Cannabis Profit Harvest: Verano's Leaders Talk Q3 Success (VRNOF)

Name: Cannabis Profit Harvest: Verano's Leaders Talk Q3 Success (VRNOF)
Uploaded: 2023-11-13T18:02:49+00:00
Duration: 27 min 56 s
Channel: Benzinga

00:00 [MUSIC]

00:10 Welcome in, we are here for a special edition of Benzinga's Cannabis Insider.

00:20 If you are not a normal viewer of this show, we touch on all things business,

00:24 all things launch, all things new markets when it comes to the cannabis space and

00:29 we're gonna let you know what's interesting to invest in,

00:32 what's interesting to keep an eye on in this industry.

00:36 We are in the midst of Q3 earnings season and

00:38 I am joined by a special new Benzinga writer,

00:41 extraordinary when it comes to our editorial team, Patricio Little.

00:46 Welcome in, brother, how do you feel, your first time on an interview with us?

00:50 >> Now with this presentation, I feel most prepared for this interview.

00:54 Thank you very much, very happy to be here.

00:56 >> Yeah, we're excited for it.

00:58 We are gonna be introducing the Verano gentlemen here shortly,

01:03 the CIO Aaron Miles and their president, Darren Weiss.

01:07 We're gonna be talking to them about their stellar performance in Q3.

01:12 It's been a good one for the MSOs,

01:14 multi-state operators if you're not familiar in the cannabis industry.

01:17 [MUSIC]

01:23 Always special guest, gentlemen, Aaron, Darren, welcome in, how you doing today?

01:27 >> Hey, Elliot, how you doing, Patricio?

01:29 Thanks for having us.

01:30 >> Yeah, we're doing good, Patricio, honored to be your first interview here.

01:34 This is great.

01:35 >> Yeah.

01:36 >> Hopefully first of many.

01:37 >> First of many.

01:39 >> It's always great to see you, you know that.

01:41 >> Yeah, look at that setup, y'all.

01:43 If you're listening on a podcast later on, you are missing out on a stellar media

01:48 room that Verano has incorporated now, looking good.

01:52 Now, gentlemen, you're looking good, you also gotta be feeling good.

01:56 You had a good report, you had a good Q3, right?

02:00 What sticks out to you?

02:01 Just give us a quick recap.

02:02 >> Yeah, you know what, I'll start it.

02:04 I mean, I think the results speak for themselves and

02:07 that's how we've always operated, right?

02:08 Like put up or shut up and kinda let your performance really show the market what

02:13 you're capable of, but 240 million on the top line, 3% sequential growth.

02:18 89 million on adjusted EBITDA, 37% margins on that.

02:24 Pushing our free cash flow through three months up to 51 million,

02:29 really led us to tighten and raise our free cash flow guidance from 65 to

02:35 75 million to 72 to 76 million, which is literally tops in the space.

02:42 And it's all built on the foundation of a lot of what Darren has worked on from

02:47 ops and building out our structure to really how efficiently we run the business.

02:53 But more importantly, and we made a couple big moves.

02:56 In one of them, we started trading subsequent to the close of the quarter,

03:01 was on the CBO, right?

03:02 And so you start to see moves that we're making as a company,

03:05 which is starting to align with the US capital markets.

03:08 And so when we went public in the CBO, and I know we've touched on this,

03:11 which is a really strong move into a senior market.

03:15 But there's a component to this where we have to adhere to stricter and

03:18 more stringent reporting requirements.

03:20 So you saw us make a massive move in really setting the stage and

03:24 the standard for the industry on disclosure and transparency.

03:28 So we've released state level revenue, and we set it on the call.

03:32 We wanna continue to be a leader in that space and

03:35 continue to push for more and more disclosure.

03:38 As we know that there's money sitting on the sidelines and

03:41 people who are evaluating the opportunity.

03:43 So we wanna make sure that we're opening the doors,

03:45 showing people what we're capable of and

03:47 reporting it in the most transparent way that we can.

03:50 >> Yeah, and I'll just piggyback on what Aaron said.

03:54 And just to reference the fact that we don't manage the business quarter to

03:59 quarter, obviously we're obviously pleased with the results.

04:04 And looking forward to continuing not only to be a leader in the space with

04:08 respect to free cash flow generation and profitability.

04:13 But really we're focusing on disruption and innovation.

04:16 And I am so proud of what the team has accomplished.

04:19 And I think being able to report like this quarter over quarter,

04:23 we're beginning to share with the public some of what we've been doing.

04:27 For those of you who are joining on video, you can see,

04:30 Elliot as you mentioned, we've built out this little studio.

04:34 And one of the reasons is to highlight some of the new products that we've

04:38 brought to market.

04:40 I would say about 80% of the products you'll see behind me and

04:43 on the table in front of me did not exist a year ago.

04:46 We've launched over 100 new SKUs.

04:49 We now carry 14 brands.

04:51 These are products and packs that are innovative, that are art forward,

04:55 that are cannabis culture centric.

04:58 And it's been an incredible, incredible growth opportunity for us.

05:02 It's now a substantial part of our business.

05:05 And we're only getting started.

05:08 This has been hugely exciting for us.

05:12 And the other thing that I'll mention just in terms of thinking through how this

05:17 quarter plays into our strategic plan in addition to, as Aaron described,

05:22 our decision to start really providing some more visibility into the business as

05:27 it relates to state specific data, we're also talking about volumes.

05:32 And despite the fact that we're seeing modest but

05:36 respectable growth quarter over quarter, in terms of the top line,

05:41 we're seeing margin expansion.

05:43 So we had quite a nice bit of margin this quarter in addition to,

05:48 of course, our free cash flow, but also unit growth.

05:54 And so we're selling more product than we ever have.

05:57 We're reaching more customers than we ever have.

06:00 And we see demand continuing to grow, which is hugely exciting for us.

06:05 And I think speaks volumes about, again, the brand and product work and

06:09 innovation and disruption that we've been able to accomplish.

06:11 So really, really excited about where we are and

06:14 even more excited about where we're going.

06:16 >> And one thing I should highlight as well, when we talk free cash flow,

06:20 there's different ways to get there.

06:22 And we're getting there in the most solid way that you can,

06:25 where it's not us deferring taxes to get down to the free cash flow guidance range

06:29 that we put out there.

06:30 And we've made $115 million of tax payments through three quarters.

06:34 So we're appropriately managing our balance sheet as well.

06:37 And that's something I definitely want to highlight is that when we're out there and

06:40 we're talking about margins and we're talking about free cash flow,

06:42 we want everyone to make sure that they understand fully that

06:45 we're managing through our balance sheet as appropriately as we can as well.

06:49 >> Do you find that, and I'm sorry to hop in, Pato, you can go right after this.

06:52 But do you find that that is a common issue or

06:56 question that you get from investors is,

06:59 do they just not believe some of the numbers you're putting out?

07:03 >> They're definitely outlying numbers in this space.

07:07 And we've talked really from inception that we're building the business for

07:12 the here and now, right?

07:13 And never with assumptions off of any type of moves at the federal level or

07:17 needing any type of assistance, because if you do that, you're going to fail.

07:20 And so for us, having built the business that way, we've been able to leverage,

07:26 getting to the point we're at off of cash flow generation, not using sale leasebacks.

07:31 And one of the ways, and we're careful to talk about this publicly, but

07:35 we had deferred taxes, it was a lower source of capital in comparison to where

07:40 we could have borrowed money at, but we're not continuing to defer.

07:44 We were obviously managing through what we need to from an obligation perspective.

07:49 But yeah, I think it is definitely an outlier in the space

07:52 with being able to put up that type of free cash flow.

07:55 >> I actually have a question that, I mean, I saw the company has

08:00 managed to lower its capital expenditures significantly.

08:04 So what has been the strategy behind this?

08:08 And then will this trend continue in the future?

08:10 >> Yeah, it's a great question, because I think you continue to see

08:16 some of the peers investing pretty substantially in CapEx,

08:20 according to the numbers that are reported.

08:22 For us, we've spent a lot of money over the years building out a footprint that

08:26 really meets the needs of the business and the consumers and patients that we have.

08:33 And so the decrease in CapEx really is less about cutting back on projects and

08:39 more about just being very happy with the footprint we have and

08:43 the efficiencies that we can get out of what we've put into the dirt.

08:48 And so as it relates to the go forward,

08:52 we are opening new stores across the markets, Florida, Connecticut, New Jersey.

08:59 We are relocating and refreshing some of our retail experiences.

09:06 But for the most part, we really are quite happy with what we have.

09:09 We're going to continue to drive efficiencies by getting more

09:14 in terms of units and efficiencies out of our current facilities.

09:21 But we are not looking at this as

09:25 a project to throw additional capacity into these markets.

09:32 It's just really not necessary given where we are today and

09:35 where we see the markets going.

09:36 Obviously, to the extent you've got Florida adult use coming on,

09:40 Pennsylvania adult use, for example,

09:43 there might be opportunities to really optimize capacity.

09:47 But given where supplies are right now, we're just very happy with what we've got

09:51 and are going to continue to grow with what we have, yeah.

09:54 >> Yeah, and I'll say this as well is we built our cash up 27 million in the quarter

09:59 to 130, so you can start to see us really build a war chest.

10:03 And the way that we look at spending capital is through the lens of cost of debt or

10:09 a return or what are you going to look at it from an M&A perspective.

10:13 So we have a lot of flexibility.

10:14 And one of the luxuries we have to Darren's point, and

10:17 I want to really make sure that we hammer this point home is,

10:20 we didn't pull back because we needed to for cash generation.

10:22 We pulled back because we don't want to sit on a cultivation build out for

10:26 two years waiting for adult use to turn on.

10:28 So we have had a history of staying a step ahead of market growth.

10:32 I mean, you look at Illinois adult use turn on, we were ready.

10:35 New Jersey, Connecticut, Maryland, we're now going to be ready in Ohio, right?

10:39 PA, Florida, our footprints are built out everywhere we need to.

10:43 We can appropriately supply every market that we operate in.

10:46 So when we look at our cash balance, it's like, okay, do you pay taxes down?

10:50 Do you pay debt down?

10:51 Do you go out and execute on M&A?

10:52 Do you invest in CapEx?

10:54 So we have these conversations on a daily basis and

10:58 building the cash up to the level that we have right now gives us a lot of flexibility.

11:01 >> I have a few follow ups to you guys on this.

11:04 You're taking it right where I want to go to.

11:06 In terms of your state performance, I mean,

11:09 it looks like you are steering into your strengths.

11:12 I know you're vertically integrated.

11:14 I know you want to grow every part of your business, right?

11:17 But I mean, you look at Connecticut, you call it your wholesale revenue growth.

11:22 You look at Arizona, you call it retail.

11:25 You look at New Jersey, you're the number one brand.

11:29 You look at Maryland, you're 7%, which is top five in the state market share.

11:34 It just seems like you are able to be flexible from market to market.

11:39 Is that something that you all feel comfortable with or is it just, is it happen?

11:45 I'm curious, is there an active strategy that differs state by state?

11:50 >> Yeah, it's a really good question.

11:52 What's interesting about our company, certainly as compared to some others

12:01 within the industry, but also outside of the industry, is that we think of ourselves

12:06 sort of as continually trying to walk and chew gum at the same time.

12:12 We have to be able to be a top producer of product,

12:18 and by the way, a variety of different products, and

12:21 a top retailer in every single market.

12:24 And frankly, in some markets, our products resonate more than in others, and

12:28 in some, our retail resonates more than in others.

12:31 But the truth is, we are aiming to be top in both categories,

12:34 in both lines of business, in every single state.

12:37 And in those states where you see wholesale softness but

12:42 strong retail penetration, we are constantly looking for

12:46 ways to improve on the wholesale side.

12:50 In other words, we don't look at those numbers as maybe you are and think, okay,

12:54 well, Arizona is a strong retail state, so

12:56 we're just going to focus on the retail strategy.

12:59 For us, it's really in all of the above.

13:01 We really live and breathe the mantra of continuous improvement.

13:05 We are always looking at the various KPIs, both internally and

13:09 market-wide, to find opportunities to either increase market share,

13:14 increase market penetration, increase brand performance, etc.

13:18 And so, of course, you're going to have an opportunity to see this play out

13:23 in real time as we are disclosing now on a regular basis the state-level data.

13:28 That's part of one of the reasons that we did this.

13:31 We want to give the analyst investor community the opportunity to really

13:34 understand where our strengths and opportunities are.

13:38 And like I said, we're just excited at the opportunity to really build out all sides

13:43 of the business.

13:44 And you look at the state-by-state disclosure, right?

13:47 It shows the breadth and the diversity of our portfolio, right?

13:52 Like we're not a two-state operator, we're not a single-state operator.

13:56 There's a lot of runway in the states that we operate in, and I think that's one of

13:59 the biggest things we wanted to highlight is that there is diversification across

14:02 the board, right?

14:03 And you're seeing, obviously, Illinois, New Jersey, Florida play a massive

14:06 component and role in our portfolio, but you're seeing other states that have

14:10 a lot of ability to grow, and even those states have the ability to grow.

14:14 So that's what we wanted to get out there.

14:15 We want people to see the diversification, really, of our portfolio and kind of what

14:21 we're capable of in those states.

14:23 - You know, it really seems like the industry should send a love letter

14:25 to Maryland.

14:26 It's just I see it in every earnings report headline, "GTI, y'all,

14:32 ascend wellness."

14:34 I mean, it just seems like our tourism should go to Maryland for a few months

14:38 just to say thanks.

14:39 - Darren loves it so much he lives there.

14:41 - I will say Maryland is my home state, actually.

14:43 - There we go.

14:44 - I'm a big fan.

14:46 Yeah, look, it's been great.

14:48 It's a definite shot in the arm at the time where there's just difficult market

14:53 dynamics in the rest of the country.

14:55 Like I said, demand is up everywhere.

14:57 People still want the product.

14:59 They're using the product.

15:01 The issue has just been, you know, it's harder and harder in an environment where

15:06 you've got inflationary pressures, where you've got consumer goods costing more.

15:11 You know, cannabis is oftentimes, or at least not necessarily in terms of the

15:15 category, but in terms of the value spectrum, it's an opportunity for folks to

15:20 spend disposable income.

15:21 And if they have less disposable income, they're going to, you know,

15:25 naturally go to products lower down on the value spectrum.

15:28 And that's okay, by the way.

15:31 We don't have a problem with that.

15:32 We've had tremendous success with our value-tier products, with our savvy brands

15:36 and brand extensions.

15:38 We intend to continue to do that.

15:40 You know, we are not sort of holding our noses and suggesting that, you know,

15:45 the consumer be damned in that respect.

15:46 We want to be able to meet the consumer where they are.

15:49 We want to be able to have a variety of products at various price points,

15:53 but, you know, consistent quality across the spectrum.

15:56 And so, you know, Maryland has been great.

16:00 Ohio is hopefully right on the cusp of doing the same.

16:06 We're excited about Pennsylvania turning on, hopefully, given legislative

16:10 developments over the next year, year and a half.

16:14 And, of course, as you probably know, yesterday, there were oral arguments based

16:18 on the ballot initiative in Florida, which, you know, seemed to have gone

16:22 decently well if you spent the hour or so listening to them.

16:25 And we're hopeful that we'll be able to get some movement in Florida too,

16:29 which will, of course, be monumental for both the industry and our business.

16:33 - You know, I know you all don't live in stock price.

16:35 You can't in this industry.

16:37 As you said prior to this interview, the rationale is just not there.

16:42 But looking at the chart, we'll just, we'll stick with the last week.

16:46 The sentiment's there, you know, from Q3 earnings.

16:50 I think people are showing that they're happy, you know, with you, with MSOS,

16:56 you know, with other stocks in the space.

16:58 And I'm just curious as to what you all are hearing and listening to.

17:03 I know a lot of this is fully dependent on any type of federal movement, you know,

17:07 the two occurrences that we're waiting on right now.

17:09 Do you see improved investor sentiment?

17:11 Do you see people waiting on the sidelines, the conversations that you're having

17:14 with investors post-earnings report?

17:17 I mean, it seems like market sentiment is in your favor.

17:20 - Yeah.

17:22 I mean, I'll start and let Darren, you know, chime in here.

17:25 But, you know, there's the saying that hard work pays off, right?

17:28 And sometimes it can take a tremendous amount of time for that work,

17:32 hard work to pay off.

17:33 And, you know, we've said this, and this isn't what you're assuming here,

17:37 but like, you know, we don't run our business based off dislocations in the market.

17:40 And if you're running your business based off, you know, shooting towards a specific

17:43 stock price, you're just not going to do it in the appropriate way.

17:45 But if you're building the business the way that we're building it,

17:48 and it's starting to resonate in the numbers, and it's starting to really gain

17:52 some momentum, there might be an opportunity, even without federal moves,

17:56 for us to just get so large that, you know, new investors have to pay attention to it.

18:00 Like you talk about Florida, I mean, that could be a standalone business for us alone.

18:04 So I think the sentiment is, you see Ascend come out with strong numbers,

18:08 GTIS, you know, I mean, you're seeing a consistency in the cadence of how we're

18:15 approaching the earnings cycles, right?

18:17 Because there is a, you know, kind of a formula you have to follow.

18:23 I mean, there's certain things analysts are looking for and investors are looking for.

18:26 So we can have that consistency of earnings.

18:28 And now you have the transparency of numbers that starts to take down a layer of resistance

18:34 into investing in the space.

18:35 So, you know, the sentiment, the sentiment's never not been there.

18:39 It's just been when people want to engage.

18:41 And I think you're starting to see more and more people want to engage.

18:45 I think people are really looking at what the bigger picture is going to look like if

18:48 HHS recommendation, you know, gets the stamp of approval from the DEA.

18:53 And then, you know, you see what Schedule 3 could look like from a business.

18:56 But the cream rises to the top.

18:58 And I think people are really starting to see how they want to adjust their portfolios.

19:03 Our conversations have been very productive and you are starting to see some new names

19:06 pop in.

19:07 But again, still early stages.

19:09 And that's kind of part of why we wanted to disclose more information.

19:13 Like I know from my prior world where, you know, you could look into trends and you could,

19:18 you know, see how institutions make decisions.

19:20 You know, it can take two, three years for a buy side shop to really make a decision

19:24 on whether or not to pull the trigger.

19:26 And so quarter after quarter, we want to continually make their lives easier because we know we're

19:30 all auditioning for new dollars coming in.

19:32 Yeah.

19:33 I'll just add maybe some context if I can.

19:36 You know, obviously, I'll say August 29th, if we can go back to August 29th this summer,

19:42 there was a tremendous amount of mopiness in the industry.

19:49 You know, nothing internal, though.

19:50 We were all happy every day.

19:56 People were, you know, for very understandable reasons, just very frustrated with the pace

20:00 of progress.

20:01 August 30th, of course, was the day or maybe it was the 31st.

20:05 I think it was the 30th when HHS came out with the recommendation.

20:10 Talk about a shot in the arm, right?

20:11 This was really welcome news for the business, for the industry, really got the ball rolling

20:19 from a momentum perspective.

20:23 And I would say in at least part that excitement has maintained, but it hasn't maintained at

20:32 the same volume.

20:34 And it's unfortunate because I think people and by people, I'm talking about retail investors,

20:39 have very, very short memories in the space and are so reactionary with respect to items

20:47 that may or may not occur or, you know, will have impacts far into the future.

20:53 What I think is so telling, though, from a sentiment perspective, is not the pace or

20:59 the movements in, you know, the halls of Congress or through the executive branch.

21:06 But what I think is so telling is the demand and the demand story and also the public sentiment.

21:13 So for example, you know, as you know, Ohio voted earlier this week, about 57% of the

21:19 state decided to approve adult use in the state.

21:23 But if you dig into those numbers, you know, the 18 to 24 year olds voted 89% in favor

21:29 of adult use.

21:30 And then the 25 to I think 45 year olds or 35 year olds were at 65 plus percent in favor.

21:37 And the reason that's so important from a sentiment perspective to me is that the demographics

21:43 are entirely within our favor.

21:47 We hear all the time on Capitol Hill that the opposition to cannabis is less about partisan

21:52 politics and it's more about demographics.

21:56 And as we know, the old people tend to retire or pass away and the new generation tends

22:02 to take up the helm.

22:05 And we're going to see that.

22:06 And so what that means is, regardless of these little, you know, changes and ups and downs

22:11 that we see over the short term, the arc of sort of cannabis liberalization, the arc of

22:16 this industry is long, but it's moving in the right direction and it will continue to

22:21 move in the right direction.

22:23 And so our goal is to, of course, you know, stay positive.

22:27 And we generally are, as Aaron said, to stay positive, to continue growing, to continue

22:32 executing, to maintain profitability, because we know that the future is certainly brighter

22:38 than it is today.

22:40 And you know, I say this frequently, but I think it is so true.

22:45 Looking back at this 30, 40 years from now, we'll look at today as really just the very,

22:51 very beginning.

22:54 We are only just scratching the surface.

22:56 You know, as a famous man once said, it's not the beginning, it's the end of the beginning,

23:05 the beginning of the end, whatever it is.

23:06 Don't look at me.

23:07 I totally screwed that one up.

23:08 In any case, it's not the beginning of the beginning, it's the end of the beginning,

23:13 whatever.

23:14 The beginning of the end.

23:15 It's not the beginning of the end, it's the end of the beginning.

23:17 There you go.

23:18 Yeah.

23:19 All right.

23:20 So, you know, that I think is super important.

23:25 It's something from a sentiment perspective that we as an industry have to do a better

23:28 job of communicating.

23:29 But I think the message is resonating.

23:31 As Aaron said, we're beginning to talk to some new people.

23:34 There's some new interest folks really doing their research.

23:37 And you know, the future is bright.

23:39 And I'll say this too, and this will be quick, is it shows you how retail driven our investor

23:44 base is, right?

23:45 Like, when you think about this, nothing's happened to HHS, the HHS recommendation.

23:49 It's still there and it's still extremely viable.

23:52 But like, it's almost like the excitement has worn off.

23:54 And now we need something else to pop up to keep the excitement going.

23:57 In Ohio, like the excitement around Ohio is going to, and it just shows these ups and

24:00 downs.

24:01 If these were long-term institutional investors, they'd be salivating right now to say, "Okay,

24:05 Ohio is now turning wreck.

24:08 You have PA looming, you have Florida looming, you have basically bigger things at the federal

24:13 level.

24:14 Let's start loading up, looking at what this looks like two to three years from now."

24:17 But it shows the short time horizon that these investors look at.

24:22 But it also shows you the massive opportunity of what institutional dollars coming in could

24:27 actually mean for this space.

24:28 So again, we continue to hammer the points in the story, but you know, I mean, exciting

24:34 times.

24:35 I mean, it just feels different and it's hard to explain it, but our company, the industry,

24:40 the sentiment, the conversation, everything just feels different right now in a positive

24:44 way.

24:45 I have just one quick question before we wrap up.

24:49 I mean, it's really interesting hearing your insights about the market right now in this

24:54 like legalization times going faster.

24:58 I just want to go back quickly to the numbers and to the earnings report because you mentioned

25:03 savvy threats and Verano has introduced non-plantation initiatives like savvy threats.

25:08 I wanted to ask you how significant are these ventures to Verano's overall business model?

25:14 Yeah, if you're talking about revenue contribution, it's very minor.

25:18 This was a, we did this as a small pilot program, really had not spent much time marketing the

25:27 program or publicizing it to begin with.

25:32 It was sort of a proof of concept.

25:34 We don't candidly expect this to be a major, major revenue contributor to the business.

25:41 That being said, it is an ancillary benefit in lots of other ways.

25:47 It's an opportunity to build and maintain brand goodwill.

25:50 It's an opportunity to really connect with the cannabis community.

25:55 It's an opportunity to deliver authenticity as it relates to our brands and products.

26:00 So that's really our goal through the savvy threads project.

26:04 Look, we hope that it takes off and that we've got a real clothing brand that we can leverage

26:11 as a contributor to the business.

26:13 That really wasn't the aim to begin with, but I will say that I think the stuff that

26:20 we're producing is really, really cool.

26:23 It's unique.

26:24 It's stuff that I can't wear because I'm just not cool enough to pull it off.

26:29 I think you are.

26:31 It's all been designed by our in-house artists, material selected, artwork hand-drawn.

26:39 It is cool, cool stuff.

26:41 It's also representative of the brand direction.

26:44 I don't know if you can see some of these items here, the strain-specific artwork that

26:50 we've done, some of which ends up on clothing as well.

26:55 I would say I would not expect it to become a major revenue contributor, certainly in

27:02 the near term, but we are very excited about the program.

27:07 It does look amazing.

27:08 I'm not going to lie.

27:09 We got to talk to your CMO about it on Thursday and go into it last Thursday, of course.

27:15 It was phenomenally cool.

27:18 All that said, gents, we do have to wrap up, but what a great conversation.

27:21 Thank you for the insights into your earnings, your phenomenal quarter.

27:24 Looking forward to doing this again for the full year.

27:28 We're already to the end of 2023.

27:29 It's amazing.

27:30 Yeah.

27:31 Already planning for Thanksgiving.

27:32 It blows my mind.

27:33 It's incredible.

27:34 Sometimes when you're having fun, right?

27:37 Exactly.

27:38 Especially when you live in a state that helps us all out there.

27:40 Thank you for that.

27:41 It's all Darren.

27:42 He's just easy.

27:43 He's your 7%.

27:44 With that said, gents, thank you so much for being here.

27:49 We'll talk to you again soon.

27:51 It's been great to catch up with you these last couple of weeks.

27:53 Appreciate your time.

27:54 guys. Thank you so much.

Cannabis Profit Harvest: Verano's Leaders Talk Q3 Success (VRNOF)

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