Vireo's Q2 numbers show what buying your way to 270 dispensaries looks like on paper

Vireo Growth reported Q2 2026 revenue of $209.3 million, up 335% year-over-year and ahead of Wall Street's $160.5 million estimate. Net loss narrowed to essentially breakeven at $0.1 million, down from a $14.9 million loss a year earlier, with adjusted EBITDA of $41.5 million on a 19.8% margin.

Almost none of that growth is organic — it's the Hawthorne, Eaze and Bridgewell acquisitions that closed during the quarter, stacked on prior deals. Pro forma revenue, which counts those acquisitions as if they'd been in place since the start of the quarter, comes to $254.9 million — the number Vireo is using to claim an annualized run rate north of $1 billion.

CEO John Mazarakis was blunt about the strategy on the earnings call: buy financially strained but operationally sound businesses around 4x EBITDA, mostly with equity rather than cash, and integrate fast under a deliberately "decentralized model" that keeps local management in place. Since quarter-end, Vireo has closed the PharmaCann asset purchase and announced deals for Cannabist's assets and a Planet 13 merger. Once everything closes, the company says it will run roughly 270 dispensaries across 15 states — more than any other single US operator by store count.

The balance sheet backs up the ambition: $122.7 million in cash and a new $65 million credit facility, expandable to $105 million, give Vireo room to keep buying without diluting shareholders as hard as some rivals have had to. For competitors, the takeaway is that Vireo's roll-up isn't slowing down — any operator sitting on distressed assets in a state Vireo doesn't already dominate should expect a call.