US cannabis multi-state operator Vireo Growth Inc. has agreed to acquire Florida-based FLUENT Corp. in an all-stock transaction, the companies announced on 30 April. The deal will significantly expand Vireo’s presence in Florida’s medical cannabis market, one of the largest limited-license states in the US, and is expected to close in the fourth quarter of 2026.
Under the agreement, FLUENT shareholders will receive 0.0705359 Vireo subordinate voting shares for each FLUENT share they own. Alongside the equity exchange, Vireo has entered into a credit equitization agreement to convert approximately US$30 million of FLUENT’s outstanding debt into FLUENT shares, which will then convert into Vireo stock at closing. On completion, the combined business is expected to operate around 74 retail stores in Florida and approximately 144,000 square feet of cultivation and production canopy, positioning Vireo among the leading operators in the state’s medical market.
“The acquisition of FLUENT meaningfully expands our presence in one of the most important cannabis markets in the country,” said John Mazarakis, Chief Executive of Vireo Growth. FLUENT Interim CEO David E. Vautrin added that “partnering with a materially larger cannabis company provides the scale, capital, and infrastructure needed to accelerate growth.” The transaction continues a wave of consolidation among US multi-state operators as smaller players seek the balance-sheet support required to navigate persistent capital constraints in the federally illegal sector. FLUENT, which generated US$71.5 million of Florida revenue in 2025, also operates wholesale in New York under the ENTOURAGE brand and has a presence in Texas, while Vireo currently runs licensed operations across 10 US states.
Also in M&A this week: Curaleaf completed its full acquisition of German pharmaceutical distributor Four 20 Pharma, deepening its grip on Europe’s fastest-growing medical cannabis market.
The Vireo-FLUENT deal remains subject to FLUENT shareholder approval, with a special meeting expected in the second quarter, alongside court and regulatory clearances in each operating state. Read the latest cannabis M&A news on Business of Cannabis.
