Latest news with #Vireo
Yahoo
4 days ago
- Business
- Yahoo
Vireo Growth Inc. Announces Closing of Proper Brands Acquisition in Missouri
MINNEAPOLIS , June 05, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. ('Vireo' or the 'Company') (CSE: VREO; OTCQX: VREOF), today announced that it has closed its previously-announced transaction to acquire Missouri-based Proper Brands ('Proper') through the acquisition of NGH Investments, Inc. and Proper Holdings Management, Inc., subsidiaries of Proper Holdings, LLC, a management company providing services to Proper's portfolio of 11 retail dispensaries in Missouri. Proper was founded in 2022 and is currently one of the largest independent operators in Missouri's adult-use, recreational cannabis market. The company has a total retail footprint of 11 retail dispensaries, with one undeveloped retail license. All stores are in the St. Louis area except for one in Kansas City. The company operates a cultivation and manufacturing facility in excess of 100,000 square feet, and is in the process of implementing the Arches technology platform across its home delivery business. Total consideration for the transactions was $102.0 million, paid in the form of 196.2 million Subordinate Voting Shares of Vireo at a reference price per share of $0.52. The purchase price of the Proper transaction represents a multiple of 4.175x 2024 'Closing EBITDA' of $31 million. The transaction is subject to clawback provisions if 2026 EBITDA is below Closing EBITDA as of December 31, 2026. The shares issued in the transaction are subject to lock-up provisions, with tranches of shares received in connection with the closing unlocking over a 33-month period. About Vireo Growth Inc. Vireo was founded as a pioneer in medical cannabis in 2014 and we are fueled by an entrepreneurial drive that sustains our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit Contact Information Joe DuxburyChief Accounting Officerinvestor@ 314-8995 Forward-Looking Statement Disclosure This press release contains 'forward-looking information' within the meaning of applicable United States and Canadian securities legislation. Forward-looking information contained in this press release may be identified by the use of words such as 'should,' 'believe,' 'estimate,' 'would,' 'looking forward,' 'may,' 'continue,' 'expect,' 'expected,' 'will,' 'likely,' 'subject to,' 'transformation,' and 'pending,' variations of such words and phrases, or any statements or clauses containing verbs in any future tense and includes, but may not be limited to, statements regarding the Merger Transactions, including the timeline for the closing of the Merger Transactions; shareholder approval of the Merger Transactions; and the regulatory approvals required for the Merger Transactions. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatoryenvironment, and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to: risks related to the shareholder approval of the Merger Transactions; risks related to regulatory approval of the Merger Transactions; and risk factors set out in the Company's Form 10-K for the year ended December 31, 2024 and the Company's information statement regarding the Merger Transactions, both of which are available on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company's profile on SEDAR+ at The statements in this press release are made as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such pour accéder à votre portefeuille
Yahoo
29-04-2025
- Business
- Yahoo
Vireo Growth Inc. to Release First Quarter 2025 Results on May 9, 2025
MINNEAPOLIS, April 29, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. ("Vireo" or the "Company") (CSE: VREO; OTCQX: VREOF), today announced that it will release its financial results for its first fiscal quarter ended March 31, 2025 on Friday, May 9, 2025 before the market opens. Vireo Growth management will host a conference call with the investment community that same day, Friday, May 9, 2025 at 8:30 a.m. ET (7:30 a.m. CT) to discuss its results. Interested parties may attend the conference call by dialing 1-888-672-2415 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174. A live audio webcast of this event will also be available in the Events & Presentations section of the Company's Investor Relations website and via the following link: About Vireo Growth Inc. Vireo was founded as a pioneer in medical cannabis in 2014 and we are fueled by an entrepreneurial drive that sustains our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit Contact Information Joe DuxburyChief Accounting Officerinvestor@ 314-8995Sign in to access your portfolio
Yahoo
04-03-2025
- Business
- Yahoo
Vireo Growth Inc. Announces Fourth Quarter and Full Year 2024 Results
– Company achieves record revenue, gross profit margin and operating income in fiscal year 2024 – – FY24 revenue of $99.4 million increased 15.4% year-over-year excluding discontinued operations – – Fourth quarter 2024 revenue of $25.0 million increased 3.5% year-over-year and was flat sequentially – – Company ended fiscal year 2024 with $91.6 million in cash after closing private placement in December – – Merger Transactions, recent equity raise, and growth catalysts position Company for transformational 2025 – MINNEAPOLIS, March 04, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. ("Vireo" or the "Company") (CSE: VREO; OTCQX: VREOF), today reported financial results for its fourth quarter and fiscal year ended December 31, 2024. Key financial results are presented below in summary form with supporting commentary and discussion from management of certain key operating metrics which the Company uses to judge its performance. All currency figures referenced herein are denominated in U.S. dollars. Summary of Key Financial Metrics Three Months Ended Year Ended US $ in millions December 31, December 31, 2024 2023 Variance 2024 2023 Variance GAAP Revenue $25.0 $24.2 3.5% $99.4 $88.1 12.8% Revenue (excluding discontinued operations) $25.0 $24.2 3.5% $99.4 $86.1 15.4% GAAP Gross Profit $12.7 $12.1 4.9% $50.8 $44.1 15.1% Gross Profit Margin 50.6% 49.9% 70 bps 51.1% 50.0% 110 bps SG&A Expenses $6.8 $6.3 9.0% $28.1 $28.2 -0.5% SG&A Expenses (% of Sales) 27.2% 25.9% 140 bps 28.2% 32.0% -380 bps Operating Income (Loss) ($0.8) $5.4 -115.6% $13.6 $10.6 28.2% Operating Income Margin -3.4% 22.3% -2,560 bps 13.6% 12.0% 160 bps Adjusted EBITDA $6.6 $6.1 7.9% $25.1 $19.6 28.4% Adjusted EBITDA Margin 26.4% 25.3% 110 bps 25.3% 22.2% 310 bps Management Commentary Chief Executive Officer John Mazarakis commented, 'We are pleased to deliver record revenue, gross margin, and operating income in 2024, and to close the year with an annual revenue run rate of $100 million. Fourth quarter results were impacted by one-time transaction expenses of $4.2 million related to our pending merger transactions, but we remain pleased with continued strength in operating performance.' Mr. Mazarakis continued, 'We are building a portfolio of prolific brands and local operators, and positioned well to capitalize on what we believe is an attractive platform for growth. We believe our merger transactions, combined with growth investments in Vireo's legacy markets, and the launch of adult-use sales in Minnesota position us for a transformational year in 2025.' Balance Sheet and Liquidity As of December 31, 2024, total current assets excluding New York assets held for sale were $133.8 million, including cash on hand of $91.6 million. Total current liabilities excluding New York assets held for sale were $46.1 million. As of March 1, 2025, the Company had a total of 413,859,367 shares outstanding on the treasury method basis. Chief Financial Officer Tyson Macdonald commented, 'We are pleased to close the year in a strong financial position and confident in our ability to drive strong returns for shareholders given the many high ROI opportunities we see across our portfolio. We believe our liquidity position will help support improved access to capital in the future, and we expect to remain both patient and opportunistic as we look to continue innovating and investing in growth opportunities in our pipeline.' Merger Transactions The Company's pending merger transactions are expected to close sometime in calendar year 2025, pending shareholder and regulatory approvals. Management expects to provide updates on the closing process to investors as more information becomes available. Other Events On December 27, 2024, the Company's wholly-owned subsidiary, Vireo Health of Minnesota, entered into a secured credit agreement which allows for the issuance of certain loans of up to an aggregate principal amount of $11.5 million, intended to assist with the financing of a new indoor cultivation facility. These loans bear an annual interest rate of 10.5 percent and mature on June 26, 2026. As of December 31, 2024, Vireo Health of Minnesota has drawn $5.5 million in aggregate principal on this credit facility. On December 31, 2024, the Company's wholly-owned subsidiary, Vireo Health of Minnesota, closed on a commercial loan with Stearns Bank for an aggregate principal amount of up to $15.0 million. The commercial loan has a term of 24 months and carries a fixed annual interest rate of 9.25 percent, payable monthly with interest-only payments through the initial 12 months, followed by monthly principal and interest payments based on a 240-month amortization schedule for the remaining term of the loan. As of December 31, 2024, no principal amount had been drawn on this loan facility. On December 31, 2024, the Company announced that it closed its previously-announced private placement offering of Subordinate Voting Shares of the Company. Investors who participated in the offering subscribed for 129,536,874 Subordinate Voting Shares at a share price of US $0.625, a 16.8% premium to the closing share price on the OTCQX on December 27, 2024. The oversubscribed offering raised gross proceeds of approximately US $81 million. The Company stated that it intends to use the net proceeds from the offering for business development, including organic and acquisitive growth investments, as well as working capital and general corporate purposes. Conference Call and Webcast Information Vireo management will host a conference call with research analysts today, March 4, 2025, at 8:30 a.m. ET (7:30 a.m. CT) to discuss its financial results for its fourth quarter and fiscal year ended December 31, 2024. Interested parties may attend the conference call by dialing 1-800-715-9871 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174. A live audio webcast of this event will also be available in the Events & Presentations section of the Company's Investor Relations website and via the following link: About Vireo Growth Inc. Vireo was founded as a pioneer in medical cannabis in 2014 and we are fueled by an entrepreneurial drive that sustains our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit Additional Information Additional information relating to the Company's fourth quarter and full year 2024 results will be available on EDGAR and SEDAR later today. Vireo refers to certain non-GAAP financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA in circumstances in which the Company believes that doing so provides additional perspective and insights when analyzing the core operating performance of the business. These measures do not have any standardized meaning and may not be comparable to similar measures presented by other issuers. Please see the Supplemental Information and Reconciliation of Non-GAAP Financial Measures at the end of this news release for more detailed information regarding non-GAAP financial measures. Contact Information Joe DuxburyChief Accounting Officerinvestor@ 314-8995 Forward-Looking Statement Disclosure This press release contains 'forward-looking information' within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes 'financial outlooks' within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as 'should,' 'believe,' 'estimate,' 'would,' 'looking forward,' 'may,' 'continue,' 'expect,' 'expected,' 'will,' 'likely,' 'subject to,' 'transformation,' and 'pending,' variations of such words and phrases, or any statements or clauses containing verbs in any future tense and includes statements regarding the Company's expected performance in 2025; the Company's pending merger transactions, including the expected timing of the closing of such mergers; future shareholder returns; the Company's future access to liquidity; future growth opportunities for the Company; . These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10-K filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, EBITDA, Adjusted EBITDA, and cash on hand may differ materially from the values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to: risks related to the Company's pending mergers, including satisfaction of closing conditions and regulatory and shareholder approval; risks related to the timing and content of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to epidemics and pandemics; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws and regulations in the United States relating to cannabis operations in the United States and any changes to such laws or regulations; operational, regulatory and other risks; execution of business strategy; management of growth; difficulties inherent in forecasting future events; conflicts of interest; risks inherent in an agricultural business; risks inherent in a manufacturing business; liquidity and the ability of the Company to raise additional financing to continue as a going concern; the Company's ability to meet the demand for flower in Minnesota; risk of failure in the lawsuit with Verano and the cost of that litigation; our ability to dispose of our assets held for sale at an acceptable price or at all; and risk factors set out in the Company's Form 10-K for the year ended December 31, 2024, which is available on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company's profile on SEDAR at The statements in this press release are made as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements. Supplemental Information The financial information reported in this news release is based on audited financial statements for the fiscal quarter and year ended December 31, 2024, and December 31, 2023. All financial information contained in this news release is qualified in its entirety with reference to such financial statements. To the extent that the financial information contained in this news release is inconsistent with the information contained in the Company's audited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company's audited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws. VIREO GROWTH INC. CONSOLIDATED BALANCE SHEETS AS OF 12/31/2024 AND 12/31/2023 (Amounts Expressed in United States Dollars, Audited and Condensed) December 31, December 31, 2024 2023 Assets Current assets: Cash $ 91,604,970 $ 15,964,665 Accounts receivable, net of credit losses of $259,011 and $254,961, respectively 4,590,351 3,086,640 Income tax receivable 12,027,472 12,278,119 Inventory 21,666,364 19,285,870 Prepayments and other current assets 1,650,977 1,336,234 Notes receivable, current — 3,750,000 Warrants held 2,270,964 1,937,352 Assets Held for Sale 96,560,052 91,213,271 Total current assets 230,371,150 148,852,151 Property and equipment, net 32,311,762 23,291,183 Operating lease, right-of-use asset 7,859,434 2,018,163 Intangible assets, net 7,899,328 8,718,577 Deposits 421,244 383,645 Deferred tax assets — — Total assets $ 278,862,918 $ 183,263,719 Liabilities Current liabilities Accounts payable and accrued liabilities $ 10,456,036 $ 7,674,389 Long-Term debt, current portion 900,000 60,220,535 Right of use liability 1,400,015 890,013 Uncertain tax liability 33,324,000 22,356,000 Liabilities held for sale 89,387,203 88,326,323 Total current liabilities 135,467,254 179,467,260 Right-of-use liability 16,494,439 10,543,934 Other long-term liabilities 37,278 155,917 Convertible debt, net 9,862,378 9,140,257 Long-Term debt, net 61,438,046 — Total liabilities $ 223,299,395 $ 199,307,368 Stockholders' deficiency Subordinate Voting Shares ($- par value, unlimited shares authorized; 337,512,681 shares issued and outstanding at December 31, 2024 and 110,007,030 at December 31, 2023) — — Multiple Voting Shares ($- par value, unlimited shares authorized; 285,371 shares issued and outstanding at December 31, 2024 and 331,193 at December 31, 2023) — — Additional paid in capital 286,999,084 187,384,403 Accumulated deficit (231,435,561 ) (203,428,052 ) Total stockholders' equity (deficiency) $ 55,563,523 $ (16,043,649 ) Total liabilities and stockholders' deficiency $ 278,862,918 $ 183,263,719 VIREO GROWTH INC. CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS AND YEAR ENDED DECEMBER 31, 2024 AND 2023 (Amounts Expressed in United States Dollars, Audited and Condensed) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Revenue $ 25,023,316 $ 24,173,038 $ 99,384,221 $ 88,133,163 Cost of sales Product costs 12,207,339 12,392,296 48,319,204 42,739,653 Inventory valuation adjustments 164,000 (274,527 ) 294,000 1,289,345 Gross profit 12,651,977 12,055,269 50,771,017 44,104,165 Operating expenses: Selling, general and administrative expenses 6,812,432 6,252,404 28,063,050 28,217,980 Transaction related expenses 4,227,497 — 4,504,001 — Stock-based compensation expenses 2,203,634 148,183 3,627,774 4,157,598 Depreciation 69,931 92,827 292,694 469,948 Amortization 180,033 180,033 720,134 678,861 Total operating expenses 13,493,527 6,673,447 37,207,653 33,524,387 Gain (loss) from operations (841,550 ) 5,381,822 13,563,364 10,579,778 Other income (expense): Interest expenses, net (7,584,099 ) (8,465,556 ) (31,188,845 ) (31,260,798 ) Impairment of long-lived assets — (411,629 ) — (411,629 ) Gain (loss) on disposal of assets — (1,679,171 ) (218,327 ) (4,477,738 ) Other income (expenses) (2,932,632 ) 1,579,826 949,299 7,746,298 Other income (expenses), net (10,516,731 ) (8,976,530 ) (30,457,873 ) (28,403,867 ) Loss before income taxes (11,358,281 ) (3,594,708 ) (16,894,509 ) (17,824,089 ) Current income tax expenses (4,343,000 ) 1,321,871 (11,113,000 ) (6,036,000 ) Deferred income tax recoveries — (2,310,000 ) — (1,687,000 ) Net loss and comprehensive loss (15,701,281 ) (4,582,837 ) (28,007,509 ) (25,547,089 ) Net loss per share - basic and diluted $ (0.07 ) $ (0.03 ) $ (0.16 ) $ (0.19 ) Weighted average shares used in computation of net loss per share - basic & diluted 232,645,863 143,126,330 180,391,815 135,235,919 VIREO GROWTH INC. CONSOLIDATED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, 2024 AND 2023 (Amounts Expressed in United States Dollars, Audited and Condensed) December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (28,007,509 ) $ (25,547,089 ) Adjustments to reconcile net loss to net cash used in operating activities: Inventory valuation adjustments 294,000 1,289,345 Depreciation 292,694 469,948 Depreciation capitalized into inventory 2,244,087 2,404,095 Non-cash operating lease expense 439,664 523,662 Amortization of intangible assets 720,134 678,861 Amortization of intangible assets capitalized into inventory 99,116 49,558 Stock-based payments 3,537,774 4,157,598 Warrants held (333,612 ) (1,937,352 ) Interest Expense 4,794,018 7,070,026 Bad debt expense 237,873 — Impairment of long-lived assets — 411,629 Deferred income tax — 1,687,000 Accretion 221,010 994,654 Loss on disposal of Red Barn Growers — 2,909,757 Loss (gain) on disposal of assets 121,756 1,567,981 Change in operating assets and liabilities: Accounts Receivable (1,030,224 ) 1,449,432 Prepaid expenses (164,564 ) 1,182,766 Inventory (2,391,818 ) (1,823,391 ) Income taxes 250,646 (18,330,899 ) Uncertain tax position liabilities 10,968,000 22,356,000 Accounts payable and accrued liabilities 2,403,710 (1,256,913 ) Changes in operating lease liabilities (277,851 ) (1,151,011 ) Change in assets and liabilities held for sale (4,653,454 ) (121,563 ) Net cash provided by (used in) operating activities $ (10,234,550 ) $ (965,906 ) CASH FLOWS FROM INVESTING ACTIVITIES PP&E Additions $ (11,694,966 ) $ (4,963,107 ) Proceeds from note receivable 3,600,000 — Intangible license additions — (1,090,919 ) Proceeds from sale of Red Barn Growers net of cash — 689,186 Proceeds from sale of property, plant, and equipment — 253,288 Deposits (37,600 ) 1,636,455 Net cash provided by (used in) investing activities $ (8,132,566 ) $ (3,475,097 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt, net of issuance costs $ 4,668,730 $ — Proceeds from convertible debt, net of issuance costs 9,854,283 9,150,262 Proceeds from issuance of shares 80,828,687 — Proceeds from warrant exercises 69,663 — Proceeds from option exercises 16,500 — Debt principal payments (1,234,000 ) (2,976,362 ) Lease principal payments (196,442 ) (917,565 ) Net cash provided by (used in) financing activities $ 94,007,421 $ 5,256,335 Net change in cash $ 75,640,305 $ 815,332 Cash, beginning of year $ 15,964,665 $ 15,149,333 Cash, end of year $ 91,604,970 $ 15,964,665 VIREO GROWTH INC. STATE-BY-STATE REVENUE PERFORMANCE THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023 Three Months Ended December 31, 2024 2023 $ Change % Change Retail: MN $ 11,221,254 $ 11,182,332 $ 38,922 0 % NY 1,307,983 2,088,143 (780,160 ) (37 ) % MD 6,846,072 6,588,418 257,654 4 % Total Retail $ 19,375,309 $ 19,858,893 $ (483,584 ) (2 ) % Wholesale: MD 4,014,754 2,847,372 1,167,382 41 % NY 1,499,647 1,441,473 58,174 4 % MN 133,606 25,300 108,306 428 % Total Wholesale $ 5,648,007 $ 4,314,145 $ 1,333,862 31 % Total Revenue $ 25,023,316 $ 24,173,038 $ 850,278 4 % VIREO GROWTH INC. STATE-BY-STATE REVENUE PERFORMANCE THREE MONTHS ENDED DECEMBER 31, 2024 AND 2023 Year Ended December 31, 2024 2023 $ Change % Change Retail: MN $ 45,829,269 $ 45,171,621 $ 657,648 1 % NY 6,162,406 8,915,421 (2,753,015) (31) % NM — 1,964,285 (1,964,285) (100) % MD 27,542,880 17,569,539 9,973,341 57 % Total Retail $ 79,534,555 $ 73,620,866 $ 5,913,689 8 % Wholesale: MD 14,608,921 9,400,733 5,208,188 55 % NY 4,953,809 5,046,537 (92,728) (2) % MN 286,936 25,300 261,636 1,034 % NM — 39,727 (39,727) (100) % Total Wholesale $ 19,849,666 $ 14,512,297 $ 5,337,369 37 % Total Revenue $ 99,384,221 $ 88,133,163 $ 11,251,058 13 % NM Revenue $ — $ (2,004,012) $ 2,004,012 (100) % Total Revenue excluding NM $ 99,384,221 $ 86,129,151 $ 13,255,070 15 % Reconciliation of Non-GAAP Financial Measures Goodness Growth management occasionally elects to provide certain non-GAAP financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA. EBITDA and Adjusted EBITDA are a non-GAAP measure and does not have a standardized definition under GAAP. The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented. Reconciliation of Net Loss to EBITDA (Amounts Expressed in United States Dollars, Audited and Condensed) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Net income (loss) $ (15,701,281 ) $ (4,582,837 ) (28,007,509 ) (25,547,089 ) Interest expense, net 7,584,099 8,465,556 31,188,845 31,260,798 Income taxes 4,343,000 988,129 11,113,000 7,723,000 Depreciation & Amortization 249,964 272,860 1,012,828 1,148,809 Depreciation and amortization included in cost of goods sold 590,433 582,456 2,343,203 2,453,653 EBITDA (non-GAAP) $ (2,933,785 ) $ 5,726,164 17,650,367 17,039,171 Inventory adjustment $ 164,000 $ (274,527 ) 294,000 1,289,345 Loss on impairment of long-lived assets — 411,629 — 411,629 Stock-based compensation 2,203,634 148,183 3,627,774 4,157,598 Transaction related expenses 4,227,497 — 4,504,001 — Other income 2,932,632 (1,579,826 ) (1,149,034 ) (7,792,608 ) Loss on disposal of assets — 1,679,171 218,327 4,477,738 Adjusted EBITDA (non-GAAP) $ 6,593,978 $ 6,110,794 25,145,435 19,582,873 Sign in to access your portfolio
Yahoo
19-02-2025
- Business
- Yahoo
Vireo Growth Inc. to Release Fourth Quarter and Full Year 2024 Results on March 4, 2025
MINNEAPOLIS, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. ("Vireo" or the "Company") (CSE: VREO; OTCQX: VREOF), today announced that it will release its financial results for its fourth quarter and fiscal year ended December 31, 2024 on Tuesday, March 4, 2025 before the market opens. Vireo Growth management will host a conference call with the investment community that same day, Tuesday, March 4, 2025 at 8:30 a.m. ET (7:30 a.m. CT) to discuss its results. Interested parties may attend the conference call by dialing 1-800-715-9871 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174. A live audio webcast of this event will also be available in the Events & Presentations section of the Company's Investor Relations website and via the following link: About Vireo Growth Inc. Vireo was founded as a pioneer in medical cannabis in 2014 and we are fueled by an entrepreneurial drive that sustains our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit Contact Information Joe DuxburyChief Accounting Officerinvestor@ 314-8995
