Tue, Mar 4, 4:15 PM (12 days ago)
Vireo Growth Inc. (VREO) reported a revenue increase of 13% for the year ended December 31, 2024, totaling $99.4 million compared to $88.1 million in 2023. Retail sales contributed 80% of revenue, primarily driven by adult-use sales in Maryland. The company’s net loss widened to $28 million from $25.5 million, with a gross profit margin of 51%. Operating expenses rose to $37.2 million due to transaction costs related to mergers. Vireo is engaged in multiple merger agreements, including with Deep Roots and Wholesome, which may significantly impact its market position. The company holds $91.6 million in cash and has a working capital of $94.9 million, reflecting a strong liquidity position. However, it faces risks from ongoing litigation with Verano, regulatory changes, and competition in the cannabis market. Future growth may be influenced by the successful integration of acquired businesses and the ability to navigate complex regulatory environments. Overall, Vireo Growth's financial condition shows potential for growth, but significant challenges remain.