Verano Holdings Corp. (CNSX:VRNOF) executive Kalesnik Laura Marie, who serves as the company's General Counsel, Chief Legal Officer, and Secretary, recently sold a portion of her holdings in the company. On March 26, 2024, she sold 3,760 Class A Subordinate Voting Shares at a weighted average price between $5.44 and $5.4501, netting a total of $20,491.
The transaction was carried out under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which was adopted on August 30, 2023. Such plans allow company insiders to sell shares over a determined period of time, to avoid concerns about transactions being made on the basis of nonpublic information.
Prior to the sale, Kalesnik engaged in a transaction that involved the conversion of vested restricted stock units into the same class of shares. On March 25, 2024, she acquired 14,219 shares at no cost, as these units vested as part of the company's incentive plan. The restricted stock units were granted under the Verano Holdings Corp. Stock and Incentive Plan on April 13, 2021, and are set to vest in increments over time.
Following these transactions, Kalesnik's direct ownership in the company stands at 72,960 Class A Subordinate Voting Shares and 356,394 shares underlying the vested restricted stock units. This reflects her ongoing investment in the company's future and alignment with shareholder interests.
Investors often monitor insider transactions as they can provide insights into an executive's view of the company's future prospects. However, it's important to note that there can be many reasons for insiders to buy or sell shares, and such transactions do not necessarily signal a change in the company's outlook.
For those interested in the details of these transactions, as well as any future dealings, Verano Holdings Corp. provides full transaction information upon request to the SEC staff, the issuer, or a security holder of the issuer.
InvestingPro Insights
As investors digest the recent insider transactions at Verano Holdings Corp. (CNSX:VRNOF), it's beneficial to consider the broader financial landscape of the company. According to InvestingPro data, Verano Holdings has a market capitalization of approximately $1.85 billion USD. Despite the company not being profitable over the last twelve months, analysts are predicting a turnaround, expecting the company to become profitable this year. This optimism is reflected in the company's stock performance, with a substantial 113.65% return over the past year, and a noteworthy 39.73% year-to-date price total return.
From an operational standpoint, Verano Holdings operates with a moderate level of debt and has maintained a gross profit margin of 50.64% over the last twelve months as of Q4 2023. However, the adjusted P/E ratio for the same period stands at -22.78, indicating that the market has priced the shares with the expectation of future earnings growth.
InvestingPro Tips highlight two key points for potential investors: Verano Holdings is expected to see net income growth this year, and sales growth is also anticipated in the current year. For those looking to delve deeper into Verano Holdings' financials and future prospects, InvestingPro offers a wealth of additional insights. There are currently 11 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/VRNOF.
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