Vireo Growth said that, assuming the completion of all announced acquisitions, it will become the largest U.S. cannabis operator by dispensary count with approximately 270 dispensaries, and among the largest U.S. cannabis companies by revenue.
Trulieve, one of the largest multi-state operators in the U.S. cannabis industry, currently operates 207 dispensaries. Curaleaf, which is considering a take-over offer for Aurora Cannabis, currently operates 176 dispensaries.
During the second quarter, Vireo closed acquisition deals with Hawthorne, Eaze and Bridgewell and announced the FLUENT and C21 acquisitions. The company also recently closed the PharmaCann acquisition, announced a purchase agreement to acquire select Cannabist assets, announced a merger agreement with Planet 13 and announced a four-deal transaction through securities purchase agreements to establish a fully-built vertical operation in Ohio, its 15th state.
The flurry of M&A activity has resulted in second-quarter revenue totaling nearly $210 million, an increase of 335% year-over-year.
"We believe the cannabis industry is entering a period where scale alone is no longer enough. The companies that create lasting value will be those that combine disciplined capital allocation, operational excellence, and the ability to integrate businesses efficiently. Every acquisition we announced during the quarter reflects that philosophy. Rather than pursuing growth for its own sake, we are building a diversified cannabis and agribusiness platform where each investment strengthens the value of the broader organization," said Vireo CEO John Mazarakis in a statement. "We believe the investments we are making today will position the company to demonstrate the full earnings power of our platform as integration activities continue into 2027."
