Vireo Health Celebrates Fifth Anniversary of First New York Cannabis Harvest with Expansion Plan in Fulton County
— Option to purchase up to 96 acres of additional land in NY State provides significant expansion potential —
JOHNSTOWN, N.Y., Nov. 9, 2020 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company) (CNSX: VREO,OTCQX: VREOF), a physician-led, patient-focused medical cannabis company, today celebrated the fifth anniversary of its inaugural cannabis harvest in New York State and simultaneously announced that it has secured a purchase option that would enable the Company to significantly expand its cultivation and processing operations adjacent to the Vireo Bluebird Facility in Fulton County, NY.
This purchase option agreement provides Vireo with the optionality to expand its cultivation and manufacturing capabilities in the state of New York. The option allows Vireo the flexibility to add up to an additional 96 acres of land adjacent to its existing facilities for a total purchase price of approximately US $1.3 million.
In 2015, Vireo was proud to harvest New York’s first legal cannabis crop in over 100 years. Since then, Vireo has helped more than 20,000 New Yorkers receive safe and effective treatment with medical cannabis.
Chairman and Chief Executive Officer, Dr. Kyle Kingsley
With the potential for regulatory changes in the New York cannabis program in 2021, this option to expand our facility with 96 additional acres should create a major opportunity for Vireo in New York, which would immediately become one of the largest adult-use markets in the country.
“The legalization of adult-use cannabis would be a significant step towards addressing key challenges specific to the plant – accessibility, affordability, product safety, and progress toward righting past harms inflicted by the War on Drugs,” said Chief Medical Officer, Dr. Stephen Dahmer. “A well-designed adult-use cannabis program would increase access to safer, state-regulated cannabis products, while potentially creating up to $500 million dollars in additional tax revenues. To support diversity and inclusion, the program should prioritize licenses, job training, and scholarships specifically for minority communities that have been disproportionately impacted by the prohibition of cannabis.”
About Vireo Health International, Inc.
Vireo Health International, Inc. (“Vireo” or the “Company”) 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 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 8 markets. The Company is operational in 7 of those 8 markets – including the core markets of Arizona, Maryland, Minnesota, New Mexico, New York, Pennsylvania. The Company holds 32 total retail dispensary licenses, of which 13 are currently open for business. For more information about Vireo Health, please visit www.vireohealth.com.
Contact Information
Media Inquiries
Albe Zakes
Vice President, Corporate Communications
albezakes@vireohealth.com
(267) 221-4800
Investor Inquiries
Sam Gibbons
Vice President, Investor Relations
samgibbons@vireohealth.com
(612) 314-8995
