Verano Holdings

It seemed too good to be true.

Lawrence Township Manager Kevin Nerwinski didn't believe the numbers he was seeing. Verano Holdings wanted approval to open up their Zen Leaf medical marijuana dispensary in the town to recreational customers, selling legal weed to anyone over 21 years old. The company expected millions in revenue per month and, with a 2% transfer tax on every sale, a huge windfall for the township.

In the first year or two, Verano told Nerwinski that the township could see as much as $1 million in tax revenue.

Verano Holdings Corp. VRNOF VRNO released its financial results for the third quarter ended September 30, 2022, revealing revenue increased 2% versus the prior quarter and 10% year-over-year to $228 million. Revenue growth versus the year-ago period was driven by strength from adult use sales in New Jersey.

Q3 Financial Highlights

In a Nov. 11 announcement, Miss Grass said its popular Minis collection is on sale at stores run by Ascend Wellness, Acreage Holdings (The Botanist), Columbia Care (The Cannabist) and Verano Holdings (Zen Leaf), with expansion to other dispensaries to come soon.

Initially, a handful of sites already operating as medicinal dispensaries will be able to expand into the adult-use market. So far, the New Jersey Cannabis Regulatory Commission (CRC) has approved 13 dispensaries, known officially as Alternative Treatment Clinics (ATCs), for recreational sales. The sites are run by seven operators including Acreage Holdings, Ascend New Jersey, Columbia Care, Curaleaf, Green Thumb Industries, TerrAscend, and Verano Holdings.

Thirteen of the state's existing medical marijuana dispensaries will soon be able to sell legal weed to any adult over 21 years old after they received crucial approvals from the state on Monday.

The New Jersey Cannabis Regulatory Commission on Thursday approved seven applications for conversion submitted by Acreage Holdings, Ascend New Jersey, Columbia Care, Curaleaf, Green Thumb Industries, TerrAscend and Verano Holdings.

At issue is a bill that would allow craft growers to nearly triple the size of their footprint from 5,000 square feet to 14,000 square feet, according to a report by Grown In, an industry newsletter.

The Cannabis Business Association of Illinois formally decided at a board meeting last week to oppose the legislation, SB3105, according to Grown In.

The association is dominated by MSOs such as Illinois-based Cresco Labs, PharmaCann and Verano Holdings, Grown In reported.

“We fear New Jersey may not live up to expectations, at least initially,” Zuanic began.

New Jersey's cannabis sales are expected to start on Feb. 15 at the latest, according to an announcement from state regulators.

Lethargic Start

Referring to the NJ state cannabis commission as being “far from nimble,” approval of new license applications will be slow, said Zuanic, adding that the main concern is not only a sluggish start but a low number of shops. “Only eight stores for a population of 9 million, plus ‘visitors’ from Pennsylvania, Connecticut and New York.”

Check the yard for skunks all you want, but it appears the smell is coming from a different source in one North Jersey town. Verano Holdings, a medical-marijuana cultivator, replaced a vacant Walmart in Readington, and some neighbors are noticing its stench, according to News 12 New Jersey.

Verano announced the move into the 120,000-square foot cultivation facility last April. With brands such as Zen Leaf and MÜV, the company has firmly established itself in the medical-marijuana industry.

As New Jersey legalizes recreational use of marijuana and Pennsylvania looks in that direction, businesses such as Zen Leaf cannabis stores expect to expand with hundreds of well-paying jobs.

“Adult use opens the cannabis market to new consumers, a new base,” said Brian Ward, chief financial officer for Verano Holdings, the Chicago-based parent company of Zen Leaf. “We’re continually hiring at this point. … In terms of the region and the economic impact, I can tell you that it’s absolutely massive.”

Verano Holdings Corp. (CSE:VRNO) (OTCQX: VRNOF) (“Verano” or “the Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Neptune, the Company’s second of three planned dispensaries in New Jersey, the maximum allowable number. The storefront is located at 2100 NJ-66 in Neptune Township, about two miles from the shore and popular landmarks such as the Asbury Park Boardwalk.