Vireo Health Revenue Increases 57% Year Over Year

U.S. cannabis MSO Vireo Health International, Inc. VREOVREOF first-quarter earnings showed total quarterly revenue of $5.8 million, marking a 57-percent increase year over year. Pro forma revenue for the quarter was roughly $7 million.

The company also successfully completed the reverse takeover Darien Business Development Corp., raising $51.4 million through brokered and non-brokered private placement. Vireo also acquired several licenses in Arizona, Massachusetts, Nevada, New Mexico and Rhode Island.

Why It's Important

In a press release, Founder and CEO Dr. Kyle Kingsley explained how numerous states propelled the strong quarterly results.

“We continued to experience strong revenue growth during the first quarter, with increasing patient counts in Minnesota and New York and contributions from wholesale revenue streams in Maryland and Pennsylvania during the quarter,” he said. "We completed several strategic acquisitions and began construction on many development projects that will help us meet the growing demand for our products across our operating footprint."

What's Next

Vireo hired Harris Rabin as its new Chief Marketing Officer on May 29. The following day, the state of Minnesota passed legislation allowing for LPs to double its dispensary count.

Vireo believes its "future has never looked brighter" as its expansion strategies continue.

“We have a world-class team of professionals leading our expansion strategies, and we believe that our focus on bringing the best of medicine, science, and engineering to the cannabis industry will create compelling long-term value for all of our stakeholders,” said Kingsley.

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