Vireo Growth Receives Regulatory Approval and Completes Acquisition of PharmaCann Colorado Retail Assets

About this update from Vir Biotechnology, Inc.

MINNEAPOLIS, Aug. 07, 2026 (GLOBE NEWSWIRE) -- Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF) (“Vireo” or the “Company”), a leading cannabis company and agricultural markets platform, today announced that it has received all required regulatory approvals and completed the previously announced acquisition of certain Colorado retail assets of PharmaCann Inc. (“PharmaCann”). Total consideration for the acquired assets was approximately $49.0 million, consisting of the issuance of Vireo subordinate voting shares and the assumption of certain liabilities. The final share consideration reflects customary closing adjustments, including inventory levels, trade payables and other items as provided for in the Asset Purchase Agreement. Since March 2026, Vireo has managed the acquired PharmaCann business pursuant to a Management Services Agreement ("MSA"), which allowed the Company to begin integrating operations and implementing its operating platform prior to closing. The acquired business includes 17 dispensaries, expanding Vireo's Colorado retail footprint to 56 operational locations. "Receiving final regulatory approval and completing this transaction marks another important milestone in executing our disciplined acquisition strategy. Equally important, it validates the operating model we have built for integrating acquired businesses,” said Vireo Chief Executive Officer, John Mazarakis. “Over the past several months, our team has already made meaningful progress improving operations across the PharmaCann Colorado assets while continuing to invest in future growth. We've strengthened the PharmaCann leadership team, enhanced our product assortment, implemented our technology and operating systems, and made targeted capital investments throughout the business while continuing to expand the platform with an additional dispensary opening.” Mazarakis continued, “While we're pleased with the progress to date, we believe there remains meaningful opportunity to further improve performance as these assets become fully integrated into the Vireo platform." The completion of the transaction also marks the conclusion of the MSA entered into by the parties earlier this year. Going forward, the acquired operations will be fully integrated into Vireo's existing Colorado platform, enabling the Company to continue executing initiatives focused on operational excellence, margin expa...

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