Laura Marie Kalesnik, General Counsel, Chief Legal Officer, and Secretary of Verano Holdings Corp. (OTC:VRNOF), recently executed a significant transaction involving the company's Class A Subordinate Voting Shares. According to a Form 4 filing with the Securities and Exchange Commission, Kalesnik sold 5,855 shares on December 3, 2024, for a total of $8,092. The shares were sold at a weighted average price ranging from $1.36 to $1.39 per share, near the stock's 52-week low of $1.33. InvestingPro data shows the stock has declined about 66% over the past six months, though analysis suggests the company is currently undervalued.
This transaction was part of a sell-to-cover arrangement intended to satisfy tax withholding obligations related to the settlement of previously granted Restricted Stock Units (RSUs). It was executed under the terms agreed upon in grant agreements, and not as a discretionary sale by Kalesnik.
Additionally, on December 2, 2024, Kalesnik acquired 23,558 Class A Subordinate Voting Shares through the settlement of vested RSUs, which were granted under Verano Holdings' Stock and Incentive Plan. This acquisition was conducted at no cost, as part of the RSU settlement process. Following these transactions, Kalesnik holds a total of 155,152 shares directly.
In other recent news, Verano Holdings Corp. reported a third-quarter revenue of $217 million and a net loss of $43 million. Despite facing market challenges and legislative changes, the company is focusing on operational efficiencies and cost management, with an expected annual saving of over $80 million from a future Schedule III cannabis reclassification. The company is also cautiously exploring expansion, particularly in the competitive Florida medical market, and monitoring consumer behavior amid economic pressures.
In addition to these developments, Verano Holdings has been impacted by regulatory delays in Ohio, affecting the launch of adult-use sales, but improvements are expected by 2025. The company is prioritizing growth initiatives and evaluating capital allocation options, including potential buybacks.
In terms of future expectations, Verano Holdings anticipates federal cannabis rescheduling to alleviate tax burdens and is optimistic about legislative changes at the federal level. Management plans to focus on cost efficiencies and minor capital expenditures in 2025, aiming for stabilization and profitability. These are some of the recent developments in the company.
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