Vireo Growth Inc. reported $91.7 million in revenue for the third quarter of 2025, a 264% increase from the same period last year.
The Minnesota-based company also completed a debt refinancing expected to cut annual interest expenses by $10 million and closed the quarter with $117 million in cash on hand.
Chief Executive Officer John Mazarakis said the results “reflect continued progress against our objective to create a portfolio of prolific brands in cannabis,” adding that Vireo plans to “remain opportunistic with respect to further acquisitive growth opportunities” as it finishes integrating several recent purchases.
Adjusted EBITDA reached $25.4 million for the quarter, up 297% year-over-year, while adjusted gross profit jumped to $50.8 million. Retail sales drove the growth, increasing 285% to $76 million, with new operations in Nevada, Missouri, and Utah now contributing significantly. Wholesale revenue rose 189% to $15.7 million.
In September, Vireo recorded its first adult-use marijuana sale in Minnesota at its downtown Minneapolis Green Goods dispensary, marking a milestone following the state’s legalization earlier this year. The company now sells both medical and recreational marijuana at all eight of its Minnesota retail locations, positioning it as one of the state’s first fully operational adult-use providers.
Vireo also announced major developments in recent weeks, including an agreement to acquire senior secured convertible notes of multi-state operator Schwazze and a $10 million legal settlement with Verano Holdings that resolves all outstanding litigation between the two companies. Once finalized, Vireo will hold a majority stake in a newly formed entity that will acquire a large portion of Schwazze’s assets, including 46 dispensaries across Colorado and New Mexico.
Vireo ended the quarter with total assets of $679 million and shareholders’ equity of $246 million, up from $56 million at the end of 2024. Management said integration of newly acquired businesses is largely complete and that overhead savings are already being realized.
Mazarakis says the company’s third-quarter report underscores its rapid transformation from a regional medical marijuana operator into a national player, with expansion opportunities emerging in newly legalized markets and distressed assets offering potential acquisitions at reduced valuations.
