Verano Hldgs Corp

Good day and thank you for standing by. Welcome to the Verano Holdings Corporation third quarter 2026 earnings conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your phone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Steve Mazeika. Please go ahead.

Thank you and good morning, everyone. Welcome to Verano's third quarter 2026 earnings conference call. I am joined today by George Archos, founder and chief executive officer, Richard Tarapchak, Chief Financial Officer, and Aaron Miles, Chief Investment Officer. During this call, we will discuss our business outlook and make forward-looking statements within the meaning of applicable U.S. and Canadian securities laws, which are based on management's current assumptions and expectations. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, and achievements of the business or developments in the company's industry to differ considerably from those implied by such forward-looking statements. Actual events or results could differ considerably due to risks and uncertainties mentioned in our filings on EDGAR and CDER+, including our financial statements for the quarter ended September 30th, 2026. In addition, throughout today's discussion, we refer to non-GAAP financial measures that do not have any standardized meaning prescribed by GAAP. Management believes non-GAAP results are useful to enhance the understanding of the company's ongoing performance, but is a supplemental to and should not be considered an isolation from or the substitute for GAAP financial measures. These non-GAAP measures are defined in our earnings press release and available on our website at investors.ferrano.com, which also includes the reconciliation of these measures to the respective, most directly comparable GAAP financial measures. Comparative market share, brand performance, and industry data that is mentioned during this call is derived from hoodie analytics data, unless otherwise noted. Lastly, all currency is in U.S. dollars. And I'll pass it over to George.

Thank you, and good morning, everyone. On an annual basis, our third quarter and year-to-date results reflect strong organic growth and a significant increase in cash flow from operations. And I am proud of our teams for driving continued momentum throughout the year. Revenue for the quarter was $212 million, up $10 million, or 5% on an annual basis, demonstrating the year-over-year organic growth we're generating from the strength of our retail business, new product launches, and opening five new dispensaries in two states since the third quarter of last year. We generated strong organic growth for our retail business after driving year-over-year revenue gains from 11 of our 13 markets, resulting in $179 million in third quarter retail revenue, an increase of $15 million or 9% compared to the prior year period. Our team has done a tremendous job methodically executing our retail strategy, which has been a significant contributor to the 4% increase in overall year-to-date 2026 revenue we've generated through September 30th versus the same period in 2025. Excluding intersegment eliminations, third quarter wholesale revenue was $74 million. A decrease of $8 million on an annual basis, reflecting a period of lower wholesale campaign and promotional activity. Third quarter adjusted EBITDA was $50 million, or 24% of revenue, consistent with our year-to-date margin profile. On the CPG and operations front, we continued implementing new cultivation enhancements during the quarter that increased yields and output, which we are scaling across additional facilities this year. We introduced our first beverage brand, Easy Landings, in Arizona, Illinois, Nevada, and New Jersey, reaching the number five cumulative share position across launch markets and expanded partnerships with a number of major brands, including launching Growth Sciences in New Jersey and adding Raw Garden and Edie Parker products in New Jersey and Florida, respectively. We've also scaled new product innovation throughout the year, including Swift Lips, They are now available in seven states, command the number five market share position in the pre-roll category, and are scheduled to launch in Florida during the fourth quarter. Our hyphen vape pod platform also continues to gain traction after launching in additional states, contributing to Verano Brands capturing the number four vape category market share position across our national footprint. From a retail marketing perspective, the investments we've made continue to pay off in the form of increased transactions, which grew 9% in the third quarter versus the prior year period. Throughout 2026, we've strengthened our retail footprint with strategic expansions and optimizations across multiple markets. In the third quarter, we expanded our Florida operations with the addition of Move Bradfordville, elevating our statewide footprint to 86 locations. We see tremendous opportunity for continued growth in Florida and plan to further expand our retail operations with several new dispensaries on track to open by the end of this year. We also leverage strategic opportunities to relocate existing dispensaries to sites that offer greater amenities and convenience, including moving Zenleaf Meriden in Connecticut to an optimized space adjacent to its former home and Zenleaf Ephrata in Pennsylvania, where we will host a grand opening ceremony tomorrow. Recent regulatory updates have also unlocked opportunities in select markets, including in Illinois, where we've extended hours, added curbside pickup, and converted nearly all our dispensaries to dual adult and medical use. And Ohio, where we're currently adding drive-thru service at several dispensaries to increase accessibility and convenience for our guests. I'll now pass it over to Rich to go over our financial results in more detail. Thanks, George, and good morning, everyone.