of $14,875, or alternatively, the reimbursement of out-of-pocket fees and expenses of up to $3,000 as a result of our termination of the GGH Arrangement Agreement, which was based upon our belief that GGH breached covenants and representations in the GGH Arrangement Agreement and the occurrence of other termination events. GGH filed a response to such counterclaim on December 7, 2022, in which GGH denied it was obligated to pay any termination fee or transaction expenses. As of September 30, 2024, both the Company and GGH are engaged in ongoing discovery efforts. On May 2, 2024, GGH filed an application with the Supreme Court of British Columbia seeking an order granting summary trial in the ongoing litigation between the Company and GGH regarding the GGH Arrangement Agreement. In the application, GGH stated it is seeking $860,900 in damages, plus costs and interest (the “GGH Application for Summary Trial”). On June 19, 2024, the Company filed an application in response seeking: (i) dismissal of the GGH Application for Summary Trial on the grounds that the issues raised by it are not suitable for disposition by summary trial and will not assist the efficient resolution of the proceeding; and (ii) an order that the report on damages filed by GGH in support of the GGH Application for Summary Trial is inadmissible and shall be excluded from evidence in the trial, or any summary trial, of this matter. On September 17, 2024, the Company filed an amended response and counterclaim with the Supreme Court of British Columbia, primarily in response to communications recently disclosed by GGH. The Company can provide no guarantees or assurances that it will prevail or settle this lawsuit or its counterclaim on favorable terms, if at all, and an adverse outcome could have a material adverse effect on its business, results of operations and financial condition. (b)Contingencies During the first quarter of 2023, the Company discovered a potential liability related to a previous acquisition that was deemed to be both probable and estimable. Per ASC 450 Contingencies, when both of these criteria are present, a contingent liability should be recorded. Based on this, the Company recorded a corresponding charge in Other Income, net of $1,893 for the nine months ended September 30, 2023. (c)Illegality of Cannabis at the U.S. Federal Level Verano operates within states where cannabis use, medical or adult-use or both, has been approved by state and local regulatory bodies. Notwithstanding the permissive regulatory environment of medical, and in some cases also adult-use cannabis at the state level, under U.S. federal law cannabis (other than hemp) is a Schedule I controlled substance under the Controlled Substances Act (21 U.S.C. § 811) (the “Controlled Substances Act”) which means it is viewed by the U.S. federal government as a drug that has a high potential for abuse and no therapeutic value. Therefore, even in states or territories that have legalized cannabis to some extent, the cultivation, processing, distribution, possession and sale of cannabis violates the Controlled Substances Act. Moreover, individuals and entities may violate U.S. federal law if they aid and abet another in violating the Controlled Substances Act or conspire with another to violate the law. Violating the Controlled Substances Act is also a predicate for other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. Violations of any U.S. federal laws and regulations could result in significant fines, penalties, administrative sanctions, convictions or settlements arising from civil proceedings conducted by either the federal government or private citizens, or criminal charges, including, but not limited to, disgorgement of profits, cessation of business activities, civil forfeiture or divestiture. Strict compliance with state and local laws with respect to cannabis may neither absolve the Company of liability under U.S. federal law, nor may it provide a defense to any federal proceeding which may be brought against the Company. This could have a material adverse effect on the Company, including its reputation and ability to conduct business, its cannabis licenses in the U.S., the listing and trading of its securities on stock exchanges and platforms, its financial position, operating results, profitability, liquidity and the market price of its publicly traded shares. In addition, it is difficult for the Company to estimate the time or resources that would be needed for the investigation of any such matters or its final resolution because, in part, the time and resources that may be needed are dependent on the nature and extent of any information requested by the applicable authorities involved, and such time and resources could be substantial. There can be no assurance that the comprehensive U.S. federal legislation that would de-schedule and de-criminalize cannabis will be passed in the near future or at all. If such legislation is passed, there is no guarantee that it will include provisions that preserve the current state-based cannabis programs under which the Company operates or that such legislation will otherwise be favorable to the Company and its business.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss attributable to Verano Holdings Corp. and Subsidiaries	$ (42,567)	$ (17,842)	$ (69,153)	$ (40,140)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Net discrete tax items	$ 9,927	$ 8,517	$ 18,623	$ 20,704
Income taxes paid			$ 74,026	$ 114,659

FAIR VALUE MEASURMENTS - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 420,149	$ 445,642
Long-term debt, current maturities	22,532	$ 52,005
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, current	$ 2,137

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

INVENTORY

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

INVENTORY

The Company’s inventory consists of the following as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
Raw Materials	$	3,075	$	5,336
Work in Process	139,409		114,620
Packaging and Miscellaneous	10,093		7,899
Finished Goods	41,468		27,913

Total Inventory	$	194,045	$	155,768

During the year ended December 31, 2023, the Company classified Packaging and Miscellaneous as a component of Prepaid Expenses and Other Current Assets on the Consolidated Balance Sheets as of December 31, 2023. Packaging and Miscellaneous has been reclassified to Inventory in the Unaudited Interim Condensed Consolidated Balance Sheets as of September 30, 2024, to better reflect the character of the underlying assets. Prior periods have been reclassified to conform to the current period presentation.

TRANSACTIONS - Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cannabist AZ
Business Acquisition [Line Items]
Revenues	$ 218,851	$ 244,800	$ 672,224	$ 716,046
Net Income (Loss)	(42,397)	(18,845)	(68,826)	(42,180)
CC East Virginia
Business Acquisition [Line Items]
Revenues	222,939	250,099	687,922	728,112
Net Income (Loss)	$ (40,920)	$ (20,197)	$ (63,264)	$ (44,027)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 5,210	$ 4,691	$ 15,122	$ 13,451
Cost of Sales
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 198	$ 167	$ 426	$ 538

EARNINGS (LOSSES) PER SHARE - Schedule of Earnings (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net loss attributable to Verano Holdings Corp. and Subsidiaries	$ (42,567)	$ (17,842)	$ (69,153)	$ (40,140)
Basic
Weighted-average shares outstanding - basic (in shares)	351,168,596	343,432,601	346,727,978	342,484,942
Diluted
Weighted-average shares outstanding - diluted (in shares)	351,168,596	343,432,601	346,727,978	342,484,942
Net Loss per share - basic (in dollars per share)	$ (0.12)	$ (0.05)	$ (0.20)	$ (0.12)
Net Loss per share - diluted (in dollars per share)	$ (0.12)	$ (0.05)	$ (0.20)	$ (0.12)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATION (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table presents the summarized financial information about the Company’s consolidated VIEs, which are included in the Company's Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023.


	September 30, 2024		December 31, 2023
Current Assets	$	4,439	$	14,671
Non-Current Assets	25,125		28,568
Current Liabilities	26,498		30,437
Non-Current Liabilities	6,051		7,614
Equity attributable to Verano Holdings Corp.	(2,985)		5,188

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income before Income Taxes	$	2,911		$	27,033		$	18,332		$	60,734
Income Tax Expense	(45,478)			(44,797)			(87,485)			(100,796)
Effective Tax Rate	1562		%	166		%	477		%	166		%

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and Cash Equivalents	$ 64,981	$ 174,760
Accounts Receivable, net	46,937	38,981
Held for Sale Assets	220	1,955
Inventory	194,045	155,768
Prepaid Expenses and Other Current Assets	15,538	22,732
Total Current Assets	321,721	394,196
Property, Plant and Equipment, net	584,598	501,304
Right of Use Assets, net	95,593	93,459
Intangible Assets, net	1,047,519	1,086,146
Goodwill	252,182	231,291
Deposits and Other Assets	13,066	12,349
TOTAL ASSETS	2,314,679	2,318,745
Current Liabilities:
Accounts Payable	42,489	31,281
Accrued Liabilities	69,921	66,766
Income Tax Payable	285,274	248,471
Current Portion of Lease Liabilities	11,008	9,750
Current Portion of Debt	22,532	52,005
Acquisition Consideration Payable	4,151	3,915
Total Current Liabilities	435,375	412,188
Long-Term Liabilities:
Debt, net of Current Portion	397,617	393,637
Lease Liabilities, net of Current Portion	90,800	87,397
Deferred Income Taxes	168,164	182,215
Other Long-Term Liabilities	5,005	3,228
Total Long-Term Liabilities	661,586	666,477
TOTAL LIABILITIES	1,096,961	1,078,665
SHAREHOLDERS’ EQUITY	1,217,944	1,240,080
NON-CONTROLLING INTEREST	(226)	0
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,314,679	$ 2,318,745

INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (Remaining)	$ 23,285
2025	93,142
2026	92,427
2027	92,354
2028	92,336
Thereafter	653,975
Finite-lived intangible assets, net	$ 1,047,519	$ 1,086,146

OVERVIEW AND BASIS OF PRESENTATION (Details)	3 Months Ended		9 Months Ended
OVERVIEW AND BASIS OF PRESENTATION (Details)	Sep. 30, 2024 state shares	Sep. 30, 2023 shares	Sep. 30, 2024 state shares	Sep. 30, 2023 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which entity operates \| state	14		14
Common stock conversion ratio	100		100
Potentially dilutive share equivalents included in the computation of diluted loss per share (in shares) \| shares	0	0	0	0

FAIR VALUE MEASURMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	$ 64,981	$ 174,760
Investments	2,137	2,294
Acquisition Consideration Payable	(4,151)	(3,915)
Total	62,967	173,139
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	64,981	174,760
Investments	2,137	2,294
Acquisition Consideration Payable	0	0
Total	67,118	177,054
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	0	0
Investments	0	0
Acquisition Consideration Payable	0	0
Total	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	0	0
Investments	0	0
Acquisition Consideration Payable	(4,151)	(3,915)
Total	$ (4,151)	$ (3,915)

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

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+ Details

EARNINGS (LOSSES) PER SHARE - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,223,321	3,672,228

SHARE CAPITAL

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

SHARE CAPITAL

Subordinate Voting Shares and Proportionate Voting Shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in reserves over the vesting periods are recorded as share capital. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with ASC 740, Income Taxes.

(a)Issued and Outstanding

As of September 30, 2024, the Company had 356,925,414 Subordinate Voting Shares issued and outstanding and no Proportionate Voting Shares outstanding. The Company has the following two classes of share capital, with each class having no par value:

(i)Subordinate Voting Shares

The holders of the Subordinate Voting Shares are entitled to receive dividends issued by the Company and one vote per share at shareholder meetings of the Company. All Subordinate Voting Shares are ranked equally regarding the Company’s residual assets. The Company is authorized to issue an unlimited number of Subordinate Voting Shares.

(ii)Proportionate Voting Shares

Each Proportionate Voting Share is convertible into 100 Subordinate Voting Shares. The holders of the Proportionate Voting Share are entitled to receive dividends issued by the Company on an as converted to Subordinate Voting Share basis and 100 votes per share at shareholder meetings of the Company. The Proportionate Voting Shares are ranked equally on an as converted to Subordinate Voting Share basis regarding the Company's residual assets. The Company is authorized to issue an unlimited number of Proportionate Voting Shares.

(b)Stock-Based Compensation

In February 2021, the Company established the Verano Holdings Corp. Stock and Incentive Plan (the “Plan”), which provides for stock-based remuneration for its eligible directors, officers, employees, consultants, and advisors. The maximum number of restricted stock units (“RSUs”), options and other stock based awards that may be issued under the Plan cannot exceed 10% of the Company’s then issued and outstanding share capital, determined on an as converted to Subordinate Voting Shares basis. All goods and services received in exchange for the grant of any stock-based payments are measured at their fair value unless the fair value cannot be estimated reliably. If the Company cannot reliably estimate the fair value of the goods and services received, the Company measures their value indirectly by reference to the fair value of the equity instruments granted. Equity-settled stock-based payments under stock-based payment plans are ultimately recognized as an expense in profit or loss with a corresponding credit to equity.

The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award. Estimates are subsequently revised if there is any indication that the number of shares expected to vest differs from the previous estimate. Any cumulative adjustment prior to vesting is recognized in the current period with no adjustment to prior periods for expense previously recognized.

Option and RSU grants generally vest in installments over 12 to 30 months and options typically have a life of ten years.

Options

The Company had 33,262 fully vested and exercisable options, entitling the holder thereof to one Subordinate Voting Share per each option upon exercise, with a weighted average exercise price of C$32.05 and a weighted average remaining contractual life of 6.41 years as of September 30, 2024.

5,694 fully vested options, entitling the holder thereof to one Subordinate Voting Share per each option upon exercise, were cancelled during the nine months ended September 30, 2024 due to termination of employment. No options were granted or forfeited during the nine months ended September 30, 2024. As of September 30, 2024 and December 31, 2023, there were no in-the-money options.

RSUs

The following table summarizes the number of unvested RSU awards as of September 30, 2024 and December 31, 2023 and the changes during the nine months ended September 30, 2024:


	Number of Shares	Weighted Avg. Grant Date Fair Value C$
Unvested RSUs at December 31, 2023	8,812,537	4.72
Granted	2,682,741	5.61
Forfeited	356,269	4.69
Vested	2,528,817	5.64
Unvested RSUs at September 30, 2024	8,610,192	4.82

The stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock Options	$	—	$	63	$	—	$	226
Restricted Stock Units	4,790		4,624		13,034		8,753
Total Stock Based Compensation Expense	$	4,790	$	4,687	$	13,034	$	8,979

(c)Share Repurchase Program

On June 17, 2024, the Company's Board of Directors authorized the repurchase of up to 5%, or 17,320,857 of its Subordinate Voting Shares over a 12-month period, and in no event repurchasing greater than an aggregate cost of $50,000. During the nine months ended September 30, 2024, the Company repurchased zero Subordinate Voting Shares. The total remaining repurchase authorization remains at $50,000.

SHARE CAPITAL - Narrative (Details)		9 Months Ended
SHARE CAPITAL - Narrative (Details)	Jun. 17, 2024 USD ($) shares	Sep. 30, 2024 USD ($) class vote shares	Sep. 30, 2024 $ / shares	Jun. 30, 2024 shares	Dec. 31, 2023 shares	Sep. 30, 2023 shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Number of classes of share capital \| class		2
Common stock conversion ratio		100
Percentage of outstanding stock maximum		10.00%
Vested and exercisable (in shares)		33,262
Vested and Exercisable (in dollars per share) \| $ / shares			$ 32.05
Vested and exercisable, weighted average remaining contractual term		6 years 4 months 28 days
Cancelled (in shares)		5,694
Options granted in period (in shares)		0
Options forfeited in period (in shares)		0
Stock repurchased (in shares)		0
Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized, percentage of outstanding stock maximum	5.00%
Share repurchase program, authorized (in shares)	17,320,857
Share repurchase program period	12 months
Share repurchase program, authorized amount \| $	$ 50,000,000
Share repurchase program, remaining authorized, amount \| $		$ 50,000,000
Share-based payment arrangement, option
Class of Stock [Line Items]
Award expiration period		10 years
Minimum \| Restricted Stock Units
Class of Stock [Line Items]
Award vesting period		12 months
Minimum \| Share-based payment arrangement, option
Class of Stock [Line Items]
Award vesting period		12 months
Maximum \| Restricted Stock Units
Class of Stock [Line Items]
Award vesting period		30 months
Maximum \| Share-based payment arrangement, option
Class of Stock [Line Items]
Award vesting period		30 months
Subordinate Voting Shares
Class of Stock [Line Items]
Common stock, shares, issued (in shares)		356,925,414
Common stock, shares, outstanding (in shares)		356,925,414
Common stock, votes per share \| vote		1
Proportionate Voting Shares
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)		0
Common stock, votes per share \| vote		100
Subordinate Voting Shares (as converted)
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)		356,925,414		346,417,144	344,074,096	343,529,456	343,367,514	339,983,374

LEASES - Lease, Cost (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term - years	7 years 10 months 17 days	8 years 2 months 8 days
Weighted average discount rate	9.99%	9.52%

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The Company’s inventory consists of the following as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
Raw Materials	$	3,075	$	5,336
Work in Process	139,409		114,620
Packaging and Miscellaneous	10,093		7,899
Finished Goods	41,468		27,913

Total Inventory	$	194,045	$	155,768

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw Materials	$ 3,075	$ 5,336
Work in Process	139,409	114,620
Packaging and Miscellaneous	10,093	7,899
Finished Goods	41,468	27,913
Total Inventory	$ 194,045	$ 155,768

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	$ 758,025	$ 636,433
Less: Accumulated Depreciation	(173,427)	(135,129)
Total Property, Plant and Equipment, Net	584,598	501,304
Land
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	32,029	30,934
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	195,928	194,274
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	21,657	19,884
Computer Equipment and Software
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	28,513	25,861
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	264,160	230,877
Tools and Equipment
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	99,695	90,386
Vehicles
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	4,341	4,373
Assets Under Construction
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment, Gross	$ 111,702	$ 39,844

PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment and related accumulated depreciation consists of the following as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023

Land	$	32,029	$	30,934
Buildings and Improvements	195,928		194,274
Furniture and Fixtures	21,657		19,884
Computer Equipment and Software	28,513		25,861
Leasehold Improvements	264,160		230,877
Tools and Equipment	99,695		90,386
Vehicles	4,341		4,373
Assets Under Construction (1)	111,702		39,844

Total Property, Plant and Equipment, Gross	758,025		636,433
Less: Accumulated Depreciation	(173,427)		(135,129)

Total Property, Plant and Equipment, Net	$	584,598	$	501,304

(1) Assets under construction represent construction in progress related to facilities not yet completed or otherwise not placed in service.

For the three months ended September 30, 2024 and September 30, 2023, depreciation expense included in costs of goods sold totaled $9,511 and $8,354, respectively. For the three months ended September 30, 2024 and September 30, 2023, depreciation expense included in selling, general, and administrative expense totaled $4,401 and $4,014, respectively.

For the nine months ended September 30, 2024 and September 30, 2023, depreciation expense included in costs of goods sold totaled $27,065 and $25,410, respectively. For the nine months ended September 30, 2024 and September 30, 2023, depreciation expense included in selling, general, and administrative expense totaled $12,558 and $11,521, respectively.

SEGMENTS - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total Revenues, net of Discounts	$ 216,683	$ 240,088	$ 660,379	$ 701,263
Total Gross Profit	109,097	133,220	336,397	357,595
Total Depreciation and Amortization	36,865	35,266	108,150	105,559
Total Income Taxes	45,478	44,797	87,485	100,796
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total Revenues, net of Discounts	(38,171)	(38,008)	(106,125)	(114,310)
Cultivation
Segment Reporting Information [Line Items]
Total Gross Profit	28,262	33,499	80,478	57,068
Total Depreciation and Amortization	19,877	18,384	58,159	55,434
Total Income Taxes	3,662	20,840	18,161	39,851
Cultivation \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues, net of Discounts	90,450	92,389	268,829	259,266
Retail
Segment Reporting Information [Line Items]
Total Gross Profit	80,835	99,721	255,919	300,527
Total Depreciation and Amortization	16,988	16,882	49,991	50,125
Total Income Taxes	41,816	23,957	69,324	60,945
Retail \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues, net of Discounts	$ 164,404	$ 185,707	$ 497,675	$ 556,307

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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+ Details

OVERVIEW AND BASIS OF PRESENTATION (Policies)	9 Months Ended
OVERVIEW AND BASIS OF PRESENTATION (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Unless otherwise indicated, all references to “$” or “US$” in this Form 10-Q refer to United States dollars, and all references to “C$” refer to Canadian dollars. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 (the “2023 Annual Audited Financials”), included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2024 (the “Form 10-K”). Certain prior year amounts have been reclassified to conform to the current year's presentation, which the Company does not consider to be material.
Basis of Consolidation	The accompanying Unaudited Interim Condensed Consolidated Financial Statements include the accounts of Verano Holdings Corp. and its direct and indirect subsidiaries as well as the accounts of any entities over which the Company has a controlling financial interest in accordance with Accounting Standards Codification (“ASC”) 810 Consolidation. The preparation of the Company’s Unaudited Interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the disclosure of assets and liabilities in such financial statements and in the accompanying notes. The Unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries, as well as the accounts of any entities over which the Company has a controlling financial interest in accordance with ASC 810 Consolidation. All transactions and balances between these entities have been eliminated upon consolidation.
Earnings (Loss) per Share	Basic earnings (loss) per share is calculated using the treasury stock method, by dividing the net earnings (losses) attributable to shareholders by the weighted average number of shares (including the Company's Class B proportionate voting shares, no par value (the “Proportionate Voting Shares”) on an as converted to Subordinate Voting Shares basis of 100 Subordinate Voting Shares to one Proportionate Voting Share) outstanding during each of the periods presented. Contingently issuable shares (including shares held in escrow) are not considered outstanding shares and consequently are not included in the earnings (loss) per share calculations. Diluted income per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. To determine diluted income (loss) per share, the Company assumes that any proceeds from the exercise of dilutive share options would be used to repurchase shares at the average market price during the period. The diluted income (loss) per share calculation excludes any potential conversion of share options and convertible debt, if any, that would increase earnings per share or decrease loss per share.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07 - ASC 280 Segment Reporting - Improvements to Reportable Segment Disclosures (“ASU 280”), which extends the existing requirements for annual disclosures to quarterly periods, and requires that both annual and quarterly disclosures present segment expenses using line items consistent with information regularly provided to the chief operating decision maker. ASU 280 is effective for annual periods beginning after December 15, 2023 and quarterly periods beginning after December 15, 2024. The Company does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements.
Intangible Assets	Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value as of the acquisition date. Amortization of definite life intangible assets is provided on a straight-line basis over their estimated useful lives.

CONSOLIDATION

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION

In accordance with ASC 810, the Company consolidates through the variable interest entity (“VIE”) model. The following table presents the summarized financial information about the Company’s consolidated VIEs, which are included in the Company's Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023.


	September 30, 2024		December 31, 2023
Current Assets	$	4,439	$	14,671
Non-Current Assets	25,125		28,568
Current Liabilities	26,498		30,437
Non-Current Liabilities	6,051		7,614
Equity attributable to Verano Holdings Corp.	(2,985)		5,188

Consolidated Variable Interest Entities

Consolidated VIEs occur when (a) the Company closes an acquisition while the state has not finalized the transfer of the cannabis license or (b) the Company owns an equity interest in a joint venture, which it exercises control over.

Consolidation occurs on the effective date of the purchase agreement, or in the case of joint venture VIEs, on the effective date of a limited liability company agreement governing the applicable joint venture, and an MSA. The MSA grants the management company, Verano, the ability to make business operating decisions, manage and staff employees, determine product mix, and the authority to direct allocation of cash. The MSA or the limited liability company agreement also allows Verano to limit distributions of the entity at Verano’s discretion. Certain states may limit the distribution or transfer of cash until license transfer.

The Company has entered into financing arrangements with certain VIEs to provide funding for potential capital expenditures including, but not limited to, the construction of dispensaries and other facilities.

The Company applies ASC 810-10-15 to determine control of the legal entity. With respect to VIEs acquired via acquisition, the purchase agreements limit the sellers involvement in future operations, and their risks of loss. With respect to joint venture VIEs, the limited liability company agreements limit the partners’ involvement in future operations and control over financial decisions, including distributions. In addition, Verano enters into an MSA with the legal entity that grants the Company strategic decision-making ability of the business operations.

The Company is involved in all qualitative and quantitative aspects of each consolidated VIE, such as but not limited to, software choices, procurement, staffing and payroll, advertising, and use of cash flow. With respect to VIEs acquired via acquisition, the Company absorbs all risk of loss and receives expected future returns based on the purchase agreement and MSA, resulting in Verano being the primary beneficiary.

Verano does not fully own all entities consolidated under ASC 810 and records a non-controlling interest for such non-owned portion in the Unaudited Interim Condensed Consolidated Financial Statements. The income of less-than-wholly owned entities is attributed to non-controlling interest and Verano based on the contractual arrangements between the other interest holders and Verano, or, in the absence of contractual arrangements, on a pro rata basis based on relative ownership percentage. As an exception to the aforementioned attribution method, during periods in which a less-than-wholly owned entity records an accumulated deficit, the net losses of the less-than-wholly owned subsidiary are, generally, attributed entirely to Verano.

EARNINGS (LOSSES) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share, Basic and Diluted

The computations of net earnings (loss) per share on a basic and diluted basis, including reconciliations of the numerators and denominators, for the three and nine months ended September 30, 2024 and September 30, 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net Loss attributable to Verano Holdings Corp.	$	(42,567)	$	(17,842)	$	(69,153)	$	(40,140)

Denominator
Basic
Weighted-average shares outstanding – basic	351,168,596		343,432,601		346,727,978		342,484,942

Diluted
Weighted-average shares outstanding – diluted	351,168,596		343,432,601		346,727,978		342,484,942

Net Loss per share - basic & diluted	$	(0.12)	$	(0.05)	$	(0.20)	$	(0.12)

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Net loss attributable to Verano Holdings Corp. and Subsidiaries	$ (69,153)	$ (40,140)
Net Income Attributable to Non-Controlling Interest	0	78
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	108,150	105,559
Right of use assets amortization	9,466	7,831
Loss on disposal of property, plant and equipment	747	555
Loss on debt extinguishment	3,068	663
Loss on impairment of investment in associates	0	6,571
Decrease in fair value of contingent consideration	0	(3,466)
Stock based compensation	13,034	8,979
Other, net	8,368	3,862
Changes in operating assets and liabilities:
Accounts receivable, net	(8,277)	(17,098)
Inventory	(18,310)	14,123
Accounts payable	(1,167)	(8,375)
Income tax payable	36,523	(1,900)
Other assets, net	7,894	7,073
Other liabilities, net	(21,649)	(6,954)
NET CASH PROVIDED BY OPERATING ACTIVITIES	68,694	77,361
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of business, net of cash acquired	(35,875)	0
Purchases of property, plant and equipment	(84,803)	(26,503)
Proceeds from disposal of assets	52	2,180
Other investing activities	(226)	0
NET CASH USED IN INVESTING ACTIVITIES	(120,852)	(24,323)
CASH FLOW FROM FINANCING ACTIVITIES
Payment of deferred acquisition price payable	(32)	(13,250)
Proceeds from issuance of debt	0	50,949
Principal repayments of debt	(56,466)	(44,582)
Debt issuance costs paid	0	(1,081)
Payment of debt extinguishment	(1,000)	0
Other financing activities	(137)	0
NET CASH USED IN FINANCING ACTIVITIES	(57,635)	(7,964)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(109,793)	45,074
Effects of exchange rate fluctuations on cash and cash equivalents	14	(4)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	174,760	84,851
CASH AND CASH EQUIVALENTS, END OF PERIOD	64,981	129,921
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	39,838	44,492
Issuance of shares to relieve liability obligations, net	0	2,610
NONCASH INVESTING AND FINANCING ACTIVITIES
Issuance of debt for acquisition of business	26,700	0
Issuance of shares under business combinations	$ 34,453	$ 0

EARNINGS (LOSSES) PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSSES) PER SHARE

The Company presents basic earnings (losses) per share. Basic earnings (losses) per share is calculated by dividing the earnings (loss) attributable to shareholders by the weighted average number of Subordinate Voting Shares (with outstanding Proportionate Voting Shares, if any, accounted for on an as converted to Subordinate Voting Shares basis) outstanding during the periods presented. Diluted earnings (losses) per share is computed based on the weighted average number of Subordinate Voting Shares (with outstanding Proportionate Voting Shares, if any, accounted for on an as converted to Subordinate Voting Shares basis) outstanding, to the extent dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net Loss attributable to Verano Holdings Corp.	$	(42,567)	$	(17,842)	$	(69,153)	$	(40,140)

Denominator
Basic
Weighted-average shares outstanding – basic	351,168,596		343,432,601		346,727,978		342,484,942

Diluted
Weighted-average shares outstanding – diluted	351,168,596		343,432,601		346,727,978		342,484,942

Net Loss per share - basic & diluted	$	(0.12)	$	(0.05)	$	(0.20)	$	(0.12)

Potentially dilutive securities of approximately 2,223,321 and 3,672,228 for the three and nine months ended September 30, 2024, respectively, were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

SEGMENTS

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENTS

The Company conducts and manages its business through two reportable segments, representing the major lines of its cannabis business: cultivation (wholesale) and retail. The cultivation (wholesale) segment consists of the cultivation, production and sale of cannabis products to retail stores. The retail segment consists of the retailing of cannabis to patients and consumers. Summarized financial information for these segments is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues, net of Discounts
Cultivation (Wholesale)	$	90,450	$	92,389	$	268,829	$	259,266
Retail	164,404		185,707		497,675		556,307
Intersegment Eliminations	(38,171)		(38,008)		(106,125)		(114,310)
Total Revenues, net of Discounts	216,683		240,088		660,379		701,263

Gross Profit
Cultivation (Wholesale)	28,262		33,499		80,478		57,068
Retail	80,835		99,721		255,919		300,527
Total Gross Profit	109,097		133,220		336,397		357,595

Depreciation and Amortization
Cultivation (Wholesale)	19,877		18,384		58,159		55,434
Retail	16,988		16,882		49,991		50,125
Total Depreciation and Amortization	36,865		35,266		108,150		105,559

Income taxes
Cultivation (Wholesale)	3,662		20,840		18,161		39,851
Retail	41,816		23,957		69,324		60,945
Total Income Taxes	45,478		44,797		87,485		100,796

The following table reconciles gross profit to consolidated income before provision for income taxes.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Gross Profit	$	109,097	$	133,220	$	336,397	$	357,595
Total Operating Expenses	(92,327)		(92,887)		(269,690)		(252,795)
Loss from Investments in Associates	—		(45)		—		(306)
Total Other Income (Expense), net	(13,859)		(13,255)		(48,375)		(43,760)
Income Before Provision for Income Taxes	2,911		27,033		18,332		60,734

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

TRANSACTIONS

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

TRANSACTIONS

Business Combinations

The Company has determined that the acquisitions described below are business combinations under ASC Topic 805, Business Combinations. Acquisitions that are determined to be the acquisition of a business are accounted for by applying the acquisition method, whereby the assets acquired, and the liabilities assumed are recorded at their fair values at the date of acquisition with any excess of the aggregate consideration over the fair values of the identifiable net assets allocated to goodwill. Operating results for the companies acquired have been included in these Unaudited Interim Condensed Consolidated Financial Statements from the date of the acquisition. Any goodwill recognized is attributed based on reporting units.

The purchase price allocations for the acquisitions reflect various fair value estimates and analyses which are subject to change within the measurement period, which is the one-year period subsequent to the acquisition date. The primary areas of the purchase price allocation that are subject to change relate to the fair value of certain tangible assets, the value of intangible assets acquired, and residual goodwill. The Company expects to continue to obtain information to assist in determining the fair value of the net assets acquired at the acquisition date during the measurement period.

Measurement period adjustments that the Company determined to be material will be applied prospectively in the Company’s future consolidated financial statements, and depending on the nature of the adjustments, other periods subsequent to the period of acquisition could be affected.

2024 Business Combinations

203 Organix L.L.C. & Salubrious Wellness Clinic, Inc.

On July 29, 2024, the Company entered into two equity purchase agreements, (a) one with The Cannabist Company Holdings Inc. ("Cannabist"), CC VA Holdco LLC, Columbia Care – Arizona, Tempe, L.L.C., Thomas Allison and Salubrious Wellness Clinic, Inc. (“SWC”), pursuant to which the Company acquired all of the issued and outstanding equity interests of SWC, and (b) one with Cannabist, CC VA Holdco LLC, Columbia Care-Arizona, Prescott, L.L.C. and 203 Organix, LLC (“203” and together with SWC, “Cannabist AZ”), pursuant to which the Company acquired all of the issued and outstanding equity interests of 203. The Company added an active cultivation and production facility and increased the Company's retail footprint in Arizona. The transactions closed on August 16, 2024. Pursuant to the equity purchase agreement, the Company paid total cash consideration of $13,251, which is subject to a post-closing adjustment period of 120 days.

The Company's Consolidated Statements of Operations includes net revenue of $2,140 and net loss of $1,324 related to the acquired operations of Cannabist AZ for the three months ended September 30, 2024. Cannabist AZ is reported in both the Retail and Cultivation segments.

Columbia Care Eastern Virginia LLC

On July 29, 2024, the Company entered into an equity purchase agreement with Cannabist, Columbia Care Eastern Virginia LLC ("CC East Virginia"), and the members of CC East Virginia party thereto (the "Virginia EPA"), pursuant to which the Company acquired all of the issued and outstanding equity interests of CC East Virginia. CC East Virginia is the sole vertical cannabis operator in HSA 5 in Eastern Virginia. The transaction closed on August 21, 2024. Pursuant to the Virginia EPA, the Company paid $24,122 in cash consideration and equity consideration of 10,416,041 Subordinate Voting Shares with an estimated fair value of $34,453, all of which was distributed on the closing date of the transaction. In addition, on the closing date of the transaction, the Company issued a $26,700 promissory note (the "CC East Virginia Promissory Note") with an estimated fair value of $25,150 and which bears interest at a rate of 7% per annum and matures on the two-year anniversary of the transaction closing date. The CC East Virginia Promissory Note is subject to a post-closing adjustment period of 120 days.

The Company's Unaudited Interim Condensed Consolidated Statements of Operations includes net revenue of $5,105 and net loss of $226 related to the acquired operations of CC East Virginia for the three months ended September 30, 2024. CC East Virginia is reported in both the Retail and Cultivation segments.

For the acquisitions of CC East Virginia and Cannabist AZ, the purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. The primary areas that remain preliminary for the acquisitions of CC East Virginia and Cannabist AZ relate to the fair values of goodwill, intangible assets, and income taxes.

For the acquisitions of CC East Virginia and Cannabist AZ, the major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows:


	CC East Virginia		Cannabist AZ
Cash and Cash Equivalents	$	1,150	$	348
Accounts Receivable, net	535		252
Inventory	16,237		7,145
Prepaid Expenses and Other Current Assets	310		33
Property, Plant and Equipment, net	20,798		5,796
Right of Use Assets, net	3,323		2,212
Deposits and Other Assets	791		230
Intangible Assets, net	26,700		3,200
Goodwill	19,810		1,081
Accounts Payable and Accrued Liabilities	(2,461)		(3,790)
Income Tax Payable	—		(280)
Current Portion of Lease Liabilities	(470)		(208)
Lease Liabilities, net of Current Portion	(2,894)		(1,761)
Deferred Income Taxes	—		(952)
Other Long-Term Liabilities	(104)		(55)

Purchase Price	$	83,725	$	13,251

Goodwill was assigned to both the Retail and Cultivation segments. The goodwill was primarily attributed to increased synergies that are expected to be achieved from the integration of CC East Virginia and Cannabist AZ. Substantially all of the goodwill is expected to be non-deductible for income tax purposes.

The following tables represent the supplemental consolidated financial results on an unaudited pro forma basis, as if the Cannabist AZ acquisition had been consummated on January 1, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues	$	218,851	$	244,800	$	672,224	$	716,046
Net Income (Loss)	$	(42,397)	$	(18,845)	$	(68,826)	$	(42,180)

The following tables represent the supplemental consolidated financial results on an unaudited pro forma basis, as if the CC East Virginia acquisition had been consummated on January 1, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues	$	222,939	$	250,099	$	687,922	$	728,112
Net Income (Loss)	$	(40,920)	$	(20,197)	$	(63,264)	$	(44,027)

These pro forma results were based on estimates and assumptions, which we believe are reasonable. They are not the results that would have been realized had we been a combined company during the periods presented and are not necessarily indicative of our consolidated results of operations in future periods. The pro forma results include adjustments related to purchase accounting, primarily amortization of intangible assets. Acquisition costs and other nonrecurring charges were immaterial and are included in the earliest period presented.

2022 Business Combinations

WSCC, Inc.

On July 6, 2021, Verano entered into a merger agreement to acquire 100% of the equity interests of WSCC, Inc (“Sierra Well”). Sierra Well held cannabis licenses that allow it to cultivate, produce and sell medical and recreational cannabis products in the state of Nevada, including sales through its retail dispensaries located in Carson City and Reno. The transaction closed on September 7, 2022.

During the quarter ended March 31, 2024, the Company paid cash consideration of $32 and issued 31,181 Subordinate Voting Shares to the former shareholders of Sierra Well, which had been held back to secure indemnification obligations of such shareholders. As of September 30, 2024, all consideration related to the acquisition has been paid.