Vireo Growth projects 270-dispensary footprint as acquisition spree continues
Vireo Growth is pursuing a series of acquisitions that the company says will create the largest cannabis retail network in the United States.
Vireo currently reports approximately 170 dispensaries across 10 states, with the acquisition of properties including: FLUENT, C21 Investments, select Cannabist Company assets, Planet 13 Holdings, and multiple Ohio operations, Vireo projects a network of approximately 270 dispensaries across 15 states.
That sees a jump from Vireo’s own projection when it announced the Planet 13 merger on July 27.
In the time since, the company announced four transactions designed to establish a vertically integrated operation in Ohio.
Vireo said the expanded footprint would make it the largest U.S. cannabis operator by dispensary count and place it among the country’s largest cannabis companies by revenue.
The projections remain contingent on the completion of several transactions requiring shareholder, court, or regulatory approvals.
Vireo adds scale in Nevada
Vireo announced a definitive agreement to acquire C21 Investments in an all-stock transaction on June 15.
C21 operates three Silver State Relief dispensaries in Nevada and controls approximately 104,000 square feet of cultivation and production capacity. Vireo said the acquisition would bring its projected Nevada footprint to approximately 15 dispensaries and 158,000 square feet of cultivation and manufacturing capacity.
Under the agreement, C21 shareholders would receive 0.023052 of a Vireo subordinate voting share for each C21 share.
The transaction requires approval from at least two-thirds of votes cast by C21 shareholders, along with court and regulatory approvals. C21 previously said it expected to hold its shareholder meeting during the third quarter of 2026.
“C21 adds a leading northern Nevada operation to our existing platform, including three of the highest volume dispensaries in the state with its award-winning Silver State Relief brand,” Vireo CEO John Mazarakis said.
Cannabist asset deal expands Vireo into new states
Vireo followed the C21 announcement with an agreement to acquire select assets from The Cannabist Company on July 20.
The transaction could add as many as 25 dispensaries, one cultivation facility, and one production facility across Colorado, Illinois, Massachusetts, New Jersey, and West Virginia.
Vireo would deepen its presence in Colorado with eight additional dispensaries while entering four new state markets.
Consideration for the assets could total up to $35 million, including as much as $18.75 million in cash at closing and $16.25 million in seller notes. The final amount remains subject to customary adjustments.
The assets are being sold as part of The Cannabist Company’s restructuring. Cannabist entered proceedings under Canada’s Companies’ Creditors Arrangement Act in March and subsequently received recognition of those proceedings through Chapter 15 of the U.S. Bankruptcy Code.
The transaction is expected to close in stages through the remainder of 2026 and into 2027 as Vireo receives approvals in the individual markets.
After accounting for previously announced transactions, Vireo said the Cannabist acquisition would have brought its projected network to approximately 230 dispensaries across 15 states. The company also said additional divestitures could follow the closings, depending on regulatory review and portfolio decisions.
Planet 13 deal adds 36 dispensaries
One week after announcing the Cannabist agreement, Vireo entered a definitive merger agreement to acquire Planet 13 Holdings.
The all-stock deal would add 36 dispensaries and three active cultivation and production facilities. It would also give Vireo control of Planet 13’s Las Vegas SuperStore, a Nevada distribution license, a cannabis consumption lounge license, and facilities with as much as 2.3 million square feet of potential expansion capacity.
Planet 13 would substantially increase Vireo’s presence in Florida by adding approximately 33 dispensaries and more than 76,000 square feet of cultivation and production space.
On a pro forma basis, Vireo expects to operate approximately 106 Florida dispensaries and 329,000 square feet of cultivation and production capacity after its pending transactions close. The company said that would give it the second-largest dispensary network in Florida.
In Nevada, the acquisition would increase Vireo’s projected footprint to approximately 17 dispensaries and 150,000 square feet of active cultivation and production capacity. Planet 13 would also add a dispensary in Waukegan, Illinois.
“Planet 13 represents another significant milestone of our disciplined growth strategy,” Mazarakis said. “These assets will deepen our existing footprint in Nevada and Florida, while complementing our developing platform in Illinois.
“Combined with our previously announced acquisitions, this transaction will further expand our scaled operating platform across attractive limited-license markets and reinforces our belief that disciplined consolidation can create long-term organic growth and meaningful shareholder value.”
Planet 13 shareholders would receive 0.015383618 of a Vireo subordinate voting share for each Planet 13 share. Vireo said the consideration represented a 16.6% premium over Planet 13’s 20-day volume-weighted average share price and a 24% premium over its closing price on July 24.
The transaction requires Planet 13 shareholder approval, an effective registration statement with the Securities and Exchange Commission, approval to list the newly issued Vireo shares on the Canadian Securities Exchange, and applicable cannabis regulatory approvals.
Acquisition strategy drives rapid growth
The three transactions are part of a substantially larger consolidation strategy.
Vireo completed acquisitions involving Schwazze, Eaze, Hawthorne Gardening Company, Bridgewell, and certain PharmaCann assets during the first seven months of 2026. The company also has pending transactions involving FLUENT and four Ohio businesses.
The FLUENT acquisition is expected to expand Vireo’s Florida retail footprint, while the Ohio agreements are designed to establish Vireo’s first vertically integrated operation in the state. Ohio would become the company’s 15th state market.
Vireo reported second-quarter revenue of $209.3 million, an increase of 335.1% from $48.1 million during the same period in 2025. Cannabis revenue totaled $175.8 million, while the company reported $33.5 million in non-cannabis revenue, primarily reflecting the addition of Hawthorne and Bridgewell.
The company ended the quarter with $122.7 million in cash and announced a $65 million asset-based revolving credit facility. The facility may initially be expanded to $85 million and includes an additional $20 million option that could bring total borrowing capacity to $105 million.
The rapid expansion also creates a significant integration challenge. Vireo must close transactions involving multiple sellers, secure approvals across numerous state markets, and combine a collection of retail, cultivation, production, delivery, distribution, and agricultural supply operations.
For now, the projected 270-dispensary footprint remains prospective.
The company’s final store count, market presence, and standing among U.S. cannabis operators will depend on which transactions close, when regulatory approvals are received, and whether any assets are sold during the regulatory review or integration process.