💸 The Tape

Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) has entered one of the most active acquisition phases in its history, signaling aggressive ambitions to build scale and geographic reach across key U.S. cannabis markets.

In the past six months, the company has pursued multiple transformative deals, including the recently announced non-binding Memorandum of Understanding (MOU) with The Scotts Miracle-Gro Company to acquire The Hawthorne Gardening Company LLC (“Hawthorne”), a leading provider of nutrients, lighting, and indoor gardening supplies. The potential Hawthorne Transaction would see Vireo acquire the business — which includes at least $35 million in cash, $50 million in net working capital, and $20 million in inventory (mostly soil supplied over two years) — in exchange for 206 million subordinate voting shares and a warrant to purchase an additional 80 million shares at US$0.85, exercisable for five years.

If completed, the deal would bring Chris Hagedorn, Executive Vice President of ScottsMiracle-Gro and Executive Lead of Hawthorne, onto Vireo’s Board of Directors (subject to shareholder approval). CEO John Mazarakis described the potential transaction as consistent with the company’s disciplined growth strategy, noting it would provide Vireo with critical infrastructure, supply chain capabilities, and operational expertise in the indoor gardening space.

Separately, Vireo is advancing its previously announced Asset Purchase Agreement to acquire certain retail assets and properties of PharmaCann Inc. in Colorado. On December 16, 2025, the company signed the APA and a related Management Services Agreement (MSA). The MSA became effective March 22, 2026, allowing Vireo’s Colorado team to manage PharmaCann’s retail assets in the interim. Vireo has delivered 90,740,741 subordinate voting shares into escrow, to be released upon closing — expected in Q2 2026, subject to regulatory approval.

These moves follow Vireo’s earlier acquisition of certain Schwazze assets, which added 24 dispensaries in Colorado and 21 in New Mexico, plus manufacturing facilities in each state. That deal closed recently and brought experienced leadership, including Justin Dye as Chairman and Forrest Hoffmaster as CEO of the combined Colorado/New Mexico operations.

The rapid pace of acquisitions reflects a clear strategy: consolidate retail presence in mature and emerging markets while building complementary supply-chain capabilities. By acquiring established dispensary networks and now exploring the acquisition of a major indoor gardening and hydroponics business, Vireo is positioning itself as a vertically oriented operator with stronger control over both front-end retail and back-end inputs.

The Hawthorne deal, if finalized, would be particularly transformative. Hawthorne is a dominant player in the indoor gardening space, supplying nutrients, lighting, and materials to cannabis cultivators across North America. Integrating those capabilities could reduce Vireo’s reliance on third-party suppliers, improve cost structures, and create new revenue streams through cross-selling opportunities. The inclusion of significant cash and inventory on the balance sheet would also bolster liquidity and working capital.

Mazarakis has emphasized a “disciplined growth strategy” focused on capital-efficient expansion. The recent transactions align with that approach — acquiring operating assets and infrastructure at what the company views as attractive valuations rather than pursuing speculative greenfield builds.

Leadership additions further signal intent. Bringing in executives with deep retail and operational experience from Schwazze and potentially Hawthorne strengthens Vireo’s bench as it scales. The company now operates with a sharper focus on execution in core markets while exploring opportunities to expand its footprint.

Financially, these deals come as Vireo works to strengthen its balance sheet and operational efficiency. The cannabis industry continues to face pricing pressure and regulatory uncertainty, making scale, vertical integration, and cost control increasingly important competitive advantages.

Looking ahead, Vireo appears focused on building a more resilient platform. The combination of retail acquisitions in Colorado and New Mexico, potential supply-chain enhancement through Hawthorne, and ongoing operational improvements positions the company to better weather near-term challenges and capitalize on longer-term opportunities — particularly if federal rescheduling or state-level adult-use expansion creates new tailwinds.

While the Hawthorne Transaction remains subject to definitive agreements and regulatory approvals, and the PharmaCann Colorado deal is still pending closing, the pace and direction of Vireo’s recent activity suggest a company in active growth mode.

In an industry undergoing rapid consolidation, Vireo’s recent spree demonstrates a willingness to move decisively when attractive opportunities arise. The coming months will reveal how effectively the company integrates these assets and translates scale into improved margins and sustainable profitability.

📈 Dog Walkers

$VFF ( ▼ 1.12% ) Amends Facility

Village Farms International, Inc. (NASDAQ: VFF) has strengthened its financial position with a favorable amendment to its long-term loan facility with Farm Credit Canada (FCC).

The company announced today that it has reduced the interest rate on the loan by 50 basis points and extended the maturity date by four years to February 3, 2031. The facility carries a variable interest rate currently below 7.0%, with an outstanding balance of US$15.4 million. All other material terms remain unchanged.

This marks the latest positive development in Village Farms’ ongoing relationship with FCC, a partner for nearly 20 years. The amendment reflects confidence in the company’s improving operational performance and long-term growth trajectory.

Stephen Ruffini, Executive Vice President and Chief Financial Officer, commented: “We remain very pleased with the collaborative nature of our relationship with FCC, who has been a valued partner over the last 20 years and remains a strong supporter of our long-term vision and growth strategy. We believe these amendments continue to demonstrate the improving strength of our business, which is positioned for another year of growth in 2026.”

The reduced borrowing cost and extended maturity provide Village Farms with greater financial flexibility as it scales its cannabis operations in Canada and the Netherlands while maintaining its produce business. Lower interest expenses will support margin expansion and cash flow generation in 2026, especially as new cultivation capacity comes online.

With a stable capital structure and supportive lending partner, Village Farms is better positioned to execute on its strategic priorities, including capacity expansion in the Netherlands and continued optimization of its Canadian facilities. The amendment underscores the company’s creditworthiness and the lender’s belief in its future prospects.

$MEDIF ( ▼ 1.84% ) Reports Earnings

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) delivered a solid 2025 performance, posting 8% revenue growth while maintaining financial discipline and expanding its international medical cannabis footprint.

For the full year ended December 31, 2025, the company reported revenue of $45.1 million, driven primarily by its international medical cannabis segment, which contributed more than 50% of total revenue and grew 43% year-over-year. Fourth-quarter revenue was $11.1 million. Gross profit for the year reached $14 million (31% margin), with Q4 gross profit at $3.9 million (35% margin). The company achieved adjusted EBITDA of negative $1.6 million for the year — an improvement of $0.3 million from 2024 — while operating expenses declined when adjusted for one-time items.

CEO and CFO Greg Hunter highlighted the progress: “We ended 2025 stronger, with 8% revenue growth supported by 43% year-over-year growth in our international medical cannabis business and a robust platform designed for regulated markets. As a result of our efforts, we exited 2025 with a more resilient and diversified revenue mix and strong balance sheet with virtually no debt and over $10 million in cash.”

MediPharm’s international momentum was a standout. The company executed new market entries, including first commercial shipments to France and initial deliveries to Brazil under sanitary authorization with an ANVISA-licensed partner. It also secured approvals in New Zealand, with launches planned for 2026. Product expansion included new Beacon and Wildlife offerings in Europe and Australia, plus the introduction of differentiated metered-dose inhalers in Australia and Canada.

The balance sheet remains one of MediPharm’s strongest attributes. The company ended the year with $10.8 million in cash, virtually debt-free, and owns two production facilities with a combined appraised value exceeding $15 million. This financial flexibility positions MediPharm favorably compared to many industry peers, allowing it to pursue both organic growth and selective opportunities as the sector evolves.

Looking ahead, management is focused on portfolio expansion and geographic reach, including advancing opportunities in Brazil, France, and New Zealand. The company expects continued emphasis on product innovation, such as novel metered-dose inhalers, and operational efficiencies to support margin improvement.

In a challenging cannabis landscape marked by pricing pressure and regulatory complexity, MediPharm’s 2025 results demonstrate the value of its precision-based, pharmaceutical-grade approach and international diversification strategy. With a clean balance sheet, growing international revenue contribution, and a clear pipeline of new market entries, the company enters 2026 with a solid foundation for sustainable growth.

🗞️ The News

📺 YouTube

Congressman Pressures DOJ on Cannabis Rescheduling | TDR Cannabis in 5

What we will cover:

✅ In today’s episode of TDR Cannabis in 5, presented by Flowhub, we break down the growing pressure on the Department of Justice as delays continue around federal cannabis rescheduling.

Back on December 18th, President Donald Trump signed an executive order directing the DOJ to move cannabis from Schedule I to Schedule III. At the time, markets reacted quickly — with expectations that this would move fast.

But here we are now… and nothing has changed.

According to new reporting from Marijuana Moment, Congressman Steve Cohen is now demanding answers from Attorney General Pam Bondi and the DEA, asking a simple question: where is the timeline?

This isn’t just about politics — it’s about execution.

Because while the executive order created momentum, the actual rescheduling process still requires a formal rulemaking process. And right now, that process appears stalled.