US Cannabis company Vireo Health International changes its name to Goodness Growth Holdings. "Our evolution to Goodness Growth reflects the progression of our business from a predominantly early-stage, medical-market operator to one of the strongest organic growth generators across recreational-use and medical cannabis markets in the United States," said Chairman and Chief Executive Officer, Kyle Kingsley, M.D. "Vireo always has been and will continue to be a flagship brand of medical products, but this holding company model reflects a much more expansive view of our future and clearly differentiates our plant-touching assets from our science and IP incubator, Resurgent Biosciences."
Yesterday at market open, its subordinate voting shares began trading as Goodness Growth Holdings, Inc., under the ticker symbol GDNS on the Canadian Securities Exchange and on the OTCQX Market in the United States under ticker symbol GDNSF.
The Horizon Strategy and FY22 Outlook
The management also unveiled its Horizon Strategy with outlook ranges for FY22 revenue. "Our Horizon strategy is a plan for growth through fiscal year 2022, a period in which a majority of our markets are expected to begin to generate more substantial revenue growth as currently pending changes to regulatory regimes take effect," they say.
Over this timeframe, they expect to open an additional 6-10 Green Goods™ retail dispensaries. Management also provided several additional outlook updates in conjunction with this strategy, which are subject to the on-time completion of various development projects, commencement of adult-use sales in New Mexico beginning in Q1 of 2022, commencement of adult-use sales in New York in the summer of 2022, and the commencement of flower sales in the Minnesota medical market in the spring of 2022.
Dr. Kingsley continued, "We expect that recent growth investments we've made, combined with the expansion projects we have planned, and growth catalysts driven by changing regulatory frameworks will result in substantial improvements in revenue growth and profitability over the next 18 months. We expect to support this more than tripling of our revenue through an increase of more than 300 percent in biomass production capacity as we execute the Horizon strategy and are pleased to be showcasing the potential of our asset portfolio."