Vireo Growth Reports Q4 2025 Financial Results

MINNEAPOLIS – Vireo Growth Inc. has released its financial performance for the period ended December 31, detailing how a series of completed mergers has reshaped its operations and set the stage for broader expansion in the Cannabis industry.

The company described a quarter focused on blending newly acquired businesses into a single platform, highlighting unified processes in accounting, finance, human resources, insurance, procurement, and a new enterprise resource planning system as central to the period’s outcomes.

Revenue for the quarter reached $104.5 million, a 317.7% increase from $25 million in the prior-year period. The jump stemmed directly from the integration of Deep Roots, Proper and Wholesome, deals closed and fully absorbed by year-end.

On a pro forma basis that assumes those mergers had taken effect at the start of the quarter, revenue rose 26.1% to the same $104.5 million from $82.9 million. That normalized view isolates the contributions from the combined platform and reveals steady underlying demand rather than one-time acquisition effects alone. Gross profit came in at $56.9 million, lifting the margin to 54.4% from 50.6% a year earlier. When stripped of fair-value adjustments and non-cash product costs, adjusted gross profit totaled $58.8 million at a 56.3% margin. The improvement points to cost discipline and efficiencies gained through the merged operations, particularly in procurement and shared services.

Adjusted EBITDA climbed to $29.5 million, or 28.2% of revenue, compared with $6.6 million and 26.4% previously. Pro forma adjusted EBITDA grew 30% to $29.5 million from $22.7 million, outpacing the revenue increase and signaling operating leverage from scale. Pro forma same-store sales advanced 22% year-over-year, with wholesale revenue up 55%. Excluding the boost from Minnesota’s adult-use market launch, same-store sales still rose 11.3%, underscoring resilient consumer demand and market share gains in established locations. The wholesale surge reflects stronger output from integrated cultivation assets now feeding both retail and external channels.

The company closed the quarter with $122.5 million in cash, providing a clear cushion for ongoing integration work and future moves. CEO John Mazarakis called the results “another strong quarter,” citing the double-digit organic growth and integration progress. He noted healthy consumer demand, continued share gains and strong wholesale performance supported by the cultivation platform.

Vireo has several transactions underway. In December it agreed to purchase PharmaCann’s Colorado dispensary assets for roughly $49 million in subordinate voting shares plus assumed liabilities. It also signed a deal to acquire Eaze Inc. for about $47 million in shares, with possible performance-based earn-outs. A nonbinding memorandum of understanding covers the potential purchase of The Hawthorne Gardening Company from ScottsMiracle-Gro. Additional referenced steps, including aspects of the Schwazze transaction, are expected to close in the first half of 2026. If completed, the moves would extend operations to 10 states and more than 160 dispensaries.

Taken together, the figures rank Vireo as the seventh-largest MSO by revenue.

The quarter illustrates how acquisition-led scale, paired with rapid back-office integration, can produce margin expansion and organic growth even in a market prone to quarterly swings. The cash position and active deal pipeline set the company up for continued consolidation where opportunities align with its operational model.