Though still not yet profitable, Vireo Growth’s aggressive buying spree appears to have reaped immediate benefits, with recent annual earnings possibly the best in the cannabis industry, according to one analyst.
From 2024 to 2025, the Minnesota-based cannabis multistate operator boosted revenue by more than 250% year-over-year, from $100 million to $268.7 million, according to its annual financial statement reported March 17.
Perhaps most notably, “this growth came at a time when many cannabis companies are struggling to grow at all,” analyst Aaron Edelheit wrote in his newsletter.
Nevertheless, investors reacted coolly.
Shares in Vireo, which trades on the Canadian Stock Exchange under the symbol VREO and VREOF on over-the-counter markets, were listed at $0.40 on Friday, down slightly from $0.43 last week.
That’s despite Vireo being positioned as possibly the fastest-growing MSO, if not “on a trajectory to become the largest cannabis company in the world by revenue,” Edelheit wrote.
Cannabis MSO Vireo Growth still in the red, but growing quickly
Like other large marijuana companies, Vireo is still in the red. The company reported a net loss of $68 million in 2025, up significantly from the $28 million in red ink in 2024.
Some of Vireo’s expansion is attributed to the launch of adult-use cannabis sales in Minnesota, where a supply crunch continues to benefit retailers.
But even without Minnesota, the company reported a double-digit increase in sales at its retail locations and a 55% boost in wholesale revenue.
Vireo kicked off what turned out to be a year-long buying spree in 2024, when it purchased:
- Deep Roots Harvest in Nevada
- The Flowery in Florida (through a binding memorandum of understanding to acquire)
- Proper Brands in Missouri
- WholesomeCo Cannabis in Utah as well as Arches, the delivery and analytics arm it “built and spun out” in 2023
Boosted by a subsequent oversubscribed funding round, Vireo scooped up more troubled cannabis companies – and defied conventional wisdom by acquiring retail licenses in mature markets without license caps.
Why is MSO Vireo Growth buying licenses in troubled markets?
In October, Vireo bought 86% of Colorado-based Schwazze. In December, Vireo bought more Colorado permits from PharmaCann.
And during Vireo’s March 17 earnings call, CEO John Mazarakis suggested more buys could follow.
“We will never be done in Colorado,” he said, according to a transcript.
Vireo also scooped up Eaze, known in a past delivery-first iteration as the “Uber of weed,” along with its California retail locations.
Though well-established markets, overall sales are declining in both Colorado and California amid plummeting prices and tax burdens.
Less debt and 280E tax burden than other MSOs
Vireo also appears to have much lower long-term liabilities, including both debt and 280E tax liabilities, two factors that continue to plague other large cannabis operators.
Vireo reported $10.2 million in deferred tax liabilities and a debt obligation of $136 million.
And while President Donald Trump’s executive order directing cannabis to be reclassified at the federal level has boosted M&A activity in the sector, Mazarakis said the company is trying to “benefit whether there is rescheduling or no rescheduling.
”We’re trying to build scale right now, and I think this is the time to do it,” he said.
Vireo will operate in 10 states and own 160 retail stores once its recent purchases are finalized, Mazarakis said.
