VREOFOTCPharmaceutical PreparationsUS GAAP · USD

Vireo Growth Inc.

Vireo Growth Inc. is a U.S.-based cannabis company that cultivates, manufactures, distributes, and sells cannabis products through wholesale channels and owned or operated dispensaries. Its operations are concentrated in state-licensed markets across Maryland, Minnesota, Missouri, Nevada, New York, and Utah.

Kysy yhtiöstä
Liikevaihto269milj. USD
+170,4 %v/v
Liikevoitto (EBIT)−1,0milj. USD
−107,7 %v/v
EBIT-marginaali−0,4%
−14,0 %-yks.v/v
Nettotulos−68,1milj. USD
−143,2 %v/v
Vapaa kassavirta−24,6milj. USD
−12,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1000100200300milj. USD2020: 49 milj. USD2020: EBIT −23 milj. USD20202021: 54 milj. USD2021: EBIT −20 milj. USD20212022: 75 milj. USD2022: EBIT −6,9 milj. USD20222023: 88 milj. USD2023: EBIT 11 milj. USD20232024: 99 milj. USD2024: EBIT 14 milj. USD20242025: 269 milj. USD2025: EBIT −1,0 milj. USD2025269−1,0
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Cultivation25 %

Growing cannabis plants and producing raw material for downstream processing and sale.

Manufacturing20 %

Processing cultivated cannabis into finished products for wholesale and retail channels.

Wholesale25 %

Selling cannabis products to third-party dispensaries and other licensed buyers.

Retail Dispensaries30 %

Operating Green Goods and other dispensaries that sell directly to approved patients and adult-use customers.

Tuotteet

Raportoitu · osuus liikevaihdosta
81,8%18,2%FY2025100 %
  • Retail81,8 %
  • Wholesale Product18,2 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Vireo sells to two main customer groups: licensed third-party dispensaries in wholesale markets and end consumers who purchase through its owned or operated retail stores. Its retail customers include approved medical patients and adult-use consumers in the states where it operates, while wholesale customers buy finished cannabis products for resale.

Medical patients

Buy cannabis products through dispensaries for approved medical use and consistent product access.

Adult-use consumers

Purchase cannabis products at retail stores in states where adult-use sales are permitted.

Wholesale dispensaries

Buy cannabis products for resale in licensed third-party retail outlets.

Strategia

Vireo’s stated focus is on building a customer-centric cannabis platform across cultivation, manufacturing, wholesale, and retail. The company emphasizes operating in limited-license markets, using its dispensary network and state-licensed subsidiaries to control access to customers and product flow.

Deepen vertical integrationKeskipitkä aikaväli

Owning cultivation, manufacturing, wholesale, and retail improves control over supply and customer access.

Strengthen presence in limited-license marketsKeskipitkä aikaväli

Restricted licensing can support durable local market positions and distribution access.

Increase customer-centric retail executionLyhyt aikaväli

Direct retail relationships can improve brand visibility and capture more end-market demand.

Maantiede

Vireo operates in six U.S. states: Maryland, Minnesota, Missouri, Nevada, New York, and Utah. Its retail footprint spans 36 dispensaries across these markets, while wholesale sales are concentrated in Maryland, Minnesota, and New York. The state-by-state structure matters because cannabis licensing, retail access, and market maturity vary materially by jurisdiction.

Riskit

Vireo faces regulatory and licensing risk because cannabis operations depend on state approvals, local compliance, and market-specific rules. It also faces execution risk from operating across multiple states and business lines, plus industry-wide risks such as price pressure, product quality control, and changes in cannabis laws.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Regulatory approval risk for transactions and asset sales1Transaction completion risk2Multi-state operating complexity3Cannabis market competition and pricing pressure4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Regulatory approval risk for transactions and asset salesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Cannabis assets often require government and regulatory consent before closing.

    Kohdistuu: Asset Sale / RSA-related transactions

  2. Transaction completion riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company may not obtain approvals or satisfy conditions precedent, preventing expected benefits.

    Kohdistuu: Acquisition / restructuring-related activity

  3. Multi-state operating complexityVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Different state rules, retail footprints, and wholesale channels increase operational complexity.

    KohdistuuMarylandMinnesotaMissouriNevadaNew YorkUtah
  4. Cannabis market competition and pricing pressureVaikutus: KeskitasoTodennäköisyys: Matala

    Wholesale and retail cannabis markets can be fragmented and price competitive.

    Kohdistuu: Wholesale and dispensary sales

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition by channel

Wholesale and retail cannabis sales may be recognized at different points in the transaction cycle.

Vaikutus: Affects quarterly comparability and reported revenue timing

Inventory valuation and adjustments

Cannabis inventory is subject to quality, yield, and obsolescence estimates.

Vaikutus: Can change cost of sales and margin presentation

Stock-based compensation

The company has a large equity award base that creates recurring non-cash expense.

Vaikutus: Affects operating expenses and adjusted earnings reconciliation

Debt extinguishment and interest expense

Financing actions can create large one-time charges and ongoing interest costs.

Vaikutus: Can materially affect other expense and net income

Warrant fair value accounting

Changes in the value of held warrants can create non-operating gains or losses.

Vaikutus: Introduces earnings volatility unrelated to core cannabis operations

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Päivitetty: 24.9.2026