MINNEAPOLIS, April 03, 2026 (GLOBE NEWSWIRE) — Vireo Development Inc. (“Vireo”) (CSE: VREO; OTCQX: VREOF) right this moment introduced a strategic partnership with Ace Enterprise of NY, LLC (“Ace”), a New York-based Minority & Girls-Owned Enterprise Enterprise led by lifelong New Yorker Steven Acevedo, to ascertain what is anticipated to grow to be New York’s first scaled social fairness operator rising from the state’s first minority-owned vertically built-in medical hashish license.
The partnership was developed beneath the management of Chief Government Officer John Mazarakis and displays Vireo’s dedication to advancing New York’s imaginative and prescient for a accountable, inclusive, and community-oriented hashish trade.
Beneath the settlement, Ace will assume a 51% possession curiosity in Vireo Well being of New York, LLC (“Vireo NY”), establishing a majority social equity-owned platform supported by Vireo’s longstanding operational experience, compliance infrastructure, and regulatory expertise that Vireo has in-built New York since 2014.
By pairing native management with probably the most established working platforms within the state, the transaction is designed to create a sturdy enterprise aligned with regulatory priorities and long-term development.
Vireo NY operates one of many state’s most developed hashish platforms, with cultivation, manufacturing, and retail infrastructure constructed over greater than a decade of regulated medical operations. Vireo will proceed to offer operational help to make sure regulatory compliance, product high quality, and operational excellence as the bulk social equity-owned platform expands.
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John Mazarakis, as CEO of Vireo Well being, Inc. and Steven Acevedo will serve on the board of managers of Vireo NY.
Steven Acevedo commented, “New York’s cannabis industry must reflect the communities it serves. I’ve spent my career building relationships across neighborhoods, community organizations, and business leaders throughout this state, and I believe this moment is about pairing that local trust with real operating strength.
I first met John when he was at Chicago Atlantic, and what stood out immediately was his discipline, integrity, and long-term mindset. When he stepped into leadership at Vireo, it was clear the company would continue building with seriousness and respect for the regulatory framework.
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Vireo has developed one of the most established platforms in New York, and Chicago Atlantic has consistently demonstrated thoughtful, responsible capital stewardship in this industry. This partnership is built on trust and shared values, and I’m proud to work alongside John and the Vireo team to build something durable and community-centered for New York.”
Mr. Acevedo additionally expressed deep gratitude to the numerous leaders whose imaginative and prescient and dedication made this partnership attainable: “This milestone would not have been achievable without the unwavering dedication of those who have championed equity in New York’s cannabis industry. I want to personally thank Governor Hochul for her leadership in ensuring that social equity remains central to New York’s cannabis framework, Assembly Majority Leader Crystal D. Peoples-Stokes for her tireless advocacy on behalf of communities that have long been left behind, and Senator Liz Krueger for her foundational work in shaping legislation that made this moment possible. I also want to acknowledge John Mazarakis – his integrity, patience, and genuine commitment to building something meaningful made him the right partner from day one. To everyone in the state who believed that equity and excellence could coexist in this industry: this is for you.”
John Mazarakis, Chief Government Officer of Vireo commented, “We’re excited to reach this agreement with Ace, which will bring tremendous leadership to New York’s cannabis community. We are eager to support Ace’s market entry through our ongoing operating agreement, and anticipate meaningful opportunities for our organization to collaborate with the Ace team in the future. This partnership reflects our belief that social equity and operational excellence must go hand in hand. Steven brings meaningful community credibility and leadership, and together we are committed to building a platform that aligns with New York’s regulatory framework and long-term objectives.”
About Ace VenturesACE Enterprise of NY, LLC is a New York-based, Minority & Girls-Owned Enterprise Entity (MWBE) partnership. ACE Ventures was based by lifelong New Yorker Steven Acevedo with the aim of bringing collectively a group of entrepreneurs with deep expertise in each facet of the hashish enterprise. The entities mission is to deliver unparalleled medical, scientific, and operational experience to the hashish trade whereas investing in communities which were disproportionately affected by the Warfare on Medication, with a aim of making a worthwhile firm with high-quality merchandise, whereas making social consciousness the operate of the whole trade – not merely a characteristic.
About Vireo Development Inc.Vireo was based in 2014 as a pioneering medical hashish firm. Vireo is constructing a disciplined, strategically aligned, and execution-focused platform within the trade. This technique drives our intense native market focus whereas leveraging the power of a nationwide portfolio. We’re dedicated to hiring trade leaders and deploying capital and expertise the place we consider it should drive probably the most worth. Vireo operates with a long-term mindset, a bias for motion, and an unapologetic dedication to its prospects, workers, shareholders, trade collaborators, and the communities it serves. For extra details about Vireo, go to www.vireogrowth.com.
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Ahead-Wanting Assertion Disclosure
This press launch comprises “forward-looking information” inside the which means of relevant United States and Canadian securities laws. To the extent any forward-looking data on this press launch constitutes “financial outlooks” inside the which means of relevant United States or Canadian securities legal guidelines, this data is being supplied as preliminary monetary outcomes; the reader is cautioned that this data might not be acceptable for another function and the reader mustn’t place undue reliance on such monetary outlooks. Ahead-looking data contained on this press launch could also be recognized by means of phrases akin to “should,” “believe,” “estimate,” “would,” “looking forward,” “may,” “continue,” “expect,” “expected,” “will,” “likely,” “subject to,” and variations of such phrases and phrases, or any statements or clauses containing verbs in any future tense and consists of statements concerning expectations across the proposed transactions involving Ace Ventures, together with the proposed social fairness operations, the entry right into a long-term companies settlement between the events, the post-close composition of the board of managers of Vireo NY and the longer term collaboration between the Firm and Ace. These statements shouldn’t be learn as ensures of future efficiency or outcomes. Ahead-looking data consists of each recognized and unknown dangers, uncertainties, and different components which can trigger the precise outcomes, efficiency, or achievements of the Firm or its subsidiaries to be materially completely different from any future outcomes, efficiency, or achievements expressed or implied by the forward-looking statements or data contained on this press launch. Monetary outlooks, as with forward-looking data usually, are, with out limitation, based mostly on the assumptions and topic to numerous dangers as set out herein and in our Annual Report on Type 10-Okay and our Quarterly Reviews on Type 10-Q filed with the Securities Change Fee. Our precise monetary place and outcomes of operations could differ materially from administration’s present expectations and, because of this, our income, EBITDA, Adjusted EBITDA, and money available could differ materially from the values supplied on this press launch. Ahead-looking data relies upon various estimates and assumptions of administration, believed however not sure to be affordable, in gentle of administration’s expertise and notion of developments, present circumstances, and anticipated developments, in addition to different components related within the circumstances, together with assumptions in respect of present and future market circumstances, the present and future regulatory surroundings, and the provision of licenses, approvals and permits.
Though the Firm believes that the expectations and assumptions on which such forward-looking data relies are affordable, the reader mustn’t place undue reliance on the forward-looking data as a result of the Firm can provide no assurance that they may show to be appropriate. Precise outcomes and developments could differ materially from these contemplated by these statements. Ahead-looking data is topic to quite a lot of dangers and uncertainties that would trigger precise occasions or outcomes to vary materially from these projected within the forward-looking data. Such dangers and uncertainties embody, however are usually not restricted to: dangers associated to the timing of closing of the proposed transaction and receipt of required regulatory approvals in connection therewith; dangers associated to the timing and content material of adult-use laws in markets the place the Firm presently operates; present and future market circumstances, together with the market value of the subordinate voting shares of the Firm; dangers associated to epidemics and pandemics; federal, state, native, and overseas authorities legal guidelines, guidelines, and laws, together with federal and state legal guidelines and laws in the US regarding hashish operations in the US and any modifications to such legal guidelines or laws; operational, regulatory and different dangers; execution of enterprise technique; administration of development; difficulties inherent in forecasting future occasions; conflicts of curiosity; dangers inherent in an agricultural enterprise; dangers inherent in a producing enterprise; liquidity and the flexibility of the Firm to lift further financing to proceed as a going concern; the Firm’s capability to satisfy the demand for flower in its numerous markets; our capability to get rid of our property held on the market at a suitable value or in any respect; and danger components set out within the Firm’s Annual Reviews on Type 10-Okay and Quarterly Reviews on Type 10-Q, which can be found on EDGAR with the U.S. Securities and Change Fee and filed with the Canadian securities regulators and out there beneath the Firm’s profile on SEDAR+ at www.sedarplus.com.
The statements on this press launch are made as of the date of this launch. Besides as required by legislation, we undertake no obligation to replace any forward-looking statements or forward-looking data to replicate occasions or circumstances after the date of such statements.
