Vireo Health International Inc., a multi-state cannabis company, said it has launched a new cannabis-based brand called 'Midnight'.
The Midnight brand launched at Vireo's four medical dispensaries in New York as a softgel product. It will also be available via wholesale channels to other licensed dispensaries in New York.
Minneapolis, Minnesota-based Vireo has active operations in exclusively medical-only markets and licenses in seven states as well as the Commonwealth of Puerto Rico.
According to Vireo, Midnight products are ideally formulated with a balanced blend of multiple cannabinoids, including tetrahydrocannabinol or THC, cannabidiol or CBD, and CBN.
CBD is a chemical in the marijuana plant often used for medicinal purposes, and does not have the intoxicating effects like those caused by or THC.
Preliminary research indicated that CBN, one of the first identified cannabinoids in 1896, may have beneficial properties as an anti-bacterial, anti-inflammatory, and appetite stimulant, as well as for sedation.
Vireo said the Midnight brand will also be made available as a vaporizer product later this year. The company expects to expand the brand with additional product formats and new formulations in 2021.
The Midnight brand product line is also expected to be made available in several of Vireo's other markets later in 2021. All of these events are subject to regulatory approval.
Vireo manufactures proprietary, branded cannabis products in environmentally-friendly greenhouses and distributes its products through its network of Green Goods retail dispensaries and through hundreds of third-party dispensaries in seven states.
Vireo is licensed to grow or process cannabis in eight markets. The company is operational in seven of those eight markets - including the core markets of Arizona, Maryland, Minnesota, New Mexico, and New York. The company holds 32 total retail dispensary licenses, of which 13 are currently open for business.
In early October, Vireo said it entered into a deal with Ayr Strategies Inc., to sell all of the assets and liabilities of its affiliated company, Ohio Medical Solutions LLC, for total consideration of $4.85 million. Ohio Medical Solutions holds a permit for the processing of medical cannabis in the state of Ohio.
Vireo noted that the transaction allowed it to monetize a license acquired at minimal cost through a merit-based award process, and reallocate the proceeds to its core markets, where it sees significant opportunities to improve revenue growth and future cash flow generation.
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