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VERANO . Verano Holdings Announces Full Year 2020 Results April 8 , 2021 • 2020 revenue of $ 355 million , growth of approximately 200 % • Gross profit margin of 63 % for full year 2020 • 2020 net income of $ 245 million • 2020 adjusted EBITDA of $ 170 million , 48 % margin CHICAGO , April 08 , 2021 ( GLOBE NEWSWIRE ) Verano Holdings Corp. ( CSE : VRNO ) ( " Verano " or " the Company " ) , a leading multi - state cannabis company , today announced its results for the year ended December 31 , 2020. The financial information included herein is reported on a pro forma consolidated basis assuming the completion of the business combination of Verano Holdings , LLC ( " Verano " ) , Majesta Minerals Inc. ( " Majesta " ) and Alternative Medical Enterprises , LLC , Plants of Ruskin , LLC , RVC 360 , LLC , and affiliated companies ( collectively , " AltMed " ) which was completed on February 11 , 2021 , with 2019 comparative information on the same pro forma consolidated basis and without taking into account any anticipated synergies or other adjustments . All currency is in U.S. dollars , unless otherwise noted . Full Year 2020 Financial Highlights • 2020 revenues increased 196 % year - over - year to $ 355 million . • Gross profit for full year 2020 , on an unadjusted basis and not including the impact of biological assets , was $ 224 million or 63 % of revenue , compared to $ 51 million or 43 % of revenue in 2019 . • 2020 SG & A expense was $ 85 million or 24 % of revenue , compared to $ 56 million or 46 % of revenue in 2019 . • Net income in 2020 , including the impact of biological assets , was $ 245 million compared to $ 10 million in 2019 . • 2020 EBITDA¹ on an unadjusted basis was $ 153 million or 43 % of revenues . Adjusted EBITDA¹ was $ 170 million in 2020 which translates to a margin of 48 % . • Cash flow from operations for 2020 was $ 151 million , 2020 Free Cash Flow¹ was $ 53 million . Recent Operational Highlights • Throughout 2020 and 2021 year - to - date , on a pro forma basis which includes the impact of AltMed , the Company opened 36 dispensaries . The Company has completed , or is in the process of completing , expansion of seven active cultivation facilities , in addition to the buildout of an eighth in Massachusetts . • On February 17 , 2021 , the Company commenced trading on the Canadian Securities Exchange ( the " CSE " ) following completion of a reverse takeover transaction ( the " RTO " ) with Majesta . Concurrent with the completion of the RTO , the Company completed the acquisition of AltMed . • Subsequent to going public , the Company has announced and / or closed eight accretive acquisitions , strengthening its presence in Arizona , Illinois , Pennsylvania and Ohio . Pending customary closing requirements , the Company would add 17 dispensaries , 14 active and three planned , and approximately 20,000 sq . ft . in cultivation capacity . • The Company has a total active footprint of 73 retail stores and 770,000 square feet of cultivation square footage ( includes pending acquisitions and construction in - progress ) . • On March 11 , 2021 , Verano completed a private placement bought deal financing raising gross proceeds of approximately C $ 100 million . Special Warrants sold in the offering were priced at C $ 28.50 per warrant and are exercisable into one class A subordinate voting share of the Company . • The Company received approval to be quoted on the Over - The - Counter market , trading under the symbol VRNOF - gives U.S. investors direct access to invest in Verano . ( 1 ) See Non - IFRS Financial Measures below . Management Commentary " 2020 was a very productive year for Verano . While the global community faced unprecedented challenges , we were encouraged to see our industry embraced for its ability to positively impact health and wellness , while creating countless jobs and generating substantial tax revenue at a time that many other businesses could not , " said George Archos , Co - Founder and CEO of Verano . " Our 2020 results , in combination with progress made year - to - date in 2021 , are a testament to our team's proven ability to execute on our focused growth strategy both efficiently and profitably , including accretive M & A activity to fortify our presence in core markets , as well as material organic expansion across our national footprint at the retail level and in cultivation and production capacity . I'm tremendously proud of what the Verano team has accomplished to date , and I anticipate that we'll continue to deliver added shareholder value throughout 2021 as we realize results from a very active 2020 , all while maintaining industry - leading margins and adding great depth to our leadership . " Balance Sheet and Liquidity As of December 31 , 2020 , current assets on a pro forma consolidated basis were $ 321 million , including cash and cash