MINNEAPOLIS, April 1, 2021 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF), the science-focused, multi-state cannabis company, today announced that the sale of its former subsidiary, Ohio Medical Solutions, LLC, to Ayr Wellness, Inc. closed on March 31, 2021. In connection with the closing of the transaction, Vireo received cash proceeds of $1.15 million, and was relieved of $3.6 million in right of use liabilities affiliated with lease obligations.
“The closing of this transaction was another important milestone in the successful execution of our core market strategy, which has been focused on increasing scale in our vertically-integrated markets of Arizona, Maryland, Minnesota, New Mexico, and New York,” said Chairman & Chief Executive Officer, Dr. Kyle Kingsley. “Our improving strength in these markets, combined with more favorable regulatory environments at both the local and federal levels, has improved our confidence in the overall trajectory of our business and we no longer plan to consider further divestitures of our asset portfolio as we see greater opportunities to generate more compelling value for shareholders.”
About Vireo Health International, Inc.
Vireo Health International, Inc. is a physician-led cannabis company focused on bringing the best of technology, science, and engineering to the cannabis industry. Vireo manufactures proprietary, branded cannabis products in environmentally friendly facilities, state-of-the-art cultivation sites and distributes its products through its growing network of Green Goods™ and other retail locations and third-party dispensaries. Vireo’s team of more than 400 employees, led by scientists, engineers, and cultivation experts, is focused on efficiency and the creation of best-in-class products, while driving scientific innovation within the cannabis industry and developing meaningful intellectual property. Today, Vireo is licensed to grow and/or process cannabis in eight markets and operates 16 dispensaries nationwide. For more information about Vireo Health, please visit www.vireohealth.com.
Forward Looking Statement Disclosure
This press release contains “forward-looking information” within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes “financial outlooks” within the meaning of applicable United States or Canadian securities laws, such information is being provided as preliminary financial results and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as “potential,” “plans,” “is expected,” “expects,” “does not expect,” “growing” or “foreseeable.” Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.
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SOURCE Vireo Health International, Inc.