Vireo Growth Inc (VREOF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Vireo Growth, Inc.' 's first quarter 2025 results call. The company would like to remind everyone that today's conference call may contain forward-looking statements within the meaning of U.S. and Canadian securities laws. These statements are based on management's current expectations and involves risk and uncertainties that could differ materially from actual events and those described in such forward-looking statements. For more information on forward-looking statements, please refer to cautionary note regarding forward-looking statements in the company's earnings release. I will now hand the call over to Chief Executive Officer John Maserakis. Please go ahead, sir. Thank you. Good morning, everyone. I'll begin with a brief summary of our Q1 performance as we're marching towards closing our pending merger transactions, and then Tyson will provide some extra detail on the financials. Our first quarter results were in line with our expectations for Vireo's core markets. First quarter revenue increased 1.9% year over year to 24.5 million and was down slightly sequentially compared to the fourth quarter. We experienced continued growth in Maryland, stable performance in Minnesota, and expected declines in New York medical sales. Sales of wholesale products from our indoor facility in New York commenced in Q1 and have continued to ramp meaningfully in Q2. We are progressing towards closing our merger transactions in Q2. The closing of these transactions will meaningfully enhance our profitability profile with positive net income, strengthen the capabilities of our leadership team, and provide a unique opportunity to build competitive advantages in our other markets with a proprietary technology and analytics platform. We expect to provide in...