Verano is a vertically integrated, multi-state cannabis operator that cultivates cannabis, manufactures consumer products, and sells through its own retail dispensaries and wholesale to third-party retailers. As of early 2026, Verano operates 160 dispensaries and 14 cultivation and processing facilities across 13 states, with over 1.1M square feet of cultivation capacity. Retail accounts for roughly 68% of revenue and wholesale roughly 32%, with Florida — a medical-only, limited-license market — representing approximately 28% of consolidated sales. Verano's dispensaries operate under the Zen Leaf and MÜV brands, serving both medical patients and adult-use consumers. Wholesale customers are third-party dispensaries that carry Verano's branded product lines, which include Verano, Savvy, MÜV, Encore, Avexia, BITS, HYPHEN, and Swift Lifts. Vertical integration is the core margin driver: by controlling cultivation, manufacturing, and retail, Verano captures margin across the supply chain. Because federal law prohibits interstate cannabis transport, Verano must maintain separate grow operations in each state, making per-state scale and cultivation efficiency critical cost levers. A major structural headwind is Section 280E, which bars cannabis companies from deducting ordinary business expenses, pushing effective tax rates well above comparable businesses. Cannabis's federal Schedule I status also limits Verano to specialized lenders at higher rates and prevents listing on major U.S. exchanges. Growth is driven by potential adult-use legalization in existing medical markets — Florida, Pennsylvania, and Virginia are the key near-term opportunities — as well as organic dispensary openings and M&A.