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Vireo Health International reported strong financial results for the fourth quarter and full year ending December 31, 2020. Q4 revenue reached $12.4 million, a 38% increase year-over-year, while full-year revenue grew 64% to $49.2 million. Significant improvement in gross profit was noted, with a margin of 42.7% compared to 14.6% in Q4 2019. The company expanded its retail footprint, completing several projects and planning further growth, particularly in Arizona and Maryland. Vireo's positive outlook remains cautiously optimistic despite regulatory uncertainties.
Vireo Health International Inc. (CNSX: VREO; OTCQX: VREOF) will release its financial results for the fourth quarter and fiscal year ending December 31, 2020, on March 25, 2021, prior to market opening. The Company will also host a conference call at 8:30 a.m. Eastern Time that day to discuss these results. Vireo operates 16 dispensaries and is licensed to grow and process cannabis in nine markets, focusing on technology and scientific innovation within the cannabis sector to enhance product efficiency and quality.
Vireo Health International has announced the completion of capacity expansions in Maryland, significantly increasing its cultivation capacity by nearly 12 times at a new 110,000 sq. ft. facility. The company has also received regulatory approval to open its first retail dispensary in Frederick, Maryland on March 12, 2021. CEO Dr. Kyle Kingsley highlighted the growing demand for cannabis products in Maryland, emphasizing the company's commitment to meet this demand through vertical integration and expansion of operations.
Arizona Natural Remedies, Inc. (ANR), affiliated with Vireo Health International, has completed a significant expansion of its cultivation and processing facility near Tucson. The new nine-acre shade house is expected to increase cannabis flower output by fivefold, addressing the rising demand in Arizona following the legalization of adult-use cannabis. This expansion will also create up to 45 new jobs, making it the largest cultivation site among Vireo's five core markets. ANR has also introduced medical cannabis home delivery options for patients in Phoenix.
Vireo Health of Minnesota has officially opened two new medical cannabis patient centers in Burnsville and Woodbury, expanding its Green Goods brand to eight locations in Minnesota. These centers, opened on December 31, 2020, are the first medical cannabis dispensaries in their respective cities, enhancing patient access in the Greater Twin Cities area. The Company also completed a rebranding of its existing four locations, ensuring they meet the growing demand for medical cannabis products.
On February 4, 2021, Vireo Health International filed a registration statement on Form S-8 with the SEC. This form registers previously issued securities under the Company's equity incentive plans and shares that may be issued in the future. CEO Kyle Kingsley stated this filing is a step towards transitioning to a U.S. exchange while maintaining its Canadian listing. Vireo operates in five states, holding 29 retail dispensary licenses, with 16 currently active. The company focuses on science and technology in cannabis production.
Vireo Health International, Inc. (OTCQX: VREOF) has launched a new cannabis brand, Midnight, aimed at the medical market. The brand is initially available at four dispensaries in New York and through wholesale to other licensed dispensaries. Midnight products feature a blend of THC, CBD, and CBN, with plans for expansion into vaporizer products and new formulations in 2021. Vireo is focused on physician-led research and innovative cannabis solutions. The company operates in seven markets and holds 32 retail dispensary licenses, boosting its growth in the cannabis sector.
Vireo Health International, Inc. (CNSX: VREO, OTCQX: VREOF) announced that Chief Medical Officer Stephen Dahmer, M.D., will participate in the Benzinga Cannabis Capital Conference on October 15, 2020. He will discuss Vireo's ongoing clinical research trials and long-term opportunities in medical cannabis. Vireo operates in seven states and Puerto Rico, focusing on medical cannabis and partnerships with prestigious organizations like the Mayo Clinic. The company emphasizes technology and scientific innovation in its product development efforts.
Vireo Health of Minnesota is advocating for the expansion of the state's Medical Cannabis Program to include three new qualifying conditions: anxiety, sickle cell disease, and tic disorder. The Minnesota Department of Health is currently accepting public comments on this matter. Vireo launched a digital campaign to support this initiative, aiming to improve access to medical cannabis for individuals suffering from these conditions.
On October 5, 2020, Vireo Health International (CNSX: VREO, OTCQX: VREOF) announced the resignation of Ari Hoffnung from its Board of Directors and as Chief Strategy Officer. Vireo's Chairman and CEO, Kyle Kingsley, praised Hoffnung's five years of leadership that significantly contributed to the company's growth as a multi-state operator in the U.S. Vireo Health focuses on the medical cannabis market, operating in seven states and Puerto Rico, with a commitment to technological and scientific advancements in cannabis production.
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