[PRESS RELEASE] – MINNEAPOLIS, July 2, 2026 – Vireo Growth Inc., a leading vertically integrated cannabis company and agricultural markets platform, announced that it has entered into a securities purchase agreement (SPA) to acquire, jointly with Vive Penn LLC, a joint venture between the company and Hive Holdings Inc., all of the issued and outstanding limited liability company membership interests of FarmX LLC d/b/a PhytoNatural, which owns a non-operational retail permit that would, subject to regulatory approval, allow Vive to open up to six retail stores in Pennsylvania (the "PhytoNatural transaction").
Total consideration for the acquired licenses is approximately $20 million, with $8 million payable by Vive in cash at closing and the remaining $12 million payable through the issuance of approximately 645,161 subordinate voting shares of Vireo, to be issued two years following the closing date, subject to the terms of the SPA.
“Pennsylvania is an attractive medical market, approaching approximately 450,000 registered patients in the fifth most populous state in the country,” Vireo CEO John Mazarakis said. “This transaction, in partnership with Vive, provides Vireo with an entry into Pennsylvania through the ability to operate up to six medical dispensaries. We are evaluating sites for the Vive retail stores, and we believe we are well-positioned to build a meaningful presence in one of the country's leading limited-license cannabis markets.”
The PhytoNatural transaction is expected to close two business days following the date the parties satisfy all conditions precedent to the SPA, including the receipt of all required regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature.
