VREOF - Vireo Health Announces Closing of Previously Announced Purchase of Cannabis Licenses in Nevada

PR Newswire

MINNEAPOLIS , Jan. 7, 2021 /PRNewswire/ -- Vireo Health International, Inc. ("Vireo" or the "Company") (CNSX: VREO, OTCQX: VREOF), the science-focused, multi-state cannabis company with licenses in seven states and the Commonwealth of Puerto Rico , announced today that the previously-disclosed purchase of four medical cannabis licenses in the state of Nevada closed on January 7, 2021 . The licenses allow for the cultivation and production of cannabis products for both medical and adult-use.

Chairman and Chief Executive Officer, Dr. Kyle Kingsley commented, "We've been looking forward to the addition of these Nevada licenses to our portfolio of cannabis assets since this transaction was announced, and we've already identified several paths toward monetizing the substantial opportunities we see to serve Nevada's attractive adult-use and medical markets."

Dr. Kingsley continued, "The existing 4,950 square feet structure is ready to begin production in the near future, and we expect to begin development of up to ten acres of additional indoor and outdoor cultivation over the course of the next year which will enable us to serve the Nevada market as a low-cost supplier of premium products."

This transaction was previously disclosed in March of 2019 and was subject to regulatory approval and transfer of ownership, which approval was obtained on October 20, 2020 . The licenses are approved for both medical and adult-use cannabis and will enable Vireo to begin cultivating, manufacturing, and wholesaling cannabis products to Nevada's licensed dispensary operators.

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, state-of-the-art greenhouses and other facilities and distributes its products through its growing network of Green Goods™ 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 seven markets. The Company is operational in five of those markets – including the core markets of Arizona , Maryland , Minnesota , New Mexico , and New York . The Company holds 29 total retail dispensary licenses, of which 16 are currently open for business. For more information about Vireo Health, please visit www.vireohealth.com .

SOURCE Vireo Health International, Inc.