Vireo Growth Completes M3 Wellness Acquisition

MINNEAPOLIS – Vireo Growth Inc. announced the completion of its acquisition of M3 Wellness, a retail Cannabis dispensary in Hawthorne, NV. Structured as an indirect asset purchase from M3 Wellness, LLC under an agreement signed in June, 2026, the transaction closed after the Nevada Cannabis Compliance Board granted its regulatory sign-off.

Total consideration for the deal reached $500,000. Vireo paid $290,000 in cash at closing, with the remaining $210,000 settled through the issuance of 13,888 subordinate voting shares at a deemed price of $15.12 per share. The terms also carry a performance-based earnout – a single conditional payment to M3 Wellness tied to specific EBITDA benchmarks, with a hard deadline of December 31, 2029.

Hawthorne, Nevada sits in Mineral County, roughly 130 miles southeast of Reno. Its economy has long orbited the Hawthorne Army Depot, and its population remains well under 5,000. This is rural Nevada, not a high-volume Cannabis destination by conventional market measures. The acquisition is less a volume play than a geographic marker on Vireo’s state-wide coverage map.

That coverage has been building fast. In August, Vireo completed the acquisition of C21 Investments, adding three leading Nevada dispensaries operating under the Silver State Relief brand and approximately 104,000 sq. feet of cultivation and production capacity, bringing its operational dispensary count in the state to 14 locations and its cultivation and manufacturing footprint to roughly 159,000 sq. feet. M3 Wellness adds one more retail point. This time in a rural corridor the major operators have largely bypassed.

At $500,000, the Hawthorne deal is among the smallest individual transactions in Vireo’s crowded 2026 acquisition ledger. CEO John Mazarakis has consistently framed the company’s approach as capital-efficient growth, entering established operations at implied valuations that reflect current market conditions rather than speculative premiums. M3 Wellness delivers on that logic, even at its smallest scale.

Vireo’s broader 2026 acquisition run spans Schwazze assets across Colorado and New Mexico, Eaze’s California delivery platform, the all-stock C21 deal in Nevada, Bridgewell Agribusiness, and a stake in Maryland’s HA-MD dispensaries, among others. The company’s combined pro forma retail footprint now approaches 230 dispensaries across 15 states, placing it behind only Trulieve in national retail count.

The M3 Wellness close is instructive precisely because of its size. In an industry where large deals command attention, it is often the smaller, well-timed transactions that reveal the clearest operational intent. Vireo is building geographic coverage across Nevada’s full range – urban cores and rural gaps alike. In a business where customer access increasingly determines long-term value, a rural dispensary acquired at a lean price can compound meaningfully over years.