Verano Holdings Corp. is a vertically integrated United States cannabis operator headquartered at 224 W. Hill Street in Chicago. It cultivates, manufactures, wholesales and retails cannabis under its own consumer brands and through the Zen Leaf and MÜV dispensary banners. George Archos is founder, chairman, chief executive officer and president.
Origins and ownership
Archos entered the cannabis industry in 2014, when he became the first of the 21 recipients of Illinois medical cannabis licences to receive authorisation to grow. On November 3, 2025 the company filed articles of domestication and articles of incorporation in Nevada, continuing out of British Columbia into the United States and converting its Class A subordinate voting shares to common stock on a one-for-one basis.
Brands
Consumer brands include Verano, MÜV, Encore Edibles, Savvy, Avexia, Bits, (the) Essence, Cabbage Club, On The Rocks, Holy Union, HYPHEN, Swift Lifts and Easy Landings, spanning flower, concentrates, vapes, edibles and topicals.
Where it operates
Verano reports active operations in 13 states: Arizona, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia. A July 2026 company release put the retail footprint at 163 locations, while current corporate filings continue to describe 14 cultivation and processing facilities with more than 1.1 million square feet of cultivation capacity. Cannabis cannot be moved across state lines, so local subsidiaries manufacture market-specific inventory.
Zen Leaf and MÜV stores combine physical dispensaries with e-commerce and pickup where regulations allow. Vertical integration gives Verano shelf space for its own brands while it also sells wholesale to third-party retailers. Menus, medical eligibility rules and adult-use status differ by jurisdiction.
Verano reported $218 million in net revenue for the second quarter of 2026, compared with $202 million in the same quarter a year earlier. The company also reported a quarterly net loss of $13 million and $31 million of net cash from operating activities.
Verano is the parent company and one of the consumer-product names. Zen Leaf and MÜV are retail banners, while Savvy, Essence, Encore, BITS, Avexia, HYPHEN and Swift Lifts identify product families. A store can carry both company-owned and third-party products. Exact menus, medical eligibility and adult-use access depend on state and local rules, and current store pages are more useful than an old nationwide total when planning a visit.
Recognition
Full-year 2025 revenue was $822 million, down 6 percent from $879 million in 2024. Medical-use sales accounted for approximately 53 percent of consolidated revenue and adult-use sales approximately 47 percent.
Company
On August 22, 2024 Verano closed its acquisition of the Arizona and Virginia subsidiaries of The Cannabist Company, becoming the exclusive cannabis operator for Health Service Area 5 in eastern Virginia and adding to its Arizona footprint.
The company continued from British Columbia into Nevada in November 2025. It then completed a one-for-five reverse stock split in June 2026 as part of preparations for a possible future U.S. exchange listing. Those capital-markets steps changed the corporate and share structure, not the state-by-state licensing model used for cultivation, manufacturing and retail.