Vireo Growth is a vertically integrated, multi-state cannabis operator with 36 retail dispensaries across six states: Maryland, Minnesota, Missouri, Nevada, New York, and Utah. Vireo grows cannabis, manufactures finished products, and sells them through its own dispensaries under the Green Goods brand, with additional wholesale revenue from sales to third-party dispensaries. Products span flower, pre-rolls, vaporizer cartridges, edibles, tinctures, capsules, and topicals, sold to both medical patients and adult-use consumers depending on state law. Vertical integration — controlling cultivation and manufacturing — allows Vireo to capture margin across the value chain rather than sourcing finished goods externally. Vireo has expanded aggressively through acquisitions, completing three deals in 2025 that added dispensaries and facilities in Missouri, Nevada, and Utah. Several larger pending transactions — including Schwazze and PharmaCann in Colorado, and Eaze across California, Florida, and Colorado — would substantially expand Vireo's scale if completed; all are structured as all-stock deals. Vireo's core markets of Minnesota and New York reflect its origins as a medical cannabis company that won early licenses in tightly regulated, limited-license states; both are now transitioning to adult-use, which should broaden the customer base. Like all cannabis operators, Vireo faces a significant tax burden under Section 280E, which prevents cannabis companies from deducting ordinary business expenses due to cannabis's federal Schedule I status.