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Verano Holdings Corp. (VRNO) stock intrinsic value fair value estimate & owner earnings analysis

ComplexityHigh Updated
Analysis Owner's Earnings Geography Growth Strategy Chart Analysis Competitors Circle of Competence
Verano Holdings is a US multi-state cannabis operator. According to its annual report for fiscal 2025 (filed March 2026), it grows, processes, wholesales and sells medical and adult-use marijuana through its own dispensaries in 13 states: Arizona, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia. Cannabis is still illegal under US federal law, and the company's whole business is selling it. That falls outside what this analysis covers, so we have not produced a valuation or a margin-of-safety price.

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Sales geography
United States: 13 states across the Northeast (Connecticut, Massachusetts, New Jersey, Pennsylvania, Maryland), South (Florida, Virginia, West Virginia), Midwest (Illinois, Michigan, Ohio) and West (Arizona, Nevada).
Historical growth strategy

We don't have historical growth strategy information for this company yet.

Chart analysis
A chartist would call this a long-term downtrend. The shares began trading in early 2021 near the peak of cannabis-sector enthusiasm and fell heavily in the following years, with a series of lower highs. Rallies came in short, sharp bursts driven by headlines about federal rescheduling or legalization, and each one faded. A trader would treat the stock as headline-driven and highly volatile, and would want it to break above its prior rally highs before calling the downtrend over. We could not verify current price levels from public sources at the time of writing.
Competitors

We don't have competitor information for this company yet.

Circle of competence

We don't have circle of competence information for this company yet.