Company: VREOF
Filing Date: 2025-07-15
Form Type: S-3
Source: 0001104659-25-068137
Chunk: 21

Company: Vireo Growth Inc.
Filing Date: 2025-07-15
Form: S-3
Chunk 21
---
 Shares outstanding prior to this offering:     |     | 923,839,190 Subordinate Voting Shares (as of June 30, 2025)                                                                                                                                                                  |
| Terms of the offering                                             |     | The Selling Securityholders will determine when and how they will dispose of the Subordinate Voting Shares registered under this prospectus for resale. See “Plan of Distribution.”                                          |
| Use of proceeds                                                   |     | The Selling Securityholders will receive the proceeds from the sale of Subordinate Voting Shares offered hereby. We will not receive any proceeds from the sale of Subordinate Voting Shares by the Selling Securityholders. |
| Risk factors                                                      |     | See “Risk Factors” on page 15 and                                                                                                                                                                                            
 other information included and incorporated by reference in this prospectus for a discussion of factors you should consider before investing                                                                                 
 in our Subordinate Voting Shares.                                                                                                                                                                                            |
| CSE and OTCQX symbols                                             |     | Our Subordinate Voting Shares are listed on the CSE under the symbol “VREO” and on the OTCQX under the symbol “VREOF.”                                                                                                       |

<div align='center'>14

RISK FACTORS</div>

Investing in our Subordinate Voting Shares involves
risk. Prior to making a decision about investing in our Subordinate Voting Shares, you should carefully consider the risk factors contained
in our most recent Annual Report on Form 10-K, which is incorporated by reference herein, and the other information contained in
this prospectus, as updated by our subsequent filings under the Exchange Act, and the risk factors and other information contained in
the applicable prospectus supplement or any free writing prospectus. The risks and uncertainties we have described are not the only risks
that we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations.
These risks, both known or unknown, could materially affect our business, results of operations or financial condition and cause the value
of our Subordinate Voting Shares to decline. You could lose all or part of your investment.

Risks Related to the Resales by Selling Securityholders

Sales of substantial amounts of Subordinate Voting Shares by a Selling Securityholder, or the perception that sales could occur, could adversely affect the price of our Subordinate Voting Shares.

The sale by the Selling Securityholders of a significant
number of Subordinate Voting Shares could have a material adverse effect on the market price of our Subordinate Voting Shares. In addition,
the perception in the