Company Profile
Vireo Growth Inc. is a vertically integrated cannabis company and agricultural markets platform operating across multiple U.S. states. The company cultivates, manufactures, and sells cannabis products through a network of retail dispensaries, and has recently expanded its footprint through a series of acquisitions. We have covered the company in two articles, both concerning its proposed acquisition of Planet 13 Holdings Inc.
History
On July 27, 2026, Vireo Growth and Planet 13 Holdings jointly announced they had entered into a definitive merger agreement dated July 26, 2026. The all-stock transaction would see a Vireo subsidiary merge into Planet 13, leaving Planet 13 as a direct, wholly owned subsidiary of Vireo. The combined entity would retain the Vireo Growth name and integrate the two companies’ retail and cultivation operations. The announcement noted that the deal required approval from Planet 13’s stockholders and various regulatory bodies, and that Vireo intended to file a registration statement on Form S-4 with the SEC to facilitate the vote.
Three days later, on July 30, 2026, Vireo disclosed the specific terms of the merger in a subsequent filing. Under the agreement, each share of Planet 13 common stock would be converted into the right to receive 0.015383618 of a Vireo subordinate voting share. The boards of both companies had unanimously approved the deal, with Planet 13’s board acting on the recommendation of a special committee of independent directors. The filing also detailed the treatment of Planet 13’s outstanding equity awards: underwater stock options would be cancelled, other options would convert into Vireo options, and all restricted stock units would fully vest immediately before closing and convert into the merger consideration. The transaction remained subject to Planet 13 stockholder approval, including a majority of the outstanding shares, and the satisfaction of other customary closing conditions.