MINNEAPOLIS — Vireo Growth Inc. reported financial results for its second fiscal quarter ended June 30, 2025. All currency figures referenced herein are denominated in U.S. dollars.
Chief Executive Officer John Mazarakis commented, “Our second quarter results were in line with the expectations that we communicated following the closing of our merger transactions, with pro forma revenue and pro forma adjusted EBITDA of $90.7 million and $23.2 million, respectively. We believe that our recently completed merger transactions and refinancing event position us well for continued acquisitive growth and industry leadership.”
During the second quarter, the Company closed each of its three previously-announced merger transactions, including the acquisitions of WholesomeCo in Utah, Proper Brands in Missouri, and Deep Roots Harvest in Nevada. The closing of these transactions transformed the Company into one of the largest U.S. multi-state cannabis operators and expanded the Company’s portfolio to six states with active operations.
On June 17, 2025, following the closing of all its previously-announced merger transactions, the Company announced that it expected pro forma revenue and adjusted EBITDA for the second quarter of 2025 to be in the range of $88 to $91 million, and $23 to $24 million, respectively. These pro forma financial expectations for the second quarter assumed that all of the merger transactions closed on April 1, 2025.
On July 8, 2025, the Company announced the closing of a series of transactions that collectively refinanced all of its existing senior secured debt and significantly expanded its credit capacity under more favorable terms. The Company refinanced all of its existing senior secured debt through a $120 million self-syndicated term loan with leading banks at an interest rate of 8.3 percent, and expanded its consolidated credit facilities with an additional $33 million second lien term loan with a $50 million accordion feature. The $153 million in combined closing date financing strengthened the Company’s balance sheet with over $100 million in cash and is expected to reduce annual interest expense by more than $10 million.
Balance Sheet and Liquidity
As of June 30, 2025, total current assets excluding New York assets held for sale and income taxes receivable were $186.2 million, including cash on hand of $106.2 million. Total current liabilities excluding New York liabilities held for sale, current long-term debt that was refinanced, and uncertain tax liabilities were $51.8 million. As of June 30, 2025, the Company had a total of 1,058,617,377 shares outstanding on the treasury method basis using a share price of $0.52.
About Vireo Growth Inc.
Vireo was founded in 2014 as a medical cannabis pioneer—and we’ve never stopped pushing boundaries. We’re building the most disciplined, strategically aligned, and execution-focused platform in the industry. That means staying relentlessly local while leveraging the strength of a national portfolio, backing exceptional leaders, and deploying capital and talent where it drives the most value. Vireo operates with a long-term mindset, a bias for action, and an unapologetic commitment to its customers, employees, shareholders, industry collaborators, and the communities it calls home.
