You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.
friends,
About three months ago, this newsletter talked about cannabis stock traders care a lot about MSOs again, but that they weren’t paying attention to an older MSO that was in the process of getting much bigger, Vireo Growth. As I mentioned at the time, despite its very large size, Vireo Growth failed to join the Global Cannabis Stock Index due to its low trading volume. Yesterday I went through the quarterly rebalancing process for the upcoming new quarter, which starts seven days from the close of trade, and Vireo still doesn’t qualify. The price then topped the low of $0.50 at $0.5682, but the stock has traded an average of just 221,000 shares per day over the past month. The dollar volume is about $100,000, which is well below the required minimum.
I shared that there weren’t many analysts following Vireo three months ago, and that remains the case. The Vireo Growth website has no analysts listed on it analyst coverage pageSeeking Alpha shares analyst estimates, noting that there is one analyst. I use a system, Koyfin, and it has the same ratings. As I mentioned, Zuanic & Associates does cover the stock, but I don’t think its ratings are included in the consensus. It expects Vireo’s revenue to grow to $436 million in 2026 from $259.9 million in 2025, according to a report in mid-November.
Since then, the company has announced two pending transactions and purchased a large number of senior convertible debt Schwazze at a discounted price. This month, the company said it was buying some assets PharmaCann: in Colorado and that it goes to Eaze to enter California and Florida. Vireo is very active in consolidating the cannabis industry. A year ago, the company was located in Minnesota, which was used for adults, and Maryland, and it had a failed business in New York. Its Q3 report reflected acquisitions in Missouri, Nevada and Utah. Total revenue of $91.7 million includes $12.0 million in Minnesota, $10.4 million in Maryland, $6.1 million in New York (mostly wholesale) and $63.2 million from new states. The Vireo is up NCV revenue ratingReaching #7 among MSOs with positive operating income in the third quarter;
While Vireo Growth is No. 7 among MSOs by revenue, it is No. 11 in the AdvisorShares Pure US Cannabis ETF ( MSOS ), which has a holding of just 0.6% of the fund. The 9.51 million shares controlled by MSOS are down from last week as the ETF faced some redemptions, but it’s still well up from 6.9 million shares at midyear and 6.7 million at the end of 2024. At the end of June, the share was 1.0% of the ETF, so it’s down. The top three positions represent an average of 22.4% MSOS each, which is 36X greater than the VREOF position. This is not at all consistent with its market share or market cap.
Vireo Growth made a very large capital raise in late 2024, selling $81 million a share at $0.625, and it recently traded below that level and closed there today. It issued a lot of shares to cover its acquisitions. In fact, the company reports more than 1 billion shares outstanding. The stock ended 2024 at $0.56, so it’s up 11.6% this year. This compares with the Global Hemp Stock Index at 6.92, up 0.6%, and MSOS returning 24.7%.
I think cannabis investors should keep a close eye on Vireo stock for a sign of the health of the overall cannabis sector. At 420 Investor, I include 19 hemp stocks in my Focus List, and this group does not include Vireo Growth. I keep an eye on it though because it is part of a group of 7 stocks that I have on my stock watchlist to potentially add to the Focus List. While it is not in the index, the other six are or will be in a week.
I wish the best for Vireo Growth and a Merry Christmas to all New Cannabis Ventures readers.
Sincerely,
Alan:
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Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Vireo Growth Inc. Announces Fourth Quarter 2025 Results
Q4 GAAP revenue of $104.5 million was up 317.7% year-over-year, driven by recently closed M&A deals.
In Q4, same-store sales were up 22% year-over-year and wholesale revenue was up 55% year-over-year; Excluding Minnesota, same-store sales rose 11.3% year-over-year
Announced pending acquisitions of Eaze, Schwazze and PharmaCann retail assets in Colorado, as well as an MOU for the Hawthorne acquisition, all of which are expected to close in the first half of 2026.
The company closed the fourth quarter with $122.5 million in cash; expects to remain obtainable
MINNEAPOLIS, March 17, 2026 (GLOBE NEWSWIRE) — Vireo Growth Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF), today reported financial results for its fourth fiscal quarter ended December 31, 2025. Key financial results are presented below in summary form, with accompanying commentary and from management of certain key operating metrics that the Company uses to evaluate its performance. All currency figures shown here are in US dollars.
Management Commentary
Chief Executive Officer John Mazarakis commented: “Fourth quarter performance remained in line with our expectations and reflected same-store sales growth excluding Minnesota’s 11.3% increase and wholesale’s 55% increase in the year-ago quarter. As we begin the new year, we will continue to optimize all areas of our business while maintaining opportunities for further growth.
Recent developments
On December 16, 2025, the Company entered into an asset purchase agreement through a wholly-owned subsidiary to acquire certain assets and property used in a cannabis dispensary operating in the state of Colorado owned by PharmaCann Inc. (“PharmaCann”). Under the terms of the agreement, the Company expects to issue subordinated voting stock with an estimated value of $49,000,000 and assume certain liabilities in exchange for the assets acquired. Stock compensation is subject to certain adjustments.
On December 22, 2025, the Company entered into a merger agreement and plan to acquire Eaze Inc. (“Eaze”) in a business combination transaction. Pursuant to the agreement, following the closing of the transaction, the Company expects to issue subordinate voting shares as consideration for the issued and outstanding shares of Eaze. The estimated closing consideration is approximately $47,000,000, subject to customary post-closing adjustments. The merger agreement also provides for the payment of potential earnings payable in subordinated voting shares of the Company based on Eaze’s future financial performance, subject to contractual restrictions.
On January 15, 2026, the Company entered into a non-binding memorandum of understanding (“MOU”) with ScottsMiracle-Gro regarding the potential acquisition of The Hawthorne Gardening Company LLC (“Hawthorne”).
At the end of the fourth quarter, the Company completed the integration of its recent acquisitions from Deep Roots, Proper, and Wholesome, including streamlined accounting, finance, human resources, insurance and procurement operations, and the implementation of a new enterprise resource planning system across the organization. As a result, the Company has already implemented corporate synergies.
Balance sheet and liquidity
As of December 31, 2025, total current assets, excluding Medicine Man Technologies Inc. (dba Schwazze) (“Schwazze”) receivables, assets held for sale and income taxes receivable, were $204.1 million, including cash of $122.5 million. Total current liabilities, excluding uncertain tax liabilities, were $71.6 million. As of December 31, 2025, the Company had a total of 1,177,624,278 shares of subordinate voting stock outstanding on a treasury method basis at a par value of $0.60 per share.
Conference call and webcast information
Vireo’s management will hold a conference call with research analysts today, March 17, 2026 at 8:00 a.m. ET (7:00 a.m. CT) to discuss its financial results for the fourth quarter ended December 31, 2025. 1-646-307-1963 (Toll Free) (International) and the conference ID number is 9471311.
A live audio webcast of this event will also be available on the Events and Presentations section of the Company’s Investor Relations website and via the following link: https://events.q4inc.com/attendee/171708452.
About Vireo Growth Inc
Vireo was founded in 2014 as a leading medical cannabis company. Vireo is building a disciplined, strategically aligned and execution-focused platform in the industry. This strategy drives our intense local market focus while leveraging the strength of the national portfolio. We are committed to hiring industry leaders and deploying capital and talent where we believe it will deliver the most value. Vireo operates with a long-term mindset, an action bias, and an unwavering commitment to its customers, employees, shareholders, industry partners, and the communities it serves. For more information about Vireo, visit www.vireogrowth.com.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Michigan hemp sales for february decreased compared to a year ago, as they increased sequentially by 3.4%. Sales of $234.6 million decreased by 3.0% compared to last year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 38.6% year over year to $0.4 million, down 3.8% sequentially, and adult use sales down 3.0% year over year to $234.2 million, down 3.4% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – Use
Medical
As supply continues to expand, prices for adult flowers have plummeted. The average price of $945 a pound in January was up 1.3 percent sequentially from a record low in December and down 8.2 percent from a year ago.
Michigan hemp sales are expected to grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. billion In 2026, Michigan cannabis sales decreased by 5.7%.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Verano Announces Fourth Quarter and Full Year 2025 Financial Results
The company delivered sequential revenue and margin improvement within guidance in the fourth quarter; closes 2025 with the top three market share positions1 in all competing categories
The newly announced $195 million credit facility demonstrates the Company’s ability to access lower cost capital and secure some of the industry’s most favorable terms, including maturity and prepayment flexibility and an initial interest rate of 9.5% per annum.
CHICAGO, March 12, 2026 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) (“Verano” or the “Company”), a leading multinational cannabis company, today announced its financial results for the fourth quarter and full year ended December 31, 2025, prepared in accordance with US Generally Accepted Accounting Principles (“US GAAP”).
Financial highlights for the fourth quarter and full year of 2025
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
