“I am exceptionally proud to lead Vireo as chief executive officer and excited to continue working with our teams in Minnesota, Maryland and New York to drive our organization forward,” Shimpa said. “We believe Vireo has a very bright future, beginning with the launch of adult-use sales in Minnesota next year, and I look forward to helping our teams continue achieving many more major milestones in the years ahead.”

Josh Rosen has resigned as CEO, interim chief financial officer, and from Vireo’s Board of Directors, to focus on his other business ventures. Rosen was first elected to the board in August 2021 and appointed to executive leadership roles in November 2022. Vireo has engaged Rosen with a consulting agreement.

Joe Duxbury has been appointed as interim CFO while Vireo searches for a permanent replacement. Duxbury has been with the company since 2019 in financial and accounting roles of increasing responsibility, and most recently, was serving as vice president of finance, leading external reporting and investor relations.

“We are very pleased to announce Amber Shimpa as Vireo’s next chief executive officer,” said Executive Chairman Kyle Kingsley. “Amber is a natural leader and has become an invaluable executive for the organization during her tenure as president, and we look forward to her continued contributions as CEO. I would also like to thank Josh for his stewardship of the company through some very challenging circumstances and for his support of Amber in this transition. We wish Josh continued success in his next chapter.”

“I’m proud of what Vireo has accomplished over the last two years, most notably the diligence and camaraderie of the team that drove the financial and operational improvements,” Rosen added. “Through our work together executing our CREAM & Fire strategy, it’s clear that Amber has the right combination of leadership, communication skills and experience to take the helm of Vireo. This is a natural transition for Amber as she’s largely been performing many of these duties already, and I’m excited to get back to focusing full-time on investing and advising with Bengal Capital.”

Vireo also announced that it has mutually agreed to terminate its advisory agreement with Grown Rogue International, Inc. effective Sept. 30. As part of the termination agreement, Vireo forfeited 4.5 million of the 8.5 million Grown Rogue warrants the company received as part of the advisory agreement.

“From the outset, the Grown Rogue team rolled up their sleeves and collaborated as trusted advisors and teammates and we are appreciative of their contributions to our business, including their help with upgrading our internal talent and capabilities,” Shimpa said. “Despite ending our formal agreement, we look forward to remaining friendly industry peers.”