This article explains how Vireo Health Projects is a medical cannabis startup which is aiming to achieve $140-$180 million revenue in 2022. It is a company that is backed by the venture capital firm with the same name, Vireo Holdings. The company is a leading manufacturer of innovative cannabis-based products, which are mainly used in healthcare and health care. As per Vireo Health Projects, it is expected that the company will achieve a revenue of more than $140 million, and the company is planning to create a big brand that will be a player in the industry.
Vireo Health Projects, a new U.S.-based company that develops and tests medical cannabis-based treatments for Alzheimer’s disease, has raised a substantial round of financing, according to a report from PitchBook. The company says it plans to focus on developing more advanced cannabinoid-based treatments for the disease.
Vireo Health announces name change to Goodness Growth Holdings at 2021 Investor Day
Management announces its Horizon strategy and provides an indication of revenue and adjusted EBITDA for FY22.
The party is at four tonight. and tomorrow morning to arrange a video webcast and conference call.
The company will begin operations in the United States and Canada tomorrow under the name Goodness Growth Holdings.
MINNEAPOLIS, June 8. 20, 2021 /PRNewswire/ – Vireo Health International, Inc. (Vireo or the Company) (CSE: VREO; OTCQX: VREOF), a leading physician-led, cannabis science-based company in multiple states, today announced a series of company updates as part of Investor Day 2021. In addition to announcing Horizon’s strategy and earnings and adjusted EBITDA guidance for fiscal year 2012, the Company also announced that its subordinate voting shares will be issued as of June 9. 20, 2021 at market opening as Goodness Growth Holdings, Inc. under the symbol GDNS on the Canadian Securities Exchange (CSE: GDNS) and on the U.S. OTCQX under the symbol GDNSF (OTCQX: GDNSF). Our evolution within Goodness Growth reflects the evolution of our company from a primarily early stage medicinal market operator to one of the strongest organic growth generators in the recreational and medicinal cannabis markets in the United States.
President and Chief Executive Officer, Kyle Kingsley, M.D
Vireo is and will remain a leading medical device brand, but the holding model reflects a much broader vision for our future and clearly differentiates our assets from our research and intellectual property incubator, Resurgent Biosciences. Strategic horizon and outlook for FY22 Horizon’s strategy is focused on growth through fiscal 2022. During this period, most markets are expected to generate higher revenue growth as the currently anticipated regulatory changes take effect. The Company plans to open 6-10 additional Green Goods™ pharmacies during this period. Management also provided several additional updated forecasts related to this strategy, contingent upon the timely completion of several development projects, the launch of adult sales in New Mexico in the first quarter of 2022, the launch of adult sales in New York in the summer of 2022 and the launch of flower sales in the Minnesota medical market in the spring of 2022.
The company expects total revenue of $140 million to $180 million for FY22.
The company expects adjusted EBITDA for FY22 to be between $35 million and $55 million.
The Management Board reminds investors that as of 31. March 2021 had about $40 million in cash on its balance sheet.
Management expects net capital expenditures, excluding real estate partner financing, to be approximately $15 million to $20 million during this planning period.
The company expects to generate positive operating cash flow in the first half of FY22.
Dr Kingsley continued: We expect that our recent growth investments, combined with our planned expansion projects and the growth catalysts created by the changing regulatory environment, will result in a significant improvement in revenue growth and profitability over the next 18 months. We look forward to supporting this more than tripling of revenue with a more than 300% increase in biomass capacity as we implement the Horizon Strategy. We look forward to showing investors the potential of our asset portfolio at our Investor Day tonight and tomorrow morning. Information about the event Investor Day 2021 Today’s pre-recorded video broadcast will introduce investors to the vision, mission and management team of Goodness Growth Holdings and will take a closer look at key elements of Horizon’s strategy. The video also offers investors a look at the new Green Goods™ retail pharmacies, a tour of some of the company’s larger manufacturing facilities, and a look at the various expansion projects currently underway. The conference call and webcast, which will be held tomorrow, will complement the video component of the company’s Investor Days by giving investors the opportunity to speak directly to management and ask questions. Both virtual events will be broadcast live on the company’s website at www.goodnessgrowth.com in the Investor Day section. Interested parties can also participate by registering in advance using the registration links in this press release. Investor Day 2021 Video Webcast Date: Tuesday, 8 a.m. June 2021 Time : 16:00. Eastern timeConnect to the webcast: https://event.on24.com/wcc/r/3192578/ECC E645DB41B7F86E92F94DD4BEB3 2021 Investor Day Conference Call and Webcast Date: Wednesday, 9 a.m. June 20, Time: 8:30 a.m. Eastern TimeRegister for the conference call: http://www.directeventreg.com/registration/event/2871533Регистрация webcast: https://event.on24.com/wcc/r/3192578/ECC E645DB41B7F86E92F94DD4BEB3 Recordings of these events will be posted on the Investor Day section of the Company’s website at www.goodnessgrowth.com and will be available online for one year. About Vireo Health International, Inc. Vireo Health International, Inc – a physician-owned cannabis company focused on bringing the best technology, science and engineering to the cannabis industry. Vireo produces its own brand of cannabis products in sustainable facilities at state-of-the-art grow sites and distributes its products through a growing network of Green Goods™ stores and other third-party retail outlets and dispensaries. Vireo’s 450+ employee team, led by scientists, engineers and growers, is focused on efficiency and creating best-in-class products while promoting scientific innovation in the cannabis industry and developing important intellectual property. Today, Vireo is licensed to grow, process and/or distribute cannabis in eight markets and operates 16 dispensaries across the country. For more information about Vireo Health, visit www.vireohealth.com. Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.