Vireo Growth Completes $81 Million Equity Offering

0.9 min readPublished On: January 20th, 2025By HCN News Team

LOS ANGELES- Vireo Growth Inc., a Minneapolis-based cannabis multistate operator, has successfully concluded an oversubscribed private placement, raising approximately $81 million. Initially targeting $75 million, the company issued 129,536,874 subordinate voting shares at $0.625 per share, representing a 16.8% premium over the December 27, 2024, closing price on OTCQX.

The net proceeds are earmarked for business development, encompassing both organic growth and strategic acquisitions, as well as for working capital and general corporate purposes. This financing positions Vireo Growth to expand its operations across seven states, enhancing its portfolio with nine cultivation facilities and 48 retail outlets.

CEO John Mazarakis, appointed in December 2024, stated that the closing “marks the beginning of a new chapter for Vireo.” Mazarakis is a co-founder of Chicago Atlantic, a cannabis-focused investment firm that formed a special-purpose vehicle to participate in this offering.

This capital infusion follows Vireo Growth’s recent acquisitions of four single-state operators: Deep Roots Harvest in Nevada, The Flowery in Florida, Proper Brands in Missouri, and WholesomeCo Cannabis in Utah, along with its delivery and analytics platform, Arches. These strategic moves aim to strengthen Vireo’s market presence and operational capabilities.

About the Author: HCN News Team

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