Vireo Growth Inc. (OTC: VREOF)

Vireo Growth Inc. is a vertically integrated cannabis company operating in the United States cannabis industry. The company cultivates, manufactures, and distributes cannabis products through its license-holding subsidiaries in six states. Its operations include greenhouse and indoor cultivation facilities, extraction and processing laboratories, and retail dispensaries under brands such as Green Goods™ and other Vireo Growth branded stores. The company serves both medical and adult-use customers where permitted by state law.

Vireo Growth Inc. generates revenue through the cultivation, production, and retail sale of cannabis products. The company sells cannabis flower, oils, edibles, topicals, and vaporizer cartridges to consumers via its company-owned dispensaries and through third-party dispensaries in its operating markets. Revenue is derived from both direct-to-consumer sales at retail locations and wholesale transactions with other licensed operators in states where such sales are lawful.

The company operates through the following segments: Cultivation, Production, and Retail Dispensaries.

• The Cultivation segment involves growing cannabis in outdoor, indoor, and greenhouse facilities to produce proprietary and award-winning strains. This segment focuses on optimizing growing processes to achieve low-cost, high-quality plant material for internal use and wholesale sale.

• The Production segment converts cannabis biomass into formulated oils using extraction techniques such as carbon dioxide and ethanol extraction. These oils are used to create consumer products like vaporizer cartridges, edibles, tablets, and topicals, some of which are sold to third parties where permitted by law.

• The Retail Dispensaries segment operates company-owned and managed retail stores that sell proprietary and, where lawful, third-party cannabis products to patients and adult-use customers. These dispensaries emphasize consistent customer experience, accessibility, and product education.

Vireo Growth Inc. operates in a highly competitive industry with numerous multi-state operators and regional players. The company differentiates itself through its vertically integrated model, science-focused product development, and proprietary cultivation and extraction methods. Its competitive advantages include control over the supply chain, strain diversity, and a focus on quality assurance to command premium pricing in wholesale and retail markets.

The company serves thousands of medical and adult-use customers each month across its operating states. Its customer base includes patients with qualifying medical conditions and adults aged 21 and older where adult-use cannabis is legal. Vireo Growth Inc. does not rely on any single customer, as no individual customer accounted for 10% or more of its consolidated net revenue in the fiscal years ended December 31, 2025 or 2024.