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Vireo Growth Inc (VREOF) provides strategic growth solutions through targeted investments and operational optimization. This news hub offers investors and stakeholders timely updates on corporate developments, financial milestones, and market positioning.
Access official press releases and curated analysis covering earnings reports, strategic acquisitions, leadership updates, and portfolio enhancements. Our repository ensures transparent tracking of Vireo Growth's value-creation strategies across its diversified holdings.
Key updates include quarterly performance disclosures, material business transactions, and operational efficiency initiatives. Bookmark this page for direct access to primary sources on capital deployment strategies and governance practices that drive the company's growth equity approach.
Vireo Growth (CSE: VREO; OTCQX: VREOF) has announced key updates regarding its previously-announced Merger Transactions, expected to close in Q2 2025. The company has filed its Definitive Information Circular on March 21, 2025, which includes proforma financial information for the combined company and audited financial data for 2023-2024 for all merger targets.
The company has secured required shareholder approval through written consent for the Merger Transactions and the issuance of Subordinate Voting Shares (SV Shares) as consideration. The issuance is significant as it will exceed 100% of the company's total outstanding voting equity shares.
Regulatory approvals have been obtained for the Utah transactions, including Wholesome Cannabis and the Arches technology platform. The Missouri and Nevada transactions are progressing as planned for Q2 2025 closure, pending CSE approval and satisfaction of customary closing conditions.
Vireo Growth (VREOF) reported strong financial results for Q4 and full year 2024, achieving record performance metrics. FY2024 revenue reached $99.4 million, marking a 15.4% year-over-year increase excluding discontinued operations. Q4 2024 revenue was $25.0 million, up 3.5% year-over-year but flat sequentially.
The company ended FY2024 with $91.6 million in cash following a successful private placement in December, where investors subscribed for 129,536,874 shares at $0.625 per share, raising approximately $81 million. Q4 results included one-time transaction expenses of $4.2 million related to pending merger transactions.
Additionally, Vireo secured two significant loans through its Minnesota subsidiary: a $11.5 million facility at 10.5% interest for a new indoor cultivation facility, and a $15.0 million commercial loan from Stearns Bank at 9.25% interest.
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) has announced it will release its fourth quarter and full year 2024 financial results on March 4, 2025, before market opening. The company will host a conference call with investors on the same day at 8:30 a.m. ET (7:30 a.m. CT). Interested parties can join via phone using toll-free number 1-800-715-9871 (US and Canada) or 1-646-307-1963 (International) with conference ID 3718174. A live audio webcast will be available through the company's Investor Relations website.
Vireo Growth has successfully closed an oversubscribed private placement offering, raising US$81 million through the issuance of 129,536,874 Subordinate Voting Shares at US$0.625 per share. The offering price represents a 16.8% premium to the closing share price on OTCQX as of December 27, 2024.
The company plans to utilize the net proceeds for business development, including organic and acquisitive growth investments, working capital, and general corporate purposes. The offering, initially planned for US$75 million, exceeded expectations with oversubscribed demand. Lineage Merchant Partners acted as placement agent, with securities placed through GT Securities.
Vireo Growth Inc. has announced a major expansion through a $75 million equity financing at $0.625 per share and acquisitions of four single-state cannabis operators for approximately $397 million in all-stock transactions. The acquisitions include Proper Brands (Missouri), Deep Roots Harvest (Nevada), WholesomeCo Cannabis (Utah), and The Flowery (Florida).
The combined entity will operate across 7 states with 9 cultivation facilities and 48 dispensaries. The company projects 2024 proforma revenue of $394 million and EBITDA of $94 million. The transactions include the proprietary Arches technology platform for cannabis delivery and analytics.
John Mazarakis has been appointed CEO and Co-Executive Chairman, while Tyson Macdonald becomes CFO. The combined company will have approximately $99 million in cash and $78 million in net debt, with an EBITDA leverage ratio of 0.8x.
Vireo Growth reported Q3 2024 financial results with revenue of $22.4 million (excluding discontinued operations and NY), up 6.2% year-over-year. Operating income reached $3.9 million, though showing a 34.4% decline from Q3 2023. The company secured a $10.0 million convertible debt facility with a 12% interest rate and $0.625 conversion price. Core market performance showed improvements in productivity yields and flower quality, with total flower harvested increasing 32.7% to 4,626 lbs. Same-store sales grew 2.0%, with Maryland up 12.1% while Minnesota declined 3.4%. The company maintains $7.3 million in cash with total current assets of $144.0 million.
Vireo Growth has secured a new $10 million convertible debt facility funded by its senior secured lender. The three-year facility features a 12% cash interest rate, payable monthly, with notes convertible into Subordinate Voting Shares at $0.625. The financing will support capital expenditure, working capital needs, and general corporate purposes, particularly as the company prepares for the launch of adult-use cannabis sales in Minnesota next year. No warrants will be issued with this facility, and the transaction qualifies as exempt from formal valuation and minority shareholder approval requirements under MI 61-101.
Vireo Growth Inc. announced it will release its third quarter 2024 financial results on November 13, 2024, after market close. The company will host a conference call with investors at 4:30 p.m. ET (3:30 p.m. CT) on the same day. Participants can join via phone using toll-free number 1-800-715-9871 (US/Canada) or 1-646-307-1963 (International) with conference ID 3718174. A live audio webcast will be available on the company's Investor Relations website.
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) announced key leadership changes. Amber Shimpa, a long-time company executive, has been promoted to Chief Executive Officer, effective immediately. Josh Rosen has resigned from his roles as CEO, interim CFO, and Board member to focus on other ventures, but will remain as a consultant. Joe Duxbury has been appointed Interim Chief Financial Officer.
Executive Chairman Kyle Kingsley expressed confidence in Shimpa's leadership, while Shimpa voiced excitement about leading Vireo into the future, particularly with the upcoming launch of adult-use sales in Minnesota. The company also announced the termination of its advisory agreement with Grown Rogue International, Inc., effective September 30, 2024, forfeiting 4.5 million of 8.5 million Grown Rogue warrants received as part of the agreement.
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) reported strong Q2 2024 results, with revenue of $22.5 million (excluding discontinued operations and NY), up 42.5% year-over-year. The company achieved an operating income of $5.8 million and an EBITDA of $8.1 million. Gross profit margin improved to 54.0%, up 780 basis points from the previous year. Vireo recently extended its credit facility, supporting its CREAM & Fire strategy. The company activated recreational wholesale sales in New York and is preparing for adult-use sales in Minnesota next spring. Vireo also completed a private placement, changed its name from Goodness Growth Holdings, and announced the conversion of outstanding convertible notes by Chicago Atlantic.
