[PRESS RELEASE] – MINNEAPOLIS, June 17, 2025 – Vireo Growth Inc., announced a series of corporate updates following the closing of all its previously announced definitive merger agreements, which transformed the company into one of the largest U.S. multistate cannabis operators and expanded the company’s portfolio to six states with active operations.
The company announced that it expects pro forma revenue and adjusted EBITDA for the second quarter of 2025 to be in the range of $88 million to $91 million and $23 million to $24 million, respectively. The company’s pro forma financial performance expectations for the second quarter assume that all of the merger transactions closed on April 1, 2025. The company is not able to estimate financial performance ranges for net income at this time, given the uncertainty of timing and impact of certain noncash expenses and other accounting adjustments during its quarterly close process.
The company also simultaneously announced that it believes its improved profitability profile is likely to help secure more favorable terms as it seeks to refinance its outstanding debt obligations. The company’s management team has been engaged in ongoing discussions related to debt refinancing and has signed multiple nonbinding term sheets, which would effectively refinance all of its outstanding senior secured debt under more favorable terms, including all recently assumed debt obligations related to its various merger transaction targets. The company now anticipates that a refinancing event will close expeditiously and that it will have a cash position of greater than $100 million once completed.
Finally, following the closing of these transactions, the company announced that it had 949,254,483 basic shares outstanding on an as converted basis, and 1,087,283,616 shares outstanding on a fully-diluted basis.
The cannabis company now operates in six states and believes its improved profitability profile could help secure favorable debt refinancing terms. Read More
