Vireo Growth Partners with Ace Venture to Launch NY's First Minority-Owned Cannabis Operator

The strategic partnership aims to create a vertically integrated medical cannabis platform aligned with New York's social equity goals.

Apr. 4, 2026 at 3:50pm

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Vireo Growth Inc. has announced a strategic partnership with Ace Venture of NY, LLC to establish what is expected to become New York's first scaled social equity operator emerging from the state's first minority-owned vertically integrated medical cannabis license. Under the agreement, Ace will assume a 51% ownership interest in Vireo Health of New York, LLC, establishing a majority social equity-owned platform supported by Vireo's operational expertise, compliance infrastructure, and regulatory experience.

Why it matters

This partnership reflects New York's vision for a responsible, inclusive, and community-oriented cannabis industry. By pairing local leadership with an established operating platform, the transaction aims to create a durable enterprise aligned with regulatory priorities and long-term growth in the state's burgeoning medical cannabis market.

The details

Vireo NY operates one of the state's most developed cannabis platforms, with cultivation, manufacturing, and retail infrastructure built over more than a decade of regulated medical operations. Vireo will continue to provide operational support to ensure regulatory compliance, product quality, and operational excellence as the majority social equity-owned platform expands.

  • Vireo Growth Inc. announced the strategic partnership on April 4, 2026.

The players

Vireo Growth Inc.

A cannabis company that has been operating in New York since 2014 and will provide operational support to the new majority social equity-owned platform.

Ace Venture of NY, LLC

A local company that will assume a 51% ownership interest in Vireo Health of New York, LLC, establishing a majority social equity-owned platform.

John Mazarakis

The CEO of Vireo Health Inc. who will serve on the board of managers of Vireo NY.

Steven Acevedo

The co-founder of Ace Venture of NY, LLC who will also serve on the board of managers of Vireo NY.

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What they’re saying

“This partnership reflects Vireo's commitment to advancing New York's vision for a responsible, inclusive, and community-oriented cannabis industry.”

— John Mazarakis, CEO, Vireo Health Inc.

What’s next

The new majority social equity-owned platform is expected to expand Vireo NY's cultivation, manufacturing, and retail operations in the state's growing medical cannabis market.

The takeaway

This partnership demonstrates how established cannabis operators can work with local minority-owned businesses to create vertically integrated platforms that align with New York's social equity goals for the industry.