Vireo Growth Inc
goodnessgrowth.comWhat Do They Do?
Sells cannabis products through its dispensaries to patients and adult-use customers, and supplies cannabis products to third-party dispensaries.
10-K for FY2025, filed Mar 17, 2026Vireo is the holding company for Vireo U.S., a United States-based multi-state cannabis company that operates through its license-holding…View ↗
We are a vertically integrated cannabis company that operates from “seed-to-sale.” We have three business lines:View ↗
Retail Dispensaries: We operate retail dispensaries that sell proprietary and, where lawful, third-party cannabis products to retail…View ↗
We report our operating results in one business segment: the cultivation, production, and sale of cannabis. We cultivate, manufacture, and…View ↗
How Do They Make Money?
Retail customers pay for cannabis products at the point of sale; wholesale customers pay for products when the company delivers them and the customers accept them. The period between delivery and payment is one year or less.
10-K for FY2025, filed Mar 17, 2026The Company’s primary source of revenue is from wholesale of cannabis products to dispensary locations and direct retail sales to eligible…View ↗
Revenue is recognized when control of the promised goods or services, through performance obligations by the Company, is transferred to the…View ↗
Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from sales revenue as the…View ↗
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10-K for FY2025, filed Mar 17, 2026
FY2025 revenue by product or service ↗
$268.8M
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10-K for FY2025, filed Mar 17, 2026
$268.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Retail
Sold outright
10-K for FY2025, filed Mar 17, 2026 |
82%
FY2022: 83%
|
Retail, FY2025
$219.9M Sources
|
Sold outright |
|
Wholesale
Sold outright
10-K for FY2025, filed Mar 17, 2026 |
18%
FY2022: 17%
|
Wholesale, FY2025
$48.8M Sources
|
Sold outright |
Who Are Their Customers?
Patients and adult-use customers buy cannabis directly at company-owned dispensaries; legal state-licensed cannabis stores buy wholesale products.
Do Revenues Turn Into Profits?
No. It lost $68.1M in FY2025.
10-K for FY2025, filed Mar 17, 2026
−$1MView ↗
10-K for FY2025, filed Mar 17, 2026
−$68.1MView ↗
10-K for FY2025, filed Mar 17, 2026
−$24.6MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
−$100KView ↗
- ▼ −99% (Loss)
- vs −$14.9M in Q2 FY2025
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Aug 26, 2026
Completed the acquisition of C21 Investments
C21 became a wholly owned subsidiary, adding Nevada dispensaries and cultivation and production capacity.
Sources
8-K, filed Aug 26, 2026
On August 21, 2026, Vireo Growth Inc. (“Vireo” or the “Company”), completed the previously announced acquisition of all of the issued and…View ↗
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Aug 13, 2026
Completed the acquisition of Colorado dispensary assets
The acquisition from PharmaCann covered certain Colorado retail cannabis assets.
Sources
8-K, filed Aug 13, 2026
Item 2.01. Completion of Acquisition or Disposition of Assets.View ↗
Growing. Revenue grew 4.9x in 4 years, from $54.4M in FY2021 to $268.8M in FY2025, about 49% a year.
Expanded retail and wholesale footprint
The earlier report described operations focused on four core markets and products sold through company-owned and third-party dispensaries. The latest report describes licensed operations across six states, including sales to patients and adult-use customers in company-owned or operated stores and wholesale sales to third parties.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 17, 2026Goodness Growth is a United States-based multi-state cannabis company with significant operations in four core markets of Maryland…View ↗
Cultivation: We grow cannabis in outdoor, indoor and greenhouse facilities. Our expertise in growing enables us to produce award-winning…View ↗
Retail Dispensaries: We operate retail dispensaries that sell proprietary and, where lawful, third-party cannabis products to retail…View ↗
Added non-cannabis operations
The earlier report described a cannabis business focused on cultivation, production, and dispensary sales. The latest annual report continues to describe cannabis cultivation, manufacturing, wholesale, and retail operations; the subsequent-quarter results also identify non-cannabis revenue from newly acquired businesses.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 17, 2026 8-K, filed Aug 11, 2026Goodness Growth is a United States-based multi-state cannabis company with significant operations in four core markets of Maryland…View ↗
Production: We convert cannabis biomass into formulated oil, using a variety of extraction techniques. We use some of this oil to produce…View ↗
Retail Dispensaries: We operate retail dispensaries that sell proprietary and, where lawful, third-party cannabis products to retail…View ↗
We report our operating results in one business segment: the cultivation, production, and sale of cannabis. We cultivate, manufacture, and…View ↗
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