Vireo Health International, Inc. (“Vireo” or the “Company”) (CNSX: VREO; OTCQX: VREOF), the science-focused, multi-state cannabis company, today announced that its subsidiary company, MaryMed, LLC, has completed its previously-announced capacity expansion initiatives in the state of Maryland and has also received regulatory approval to open its first retail dispensary in Maryland, located in the town of Frederick.
“We are very pleased to complete our vertical integration in Maryland, where the state’s medical cannabis program is continuing to experience increasing demand and there is potential for the passage of adult use legislation this session,” said Chairman and Chief Executive Officer, Dr. Kyle Kingsley. “The recent investments we’ve made to expand cultivation and processing capabilities and the opening of our first retail location will help us meet growing demand for cannabis products in the state for the foreseeable future.”
The completion of MaryMed’s capacity expansion was achieved earlier this week when the Company transferred the cultivation operations of its former 22,500 sq. ft. co-located cultivation and processing facility in Hurlock, MD to its new 110,000 sq. ft. location in Massey, MD, which also received regulatory approval this week. The cultivation facility in Massey is already operational and is expected to increase the Company’s cultivation capacity in the state by nearly 12 times. The facility in Hurlock will now be used solely for processing and manufacturing finished products to be sold to wholesale and retail customers. The expanded processing space will accommodate the implementation of several more manufacturing lines.
The Company’s Green Goods™ retail dispensary in Frederick is expected to open on March 12, 2021. Green Goods™ locations are designed to create an inviting atmosphere that provides personalized service and wellness programs for cannabis consumers. The Frederick location will be the Company’s first dispensary in Maryland and 16th dispensary nationwide. Vireo’s management team expects to continue pursuing additional opportunities to improve revenue growth and profitability in the state of Maryland.
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 15 dispensaries nationwide. Vireo holds additional retail licenses in four markets. 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.