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MARKETS / BALCAO / VREOF
BALCAO · PHARMACEUTICAL PREPARATIONS

Vireo Growth Inc. VREOF

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$268.8M
▲ 170.4% YoY
$-68.1M
$-24.6M
In brief

What this company does

Vireo Growth Inc. cultivates and manufactures cannabis products in greenhouses and other facilities and distributes these products through its network of Green Goods and other Vireo Growth branded retail dispensaries, as well as third-party dispensaries in the markets in which its subsidiaries hold operating licenses. As of March 17, 2026, Vireo Growth, through its subsidiaries, had licenses and operated in six states, and it retailed cannabis products in 36 dispensaries located across Maryland (2), Minnesota (8), Missouri (11), Nevada (10), New York (4), and Utah (1) and wholesaled cannabis products, through third-party companies, in those same states. It has three business lines: cultivation, in which it grows cannabis in outdoor, indoor and greenhouse facilities and sells the products in company-owned or -managed dispensaries and to third parties where lawful; production, in which it converts cannabis biomass into formulated oil used to produce consumer products such as vaporizer cartridges and edibles, some of which is sold to third parties where lawful; and retail dispensaries, through which it sells proprietary and, where lawful, third-party cannabis products to retail customers and patients. As of February 6, 2026, Vireo Growth had 612 employees, 520 of whom were full-time employees. The company's business was established in 2014 as Minnesota Medical Solutions, LLC, and it received its first license in December 2014. On June 25, 2024, the company changed its name to Vireo Growth Inc.

Written from the business description in VIREO GROWTH INC.'s annual report to the U.S. Securities and Exchange Commission, filed 17 March 2026. Every sentence was checked against that document before publication.

Growth
USD 268.8M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 268.8 · Net income -68.1
100.0M200.0M-25.0M-50.0M202020212022202320242025
Compound annual growth
+53.3%
+40.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +40.4% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−25 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -0.4% · Net -25.3%
5%10%-20%-40%-60%202020212022202320242025
ROE
FY2025 · ROE -37.5%
-50%-100%-150%202020212022202320242025

Each USD of equity lost 38 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -24.6
-20M-40M202020212022202320242025

Total assetsUSD 817.2M
EquityUSD 307.4M
CashUSD 122.5M
Current ratio1.59×

Equity funds 38% of total assets.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020
Revenue $B0.30.10.10.10.10.0
Operating income $B−0.00.00.0−0.0−0.0−0.0
EBITDA $B0.00.00.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.00.0
Net income $B−0.1−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−0.09−0.16−0.19−0.33−0.27−0.24
Dividend / sh $······
Payout %······
ROE %−37.5−141.7·−182.8−64.0−36.8

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures · 3 divergences in 27 reconciliationsAUDITED

Reconciled in 3 of 19 fiscal years. 3 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 68 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures3 divergent
ActivityPharmaceutical Preparations
Listed onOTC market
Incorporated inoutside the United States — SEC code A1
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2020

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