Vireo Growth Inc. has entered into a definitive agreement with Needham Bank to secure a $60,000,000 term loan. The transaction, executed on October 2, 2026, involves several subsidiaries of the British Columbia-based company and is designed to refinance existing debt and fund the acquisition of a Florida cultivation facility.
The loan, known as the Needham Loan, was provided to a group of Borrowers including Vireo Property Holdings, LLC, Vireo Property Holdings New York, LLC, Vireo Property Holdings Florida, LLC, 256 County Route 117 Perth LLC, and 160 Comfort Road, LLC. Approximately $49,000,000 of the proceeds will be used to refinance a promissory note owed to IIP-NY 2 LLC, while $11,000,000 will be used to finance the acquisition of the Palatka Property located at 160 Comfort Road in Palatka, Florida.
The Palatka facility is a significant cultivation and production asset supporting Vireo’s Green Dragon operations. The acquisition involves terminating an existing lease with Rainbow Palatka FL LLC and executing a new lease with Green Dragon Florida LLC, an affiliate of Vireo.
The loan carries a fixed interest rate of 8.50% per annum and requires monthly interest-only payments for the first six months, followed by monthly principal and interest payments over a ten-year period. The principal balance is due in full on April 2, 2034. Borrowers are subject to a late charge of 5% on payments not made within five days of the due date.
Security for the loan includes first-priority mortgages on the New York and Florida properties, as well as pledges of equity interests by Vireo Health Inc. and the Borrowers. The loan is senior to $41,000,000 of existing second lien debt owed to Chicago Atlantic Financial Services, LLC.
John Mazarakis, a director and CEO of Vireo Growth, is a partner of Chicago Atlantic Group, L.P., an affiliate of the second lien lender. Mr. Mazarakis disclosed his interest, abstained from voting, and recused himself from the board resolutions approving the Needham Loan.
