Vireo Growth forms partnership with Ace Venture of NY
Cannabis consolidator expanding via strategic partnerships
On April 6, 2026 Vireo Growth Inc. announced it has formed a strategic partnership with Ace Venture of NY LLC. Under the agreement Ace Ventures acquires a 51 % ownership stake in Vireo Health of New York LLC (VireoNY), while Vireo retains a 49 % minority stake and continues to provide cultivation, manufacturing, retail infrastructure, compliance oversight, product quality assurance and operational support. Both John Mazarakis (CEO of Vireo) and Steven Acevedo will serve on the board of managers of VireoNY, establishing joint governance. The partnership creates New York’s first scaled social‑equity‑owned, vertically integrated medical cannabis operator, aligning with the state’s regulatory priorities that favor minority ownership.
The April 6 announcement largely repeats the terms disclosed in the prior April 3 press release (which was already marked Routine‑Neutral). No new financial consideration, valuation or closing conditions were introduced; the partnership merely formalizes the previously announced transaction. Consequently the news represents an expected, incremental step rather than a surprise market‑moving event. It is positive in that it advances Vireo’s entry into the New York medical cannabis market through a socially‑owned structure, but because the core terms were already known, the impact is routine. Hence the rating Routine‑Positive.
Vireo Growth Inc. is a vertically integrated cannabis operator with cultivation, manufacturing, retail and delivery assets across multiple U.S. states. Its recent growth strategy has been driven by a series of acquisitions:
- Eaze Inc. (California, Florida, Colorado) – added ~166 dispensaries and ~800 k sq ft of production capacity.
- Schwazze (Medicine Man Technologies) – acquired senior secured convertible notes and related assets, adding 45 dispensaries and two manufacturing facilities in Colorado/New Mexico.
- PharmaCann Inc. Colorado retail assets – added 17 dispensaries, bringing Vireo’s Colorado footprint to 41 locations.
- Hawthorne Gardening Company (MOU with ScottsMiracle‑Gro) – pending acquisition that would expand the company’s indoor cultivation supplies portfolio.
The partnership with Ace Ventures creates a new flagship platform in New York: Vireo Health of New York LLC, positioned as the state’s first minority‑owned vertically integrated medical cannabis operator and expected to be a long‑term growth driver aligned with NY’s social‑equity licensing framework.