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verano Verano Reports Second Quarter 2021 Record Revenue of $ 199M Produced substantial revenue growth of 39 % sequentially , closed three accretive acquisitions in the quarter while remaining profitable , free - cash - flow positive and furthering investments in CAPEX , CPG brand portfolio . CHICAGO - August 10 , 2021 - Verano Holdings Corp. ( CSE : VRNO ) ( OTCQX : VRNOF ) ( " Verano " or the " Company " ) , a leading multi - state cannabis company , today announced its results for the second quarter ended June 30 , 2021. The financial information below is reported on a pro forma consolidated basis accounting for the AltMed acquisition as if completed on January 1 , 2021 , and all currency is in U.S. dollars . Second Quarter 2021 Financial Summary • • Revenues increased 39 % from the first quarter of 2021 , and 164 % from the second quarter of 2020 to a record $ 199 million . Gross profit , on an unadjusted basis and excluding the impact of biological assets , was $ 100 million , or 50 % of revenue , compared to $ 88 million , or 61 % of revenue , in the first quarter of 2021 . • SG & A expense was $ 53 million , or 27 % of revenue , compared to $ 29 million , or 20 % of revenue , in the first quarter of 2021 . • Net income , including the impact of biological assets , was $ 7 million . Excluding the impact of biological assets , net income was $ 32 million in the second quarter of 2021 , compared to $ 8 million in the first quarter of 2021 . • Second quarter Adjusted EBITDA was $ 81 million , or 41 % of revenues . EBITDA on an unadjusted basis was $ 52 million , or 26 % of revenues . • Cash flow from operations was $ 29 million , and Free Cash Flow was $ 4 million . Recent Operational Highlights • • . In the second quarter , Verano executed on organic expansion plans and brought seven new dispensaries online across its core markets in Florida , Illinois , New Jersey , and Pennsylvania . The Company added nine fully operational , high - volume dispensaries to its portfolio during the second quarter , closing on accretive acquisitions of Territory in Arizona , The Healing Center and TerraVida in Pennsylvania , as well as another permit for three additional dispensaries in Pennsylvania through the NSE transaction . Verano currently has 83¹ operating dispensaries and anticipates surpassing 90 by the end of 2021 . The Company's subordinate voting shares received DTC eligibility , which enhanced liquidity and strengthened its presence in the U.S. capital markets . • Shortly after the close of the second quarter , Verano completed acquisitions of Agri - Kind and Agronomed Biologics in Pennsylvania , allowing for vertical benefit realization in the state by ¹ Includes contribution of two active dispensaries from the pending acquisition of Sierra Well in Nevada .