Vireo Growth Inc. Partners with Ace Ventures to Establish New York's First Minority-owned Vertically Integrated Medical Cannabis Operator

Executive Summary

• Vireo Growth Inc. entered into a strategic partnership with Ace Venture of NY, LLC, granting Ace a 51% ownership stake in Vireo Health of New York, LLC (“Vireo NY”).
• The transaction creates New York’s first scaled social‑equity‑owned cannabis operator, combining Ace’s minority‑ and women‑owned business status with Vireo’s established cultivation, manufacturing, and retail platform.
• Both companies will continue joint operational support; John Mazarakis (CEO of Vireo) and Steven Acevedo will serve on the board of managers of Vireo NY.

Key Details

• Ownership Structure: Ace Venture of NY, LLC acquires a 51% equity interest in Vireo Health of New York, LLC; Vireo retains a 49% minority stake.
• Purpose: Establish a majority‑social‑equity‑owned cannabis platform aligned with New York’s regulatory priorities and long‑term growth objectives.
• Operational Support: Vireo will provide ongoing compliance, product quality, and operational expertise to the newly formed entity.
• Governance: John Mazarakis (CEO of Vireo) and Steven Acevedo (founder of Ace Ventures) will sit on the board of managers of Vireo NY.
• Strategic Rationale: Pairing local community leadership with Vireo’s decade‑long regulated medical cannabis experience to create a durable, community‑focused enterprise.
• Public Statements: Both CEOs highlighted the importance of social equity, regulatory compliance, and long‑term value creation for New York’s cannabis market.

Notable Quotes

“We’re excited to reach this agreement with Ace, which will bring tremendous leadership to New York’s cannabis community… This partnership reflects our belief that social equity and operational excellence must go hand in hand.” – John Mazarakis, CEO, Vireo Growth Inc.

“New York’s cannabis industry must reflect the communities it serves… I’m proud to work alongside John and the Vireo team to build something durable and community‑centered for New York.” – Steven Acevedo, Founder, Ace Venture of NY, LLC