Key Highlights

• On 11 August 2026, Vireo reported second-quarter Revenue of about US$209.3 million, up about 335% year over year, with cannabis revenue of about US$175.8 million, up about 265.5%, and non-cannabis revenue of about US$33.5 million.
• Gross Margin was about 45.5% on a reported basis, and adjusted Earnings before interest, tax, Depreciation and Amortisation rose about 212% to about US$41.5 million.
• Revenue growth of about 335% is extraordinary, but it is overwhelmingly the result of acquisitions rather than organic growth, so it reflects the enlarging of the company through deals rather than underlying Business momentum.
• The swing to essentially breakeven net…