Vireo Growth Finalizes Equity Stake in Two Maryland Dispensaries

MINNEAPOLIS – Vireo Growth Inc. announced that it has completed the acquisition of an indirect 49% equity interest in HA-MD, LLC, the entity that owns Chesapeake Integrated Health Institute and Maryland Alternative Relief, two licensed dispensaries operating in Maryland. The agreement underlying the transaction was signed on November 3, 2025, and required sign-off from the Maryland Cannabis Administration before closing.

The total consideration for the stake came to $1.55 million, structured across three components. Vireo paid $400,000 in cash at closing, agreed to settle another $400,000 through a five-year promissory note carrying 8% annual interest, and covered the remaining $750,000 balance by issuing 37,035 subordinate voting shares at a deemed price of $20.25 per share, calculated on a post-consolidation basis following the company’s recent share reorganization.

The Maryland transaction was first disclosed on June 5, alongside the closing of Vireo’s purchase of Bridgewell Agribusiness LLC and a separate asset agreement for a Nevada dispensary operated by M3 Wellness. At the time, the Maryland share count was listed at 1,111,110 shares priced at $0.675 each, before the company’s share consolidation took effect.

Vireo operates across ten states with more than 170 dispensaries nationwide, spanning cultivation, manufacturing, retail, delivery, and distribution operations alongside an agricultural supply business. The company has described its strategy as combining disciplined capital allocation with selective acquisitions to build out its retail and brand portfolio across regulated markets.

Maryland’s adult-use and medical Cannabis program has drawn sustained interest from MSOs following the state’s 2023 launch of recreational sales, with dispensary ownership remaining a target for companies seeking East Coast retail density.

The financing structure of this acquisition reveals where capital comes from in the state-legal Cannabis industry. With federal banking restrictions still in force, debt and equity substitute for the bank credit lines that companies in most other industries take for granted.

A promissory note paired with a partial stock payment lets Vireo limit its upfront cash exposure while giving the sellers a longer-term claim on the company’s performance. The 49% structure is also notable. Rather than full ownership, Vireo has taken a minority position that secures economic exposure to two Maryland dispensaries without the regulatory and operational lift of outright control. For a sector where licenses remain capped and competition for retail real estate stays intense, partial stakes may continue to serve as a lower-friction entry point into limited markets.