Vireo Growth is planting its flag in Pennsylvania through a joint venture deal to acquire a cannabis retail license, according to a company news release issued Thursday.
The Minneapolis-based cannabis multistate operator is teaming up with Hive Holdings through a joint venture called Vive Penn to acquire FarmX, which does business as PhytoNatural.
What are the terms of the deal?
The deal, which will give Vireo a presence in 11 states, is valued at roughly $20 million. Vive Penn will put up $8 million in cash at closing, with the rest paid in Vireo stock – about 645,161 shares – to be issued two years after the deal closes, according to the news release.
PhytoNatural holds a nonoperational retail license that could allow the joint venture to open up to six medical marijuana dispensaries in the state, pending regulatory approval.
“Pennsylvania is an attractive medical market, approaching approximately 450,000 registered patients in the fifth most populous state in the country,” Vireo CEO John Mazarakis said in a statement. “We believe we are well positioned to build a meaningful presence in one of the country’s leading limited-license cannabis markets.”
What else does Vireo Growth own?
The Pennsylvania announcement is the latest move in Vireo’s dealmaking spree.
It began in late 2024 with the acquisition of four single-state operators:
- Deep Roots Harvest in Nevada
- The Flowery in Florida
- Proper Brands in Missouri
- WholesomeCo Cannabis in Utah
Then came Colorado.
Last October, Vireo acquired an 86% stake in struggling operator Schwazze. That December, it paid $49 million in stock for PharmaCann’s Colorado assets, including 17 dispensaries and the LivWell brand.
What are Vireo’s latest acquisitions?
The company hasn’t slowed down this year. In January, it acquired Eaze – once known as the “Uber of weed” – for $47 million, adding 65 retail locations and a foothold in California and Florida.
A few months later, it agreed to acquire Tampa-based Fluent in a stock-for-debt deal, adding 74 Florida medical marijuana dispensaries.
Vireo now operates about 170 dispensaries across 10 states, and its revenue jumped more than 250% in 2025 to $268.7 million.
“We’re trying to build scale right now, and I think this is the time to do it,” Mazarakis said on an earnings call earlier this year.
