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 4Q25 takeaways include: 1) management has remained aggressive on the M&A front, with recent agreements/MOUs to acquire Eaze, PharmaCann, Schwazze, and Hawthhorne 2) on a pro forma basis, Vireo Growth will operate 166 dispensaries across 10 states, with approximately 800,000 square feet of cultivation and production facilities 3) while we suspect senior officials will provide some color on deal-related accretion on the company's fourth quarter 2025 earnings conference call, our back-of the envelope math suggests a material step up in earnings power following the closings 4) the rescheduling of marijuana from Schedule I to Schedule III potentially paves the way for several key benefits for cannabis-related businesses including the deduction of business expenses on federal tax returns, improved access to banking/financial services, and less onerous tax burdens and 5) as uncertainty around rescheduling probabilities, implications, and timelines fade, we look for cannabis stocks to benefit from powerful upward revaluations.</li></ul>

Key 4Q25 takeaways include: 1) management has remained aggressive on the M&A front, with recent agreements/MOUs to acquire Eaze, PharmaCann, Schwazze, and Hawthhorne 2) on a pro forma basis, Vireo Growth will operate 166 dispensaries across 10 states, with approximately 800,000 square feet of cultivation and production facilities 3) while we suspect senior officials will provide some color on deal-related accretion on the company's fourth quarter 2025 earnings conference call, our back-of the envelope math suggests a material step up in earnings power following the closings 4) the rescheduling of marijuana from Schedule I to Schedule III potentially paves the way for several key benefits for cannabis-related businesses including the deduction of business expenses on federal tax returns, improved access to banking/financial services, and less onerous tax burdens and 5) as uncertainty around rescheduling probabilities, implications, and timelines fade, we look for cannabis stocks to benefit from powerful upward revaluations.

Vireo Growth

VREOF: 2025년 4분기 실적 전망