Chicago-based marijuana multistate operator Verano Holdings reported a record-breaking year for revenue in 2023 despite a net loss in its fourth-quarter and full-year financial results.

Revenue increased to $938 million in 2023, a 7% increase from the previous year, the company said Thursday.

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Verano generated $73 million in free cash flow in 2023, up from $25 million in 2022.

Fourth-quarter revenue was $237 million, a 5% increase from the previous year and a 1% decrease from the previous quarter.

The company reported a net loss of $113 million for the year and $73 million in the fourth quarter, driven by an increase in allocation for income taxes, according to a news release. 

Verano’s results were in line with expectations, investor analyst Frederico Gomes

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