August 30, 2021

Goodness Growth (GDNS) Evolving to Take on New York Recreational Cannabis

Midas Letter
Midas Letter
Goodness Growth (GDNS) Evolving to Take on New York Recreational Cannabis
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Remember Vireo Health International, Inc (CNSX:VREO, OTCMKTS:VREOF)? The company with proprietary, branded cannabis products in environmentally friendly facilities and cultivation sites? They are now the flagship brand of medical products within a portfolio of Goodness Growth Holdings Inc (CNSX:GDNS, OTCMKTS:GDNSF).

The evolution of Vireo becoming Goodness Growth reflects the progression of its business from a predominantly early-stage, medical-market operator to a multi-state operator across recreational-use and medical cannabis markets in the United States. Currently, its asset portfolio is composed of strategic U.S. assets in eight markets and operates 18 dispensaries across the United States.

The company’s strategy is to build brands with high-margin, proprietary products that will preserve margins long-term. Goodness Growth is looking to expand cultivation in Arizona and Maryland with plans for New York and New Mexico down the line to take advantage of recreational adoption. With that expansion in mind, the company plans to add up to 10 new dispensaries by the end of 2022.

Goodness Growth recently announced Q2 GAAP revenue of $14.2 million – an increase of 16% compared to Q2 2020.

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