Vireo Growth Reports Q2 2026 Financial Results

MINNEAPOLIS – Vireo Growth Inc. reported GAAP revenue of $209.3 million for the three months ended June 30, 2026, up 335% year-over-year from $48.1 million in Q2 2025, driven by the Eaze, Hawthorne Gardening Company, and Bridgewell Agribusiness transactions, all of which closed during the quarter.

Total Cannabis revenue reached $175.8 million for the period, a 265% gain over the prior year. A newly formed non-Cannabis segment [anchored by Hawthorne and Bridgewell] contributed an additional $33.5 million, establishing a discrete reporting segment for agricultural supply for the first time. Adjusted EBITDA for the quarter was $41.5 million, up 212% year-over-year, though the adjusted EBITDA margin compressed to 19.8% from 27.7% a year earlier, reflecting lower-margin agribusiness revenues and $19.7 million in transaction-related costs absorbed during the period.

On a proforma basis [treating the Hawthorne, Bridgewell, and PharmaCann acquisitions on the assumption they were completed at the start of the quarter] total revenue would have reached $254.9 million. At the organic level, proforma same-store Cannabis sales improved 9% year-over-year, with standout gains in Minnesota (up 74%) and Florida (up 79%). Colorado posted a 15% proforma decline, reflecting continued pricing pressure in that market.

Vireo closed the quarter with $122.7 million in cash and restricted cash. Total assets reached $1.27 billion, up from $817.2 million at year-end 2025, a balance sheet expansion driven by goodwill, intangibles, and inventory attributable to the period’s acquisitions. After the quarter ended, the company secured a new asset-based revolving credit facility with an initial $65 million commitment, expandable to $105 million through an accordion feature, priced at Term SOFR plus 1.75%–2%.

After June 30, Vireo completed the PharmaCann Colorado acquisition, announced a merger with Planet 13 Holdings in an all-stock deal adding dispensaries in Nevada, Illinois, and Florida, and struck purchase agreements for select Cannabist assets across Colorado, Illinois, Massachusetts, and New Jersey. A four-deal package in Ohio [eight dispensaries plus cultivation and processing assets] marks the company’s entry into its 15th state. Once all pending transactions close, Vireo projects approximately 270 dispensaries, which would position it at the top of U.S. Cannabis retail by dispensary count.

CEO John Mazarakis described the acquisition cadence in terms of disciplined capital deployment rather than expansion for its own sake, telling analysts the company aims to build “$100 million-plus businesses across our core markets over time,” with integration timelines extending into 2027.

Vireo’s Q2 results represent the clearest data point yet on what large-scale U.S. Cannabis consolidation looks like in practice, not in theory. The revenue trajectory is substantial, but margin compression, a $172.8 million uncertain tax liability, and a pipeline of integrations stretching well into next year signal that the harder questions lie ahead.