Vireo Growth Inc (OTCQX: VREOF) is a vertically integrated cannabis company that cultivates, manufactures, and retails cannabis products across multiple U.S. states. Revenue comes from direct-to-consumer dispensary sales and wholesale of cannabis flower, oils, topicals, tablets, capsules, and vaporizer pens and cartridges. The company operates a seed-to-sale model with three business lines: cultivation facilities, manufacturing, and retail dispensaries. During FY2025, Vireo completed three mergers, acquiring WholesomeCo (closed May 12, 2025), Proper Holdings (closed June 5, 2025), and Deep Roots Holdings (closed June 6, 2025), expanding its cultivation, manufacturing, and retail footprint. Retail revenue for FY2025 included Minnesota at $52.9M (up 15% year over year), Maryland at $27.1M, Utah at $29.6M (new in FY2025), and New York at $4.2M, per the 10-K filed March 17, 2026. The company has not paid dividends and does not intend to in the foreseeable future. Kyle E. Kingsley serves as Co-Executive Chairman and Director.

Revenue model

Transactional retail sales through company-owned dispensaries and wholesale of cannabis products to other licensed operators. No subscription or royalty revenue disclosed in the filing excerpts.

Products and services

Cannabis flower, cannabis oil, cannabis topicals, orally ingestible tablets and capsules, and vaporizer pens and cartridges. Products are manufactured and branded in-house across multiple product segments.

Customers and end markets

Medical and adult-use cannabis consumers served through company-owned retail dispensaries. No disclosed customer concentration data in the filing excerpts.

Value-chain role

Vertically integrated seed-to-sale operator covering cultivation, manufacturing and packaging of branded finished goods, and retail dispensary sales across licensed U.S. state markets.

Geographic exposure

Operations across Minnesota, Maryland, Utah, New York, Missouri, Nevada, Pennsylvania, and Massachusetts as of the 10-K filed March 17, 2026. Cultivation rights in six states. Incorporated in Canada.

Source: SEC 10-K, filed 2026-03-17

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