MINNEAPOLIS — Vireo Growth Inc. reported financial results for its first fiscal quarter ended March 31, 2025. All currency figures are denominated in U.S. dollars.
Management Commentary
Chief Executive Officer John Mazarakis commented, “First quarter results were in line with our expectations for Vireo’s established markets. We experienced continued growth in Maryland, stable performance in Minnesota, medical sales declines in New York, and the commencement of New York adult use sales from our indoor facility. We remain focused on closing our pending merger transactions, expected to begin during the second quarter.”
Balance Sheet and Liquidity
As of March 31, 2025, total current assets excluding New York assets held for sale were $128.5 million, including cash on hand of $86.3 million. Total current liabilities excluding New York assets held for sale and uncertain tax liabilities were $13.3 million. As of March 31, 2025, the Company had a total of 472,078,412 shares outstanding on the treasury method basis using a share price of $0.45.
Merger Transactions
On March 21, 2025, the Company announced that it filed its Definitive Information Circular with respect to its proposed Merger Transactions. The Circular contains proforma financial information for the combined company as well as 2023 and 2024 audited financial information for each of the various Merger Transaction targets. The Company also announced that it has received requisite shareholder approval in connection with the Merger Transactions after soliciting shareholder approvals via written consent.
The Company has obtained required regulatory approvals for its proposed Utah transactions (“Wholesome Cannabis” and the “Arches” technology platform) and is working toward satisfying all other customary closing conditions of the Merger Transactions, which it expects to meet during the second quarter of 2025.
About Vireo Growth Inc.
Vireo was founded as a pioneer in medical cannabis in 2014 and is fueled by an entrepreneurial drive that sustains an ongoing commitment to serve and delight key stakeholders.
