Vireo Growth Closes Bridgewell Deal, Eyes Nevada and Maryland Markets

Vireo Growth Inc. completed its acquisition of Bridgewell Agribusiness LLC this week, adding Arizona cultivation and processing assets to its portfolio while signaling plans to pursue retail locations in Nevada and Maryland.

The Minneapolis-based multi-state operator (CSE: VREO, OTCQX: VREOF) closed the Bridgewell transaction on June 5, acquiring all partnership interests in the Arizona-focused cannabis company. Financial terms weren't disclosed in the company's announcement.

Bridgewell operates cultivation and processing facilities in Arizona, a market that generated $1.4 billion in adult-use cannabis sales in 2025. The acquisition gives Vireo a manufacturing foothold in the state, though the company didn't specify production capacity or current output levels.

Expansion Strategy Takes Shape

Beyond the completed Arizona deal, Vireo outlined plans to acquire dispensary operations in two additional states. The company said it's targeting retail locations in Nevada and Maryland, both established medical and adult-use markets.

Maryland launched adult-use sales in July 2023 and recorded $1.1 billion in combined medical and recreational revenue last year. Nevada's mature market pulled in roughly $1 billion in adult-use sales during the same period, though the state has seen increased competition and price compression.

Vireo currently operates in Minnesota, where it holds one of the state's original medical cannabis licenses. Minnesota opened its adult-use market in phases starting in 2024, with full retail rollout continuing through 2025.

The Numbers

The company didn't break out revenue projections for the newly acquired assets or provide a timeline for the Nevada and Maryland transactions. Vireo also hasn't announced whether it signed definitive agreements for those dispensaries or is still in negotiation phases.

Multi-state operators have faced headwinds over the past year as capital markets remain tight and several state markets experience oversupply. But strategic acquisitions in limited-license states like Maryland can offer more stable returns than expansion in saturated markets.

Vireo's stock trades on the Canadian Securities Exchange and over-the-counter in the U.S., a common structure for cannabis companies unable to list on major American exchanges due to federal prohibition.

What's Next

The company said it expects to provide additional details on the Nevada and Maryland acquisitions "in due course," suggesting deals may still be under negotiation or pending regulatory approval.

State cannabis regulators in both Nevada and Maryland require ownership transfer approvals, processes that typically take 60 to 90 days depending on application completeness and background check requirements.

Vireo hasn't announced whether it plans additional acquisitions beyond the three deals mentioned or how the expansion fits into broader growth targets for 2026.

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This article is based on original reporting by financialpost.com.