Vireo Growth (VREO) Q2 2026 earnings summary

Executive summary

• Q2 2026 GAAP revenue reached $209.3M, up 335% year-over-year, driven by major M&A activity and a differentiated growth strategy in cannabis and agribusiness.

• Closed and announced transformative acquisitions (Hawthorne, Eaze, Bridgewell, PharmaCann, FLUENT, C21, Planet 13, The Cannabist), expanding into new states and strengthening market position.

• Pro forma revenue exceeded $1 billion annualized, positioning the company as one of the largest U.S. cannabis operators by dispensary count with ~270 locations.

• Ended Q2 with $122.7M in cash, maintaining strong liquidity for continued acquisitions.

Financial highlights

• Q2 GAAP revenue was $209.3M, up 335% year-over-year; cannabis segment revenue was $175.8M, up 265.5%; non-cannabis segment contributed $33.5M.

• Pro forma Q2 revenue was $254.9M, not including pending acquisitions.

• Adjusted EBITDA was $41.5M (19.8% margin), up 212% year-over-year.

• Net loss narrowed to $0.1M from $14.9M a year ago.

• Cash and cash equivalents at quarter-end: $122.7M; net debt (excluding convertible debt): $176.1M.

Outlook and guidance

• Expects to operate approximately 270 dispensaries across 15 states upon completion of pending deals.

• Targets building $100M+ revenue businesses in each core state and consistent same-store sales growth through optimization.

• Focused on integrating acquisitions to drive further margin expansion and operating leverage.

• Anticipates a clearer financial picture of the strategic vision by 2027.