Vireo Health closes Schwazze asset acquisition

Vireo Growth has announced the closing of its previously disclosed acquisition of certain assets of U.S. multi-state cannabis operator Medicine Man Technologies.

John Mazarakis, Chief Executive Officer of Vireo, commented, "We are pleased to announce the closing of the acquisition of the Schwazze assets. This transaction represents a meaningful step in the continued execution of our disciplined growth strategy, enabling Vireo to expand its presence in key markets through the acquisition of established retail operations at an implied estimated valuation of under 4x pro forma EBITDA. We believe this attractive entry point reflects current market conditions and underscores our focus on capital-efficient growth.

We are honored to partner with Justin Dye, Forrest Hoffmaster, Collin Lodge, and the broader Colorado and New Mexico Schwazze team. Their operational expertise and strong retail focus complement Vireo's platform, and we look forward to working together to enhance performance across the combined footprint. This acquisition represents an initial step toward a broader strategy to build a scaled retail presence in Colorado and New Mexico, which could grow to over 75 dispensaries over time, subject to market conditions, regulatory approvals, and capital availability. We are pleased to welcome the Schwazze team and their established network of retail dispensaries to Vireo."

Forrest Hoffmaster, who will be Chief Executive Officer of Vireo's Colorado and New Mexico-focused businesses, added, "This transaction marks the beginning of a new chapter for the Schwazze team. We are proud to contribute our capabilities to Vireo's growing platform and remain committed to serving our customers in Colorado and New Mexico with the high-quality products and experiences they expect."