Vireo Growth Inc.
VREOF, VREOD · Pharmaceutical Preparations · 180.4M shares · +17%/yr ↑ shares · EDGAR filings ↗
Reference price $0.41 · est. market cap ~$75M — last insider purchase, 2025-06-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Cannabis multi-state operator near operating breakeven but net-loss-making with cash burn.
Strengths
- Near operating breakeven — operating margin 0%, OCF margin 1%
Risks
- Net losses, cash burn — net margin -25%, FCF -$25M
- Thin liquidity — current ratio 1.6 (22nd)
- Cannabis-tax/regulatory burden — per 10-K
Notable findings
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -25.3%)
- Cash burnNegative free cash flow (-24.6M)
- Customer concentration~47% of revenue from one customer/distributor — For the year ended December 31, 2024, Minnesota operations contributed approximately 47% of revenues, New York contributed 11%, and Maryland contributed 42%
- Pending merger66 Table of Contents Merger Agreements with Deep Roots, Proper and Wholesome On December 18, 2024, we entered into the Merger Agreements with respect the Mergers
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
47.3%
Operating margin
-0.4%
Net margin
-25.3%
Return on equity
-22.2%
Return on assets
-8.3%
Revenue growth (QoQ)
1.6%
Current ratio
1.6×
Free cash flow
-$25M
EBITDA
$15M
Tangible book value
$102M
Stock comp / revenue
6.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | Duxbury Joseph | Option exercise | 133K | — |
| 2026-05-15 | Apfelbaum Sean Michael | Option exercise | 133K | — |
| 2026-05-15 | Apfelbaum Sean Michael | Tax withheld | 39K | $0.39 |
| 2026-05-15 | Duxbury Joseph | Tax withheld | 41K | $0.39 |
| 2025-12-29 | Macdonald Tyson | Tax withheld | 1.9M | $0.67 |
| 2025-12-29 | Shimpa Amber Holly | Tax withheld | 127K | $0.60 |
| 2025-12-29 | Kingsley Kyle Eugene | Tax withheld | 277K | $0.60 |
| 2025-12-29 | Kingsley Kyle Eugene | Tax withheld | 1.4M | $0.67 |
| 2025-12-29 | Macdonald Tyson | Tax withheld | 482K | $0.53 |
| 2025-12-29 | Mazarakis John | Tax withheld | 802K | $0.53 |
| 2025-12-29 | Apfelbaum Sean Michael | Tax withheld | 62K | $0.64 |
| 2025-12-29 | Mazarakis John | Tax withheld | 3.5M | $0.67 |
| 2025-12-17 | Mazarakis John | Grant | 3.2M | — |
| 2025-12-17 | Mazarakis John | Grant | 5.7M | — |
| 2025-12-17 | Macdonald Tyson | Grant | 2.9M | — |
| 2025-12-17 | Macdonald Tyson | Grant | 1.2M | — |
| 2025-11-13 | Macdonald Tyson | Grant | 1.0M | — |
| 2025-11-13 | Mazarakis John | Grant | 2.0M | — |
| 2025-09-30 | Apfelbaum Sean Michael | Option exercise | 200K | — |
| 2025-06-13 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 5.0K | $0.41 |
| 2025-06-13 | Shimpa Amber Holly | Conversion | 852K | — |
| 2025-06-12 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 70K | $0.42 |
| 2025-06-11 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 114K | $0.40 |
| 2025-06-10 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 56K | $0.40 |
| 2025-06-09 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 37K | $0.41 |
| 2025-06-06 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 50K | $0.41 |
| 2025-06-05 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 6.0K | $0.40 |
| 2025-06-04 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 20K | $0.41 |
| 2025-06-03 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 165K | $0.40 |
| 2025-06-02 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 18K | $0.39 |
| 2025-05-29 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 44K | $0.38 |
| 2025-05-27 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 44K | $0.39 |
| 2025-05-23 | Chicago Atlantic Opportunity Portfolio, LP | Buy | 20K | $0.38 |
| 2025-04-04 | Chicago Atlantic Credit Opportunities, LLC | Buy | 60K | $0.42 |
| 2025-03-31 | Chicago Atlantic Credit Opportunities, LLC | Buy | 72K | $0.43 |
| 2025-03-28 | Chicago Atlantic Credit Opportunities, LLC | Buy | 16K | $0.44 |
| 2025-03-27 | Chicago Atlantic Credit Opportunities, LLC | Buy | 10K | $0.45 |
| 2025-03-26 | Chicago Atlantic Credit Opportunities, LLC | Buy | 5.0K | $0.43 |
| 2025-03-25 | Chicago Atlantic Credit Opportunities, LLC | Buy | 3.5K | $0.41 |
| 2025-03-24 | Chicago Atlantic Credit Opportunities, LLC | Buy | 20K | $0.44 |
| 2025-03-21 | Chicago Atlantic Credit Opportunities, LLC | Buy | 2.2K | $0.44 |
| 2025-03-20 | Chicago Atlantic Credit Opportunities, LLC | Buy | 15K | $0.43 |
| 2025-03-19 | Chicago Atlantic Credit Opportunities, LLC | Buy | 30K | $0.42 |
| 2025-03-17 | Chicago Atlantic Credit Opportunities, LLC | Buy | 75K | $0.38 |
| 2025-03-14 | Chicago Atlantic Credit Opportunities, LLC | Buy | 48K | $0.39 |
| 2025-03-13 | Chicago Atlantic Credit Opportunities, LLC | Buy | 40K | $0.37 |
| 2025-03-12 | Chicago Atlantic Credit Opportunities, LLC | Buy | 78K | $0.34 |
| 2025-03-11 | Chicago Atlantic Credit Opportunities, LLC | Buy | 70K | $0.32 |
| 2025-03-07 | Chicago Atlantic Credit Opportunities, LLC | Buy | 2.0K | $0.35 |
| 2024-12-30 | Chicago Atlantic Credit Opportunities, LLC | Buy | 32.0M | $0.62 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Exhibits | filing ↗ |
| 2026-06-18 | Material agreementReg FDExhibits | filing ↗ |
| 2026-06-11 | Exhibits | filing ↗ |
| 2026-06-11 | Reg FDOtherExhibits | filing ↗ |
| 2026-06-11 | Material agreementDebt obligation3.02Reg FDExhibits | filing ↗ |
| 2026-06-09 | Auditor changeReg FDExhibits | filing ↗ |
| 2026-06-03 | Shareholder vote | filing ↗ |
| 2026-05-29 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K/A | 2026-06-18 | 2026-04-08 | 0001104659-26-075862 ↗ |
| 8-K | 2026-06-18 | 2026-06-14 | 0001104659-26-075721 ↗ |
| 8-K/A | 2026-06-11 | 2026-03-31 | 0001104659-26-072943 ↗ |
| 8-K | 2026-06-11 | 2026-06-05 | 0001104659-26-072935 ↗ |
| 8-K | 2026-06-11 | 2026-06-05 | 0001104659-26-072936 ↗ |
| 8-K | 2026-06-09 | 2026-06-05 | 0001104659-26-071886 ↗ |
| 8-K | 2026-06-03 | 2026-05-29 | 0001104659-26-070099 ↗ |
| 8-K | 2026-05-29 | 2026-05-26 | 0001104659-26-068242 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001104659-26-059005 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001104659-26-059455 ↗ |
| 8-K | 2026-05-05 | 2026-04-29 | 0001104659-26-055624 ↗ |
| 8-K | 2026-04-14 | 2026-04-08 | 0001104659-26-043175 ↗ |