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Vireo Growth Inc. Announces Update on Non-Binding Memorandum of Understanding to Acquire The Hawthorne Gardening Company from ScottsMiracle-Gro
Globenewswire· 2026-03-30 11:00
Core Viewpoint - Vireo Growth Inc. is moving forward with the acquisition of The Hawthorne Gardening Company from ScottsMiracle-Gro, which is expected to enhance Vireo's position in the indoor and hydroponic gardening market in North America [1][2]. Transaction Details - The Hawthorne Transaction involves Vireo acquiring Hawthorne for at least US$35 million in cash, approximately US$50 million in net working capital, and around US$20 million in inventory, primarily soil, to be supplied over two years [2]. - In exchange, Vireo will issue 206 million subordinate voting shares and warrants to purchase an additional 80 million shares at an exercise price of US$0.85 per share, exercisable for five years [2]. Board Appointment - Following the completion of the transaction and shareholder approval, Chris Hagedorn, Executive Vice President of ScottsMiracle-Gro, will be appointed to Vireo's Board of Directors [2]. Conditions for Completion - The completion of the Hawthorne Transaction is subject to the negotiation and execution of definitive agreements and obtaining all necessary regulatory approvals, including those from the Canadian Securities Exchange [3].