VREOF - Vireo Health: The Achilles' Heel Of Multi-State Operators

• Vireo is a small multi-state operator with primary assets in Minnesota, Maryland, Arizona, New York, and Mexico.
• Most of Vireo's markets are secondary and the company lacks scale in each market which resulted in its weak financial performance.
• The stock had an almost 400% rally in the last 12 months including a 110% rally in 2021 alone; the stock is overvalued in our view.

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