Vireo Posts $253.7 Million Quarter as Buying Spree Pushes Run Rate Past $1 Billion

November 10, 2026 at 8:17 am|By nuggnotes Media

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Vireo Growth's third-quarter revenue jumped 177% to $253.7 million — growth the company itself credits to acquisitions. Cannabis revenue doubled, same-store retail grew 4%, and the FLUENT deal closed the day before the numbers landed.

Vireo Growth Inc. reported third-quarter revenue of $253.7 million on Tuesday, up 177% from $91.7 million a year earlier, and said its annualized revenue run rate now exceeds $1 billion. The figure annualizes third-quarter revenue; it is not a projection of guaranteed full-year results.

The Minneapolis-based operator was direct about where the growth came from. The increase was "driven by recently closed M&A transactions," the company said — a year of deal-making that has given Vireo one of the largest dispensary footprints in U.S. cannabis.

Vireo Q3 2026 in numbers: revenue $253.7M, cannabis revenue $198.1M, adjusted EBITDA $42.7M, run rate over $1B

The growth was bought, not grown

Strip the headline down and the quarter has three layers. Cannabis revenue was $198.1 million, up 116% year over year. Another $55.6 million came from a non-cannabis agricultural-supply segment that contributed nothing in the same quarter last year. And on a pro forma basis — counting the C21 Investments, PharmaCann Colorado and Cannabist Colorado assets as if Vireo had owned them all quarter — total revenue was $277.0 million, with pro forma retail revenue up just 4% year over year.

That 4% figure is the comparison management highlighted as an indicator of underlying retail performance. CEO John Mazarakis called it "a proxy for same store sales growth" — it is not a reported same-store sales figure, but a pro forma comparison that counts acquired operations in both periods. Mazarakis said local teams are "beginning to see encouraging results" as they integrate acquisitions and strengthen brands.

Vireo revenue mix: Q3 2025 $91.7M all cannabis vs Q3 2026 $198.1M cannabis plus $55.6M non-cannabis

Scale expanded, EBITDA margins narrowed

Gross profit rose to $107.8 million; the GAAP gross margin improved to 42.5% from 40.8% a year earlier. Adjusted EBITDA grew 68% to $42.7 million, but its margin compressed to 16.8% from 27.7%.

The bottom line stayed red. Vireo posted a net loss of $24.0 million, or $0.49 per share, narrower than the $26.3 million loss a year ago. The company reported $4.0 million in income before taxes, but a $34.8 million current income tax expense, partially offset by a $6.8 million deferred tax recovery, left it with the $24.0 million net loss.

Colorado is now the biggest retail market

Vireo's state table shows how completely the map has changed. Colorado, a new market for the company, was its largest retail state at $42.6 million. Nevada retail brought in $31.6 million, and Minnesota — Vireo's home market — grew 43% to $17.1 million. New York runs the other way: retail there is small ($0.7 million), while wholesale revenue jumped 137% to $12.1 million.

The company ended the quarter with about 210 dispensaries in 10 states and $106.8 million in cash and restricted cash, against $293 million of long-term debt.

FLUENT arrived the day before the numbers

None of FLUENT Corp. is in these results. The all-stock acquisition closed Monday, November 9 — after the quarter ended — adding 33 Florida dispensaries. Vireo's guidance folds FLUENT in from here: fourth-quarter revenue of $250 million to $265 million, rising to $280 million to $300 million in the first quarter of 2027.

In the same release, Vireo said it has received DEA registrations for all 41 of its state-licensed medical cannabis dispensaries in Florida, and closed a $60 million real estate term loan at 8.50%, part of which refinanced a seller note that had carried a 15% rate.

The next vote is December 10

The buying is not finished. Vireo's all-stock merger with Planet 13 goes to a Planet 13 shareholder vote on December 10, 2026, and four Ohio acquisition agreements would add eight dispensaries plus cultivation and processing. With announced deals completed, Vireo expects roughly 270 dispensaries across 15 states.

"We have established significant scale, but our focus remains on leveraging that scale to drive stronger operating and financial performance," Mazarakis said.