Vireo Growth Inc. Reports 333% Revenue Increase to $106.2 Million in Latest Quarter

Vireo Growth Inc. reported significant financial growth in its latest quarterly results, with revenues reaching $106.2 million for the three months ended March 31, 2026, a substantial increase of 333% compared to $24.5 million in the same period last year. This surge in revenue was primarily driven by the company's strategic acquisitions, which expanded its operations in several states, including Colorado, New Mexico, Utah, Nevada, and Missouri. Retail sales accounted for $89.9 million of the total revenue, marking a 368% increase from $19.2 million in the prior year, while wholesale revenue rose to $16.3 million, up from $5.3 million.

The company's gross profit for the quarter was $59.3 million, reflecting a gross margin of 55.8%, compared to a gross profit of $12.4 million and a margin of 50.6% in the previous year. The increase in gross profit was attributed to the higher revenues generated from the newly acquired businesses, which typically operate at higher margins than those previously included in Vireo's financials. Total operating expenses also rose significantly to $50.3 million from $10.4 million, driven by increased transaction-related expenses and stock-based compensation associated with the acquisitions.

In terms of operational metrics, Vireo Growth operated 82 dispensaries across eight states as of March 31, 2026, with notable contributions from various regions: Colorado (3%), Minnesota (17%), New York (6%), New Mexico (1%), Maryland (9%), Utah (14%), Nevada (26%), and Missouri (24%). The company’s employee headcount has also increased, reflecting its expansion efforts. As of the end of the quarter, Vireo's total assets stood at $928.8 million, up from $817.2 million at the end of the previous fiscal year, while total liabilities increased to $634.7 million from $509.8 million.

The filing also highlighted Vireo's strategic developments, including the acquisition of Vireo Health of Rocky Mountain, which added 45 dispensaries and two manufacturing facilities to its portfolio. Additionally, the company completed several mergers, including those with Deep Roots Holdings, Proper Holdings, and WholesomeCo, which were aimed at enhancing its market presence and operational capabilities. Looking ahead, Vireo Growth expressed optimism about its future, citing potential regulatory changes that could further benefit its operations, particularly in light of recent federal actions regarding the rescheduling of cannabis products. The company is focused on leveraging its expanded footprint to drive growth and improve profitability in the evolving cannabis market.