In recent transactions reported by Verano Holdings Corp. (OTC:VRNOF), a cannabis company with a market capitalization of $488 million, President Darren Henry Weiss sold a combined total of 20,147 Class A Subordinate Voting Shares over two days, netting approximately $27,652. According to InvestingPro data, the stock is currently trading near its 52-week low of $1.36, having declined over 65% in the past six months.
On December 3, Weiss sold 11,338 shares at a weighted average price of $1.3822, resulting in proceeds of $15,671. The following day, December 4, he sold an additional 8,809 shares at a price of $1.3601, totaling $11,981. These sales were part of a structured trading plan under Rule 10b5-1, which Weiss adopted on August 28, 2023. While the stock appears undervalued based on InvestingPro's Fair Value analysis, investors should note that analysts have recently revised their earnings expectations downward for the upcoming period.
In addition to these sales, Weiss also settled 33,360 restricted stock units into Class A Subordinate Voting Shares on December 2, 2024. These transactions are part of routine financial activities and are not indicative of his personal investment strategy. For deeper insights into insider trading patterns and comprehensive financial analysis, including 10+ additional ProTips, visit InvestingPro.
In other recent news, Verano Holdings Corp. reported its third quarter 2024 earnings, indicating a decrease in revenue to $217 million and a net loss of $43 million. The company is focusing on cost management and operational efficiency, with a potential savings of over $80 million annually from a future Schedule III cannabis reclassification. Management has expressed a cautious approach to expansion, particularly in the competitive Florida medical market, while monitoring consumer behavior amid economic pressures.
Verano Holdings faced challenges from competition and adverse weather impacts, resulting in an increase in SG&A expenses to $92 million. However, the company is making ongoing investments in Florida, including a new cultivation facility in Ocala, and is optimistic about the bipartisan support for cannabis liberalization. The potential reclassification to Schedule III is expected to significantly benefit the company's financials.
These recent developments indicate the company's strategic direction and financial performance in the face of market challenges and legislative changes.
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