Vireo Health International Stock Earnings Reports

Vireo Growth reported transformational first-quarter results driven by recent M&A activity. The company closed several acquisitions (Schwazze, Eaze, Hawthorne, and the PharmaCann MSA) and announced partnerships/transactions with FLUENT and Glass House, collectively adding over $100 million of quarterly revenue and expanding Vireo's footprint to 10 states and over 160 dispensaries. On a reported basis, Q1 GAAP revenue was $106.2 million, up 333% year-over-year; on a pro forma basis (including recent deals as if closed January 1, 2026), revenue was $210.2 million, up 5% year-over-year, making Vireo the fourth largest cannabis company by revenue. Gross margin (excluding certain non-cash inventory adjustments) improved to 56.3% and adjusted EBITDA was $32.7 million (30.8% of sales); pro forma adjusted EBITDA rose to $42.2 million (20.1% of sales). The company ended the quarter with about $137.8 million in cash and strong current asset-to-liability positioning. Management emphasized disciplined, accretive M&A, deep operating bench strength to support integration (notably in Florida, Minnesota, Colorado, Utah, Nevada, and Missouri), and a focus on building durable cash flow regardless of regulatory timing (rescheduling). Key near-term drivers highlighted: integration of Florida (Green Dragon + FLUENT) and California scale via the Glass House partnership, continued organic growth in markets where integrations are complete, and capacity expansion in production-heavy markets like Minnesota.