Vireo Growth Inc. has completed its acquisition of C21 Investments Inc. through a court-approved plan of arrangement under British Columbia’s Business Corporations Act. The transaction, valued at approximately $37.5 million, was executed following a definitive agreement signed on June 14, 2026, and received C21 shareholder approval at a special meeting on August 7.
Under the terms of the deal, C21 shareholders received 0.023052 of a Vireo subordinate voting share for each C21 common share held. Vireo issued a total of 2,766,409 shares to complete the acquisition, which transfers all outstanding C21 shares to Vireo. The acquisition adds three Nevada dispensaries operating under the Silver State Relief brand, along with approximately 104,000 square feet of cultivation and production capacity to Vireo’s portfolio.
The combined entity now operates 14 dispensaries in Nevada with roughly 159,000 square feet of cultivation and manufacturing space. Nationally, Vireo operates across 10 states, managing cultivation, manufacturing, retail dispensaries, and distribution businesses with a total of approximately 170 dispensaries. C21’s operations in Nevada include vertically integrated cannabis businesses under brands such as Phantom Farms, Hood Oil, and Eco Firma Farms.
Following the acquisition, C21’s common shares are expected to be delisted from the Canadian Securities Exchange and cease trading on the OTCQX Market. The company intends to apply for cessation of reporting issuer status under Canadian securities laws and deregistration under the U.S. Securities Exchange Act of 1934. Vireo Growth trades under tickers CSE:VREO and OTCQX:VREOF, while C21 previously traded as CSE:CXXI and OTCQX:CXXIF. Registered C21 shareholders must deposit share certificates or DRS statements with Odyssey Trust Company to facilitate the share exchange.
Legal representation for the transaction included DLA Piper (Canada) LLP and Eversheds Sutherland (US) LLP for Vireo, Koffman Kalef LLP for C21, and Needham & Company, LLC as financial advisor to C21.
