Vireo Growth just dropped numbers that turn heads in the tough cannabis world. The Minnesota company saw revenue skyrocket to $268.8 million in 2025, nearly tripling from $99.4 million the year before. Fueled by a smart buying rush, Vireo now ranks as the seventh biggest multistate operator amid industry struggles.
Vireo Growth reported these blockbuster results on March 17, 2026. The jump came from heavy deals and solid sales inside stores. In the fourth quarter alone, sales hit $104.5 million. That marks a 318 percent rise from last year.
Pro forma figures paint an even brighter picture. They show 26 percent growth when adjusting for buys. Same store sales climbed 11 percent outside Minnesota. Wholesale jumped 55 percent.
This stands out because many cannabis firms fight flat or falling sales. Vireo bucks the trend. CEO John Mazarakis called it a strong finish. He pointed to steady demand in key spots.
Acquisitions Spark the Revenue Fire
Vireo went on a shopping spree starting late 2024. Deals piled up fast in 2025. Each one added stores, grow space, and market share.
Here are the big moves:
- Deep Roots Harvest in Nevada, Utah, and Missouri.
- The Flowery chain in Florida.
- Proper Brands in Missouri.
- WholesomeCo in Utah.
Later came Schwazze assets in Colorado and New Mexico. PharmaCann gave 17 more Colorado shops. Eaze brought California spots plus delivery tech.
These buys integrated quick. They cut costs and boosted sales right away. Vireo now runs in seven states. More doors mean more cash flow for everyday folks buying medical and adult use weed.
Margins Shine Despite Net Losses
Look at the full year numbers side by side.
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | $268.8M | $99.4M | +170% |
| Gross Profit | $127.1M | $50.8M | +150% |
| Gross Margin | 47.3% | 51.1% | -380 bps |
| Net Loss | $68.1M | $28.0M | Widened |
| Adjusted EBITDA Q4 | $29.5M | $6.6M | +347% |
Gross profit soared but margins dipped a bit from integration costs. Still, fourth quarter margins hit 54 percent. Adjusted EBITDA in that period reached 28 percent.
Net losses grew from taxes and deal expenses. Uncertain tax hits under Section 280E hurt. Vireo ended with $122.5 million cash. Debt sits manageable at $127 million net long term.
One analyst called these the best annual earnings in cannabis. Aaron Edelheit praised the speed. He sees Vireo on track to lead by revenue someday.
Vireo serves patients in Minnesota, New York, Maryland, and more. Minnesota’s supply crunch helps. Stores there see double digit gains.
Pipeline Promises More Expansion
Pending deals keep the buzz alive. Eaze closes soon at $47 million in shares. PharmaCann adds for $49 million. A handshake deal eyes Hawthorne from Scotts Miracle-Gro.
All aim for first half 2026 close. That pushes Vireo to 10 states and 160 stores. Mazarakis says Colorado stays hot. “We will never be done there.”
Cash pile fuels this. Free cash flow turned positive. Operating cash hit $3.7 million yearly.
Challenges linger. Share count tripled to 1.18 billion from stock deals. Prices fell in mature markets like California. Federal rules block banks and tax breaks.
Vireo bets on scale now. Reform could unlock profits later.
Vireo Growth proves bold moves pay in a shaky cannabis market. From underdog to top player, this revenue rocket offers hope amid losses. Families and patients gain from more access and jobs. Investors eye the cash and pipeline.