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Vireo Growth Inc. Announces Closing of Deep Roots Harvest Acquisition in Nevada
MINNEAPOLIS, June 09, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF), today announced that it has closed its previously-announced transaction to acquire Nevada-based Deep Roots Holdings, Inc. (“Deep Roots”). Deep Roots was founded in 2023 and is a consistently solid operator in Nevada’s mature cannabis market, with a 54,000 square foot cultivation and manufacturing facility and ten active retail dispensaries. The company maintains strong relative
About this update from Vireo Growth Inc
[{"type":"image","alt":"Vireo Growth Inc.","displaySize":"","headline":null,"caption":"Vireo Growth Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":130,"url":"https://media.zenfs.com/en/globenewswire.com/e9ac63f691ebe4f43846df7f4e7f62a4"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/u5L1XWvWlDJUxUGOnpDHuA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTE4MjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/e9ac63f691ebe4f43846df7f4e7f62a4","width":300,"height":130}},"lazy":false},{"type":"text","content":"MINNEAPOLIS, June 09, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF), today announced that it has closed its previously-announced transaction to acquire Nevada-based Deep Roots Holdings, Inc. (“Deep Roots”).","length":256,"tagName":"p"},{"type":"text","content":"Deep Roots was founded in 2023 and is a consistently solid operator in Nevada’s mature cannabis market, with a 54,000 square foot cultivation and manufacturing facility and ten active retail dispensaries. The company maintains strong relative performance due to favorable contributions from strategically situated stores in Southern Nevada on the Utah border, and also holds equity and debt investments in a retail chain in California, and a vertical operator in Ohio and Massachusetts.","length":486,"tagName":"p"},{"type":"text","content":"Total consideration for the transaction was $132.7 million, paid in the form of 255.2 million Subordinate Voting Shares of Vireo at a reference price per share of $0.52. The purchase price of the Deep Roots transaction represents a multiple of 4.175x 2024 “Closing EBITDA” of $30 million. The transaction is subject to clawback provisions if 2026 EBITDA is below Closing EBITDA as of December 31, 2026. The selling shareholders all agreed to voluntary share lock-up provisions, with tranches of shares received in connection with the closing unlocking over a 33-month period.","length":575,"tagName":"p"},{"type":"text","content":"About Vireo Growth Inc.","length":23,"tagName":"p"},{"type":"text","content":"Vireo was founded as a pioneer in medical cannabis in 2014 and we are fueled by an entrepreneurial drive that sustains our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the...