Cannabis Consolidation: Vireo Growth Continues Acquisition Push With $62M Notes Deal

Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF) announced on Thursday that it has entered into definitive agreements to acquire roughly 86% of the outstanding senior secured convertible notes of Medicine Man Technologies Inc., doing business as Schwazze., from third-party noteholders.

The notes will be acquired at a price substantially below par value, for total consideration of approximately $62 million. The sum is payable in subordinate voting shares of the company at closing, at $0.54 per share.

Vireo said that it expects to close the transaction in October. The deal’s closing is subject to customary conditions, including receipt of necessary approvals.

In June, Vireo closed its previously announced transaction to acquire Nevada-based Deep Roots Holdings, Inc. for $132.7 million. The transaction included a 54,000 square foot cultivation and manufacturing facility and ten active retail dispensaries.

The company also closed the acquisition of Proper Brand, a Missouri-based operator with 11 dispensaries and cultivation and manufacturing facilities.

Prior to that, Vireo wrapped up a deal to acquire Utah-based WholesomeCo Cannabis and the Arches’ proprietary technology and analytics platform. Total consideration for the transactions closed in May was $69.8 million.

In August, Vireo reported the second 2025 GAAP revenue of $48.1M, up 91.4% YoY, supported by three closed mergers.

Vireo’s shares traded 2.79% higher at $0.663 per share at the time of writing on Friday afternoon.