Vireo Health Expands National Footprint with Acquisition of New Mexico Medical Cannabis Company
Vireo Health International, Inc. (“Vireo” or the “Company”) (CSE: VREO), America’s leading science-focused, multi-state cannabis company, today announced the acquisition of an entity which manages the vertically-integrated operations of Red Barn, a holder of one New Mexico’s medical cannabis licenses. Red Barn currently operates two medical cannabis dispensaries, located in Santa Fe and Gallup, and a cultivation and processing facility, located in Gallup.
“Vireo Health is excited to expand our operations into New Mexico’s well-established medical cannabis market,” said Chief Executive Officer, Kyle Kingsley, M.D.“Red Barn is a well-respected operator in New Mexico’s medical cannabis program, which has earned the trust of consumers. We look forward to welcoming Red Barn into the Vireo Family. Together, we will create best-in-class products and continue to provide patients with compassionate care.”
In 2007, New Mexico became the 12th state in the United States to adopt a medical cannabis program. According to the New Mexico Department of Health Services, in February 2019, there were 70,109 active qualifying patients enrolled in the state’s medical cannabis program. The New Mexico Medical Cannabis program includes 35 Licensed Non-profit Producers (“LNPPs”) which cultivate and distribute cannabis to qualified patients. On March 1, 2019, the New Mexico Department of Health Services enacted an emergency rule that increased the plant limit count from 450 to 2,500 – an increase of over 500 percent.
This transaction, which was previously disclosed, was financed through a combination of cash and stock and represents Vireo Health’s second acquisition since it began trading on the Canadian Securities Exchange under the ticker symbol “VREO.” Vireo Health now has more than 300 employees across operations in eight states including Arizona, Maryland, Minnesota, New Mexico, New York, Ohio, Pennsylvania, and Rhode Island.
About Vireo Health International, Inc.
Vireo Health International, Inc. is America’s leading science-focused, multi-state cannabis company. Vireo’s physician-led team of more than 300 employees provides best-in-class cannabis products and customer experience. Vireo cultivates cannabis in environmentally-friendly greenhouses, manufactures pharmaceutical-grade cannabis extracts, and sells its products at both company-owned and third-party dispensaries. The Company currently has operations in eight states including Arizona, Maryland, Minnesota, New Mexico, New York, Ohio, Pennsylvania, and Rhode Island. For more information about the company, please visit www.vireohealth.com.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.