Vireo Growth Inc.

What they do

Vireo Growth cultivates and manufactures cannabis products in greenhouses and other facilities, distributing through its own Green Goods-branded dispensaries and third-party retailers. As of March 2026, it operated 36 dispensaries across Maryland, Minnesota, Missouri, Nevada, New York, and Utah, and wholesales in all six states. The company also generates non-cannabis revenue from agricultural markets platform activities.

Revenue drivers

• Cannabis retail dispensaries — Company-owned Green Goods and other branded dispensaries; 36 locations as of March 2026, with plans to grow to approximately 270 via acquisitions.
• Cannabis wholesale — Wholesale of cannabis products to third-party dispensaries in all six operating states.
• Non-cannabis revenue — Agricultural markets platform; generated $33.5 million in Q2 2026, 100% of total revenue growth for that segment.

Recent performance

Q2 2026 GAAP revenue was $209.3 million, up 335% year-over-year from $48.1 million, driven by recently closed M&A. GAAP gross profit was $95.3 million (45.5% margin), and adjusted EBITDA was $41.5 million (19.8% margin). Q1 2026 revenue was $106.2 million, with a net loss of $4.2 million before taxes. FY2025 revenue was $268.8 million with a net loss of $68.1 million; operating cash flow turned positive at $3.7 million in 2025. As of March 31, 2026, cash and equivalents were $137.8 million, with total assets of $928.8 million and total liabilities of $634.7 million.

Strategy

The company is pursuing aggressive M&A to expand geographic footprint and scale, with closed acquisitions of Hawthorne, Eaze, Bridgewell, and PharmaCann, and announced deals including FLUENT (Florida), C21 (Nevada), Cannabist assets (Colorado, Massachusetts, New Jersey, Illinois), Planet 13 (Nevada, Florida, Illinois), and a four-deal package to enter Ohio. It also secured a new asset-based revolving credit facility with an initial $65 million commitment, expandable to $105 million. The stated goal is to become the largest U.S. cannabis operator by dispensary count and among the largest by revenue.

Risks

• Federal illegality — Marijuana remains illegal under U.S. federal law, exposing the company to enforcement actions and limiting access to banking and bankruptcy protections.
• Regulatory complexity — Operates in a highly regulated sector with complex and at times opposing state and local regimes, risking compliance failures.
• Integration and funding risk — Rapid M&A expansion could strain integration capabilities and requires significant capital, indicated by increased long-term debt to $197.3 million at March 31, 2026.
• Contract enforceability — Due to federal illegality, the company may face challenges enforcing contracts, including those related to acquisitions.

Outlook

Management expects to continue its acquisitive strategy, with a proforma Q2 2026 revenue of $254.9 million giving effect to recent acquisitions. The company anticipates growing dispensary count to approximately 270 and expanding into new states including Pennsylvania and Ohio. Management expects to maintain a strong cash position, ending Q2 2026 with $122.7 million in cash.