M&A market is steaming up, Vireo Growth (OTC: VREOF) to acquire FLUENT in all-stock transaction valued at $71.5M

Vireo Growth Inc. (OTC: VREOF) announced it will acquire FLUENT Corp. (FNT.U) (CNTMF) in an all-stock transaction that will expand Vireo’s presence in Florida’s cannabis market.

Under the arrangement agreement, FLUENT shareholders will receive 0.0705359 Vireo subordinate voting shares for each FLUENT share held. The acquisition will give Vireo access to approximately 74 stores and 144,000 square feet of cultivation and production facilities in Florida.

FLUENT’s Florida operations generated approximately $71.5 million in revenue in 2025, according to the companies’ joint statement. The transaction includes a debt equitization component where $30 million of FLUENT’s outstanding debt will be converted to equity before the deal closes.

FLUENT’s board of directors unanimously approved the transaction following a recommendation from a special committee of independent directors. Vireo has secured voting support agreements representing approximately 38.3% of FLUENT’s outstanding shares.

The deal requires approval from at least two-thirds of FLUENT shareholders voting at a special meeting expected in the second quarter of 2026. The transaction also needs court and regulatory approvals across multiple jurisdictions where both companies operate.