Vireo Growth

What Vireo Growth does

Vireo Growth Inc. is a vertically integrated multi-state cannabis operator headquartered in Minneapolis, Minnesota, with operations across cultivation, manufacturing, wholesale, and retail in 10 U.S. states (expanding to 11 with Pennsylvania). The company was founded in 2014 as a medical cannabis enterprise (previously Goodness Growth Holdings) and trades on the Canadian Securities Exchange under ticker VREOF. As of FY2025 it reported revenue of $268.7 million, placing it as the 7th largest U.S. multi-state operator by revenue, with a dispensary footprint of 166+ stores under the Green Goods and Vireo Health retail brands and a portfolio of consumer brands including Vireo Spectrum, Boundary Waters, HiColor, Kings & Queens, 1937, Small A$$ Buds, and Dr. Westwater.

The company's revenue model is primarily transaction-based: retail dispensary sales to medical patients and adult-use consumers, wholesale cannabis product distribution to other licensed operators (wholesale revenue grew 55% YoY in Q4 2025), and — following 2026 acquisitions — B2B sales of organic and non-GMO food products plus cultivation inputs (nutrients, lighting, growing media) through Bridgewell Agribusiness and The Hawthorne Gardening Company. Distribution combines company-owned dispensaries, the Eaze delivery platform (over 12 million completed deliveries), and wholesale channels. The firm employs 500+ staff and operates approximately 800,000 square feet of cultivation and production space.

Strategically, Vireo has executed an aggressive M&A-led expansion beginning in late 2025, completing or announcing acquisitions of Eaze ($47M), The Hawthorne Gardening Company from Scotts Miracle-Gro, Schwazze assets (Colorado and New Mexico), PharmaCann Colorado assets ($49M), Bridgewell Agribusiness ($40M + $30M debt), and pending deals for FLUENT Corp., C21 Investments, and a Pennsylvania dispensary permit. It also formed a 50/50 California retail joint venture with Glass House Brands and a social equity partnership with Ace Ventures of NY (51% ownership in Vireo Health of New York). Capital has been raised through a $120M senior secured bank refinancing, $81M in prior equity funding, and heavy use of share-based consideration, leaving the company with $60.8M in debt and continued net losses ($68M in 2025) against $122.5M in cash at year-end 2025.

Name

Vireo Growth

Legal name

Vireo Growth Inc.

Website

https://vireogrowth.com/

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

251–500 employees

Short description

Vireo Growth Inc. is a Minneapolis-headquartered, vertically integrated multi-state cannabis operator (7th largest U.S. MSO) running 166+ dispensaries across 10 states under the Green Goods and Vireo Health brands, serving medical patients and adult-use consumers via retail, wholesale, and the Eaze delivery platform.

Ownership category

akta.pro rank

Product category

Cannabis Products & Retail

akta.pro primary industry

Cannabis Dispensary Chains & Multi-Location Operators (MSO/Regional) (CRANAFAD)

Keywords

• Cannabis cultivation
• Cannabis retail
• Multi-state operator
• Medical cannabis
• Wholesale distribution

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Marketing or Sales, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Retail Dispensary Sales: Revenue generated from the sale of cannabis products directly to consumers through company-owned and operated retail dispensaries. Vireo operates retail brands including Green Goods and Vireo Health, with dispensary count growing from 16 to over 160+ through acquisitions (Eaze, Schwazze, PharmaCann). Retail is the primary revenue driver.
2. Wholesale / B2B Cannabis Sales: Revenue from wholesale cannabis product sales to other licensed operators. Pro forma same-store sales grew 22% and wholesale revenue increased 55% year-over-year in Q4 2025, indicating a growing B2B component alongside retail.
3. Agricultural & Supply Chain Products: Following the acquisition of Bridgewell Agribusiness LLC and The Hawthorne Gardening Company, Vireo generates revenue from supplying organic and non-GMO food and agricultural products, as well as cannabis cultivation inputs (nutrients, lighting, materials) to manufacturers and growers.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels2 records

Core offering

Vireo Growth is a vertically integrated cannabis multi-state operator (MSO) that cultivates, manufactures, and distributes cannabis products through company-owned retail dispensaries (Green Goods, Vireo Health) and wholesale channels across 10+ U.S. states. Following aggressive M&A expansion, the company also operates a B2B agricultural and cultivation-input supply business through The Hawthorne Gardening Company and Bridgewell Agribusiness, and a cannabis delivery platform via the acquired Eaze service.

Product overview

Vireo Growth Inc. is a multi-state cannabis operator with vertically integrated operations including cultivation, manufacturing, wholesale, and retail business lines. The company operates retail dispensaries through Green Goods and Vireo Health brands, while offering a portfolio of cannabis product brands including Vireo Spectrum, Boundary Waters, HiColor, Kings & Queens, 1937, Small A$$ Buds, and Dr. Westwater. Following extensive M&A activity, the company has expanded to 10+ states with over 160 dispensaries, acquired The Hawthorne Gardening Company for supply chain procurement, and expanded into food and agricultural products through Bridgewell Agribusiness.

Differentiator

Problem solved

Functional benefit

Brands

• Vireo Spectrum: Medical cannabis brand offering products across the cannabis spectrum
• Boundary Waters
• HiColor
• Kings & Queens
• 1937
• Small A$$ Buds
• Dr. Westwater

Products and services

• Green Goods Retail Dispensaries Retail dispensary brand under which Vireo Growth operates consumer-facing cannabis dispensaries providing safe access to medical and adult-use cannabis products.
• Vireo Health Medical Cannabis Retail Medical cannabis dispensary brand operating in Minnesota, Maryland, and New York, providing safe access to quality cannabis products for registered medical patients.
• Vireo Spectrum Cannabis Brand Product brand offering a range of cannabis products tailored to different consumer preferences and medical needs.
• Boundary Waters Cannabis Brand Consumer cannabis brand within the Vireo Health portfolio.
• HiColor Cannabis Brand Consumer cannabis brand within the Vireo Health portfolio.
• Kings & Queens Cannabis Brand Consumer cannabis brand within the Vireo Health portfolio.
• 1937 Cannabis Brand Consumer cannabis brand within the Vireo Health portfolio, referencing the year cannabis was prohibited in the US.
• Small A$$ Buds Cannabis Brand Consumer cannabis brand within the Vireo Health portfolio.
• Dr. Westwater Cannabis Brand Consumer cannabis brand within the Vireo Health portfolio.
• Eaze Cannabis Delivery Platform Cannabis delivery technology platform acquired by Vireo Growth, providing direct-to-consumer delivery of cannabis products in California and other markets.
• The Hawthorne Gardening Company (Cultivation Inputs) Leading provider of nutrients, lighting, and materials for indoor and hydroponic gardening, serving cannabis cultivators and indoor growers across North America.
• Bridgewell Agribusiness (Food & Agricultural Supply) Diversified food and agricultural products supplier serving manufacturers and processors with organic and non-GMO products.

Quantifiable outcome

• Revenue increased over 250% from 2024 to 2025, reaching $268.7 million
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered minor and core.

• Vive Penn LLCminorStrategic or Co-development Partner · 2 July 2026Vireo Growth entered into a Securities Purchase Agreement to jointly acquire with Vive Penn LLC all membership interests of FarmX LLC d/b/a PhytoNatural, which owns a non-operational retail permit for up to six medical dispensaries in Pennsylvania. The total consideration is approximately $20.0 million. This joint venture marks Vireo's entry into its 11th state.
• C21 Investments Inc.coreStrategic or Co-development Partner · 15 June 2026Vireo Growth and C21 Investments announced a definitive arrangement agreement under which Vireo will acquire C21 through a court-approved plan of arrangement under British Columbia law. The acquisition will expand Vireo's Nevada presence to approximately 15 total dispensaries and 158,000 square feet of cultivation and manufacturing capacity, adding C21's three high-volume Silver State Relief dispensaries and 104,000 sq. ft. of production facilities. Subject to C21 shareholder and court approval, with closing expected in Q3 2026.
• Bridgewell Agribusiness LLCminorStrategic or Co-development Partner · 25 May 2026Vireo Growth acquired Bridgewell Agribusiness LLC, a diversified food and agricultural products supplier, for a base purchase price of $40 million with approximately $30 million of assumed indebtedness. The acquisition marks Vireo's expansion beyond cannabis into conventional and organic foods, agricultural inputs, and supply chain services. The convertible note converts into approximately 16.5 million subordinate voting shares.
• FLUENT Corp.coreStrategic or Co-development Partner · 30 April 2026Vireo Growth agreed to acquire FLUENT Corp. in an all-stock transaction to create a combined platform in Florida's medical cannabis market with approximately 74 stores and 144,000 sq. ft. of cultivation and production capacity. FLUENT generated approximately $71.5 million in revenue from Florida operations in 2025. The deal is expected to close in Q4 2026 pending FLUENT shareholder, court, and regulatory approvals.
• Glass House BrandscoreStrategic or Co-development Partner · 13 April 2026Vireo Growth and Glass House Brands formed a 50/50 joint venture to create one of California's largest cannabis retail platforms, combining 23 dispensaries (12 from Vireo via Eaze, 11 from Glass House) with preferential supply from Glass House's large-scale production operations. The venture leverages Vireo's Eaze delivery platform for expanded distribution. After five years, Vireo has an option to acquire Glass House's equity interest, and Glass House retains a reciprocal put right.
• Ace Venture of NY LLCcoreStrategic or Co-development Partner · 4 April 2026Vireo Growth partnered with Ace Venture of NY LLC, a Minority & Women-Owned Business Enterprise, under which Ace assumed a 51% ownership interest in Vireo Health of New York LLC. The transaction is designed to establish New York's first minority-owned vertically integrated medical cannabis operator, combining Ace's local leadership and community credibility with Vireo's decade-long operational platform. Vireo CEO John Mazarakis and Ace founder Steven Acevedo serve on the board of managers of Vireo NY.
• The Scotts Miracle-Gro Company (Hawthorne Gardening)coreStrategic or Co-development Partner · 28 January 2026Vireo Growth acquired The Hawthorne Gardening Company from Scotts Miracle-Gro in an all-share transaction, issuing 213 million subordinate voting shares and 80 million warrants. The transaction delivered approximately $110 million in combined cash and net working capital to Vireo, including $35 million in cash, $58 million in net working capital, and $20 million in inventory. The acquisition creates a procurement platform to optimize supply chain management. Chris Hagedorn (EVP of Scotts Miracle-Gro) was nominated to Vireo's Board.
• Eaze Inc.coreStrategic or Co-development Partner · 23 December 2025Vireo Growth acquired Eaze Inc., a vertically-integrated cannabis retailer and delivery technology platform, for approximately $47 million in base consideration (84 million subordinate voting shares). The transaction expanded Vireo's footprint to 10 states with 166 dispensaries and approximately 800,000 sq. ft. of cultivation space. Eaze brought 67 retail locations and a delivery platform that completed over 12 million deliveries, adding California and Florida markets.
• PharmaCann Inc.minorStrategic or Co-development Partner · 17 December 2025Vireo Growth entered into a definitive agreement to acquire PharmaCann Inc.'s retail assets and properties in Colorado for approximately $49 million in subordinate voting shares. The transaction expanded Vireo's adult-use retail footprint in Colorado to 41 total active dispensaries. The Management Services Agreement became effective March 22, 2026, with 90,740,741 shares placed in escrow pending close expected in Q2 2026.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Curaleaf Holdings: Largest U.S. MSO by retail footprint with vertically integrated cultivation, manufacturing, and retail across multiple states. Direct competitor to Vireo in several limited-license markets and a benchmark for cross-state scale economics.
• Trulieve Cannabis: Vertically integrated MSO dominant in Florida — directly comparable to Vireo's Florida strategy via FLUENT. Operates cultivation, processing, and retail dispensaries in a similar limited-license model.
• Green Thumb Industries: Multi-state cannabis operator with national retail and consumer packaged goods brand portfolio. Comparable to Vireo on multi-state dispensary expansion and brand-led retail strategy.
• Cresco Labs: Multi-state operator with wholesale and retail footprint, including strong presence in Illinois and Pennsylvania (the latter being Vireo's pending 11th state). Direct peer on dispensary and wholesale B2B model.
• Verano Holdings: Top-5 U.S. MSO with vertically integrated operations in numerous states. Counterparty in Vireo's October 2025 litigation settlement, providing additional competitive context in shared markets.
• Acreage Holdings: Multi-state cannabis operator with footprint in limited-license markets; Vireo's CFO previously served as EVP Corporate Development at Acreage, indicating direct operational and strategic comparability.
• AYR Wellness: U.S. multi-state cannabis operator with cultivation, processing, and retail assets, including significant Florida and Midwest exposure. Comparable to Vireo on limited-license strategy and vertical integration.
• Ascend Wellness Holdings: Multi-state operator focused on limited-license markets including Illinois, Massachusetts, and New Jersey. Comparable cultivation-retail integration model and similar patient/adult-use dual segmentation.

Emerging players

• Glass House Brands: California-focused large-scale cannabis cultivator and retailer that formed a 50/50 retail JV with Vireo in April 2026. Comparable on cultivation scale and California retail strategy.

Others

• Chicago Atlantic Group: Cannabis-focused specialty finance and capital markets firm co-founded by Vireo's CEO John Mazarakis. Provides comparable exposure to MSO debt financing dynamics and capital markets access for cannabis operators.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries12 records

Funding overview

Funding rounds10 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A11 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vireo Growth