Vireo Growth carries one of the most activist-heavy ownership registers in the cannabis sector — and with shorts at negligible levels and borrow conditions wide open, the real story this week is who owns the stock, not who's betting against it.
Four Schedule 13D filers appear on Vireo's SEC register, each carrying activist intent. Chicago Atlantic GP Holdings holds the largest declared stake at 36.7% of the class, last filed in April 2025. Christopher Jeffery filed a 13D at 8.6% in May 2025. Keith Capurro filed at 6.47% in August 2025. Co-Executive Chairman Kyle Kingsley also carries a 13D at 6.0%, filed in December 2024. Together, these four positions represent a dominant portion of the float. The standard caveat applies: 13D/G positions are as-last-disclosed around the 5% threshold, and any holder dropping below that level can exit without further filing.
The borrow market offers no counterweight to that concentrated ownership picture. Availability has swung back to effectively uncapped levels — roughly 716,000 shares free to borrow and a cost to borrow now running at 6.3%, down sharply from the 34% peak seen at the start of September. That early-September episode, when availability compressed to a 52-week tightest reading of 312%, has fully unwound. Short interest is a negligible 0.0007% of the free float. There is no meaningful short-side pressure on this stock.
The ORTEX short score has also moved in a direction that reinforces the low-conviction bear story. It dropped to 30.6 on September 22, down from 47.0 two weeks earlier and from a recent peak near 49 in early September — the lower the score, the less the data supports a short thesis. Days-to-cover ranks in the 78th percentile, a reflection of thin short volume rather than a squeeze setup.
Vireo's ORTEX stock score composite sits at 72.6, with growth scoring an exceptional 96.1 — underpinned by an improving return on assets and a solid Piotroski f-score. The quality pillar adds support at 62.3. The drag comes from momentum and value: relative strength readings across 91-day and 182-day windows remain deeply negative, and the stock's price-to-book of 1.03 keeps the value pillar subdued. On the price tape, Vireo closed at CAD 16.70, up 2.0% on the day but down 2.9% on the week — a continuation of the peer-lagging pattern documented here earlier, with CURA, WEED, TSND, and TLRY all posting stronger weekly gains. The one-month move of nearly 12% remains the more flattering context.
The next scheduled earnings event is November 11. With the borrow market loose, short interest negligible, and activist holders dominating the register, the setup heading into that print is less about positioning pressure and more about whether Vireo's growth-score thesis — strong on paper, weaker on recent price momentum — begins to show up in the reported numbers.
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