MINNEAPOLIS, April 1, 2021 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF), the science-focused, multi-state cannabis company, today announced that the sale of its former subsidiary, Ohio Medical Solutions, LLC, to Ayr Wellness, Inc. closed on March 31, 2021. In connection with the closing of the transaction, Vireo received cash proceeds of $1.15 million, and was relieved of $3.6 million in right of use liabilities affiliated with lease obligations.
The closing of this transaction was another important milestone in the successful execution of our core market strategy, which has been focused on increasing scale in our vertically-integrated markets of Arizona, Maryland, Minnesota, New Mexico, and New York.
Dr. Kyle Kingsley, Chairman & Chief Executive Officer
Our improving strength in these markets, combined with more favorable regulatory environments at both the local and federal levels, has improved our confidence in the overall trajectory of our business and we no longer plan to consider further divestitures of our asset portfolio as we see greater opportunities to generate more compelling value for shareholders.
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 facilities, state-of-the-art cultivation sites and distributes its products through its growing network of Green Goods™ and other 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 eight markets and operates 16 dispensaries nationwide. For more information about Vireo Health, please visit www.vireohealth.com.