Vireo Growth Inc. reported $253.7 million in revenue for the third quarter of 2026, a 177% increase from the same period last year, bringing the marijuana company’s annualized revenue above $1 billion for the first time.
The results, announced today in an SEC filing, compare to $91.7 million in revenue during the third quarter of 2025. Marijuana operations accounted for $198.1 million of the total, an increase of 116% year-over-year, while the company’s non-marijuana agricultural operations contributed another $55.6 million.
The substantial increase was driven largely by Vireo’s recent acquisitions, which have significantly expanded its operations across multiple states. On a pro forma basis, which assumes certain acquisitions had been completed at the beginning of the quarter, revenue would have reached approximately $277 million.
Gross profit increased to $107.8 million, compared to $37.4 million a year earlier, while gross profit margin improved from 40.8% to 42.5%. Adjusted EBITDA, a measure of operating earnings, rose 68% to $42.7 million, up from $25.4 million during the same period in 2025.
Compared to the second quarter of 2026, total revenue increased 21.2% from $209.3 million, while marijuana revenue grew 12.7% from $175.8 million.
Vireo ended September with $106.8 million in cash and approximately $293 million in long-term debt. The company also repurchased approximately $2.5 million worth of its shares during the quarter as part of a previously announced stock repurchase program.
The earnings report comes as Vireo continues an aggressive expansion strategy involving the acquisition of established marijuana companies and assets. During the third quarter, the company completed its acquisition of C21 Investments, adding three Nevada dispensaries and approximately 104,000 square feet of cultivation and production capacity. It also acquired PharmaCann retail assets in Colorado.
Since the quarter ended, Vireo has completed its acquisition of FLUENT Corp., adding 33 dispensaries in Florida. The company also has a pending agreement to acquire Planet 13 Holdings, whose shareholders are scheduled to vote on the transaction December 10.
Vireo says its announced transactions, if completed, would expand its operations to approximately 270 dispensaries across 15 states, making it one of the largest marijuana operators in the country by retail footprint.
Looking ahead, Vireo expects fourth-quarter revenue of $250 million to $265 million, with adjusted EBITDA between $45 million and $48 million. Those projections include FLUENT’s operations beginning November 9 but exclude acquisitions that have not yet closed.
For the first quarter of 2027, the company anticipates revenue of $280 million to $300 million and adjusted EBITDA of $53 million to $56 million.
