"Our third quarter results reflect continued solid performance across our core markets, but as we discussed anticipating last quarter, year-over-year comparisons of financial performance are less significant now that we have passed the one-year anniversary of the launch of adult-use sales in Maryland," CEO Amber Shimpa said. "Our teams continue to focus on preparing for the launch of adult-use sales in Minnesota next year, and our recently announced $10.0 million financing commitment gives us additional flexibility to support this launch and continue executing our CREAM & Fire strategy."

• Revenue increased by 2% year-over-year to $25.2 million
• Revenue, excluding discontinued operations and the New York market, was up 6.2% year-over-year.
• Gross profit decreased by 6.6% year-over-year, reaching $12.3 million, with a gross margin of 49%, down from 53.5% in the prior year's quarter.
• Operating income was $3.9 million, down 34.4% compared to the previous year's third quarter.
• EBITDA dropped 19.4% to $5.7 million.
• Selling, general and administrative expenses increased by 2.4% year-over-year.
• Retail revenue grew 2% year-over-year and wholesale revenue saw a 24.4% increase over the same period.
• Vireo’s operations in Maryland and Minnesota showed mixed results with Maryland achieving 12.1% year-over-year growth, while Minnesota saw a slight decline.