Sammy Armenia Weighs In On Vireo Growth Quarter
In the latest Trade To Black podcast presented by Flowhub — filing-brief deadline day in the DEA’s rescheduling case — hosts Shadd Dales and Anthony Varrell open on the political chaos in Texas over, what else, hemp. Vireo Growth Director of Capital Markets Sammy Armenia joins for segment one to break down a blockbuster quarter, followed by ATACH President Michael Bronstein for the weekly Insiders Edge.
On the Texas front, Democrat James Talarico is calling out Republican Senate candidate and current Attorney General Ken Paxton over his refusal to answer a question about the state’s THC ban — a video posted to X of Paxton dodging the question has already drawn national attention. The party is also pointing to comments from podcaster Joe Rogan, who warned Republicans that cracking down too aggressively on THC products could flip Texas blue. We also flag a move out of Georgia, first reported by Marijuana Moment, to allow medical cannabis to ship via USPS, FedEx, and UPS — a friction-reducing unlock that could accelerate the state’s low-THC program and inch the industry closer to interstate commerce.
In segment one, Armenia walks us through Vireo Growth’s (CSE: VREO) (OTCQX: VREOF) second quarter: GAAP revenue of $209.3 million, up 335% year over year, pro forma revenue of $254.9 million for an annualized run rate above $1 billion, adjusted EBITDA of $41.5 million, nearly breakeven net income, and $122.7 million in cash. With acquisitions including Hawthorne, Eaze, and Bridgewell — and more on the way — Vireo is positioning itself as one of the largest operators in the country. He tackles the biggest investor question head-on, integration risk, making the case that CEO John Mazarakis is buying capital-constrained but strong operators at pennies on the dollar, staying under-levered, and running a decentralized model that keeps local brands intact while building per-share value — a playbook, he argues, aimed at a Fortune 500 company, not just an MSO.
In segment two, Bronstein breaks down today’s federal briefing deadline and what comes next. He explains the ball is now firmly with the ALJ to weigh the closing briefs and issue findings on an unset timeline, followed by a 20-day objection window before everything transmits to the DEA — a process he pegs in months, not weeks or years, and one likely to draw litigation once a final order lands. He and the hosts debate whether rescheduling realistically beats the midterms, and he argues the final order is the true before-and-after moment for capital markets, custody, and uplisting — where ATACH’s legal work has been foundational.
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