MINNEAPOLIS, Dec. 21, 2020 /PRNewswire/ --Vireo Health International, Inc. ("Vireo" or the "Company") (CNSX: VREO, OTCQX: VREOF), the science-focused, multi-state cannabis company with licenses in six states and the Commonwealth of Puerto Rico, today announced that the sale of its former subsidiary, Pennsylvania Dispensary Solutions, LLC, to a subsidiary of Jushi Holdings, Inc. ("Jushi") (CSE: JUSH, OTCMKTS: JUSHF) closed on December 18, 2020. The transaction resulted in cash proceeds to Vireo of approximately $5.7 million.
Chairman and Chief Executive Officer, Dr. Kyle Kingsley commented, "We are pleased with the continued progress of our core market strategy and the improved strength of our balance sheet, and we're looking forward to performance contributions from our recently completed capacity expansion projects and new retail store openings. We continue to see significant opportunities to improve revenue growth and profitability in our core markets and remain committed to being strong stewards of capital for our shareholders while executing against our growth and profitability initiatives."
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 dispensaries and through hundreds of third-party dispensaries in seven states. 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 six 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 13 are currently open for business. For more information about Vireo Health, please visit www.vireohealth.com.