Vireo Health Completes Expansion of Cannabis Cultivation Facility in New Mexico
Pending regulatory approval, the new facility will increase flower output by up to eight times
Vireo to begin sales at two recently completed retail dispensaries, pending regulatory approval
Creates significant growth opportunities due to passage of adult-use legislation in New Mexico
MINNEAPOLIS -- Vireo Health International Inc., ("Vireo" or the "Company") (CSE: VREO,OTCQX: VREOF), the leading physician-founded, science-focused multi-state cannabis company, today announced the completion of a planned expansion of the Company's cultivation and processing facility in New Mexico. The Company also announced that two recently completed retail dispensaries in Albuquerque and Las Cruces are ready to open, pending regulatory approval. Once approved, Vireo will have four operating dispensaries in the state of New Mexico.
Vireo's local affiliate, Red Barn Growers, has completed expansion of a new cultivation site near Gallup, New Mexico, which includes six polycarbonate hoop houses used for year-round cultivation and creates an additional 12,600 square feet of cultivation space. Construction is complete and the new site will be populated with plants once approval is granted by the New Mexico Department of Health. The new facilities will support increased demand at its existing dispensaries in Santa Fe and Gallup, as well as the two new locations in Albuquerque and Las Cruces.
"The strategic investments in our cultivation and retail operations in New Mexico will create additional opportunities to drive profitable growth in a market that is benefiting from the tailwinds of favorable regulatory changes," said Vireo Health Chairman and CEO, Dr. Kyle Kingsley. "These expansion projects will create new jobs in our operating communities and allow Vireo to meet increasing demand for cannabis products in the state of New Mexico generated by the recent passage of adult-use legislation in the state."
The cultivation expansion will enable Vireo to grow the maximum number of plants allowed by the state and will increase the Company's output capacity of cannabis flower by up to eight times more than existing production levels. The expansion will also add more than 30 new jobs, a mix of full-time and part-time positions. Pending regulatory approval, Vireo will also open two new retail locations, located in Albuquerque and Las Cruces, the most populous cities in New Mexico. The Albuquerque dispensary is located in a 1,995-square-foot shop, and the Las Cruces location will be in a 2,490 square foot storefront, becoming the largest Vireo Health retail space in the state. The new dispensaries are expected to create another 30 jobs.
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, process, and/or distribute cannabis in eight markets and operates 16 dispensaries nationwide. For more information about Vireo Health, please visit www.vireohealth.com.