Vireo Growth has partnered with Ace Venture of NY, LLC a New York-based Minority & Women-Owned Business Enterprise led by lifelong New Yorker Steven Acevedo, to establish what is expected to become New York's first scaled social equity operator emerging from the state's first minority-owned vertically integrated medical cannabis license.
Under the agreement, Ace will assume a 51% ownership interest in Vireo Health of New York, LLC, establishing a majority social equity-owned platform supported by Vireo's longstanding operational expertise, compliance infrastructure, and regulatory experience that Vireo has built in New York since 2014.
By pairing local leadership with one of the most established operating platforms in the state, the transaction is designed to create a durable enterprise aligned with regulatory priorities and long-term growth.
Vireo NY operates one of the state's most developed cannabis platforms, with cultivation, manufacturing, and retail infrastructure built over more than a decade of regulated medical operations. Vireo will continue to provide operational support to ensure regulatory compliance, product quality, and operational excellence as the majority social equity-owned platform expands.
John Mazarakis, as CEO of Vireo Health, Inc. and Steven Acevedo will serve on the board of managers of Vireo NY. Steven Acevedo commented, "New York's cannabis industry must reflect the communities it serves. I've spent my career building relationships across neighborhoods, community organizations, and business leaders throughout this state, and I believe this moment is about pairing that local trust with real operating strength. I first met John when he was at Chicago Atlantic, and what stood out immediately was his discipline, integrity, and long-term mindset. When he stepped into leadership at Vireo, it was clear the company would continue building with seriousness and respect for the regulatory framework. Vireo has developed one of the most established platforms in New York, and Chicago Atlantic has consistently demonstrated thoughtful, responsible capital stewardship in this industry. This partnership is built on trust and shared values, and I'm proud to work alongside John and the Vireo team to build something durable and community-centered for New York."
Mr. Acevedo also expressed deep gratitude to the many leaders whose vision and commitment made this partnership possible: "This milestone would not have been achievable without the unwavering dedication of those who have championed equity in New York's cannabis industry. I want to personally thank Governor Hochul for her leadership in ensuring that social equity remains central to New York's cannabis framework, Assembly Majority Leader Crystal D. Peoples-Stokes for her tireless advocacy on behalf of communities that have long been left behind, and Senator Liz Krueger for her foundational work in shaping legislation that made this moment possible. I also want to acknowledge John Mazarakis - his integrity, patience, and genuine commitment to building something meaningful made him the right partner from day one. To everyone in the state who believed that equity and excellence could coexist in this industry: this is for you."
John Mazarakis, Chief Executive Officer of Vireo commented, "We're excited to reach this agreement with Ace, which will bring tremendous leadership to New York's cannabis community. We are eager to support Ace's market entry through our ongoing operating agreement, and anticipate meaningful opportunities for our organization to collaborate with the Ace team in the future. This partnership reflects our belief that social equity and operational excellence must go hand in hand. Steven brings meaningful community credibility and leadership, and together we are committed to building a platform that aligns with New York's regulatory framework and long-term objectives."
For more information:
Vireo
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