[PRESS RELEASE] – MINNEAPOLIS, Oct. 5, 2026 – Vireo Growth Inc., a leading cannabis company and agricultural markets platform, announced that VIREO PROPERTY HOLDINGS LLC, a Delaware limited liability company (“Holdings”), VIREO PROPERTY HOLDINGS NEW YORK LLC, a Delaware limited liability company (“Holdings NY”), VIREO PROPERTY HOLDINGS FLORIDA LLC, a Delaware limited liability company (“Holdings FL”), 256 COUNTY ROUTE 117 PERTH LLC, a Delaware limited liability company (“NY PropCo”), and 160 COMFORT ROAD LLC, a Delaware limited liability company (“FL PropCo”, and together with Holdings, Holdings NY, Holdings FL and NY PropCo, collectively, the “borrower”), have entered into a US$60 million real estate financing (the “loan”) with a U.S. commercial bank and institutional lender, related to the cannabis cultivation and production facilities located in Johnstown, N.Y., and Palatka, Fla. (collectively, the “properties”).
Approximately US$49 million of the financing proceeds are being used to refinance existing senior debt that was entered into in connection with the previously announced option to purchase the Johnstown facility, and approximately US$11 million of the financing proceeds are being used to finance the acquisition of the Palatka facility.
The Palatka facility is a significant cultivation and production asset supporting the company’s Green Dragon operations and is an important component of Vireo’s strategy to build scale and strengthen its vertically integrated platform in Florida. The Palatka facility was previously leased from Rainbow Palatka FL LLC. In connection with the acquisition of the Palatka facility, the existing lease with Rainbow will be terminated and a new lease with Green Dragon Florida LLC, an affiliate of Vireo, will be executed.
The US$60 million loan bears interest at 8.5% per annum and matures on April 2, 2034. The loan is secured by a first-priority mortgage on the properties, a first-priority pledge of membership interests by each of Vireo Health Inc., a wholly owned subsidiary of Vireo, Holdings, Holdings NY and Holdings FL in their respective wholly owned subsidiaries comprising the borrower, a security interest in substantially all personal property of the borrowers and other loan parties and is subject to customary terms and conditions.
“This $60 million credit facility is an important milestone for Vireo and directly supports our strategic growth plans,” Vireo Growth Chief Financial Officer Tyson Macdonald said. “The facility carries an 8.5% interest rate, among the most attractive rates in the cannabis sector, and reflects the strength of our business and continued access to institutional capital as we execute on our growth strategy. We look forward to working with the lender as a long-term banking partner for our future capital needs.”
Additional information regarding the financing and its material terms and conditions will be included in the company’s regulatory filings.
