Vireo Growth (Goodness Growth) (VREOF) is a multi-state cannabis operator (MSO) trading on the OTC. The stock is currently priced at $7.90 with a market capitalization of $361.6M and trailing twelve-month revenue of $511.7M. The company reports a gross margin of 48.6%. View SEC filings ↗
Market Cap
$361.6M
Volume
24.1K
Prev Close
$7.72
52W High
$21.76
52W Low
$7.69
P/S Ratio
0.71
Shares Out
45.1M
Revenue
$511.7M
Gross Margin
48.6%
Cash
$122.7M
VREOF Price Chart
Latest Quarterly Results
In Q2 2026, Vireo Growth (Goodness Growth) reported revenue of $209.3M, up 335.1% from Q2 2025. Gross margin was 45.5%. The net loss was $100.0K. The company ended the quarter with $122.7M in cash and $23.6M of debt.
| VREOF | Q2 2026 | YoY |
|---|---|---|
| Revenue | $209.3M | +335.1% |
| Gross margin | 45.5% | +3.1 pts |
| Net income | -$100.0K | — |
| Operating cash flow | $2.4M | — |
| Cash & equivalents | $122.7M | +15.6% |
| Total debt | $23.6M | +138.7% |
Source: SEC filings, in USD; quarters are calendar quarters of the period end. Latest filing: 10-Q, filed Aug 14, 2026 ↗. Next report expected around Nov 16, 2026 (estimate).
Trading Data
Valuation Metrics
Financial Highlights
View Full FinancialsQuarterly Revenue
Reported quarterly revenue (SEC filings)
TTM: $511.7M
VREOF Key Takeaways
- Vireo Growth (Goodness Growth) (VREOF) trades at $7.90 with a market cap of $361.6M, ranking #12 among 71 cannabis stocks.
- Trailing twelve-month revenue is $511.7M, growing +316.70% year-over-year.
- Gross margin stands at 48.6% — strong margin profile for a cannabis company.
- Balance sheet shows $122.7M cash against $23.6M debt — net cash positive.
- Price-to-Sales ratio of 0.71x — below sector median, potentially undervalued.
- Ranked #5 by market cap in the MSO sector. Trades on the OTC exchange.
VREOF Stock Analysis
Vireo Growth (Goodness Growth) (VREOF) is a multi-state cannabis operator (MSO) listed on the OTC exchange, headquartered in the United States. With a current share price of $7.90 and a market capitalization of $361.6M, VREOF ranks #12 out of 71 publicly traded cannabis stocks tracked on Cannabismarketcap.
From a fundamental perspective, Vireo Growth (Goodness Growth) reports trailing twelve-month revenue of $511.7M, representing growth of +316.70% year-over-year. The company maintains a gross margin of 48.6%, which places it among the stronger operators in the cannabis space. At a price-to-sales multiple of 0.71x, the stock appears attractively valued relative to its revenue base.
The company's balance sheet shows $122.7M in cash and equivalents against $23.6M in total debt, resulting in a healthy net cash position of $99.1M. Investors looking for a deeper dive can explore VREOF's full financial statements including quarterly breakdowns and balance sheet history.
VREOF currently trades within a 52-week range of $7.69 to $21.76. Average daily trading volume stands at 24.1K shares.
Corporate Information
Share Structure
VREOF Price History
Investment Snapshot
Programmatic analysis based on available financial data. Not investment advice.
Ranked #12 of 71 by market cap ($361.6M). Sector median: $32.9M.
Net cash: $99.1M ($122.7M cash, $23.6M debt). Gross margin at 48.6%.
Revenue growth at +316.7% YoY. Sector median: +1.6%.
P/S ratio of 0.71x vs sector median of 0.71x. Potentially undervalued.
Cannabis Industry Context
Cannabis Industry Overview
The United States cannabis market is shaped by a patchwork of state-level legalization frameworks, creating a unique operating environment for multi-state operators (MSOs). Because cannabis remains a Schedule I substance under the federal Controlled Substances Act, MSOs face the punitive Section 280E of the Internal Revenue Code, which disallows standard business deductions and dramatically inflates effective tax rates. Despite these headwinds, MSOs have built vertically integrated operations spanning cultivation, manufacturing, and retail across dozens of limited-license states. The potential passage of the SAFE Banking Act — which would allow federally regulated banks to service state-legal cannabis businesses — remains one of the most closely watched catalysts in the sector. Until banking reform is enacted, MSOs rely on alternative lending, sale-leaseback arrangements, and private credit facilities that carry significantly higher costs of capital than those available to companies in federally legal industries. Market participants also monitor progress toward federal rescheduling or descheduling, which could unlock institutional investment, enable national exchange listings, and level the competitive playing field with Canadian licensed producers that already trade on major exchanges.
Vireo Growth (Goodness Growth) in the Multi-State Operator (MSO) Landscape
Vireo Growth (Goodness Growth) (VREOF) currently ranks #5 out of 23 publicly traded multi-state operator (mso) companies by market capitalization, with a market cap of $361.6M. The company reports trailing-twelve-month revenue of $511.7M, placing it above the sector median of $276.5M. The multi-state operator (mso) sector comprises 23 tracked companies, reflecting the broad competitive landscape within this segment of the cannabis industry.
The top companies in the multi-state operator (mso) sector by market capitalization are Curaleaf Holdings (CURLF) at $2.28B, Trulieve Cannabis (TRLV) at $2.08B, and Green Thumb Industries (GTBIF) at $1.54B. Vireo Growth (Goodness Growth) competes within this group for market share, investor attention, and operational scale as the sector continues to mature.
Key Metrics at a Glance
Regulatory & Risk Considerations
All cannabis investors should be aware that federal legalization status in the United States remains uncertain. While cannabis is legal for medical use in the majority of US states and for adult use in a growing number of jurisdictions, it remains classified as a Schedule I controlled substance at the federal level. This creates material legal, financial, and operational risks across the industry. For multi-state operators like Vireo Growth (Goodness Growth), the most immediate regulatory burdens include Section 280E of the Internal Revenue Code, which prevents cannabis businesses from deducting ordinary business expenses and can push effective tax rates above 70%. MSOs also face acute banking challenges: most federally chartered banks and credit unions will not open accounts for plant-touching companies, forcing reliance on cash operations, state-chartered institutions, or costly alternative financial services. Each state imposes its own licensing requirements, packaging standards, testing mandates, and operational rules, requiring MSOs to maintain separate compliance infrastructures in every market.
State-by-state compliance costs represent a significant and often underappreciated expense. Licensing fees, mandatory security systems, seed-to-sale tracking integration, local zoning approvals, and ongoing regulatory audits all contribute to a cost structure that is substantially higher than comparable consumer packaged goods businesses. Additionally, limited-license market structures — while providing competitive moats — create political risk if states later expand licensing availability. Investors should also monitor developments in interstate commerce, which could fundamentally reshape the competitive landscape by allowing product to flow across state lines.
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Frequently Asked Questions
What is Vireo Growth (Goodness Growth)'s (VREOF) stock price today?▼
Vireo Growth (Goodness Growth) (VREOF) stock is currently trading at $7.90 per share on the OTC exchange. This represents a daily gain of +2.31% ($0.18) from the previous closing price of $7.72. Over the past 52 weeks, VREOF has traded between a low of $7.69 and a high of $21.76, placing the current price at approximately -64% from its annual high. The stock has a market capitalization of $361.6M, making it a notable cannabis companies tracked by Cannabismarketcap. Vireo Growth (Goodness Growth) operates in the MSO sector, serving the broader cannabis industry.
What is Vireo Growth (Goodness Growth)'s market capitalization?▼
Vireo Growth (Goodness Growth) (VREOF) has a current market capitalization of $361.6M, calculated by multiplying its 45.1M shares outstanding by the current stock price of $7.90. Market capitalization is a key measure of a company's total equity value as perceived by the public market, and it places Vireo Growth (Goodness Growth) among the mid-cap cannabis companies tracked on Cannabismarketcap. For context, the enterprise value (market cap plus debt minus cash) stands at $262.5M, which accounts for the company's balance sheet structure. Investors often use market cap alongside revenue and profitability metrics to assess relative valuation within the cannabis sector.
Is Vireo Growth (Goodness Growth) profitable?▼
Vireo Growth (Goodness Growth) (VREOF) currently reports a gross margin of 48.6%, which means the company retains 48.6 cents of every revenue dollar after direct costs of goods sold. On trailing twelve month revenue of $511.7M, this translates to an estimated gross profit of approximately $248.9M. Profitability is a critical factor in the cannabis industry, where many companies are still investing heavily in growth and regulatory compliance. Investors should review the full income statement, cash flow trends, and operating expense breakdown on Cannabismarketcap for a complete picture of Vireo Growth (Goodness Growth)'s financial health.
What is Vireo Growth (Goodness Growth)'s annual revenue?▼
Vireo Growth (Goodness Growth) (VREOF) reports trailing twelve month (TTM) revenue of $511.7M, reflecting the total sales generated by the company over the most recent four quarters. Revenue has changed +316.70% year-over-year, indicating growth momentum relative to the prior period. The current price-to-sales ratio is 0.71x, which means investors are paying $0.71 for every $1 of annual revenue — a relatively low valuation in the context of the cannabis sector. Revenue is one of the most closely watched metrics for cannabis companies, as many are still scaling operations in a rapidly evolving regulatory environment. View the full income statement and quarterly revenue breakdown on Cannabismarketcap for detailed trend analysis.
What exchange is VREOF listed on?▼
Vireo Growth (Goodness Growth) trades under the ticker symbol VREOF on the OTC exchange, and the stock is denominated in US dollars (USD). Shares can typically be purchased through most standard brokerage accounts, though some brokers may charge additional fees for OTC-listed securities. The stock sees average daily trading volume of approximately 24.1K shares, which is an important consideration for liquidity and the ability to enter or exit positions without significant price impact.
What is Vireo Growth (Goodness Growth)'s gross margin?▼
Vireo Growth (Goodness Growth) (VREOF) has a gross margin of 48.6%, which represents the percentage of revenue the company retains after paying for the direct cost of goods sold. On trailing twelve month revenue of $511.7M, this translates to an estimated gross profit of approximately $248.9M. Gross margin is a critical profitability indicator in the cannabis industry, where companies face unique cost pressures from regulatory compliance, testing requirements, and the tax burden of IRC Section 280E (which prevents cannabis companies from deducting standard business expenses). A moderate gross margin like Vireo Growth (Goodness Growth)'s suggests the company has pricing power and operational efficiency relative to peers.
What is VREOF's 52-week trading range?▼
Vireo Growth (Goodness Growth) (VREOF) has traded between a 52-week low of $7.69 and a 52-week high of $21.76, with the current price of $7.90 sitting approximately -64% from the annual high. This range represents a spread of $14.07 (183% from low to high), which reflects the volatility the stock has experienced over the past year. The 52-week range is a commonly used technical indicator that helps investors understand whether a stock is trading near the top or bottom of its recent range, and it can inform decisions about entry and exit points. Cannabis stocks in general tend to exhibit higher volatility than broader market indices due to evolving regulations and market sentiment.
What is Vireo Growth (Goodness Growth)'s cash position and debt level?▼
Vireo Growth (Goodness Growth) (VREOF) holds $122.7M in cash and equivalents on its balance sheet, set against $23.6M in total debt. This gives the company a net cash position of $99.1M. Balance sheet strength is especially important in the cannabis industry, where companies often face limited access to traditional banking and capital markets. Investors should track these metrics over time on Cannabismarketcap to identify trends in cash consumption and debt management.
How many shares outstanding does Vireo Growth (Goodness Growth) have?▼
Vireo Growth (Goodness Growth) (VREOF) currently has 45.1M shares outstanding, which when multiplied by the current stock price of $7.90 gives the company its market capitalization of $361.6M. Share count is important because all per-share metrics (earnings per share, book value per share, etc.) are directly impacted by changes in shares outstanding. Cannabis companies frequently issue new shares to raise capital, so monitoring dilution trends on Cannabismarketcap is recommended for long-term investors.
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