At a glance
Verano Holdings Corp. is a Chicago-based, vertically integrated U.S. cannabis operator led by founder George Archos. It cultivates, manufactures, wholesales and retails cannabis through a portfolio that includes Verano products and Zen Leaf and MÜV dispensaries. Its SEC filings provide a stronger evidence base than generic multi-state-operator marketing.
Origins and leadership
Verano LLC was co-founded by Archos in September 2017 to consolidate Illinois cultivation, production and retail operations. Archos remains chairman, chief executive and president. The present public company emerged through later combinations and, in November 2025, domesticated from British Columbia to Nevada; that corporate step is separate from the brand's 2017 operating origin.
Brands and products
The 2025 Form 10-K lists more than 1,000 estimated SKUs across flower, concentrates, vapes, edibles and topicals. Consumer brands include Verano, Encore, Avexia, MÜV, Savvy, (the) Essence, BITS, HYPHEN and Swift Lifts. Retail banners include Zen Leaf and MÜV, with some acquired stores still operating as Cannabist or SWC.
Operating footprint
As of March 2026, Verano reported active operations in 13 states: Arizona, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia. Facilities and licenses differ sharply by state, and products cannot be moved across state lines, so local subsidiaries manufacture market-specific inventory.
2025 business results
Verano reported approximately $822 million in 2025 revenue. The filing says 67.9% came from retail and 32.1% from cultivation/wholesale before intersegment eliminations. Those figures are dated financial results, not current sales run rates. The company also reported margin pressure in maturing wholesale markets and emphasizes efficiency and automation.
Retail model
Zen Leaf and MÜV stores combine physical dispensaries, e-commerce and pickup where regulations allow. Vertical integration gives Verano shelf space for its own brands while it also sells to third-party retailers. Each menu, medical eligibility rule, adult-use status and loyalty program is jurisdiction-specific.
Acquisitions and milestones
Recent expansion included the 2024 Cannabist Arizona and eastern Virginia acquisitions referenced in the 2025 filing. The company also completed its U.S. domestication in 2025 and reported a broad national product portfolio. These transactions increased reach, but acquired store names and licenses can take time to integrate.
Risk and governance context
Verano's 10-K identifies federal illegality, 280E tax exposure, price compression, license renewal, litigation, cybersecurity and capital risks. It also discloses related-party matters involving Archos, including participation in company lending and property interests. A complete brand profile includes these filed facts rather than presenting scale as risk-free.
Research basis and limits
This profile relies on the SEC-filed 2025 10-K, investor annual report, official brand and retail pages, licensing appendix and corporate newsroom. Founder, states, brands and financials are dated and sourced. Exact live store counts and products change after filings, so users should check current location and market menus.