Vireo Growth Inc. Announces First Quarter 2026 Results

• Vireo Growth Inc. released its first-quarter 2026 financial results on May 12, 2026.
• GAAP revenue was $106.2 million (+333.5% YoY), driven by recent acquisitions. Gross profit reached $59.3 million (55.8% margin), and adjusted EBITDA was $32.7 million (+395.5% YoY).
• Pro forma revenue, reflecting all completed and pending deals, was $210.2 million with pro forma adjusted EBITDA of $42.2 million.
• The company closed its acquisitions of Schwazze (Colorado/New Mexico assets), Eaze Inc. (California, Florida, Colorado), and The Hawthorne Gardening Company from Scotts Miracle‑Gro during the quarter or just after.
• It also disclosed a definitive agreement to form a 50/50 joint venture with Glass House Brands in California, combining 23 dispensaries and delivery operations.
• Vireo entered a definitive agreement to acquire FLUENT Corp. in an all‑stock deal, adding 74 Florida stores and 144,000 sq. ft. of cultivation.
• The balance sheet showed $137.8 million in cash as of March 31, 2026.
• A regulatory update noted the U.S. Department of Justice reclassified certain cannabis products from Schedule I to Schedule III.

The Q1 2026 earnings release contains no surprises. Revenue and adjusted EBITDA were described as “in line with our expectations” by the CEO. The massive year‑over‑year growth was entirely driven by acquisitions that were already known to the market — Schwazze, Eaze, Hawthorne — all of which were announced and closed in previous months. The FLUENT deal was announced two weeks earlier, and the Glass House JV was disclosed in mid‑April. The only fresh piece of data is the exact Q1 figures, which confirm that the integration of these assets is proceeding on plan, with strong margins and a healthy cash cushion. The regulatory reference (Schedule III) is mentioned without a specific date, indicating it was already public knowledge. No new financing, unexpected liabilities, or downward revisions appeared. Therefore, the release is a routine confirmation of a well‑telegraphed growth story. The stock price had already factored in the acquisition‑driven expansion; the news does not provide a material catalyst to re‑rate the shares.

• Vireo Growth Inc. is a U.S. multi‑state cannabis operator with a presence in 10 states and over 160 dispensaries following the Eaze acquisition.
• The company does not rely on a single flagship asset. Instead, it has built a portfolio through aggressive, all‑stock acquisitions of distressed or strategic assets, including Schwazze, Eaze, Proper, Deep Roots, Wholesome, PharmaCann’s Colorado stores, and Hawthorne Gardening.
• It recently expanded into the California and Florida markets, and through a joint venture with Glass House Brands, it aims to become one of the largest retail platforms in California.
• Its strategy is to consolidate fragmented cannabis operations, cut costs through integration, and position itself for potential federal regulatory reform.