- Vireo Growth (CSE:VREO) partnered with Ace Venture of NY to establish New York’s first minority-owned vertically integrated medical cannabis company
- Ace Venture of NY is a New York-based minority and women-owned cannabis business enterprise
- Vireo Growth stock last traded at C$0.55 and has added 1.85 per cent year-over-year
Vireo Growth (CSE:VREO) partnered with Ace Venture of NY, a New York-based minority and women-owned cannabis business enterprise led by Steven Acevedo, to establish New York’s first minority-owned vertically integrated medical cannabis company.
Under the partnership, Ace will take a 51 per cent interest in subsidiary Vireo Health of New York, combining its social equity platform with Vireo’s operational, compliance and regulatory experience in the New York cannabis market, which dates back to 2014.
ACE Venture of NY was founded to build expertise across the cannabis industry, while investing in communities most affected by drug use and related government enforcement, aiming to run a profitable company with social consciousness at its core.
Vireo Health of New York, for its part, operates one of the state’s most advanced cannabis platforms, spanning cultivation, manufacturing and retail.
According to Monday’s news release, “by pairing local leadership with one of the most established operating platforms in the state, the transaction is designed to create a durable enterprise aligned with regulatory priorities and long-term growth.”
Readers should note evidence for this growth on Vireo’s income statements, which show more than 3x revenue growth from US$74.6 million in 2022 to US$268.7 million in 2025, complemented by gradually decreasing losses per share from C$0.33 in 2022 to C$0.09 over the trailing twelve months, setting a prospective tone for the quarters to come.
Management commentary
“New York’s cannabis industry must reflect the communities it serves. I’ve spent my career building relationships across neighborhoods, community organizations and business leaders throughout this state, and I believe this moment is about pairing that local trust with real operating strength,” Acevedo said in a statement.
“We’re excited to reach this agreement with Ace, which will bring tremendous leadership to New York’s cannabis community. We are eager to support Ace’s market entry through our ongoing operating agreement and anticipate meaningful opportunities for our organization to collaborate with the Ace team in the future,” added John Mazarakis, chief executive officer of Vireo Growth. “This partnership reflects our belief that social equity and operational excellence must go hand in hand. Steven brings meaningful community credibility and leadership, and together we are committed to building a platform that aligns with New York’s regulatory framework and long-term objectives.”
About Vireo Growth
Vireo Growth is a US medical cannabis company with a national presence.
Vireo Growth stock (CSE:VREO) last traded at C$0.55 and has added 1.85 per cent year-over-year.
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