Vireo Growth Inc. Secures $75 Million Financing and Acquires Four Cannabis Operators

LOS ANGELES- Vireo Growth Inc. has announced a $75 million equity financing at $0.625 per share, alongside agreements to acquire four single-state cannabis operators for approximately $397 million in all-stock transactions.

The acquisitions include Proper Brands in Missouri, Deep Roots Harvest in Nevada, WholesomeCo Cannabis in Utah, and a binding memorandum of understanding to acquire The Flowery in Florida.These transactions are expected to expand Vireo’s operations to seven states, encompassing nine cultivation facilities and 48 dispensaries, totaling approximately 1,043,500 square feet of cultivation and manufacturing space.

The combined entity projects pro forma revenue of approximately $394 million and EBITDA of $94 million for the 2024 calendar year.In conjunction with these developments, Vireo has appointed John Mazarakis as CEO and Co-Executive Chairman, and Tyson Macdonald as CFO, effective immediately. Amber Shimpa will continue as President and CEO of operations in Minnesota, Maryland, and New York.

These strategic moves aim to strengthen Vireo’s position in the cannabis industry, leveraging the expertise of established operators in key state markets.