Vireo Finalizes Acquisition of 45 Dispensaries Across Colorado and New Mexico
- Vireo Growth Inc. completed the acquisition of assets from Schwazze, adding 45 dispensaries across Colorado and New Mexico, plus manufacturing facilities in both states.
- The acquisition, done at an assumed share price of $0.661, supports Vireo’s long-term growth strategy by expanding through existing retail infrastructure in established marijuana markets.
- Vireo plans to grow its regional presence to over 75 dispensaries, with Justin Dye appointed chairman and Forrest Hoffmaster named CEO for Colorado and New Mexico operations.
- The deal reflects ongoing industry consolidation as companies seek growth and efficiency amid pricing challenges and changing regulations, aligning with Vireo’s focus on disciplined expansion in competitive markets.
Vireo Growth Inc. today announced it has closed its acquisition of assets from multi-state operator Schwazze, adding dozens of dispensaries across Colorado and New Mexico. The deal includes 24 dispensaries in Colorado and 21 in New Mexico, along with one manufacturing facility in each state. The transaction was completed at an assumed share price of $0.661, giving Vireo an entry point the company says reflects current market conditions.
Vireo CEO John Mazarakis said the acquisition is a “meaningful step” in the company’s long-term growth strategy, allowing it to expand in two established marijuana markets through existing retail infrastructure rather than building from scratch.
The company indicated the deal could serve as a foundation for further expansion, with plans to scale its presence in the region to more than 75 dispensaries over time, depending on market conditions and regulatory approvals.
As part of the transition, Justin Dye will serve as chairman of Vireo’s Colorado and New Mexico operations, while Forrest Hoffmaster has been appointed CEO of the regional business. Hoffmaster said the acquisition marks a “new chapter” for the Schwazze team as it integrates into Vireo’s broader platform.
Vireo, founded in 2014, has historically focused on medical marijuana but has been expanding its presence in adult-use markets. The company said the acquisition aligns with its focus on disciplined growth and strengthening its retail footprint in competitive markets.
The move comes as consolidation continues across the marijuana industry, with companies increasingly turning to acquisitions to scale operations and improve efficiency amid pricing pressures and evolving state regulations.