Vireo Growth’s proposed acquisition of Planet 13 would add 36 dispensaries, a high-profile Las Vegas superstore, and greater density in Florida. But the all-stock deal comes as Planet 13 reports declining revenue, widening losses, and a narrower operating footprint. The assets offer clear strategic value, yet Vireo’s projected scale, including roughly 265 dispensaries across fifteen states, depends on multiple transactions closing and integrating successfully.