Vireo Growth Inc. reported $106.2 million in revenue for the first quarter of 2026, a 333.5% increase from the $24.5 million reported during the same period last year, as the company continues a rapid expansion through acquisitions.

The company also reported $59.3 million in gross profit, up 378.2% year-over-year, with its gross profit margin increasing to 55.8%. Adjusted EBITDA reached $32.7 million, up 395.5% from $6.6 million in the first quarter of 2025. Vireo ended the quarter with $137.8 million in cash.

On a pro forma basis, which accounts for several recent and pending acquisitions as if they had closed at the start of 2025, Vireo reported $210.2 million in revenue for the quarter, up 5% from the previous year. Pro forma cannabis revenue reached $183.7 million, an 8.6% increase, while pro forma cannabis adjusted EBITDA climbed 32.3% to $40.1 million.

Vireo said it is now the fourth-largest cannabis company by revenue on a pro forma basis. During the quarter, the company closed its acquisition of a controlling interest in Schwazze, adding 45 dispensaries and two manufacturing facilities in Colorado and New Mexico. It also began providing management services tied to its pending acquisition of certain PharmaCann assets.

After the quarter ended, Vireo completed its merger with Eaze and closed its acquisition of Hawthorne Gardening from Scotts Miracle-Gro. The company also announced an agreement to acquire FLUENT in an all-stock transaction and entered into a planned joint venture with Glass House Brands that would combine both companies’ California retail operations.

“First quarter performance remained in line with our expectations and we are excited to welcome Schwazze, Eaze, and Hawthorne to Vireo,” said CEO John Mazarakis. “We are focused on integration and optimization across the platform while remaining opportunistic with respect to further acquisition related growth opportunities.”

Vireo also noted that it is evaluating the potential impact of the Department of Justice’s April 23 order reclassifying certain FDA-approved marijuana products and cannabis products tied to qualifying state medical marijuana licenses from Schedule I to Schedule III, along with the separate administrative process to consider broader marijuana rescheduling.