Q4 revenue jumps 72% for cannabis group Vireo amid state expansion

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Vireo Health International, the Minneapolis-based, vertically integrated marijuana firm, reported revenue of $5.6 million for the fourth quarter of 2018, up 72% from the same period the prior year.

Net loss for the quarter totaled $1.2 million versus profit of just over $293,000 in the same period 2017.

The net loss was attributable in part to transactions and new-market costs related to expansion of the company’s footprint.

Vireo is licensed to operate in 10 states.

Full-year net loss for 2018 was $3.1 million on revenue of $18.5 million, compared with a net loss of $431,000 on revenue of $10.9 million in 2017.

Vireo trades on the Canadian Securities Exchange under the ticker symbol VREO.

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