Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Research Coverage on Small and Micro-Cap Companies

Equity Bottom-Up

<ul><li>Key 2Q25 takeaways include: 1) we believe Vireo has reached critical mass, with market shares continuing to roll up to scale-enabled MSOs 2) our model incorporates accelerating sales in Minnesota and New York, where management remains focused on building out cultivation/production capacity to meet building adult-use demand 3) Vireo recently announced a licensing agreement with Curio Wellness to manufacture the company's full portfolio of cannabis products for distribution across VREOF's existing infrastructure in New York, thereby further expanding the product portfolio and 4) management recently refinanced existing senior secured debt (inclusive of all recently assumed debt related to the merger transactions) resulting in $10+ million of interest expense savings on an annualized basis, as well as enhanced flexibility to fund organic growth initiatives and/or capitalize on incremental M&A opportunities.</li></ul>

Key 2Q25 takeaways include: 1) we believe Vireo has reached critical mass, with market shares continuing to roll up to scale-enabled MSOs 2) our model incorporates accelerating sales in Minnesota and New York, where management remains focused on building out cultivation/production capacity to meet building adult-use demand 3) Vireo recently announced a licensing agreement with Curio Wellness to manufacture the company's full portfolio of cannabis products for distribution across VREOF's existing infrastructure in New York, thereby further expanding the product portfolio and 4) management recently refinanced existing senior secured debt (inclusive of all recently assumed debt related to the merger transactions) resulting in $10+ million of interest expense savings on an annualized basis, as well as enhanced flexibility to fund organic growth initiatives and/or capitalize on incremental M&A opportunities.

VREOF: 2Q25 Earnings Review - Transformational Quarter  Earnings Power Set to Ramp Up

Vireo Growth

VREOF: 2Q25 Earnings Review - Transformational Quarter Earnings Power Set to Ramp Up