Vireo Growth Reports Q3 2026 Financial Results

MINNEAPOLIS – Vireo Growth Inc. reported third-quarter revenue of $253.7 million, up 177% from $91.7 million a year earlier. Acquisitions drove the increase. Cannabis sales reached $198.1 million, and an agricultural supply business the company did not own a year ago added $55.6 million. Revenue rose 21% from the second quarter.

Profit measures were more mixed. Adjusted EBITDA reached $42.7 million, up 68% from last year but only 3% above the prior quarter. The adjusted margin fell to 16.8% from 27.7% a year ago. Vireo posted a net loss of $24 million, or 49 cents per share, after earning $4 million before taxes and booking $28 million of net income tax expense. The per-share result missed analyst estimates, while revenue topped them.

Growth at existing stores was modest. On a pro forma basis, which counts acquired businesses in both periods, retail revenue rose 4%, a figure CEO John Mazarakis called a proxy for same-store sales growth. Florida retail rose 81% and Minnesota 43%, while Colorado, the largest retail market at $61.7 million, fell 13%.

At the end of September, Vireo held $106.8 million in cash, including restricted cash, and $293 million in long-term debt. Net debt, which excludes convertible debt, was $186.2 million. The company repurchased 216,200 shares for $2.5 million and secured an $85 million credit facility with Bank of Montreal for the agricultural unit. After quarter-end, it announced a $60 million real estate loan at a fixed 8.5% rate, part of which repaid a $49 million seller note that carried 15% interest.

Expansion continues. Vireo closed its FLUENT acquisition, adding 33 Florida dispensaries, and has pending deals for Cannabist Company assets, four Ohio operations and an all-stock merger with Planet 13. If all close, Vireo expects about 270 dispensaries in 15 states, up from roughly 210 in 10. Separately, it received DEA registrations for 41 Florida medical dispensaries.

For the fourth quarter, management expects revenue of $250 million to $265 million and adjusted EBITDA of $45 million to $48 million, excluding pending deals and allowing for seasonal softness in agricultural supply. First-quarter 2027 guidance calls for $280 million to $300 million in revenue and $53 million to $56 million in adjusted EBITDA.

Vireo has reached scale quickly, and the quarter shows what that costs. Adjusted Cannabis margin slipped to 20.5% from 27.7%, the agricultural unit earns thin margins of its own, and a heavy tax bill plus $12.4 million in transaction and integration costs kept GAAP results negative. The 4% pro forma retail gain deserves the closest attention, since it shows what stores deliver without acquisition help, and Colorado’s decline is the weak spot to watch. Lower-cost debt and DEA registrations help, but the coming quarters will test how well Vireo turns a larger footprint into steadier margins.