Cannabis MSO Vireo Growth Posts 264% YoY Revenue Surge In Q3 As It Transforms Via M&A Strategy

Vireo Growth Inc.’s (CSE: VREO) (OTCQX: VREOF) third-quarter revenue jumped 264% year-over-year to $91.7 million. That’s due to recently closed merger and acquisition transactions and organic growth throughout the portfolio, the company said on Wednesday.

“Our third quarter results reflect continued progress against our objective to create a portfolio of prolific brands in cannabis,” CEO John Mazarakis said. “Performance was in line with our expectations and is beginning to demonstrate the impact of our efforts to transform the Company through accretive M&A.”

Q3 2025 Financial Highlights

• Gross profit totaled $37.4 million, up 204% year-over-year from $12.3 million in the same quarter of last year.
• Gross profit margin was 40.8%, compared to 49% in the third quarter of fiscal 2024.
• Operating income decreased by 79% year-over-year to $0.8 million.
• Adjusted EBITDA came in positive at $25.4 million, up from an adjusted EBITDA gain of $6.4 million in the prior year’s period.
• Total current assets, excluding New York assets held for sale and income taxes receivable, were $191.1 million.
• Cash on hand was $117.5 million.
• Current liabilities, excluding New York liabilities held for sale and uncertain tax liabilities, were $60.8 million.

Q3 2025 Business Highlights

The company debuted recreational cannabis sales in Minnesota at its historic downtown Minneapolis Green Goods dispensary on Sept. 16.

On Oct. 14, Vireo Growth announced that it wrapped up a transaction to acquire outstanding senior secured convertible notes of public U.S. multi-state cannabis operator Schwazze. The company also entered into a restructuring support agreement with Schwazze.

The company reached a $10 million settlement with Verano Holdings Corp. on Oct. 29, resolving all litigation pending before the Supreme Court of British Columbia, Canada, with the agreement approved by both companies’ boards of directors.

“As we exit 2025 and begin the new year, we will continue optimizing all areas of our business while remaining opportunistic with respect to further acquisitive growth opportunities,” Mazarakis said.