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Vireo Health Closes Purchase Of Four Medical Cannabis Licenses In Nevada

Vireo Health International, Inc., a multi-state cannabis company, said Thursday it has closed the purchase of four medical cannabis licenses in the state of Nevada.

The licenses, approved for both medical and adult-use cannabis, will enable Vireo to begin cultivating, manufacturing, and wholesaling cannabis products to Nevada's licensed dispensary operators. Vireo has active operations in exclusively medical cannabis-only markets.

Minneapolis, Minnesota-based Vireo had previously disclosed the transaction in March 2019. Regulatory approval for the transaction was received in October 2020.

"We've been looking forward to the addition of these Nevada licenses to our portfolio of cannabis assets since this transaction was announced, and we've already identified several paths toward monetizing the substantial opportunities we see to serve Nevada's attractive adult-use and medical markets," said Vireo Health Chairman and Chief Executive Officer, Dr. Kyle Kingsley.

Vireo said its existing 4,950 square feet structure is ready to commence production in the near future. The company expects to begin development of up to ten acres of additional indoor and outdoor cultivation over the course of the next year.

In October 2020, Vireo announced the launch of a new cannabis-based brand called 'Midnight'.

The Midnight brand was launched at Vireo's four medical dispensaries in New York as a softgel product. Vireo expects to expand the brand with additional product formats and new formulations this year.

Vireo is licensed to grow and process cannabis in seven markets. The company is operational in five of those markets - including the core markets of Arizona, Maryland, Minnesota, New Mexico, and New York. The company holds 29 total retail dispensary licenses, of which 16 are currently open for business.

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