Company: VREOF
Filing Date: 2025-07-24
Form Type: 424B3
Source: 0001104659-25-070426
Chunk: 18

Company: Vireo Growth Inc.
Filing Date: 2025-07-24
Form: 424B3
Chunk 18
---
 and aligned with both individual and company performance. We are committed to fostering a collaborative and results-driven culture that supports the execution of our strategic goals. Research and Development Our former research and development activities primarily focused on developing new, innovative, and patent-protectable products for the cannabis market. These efforts have focused on novel cannabinoid formulations as well as accessory products designed to improve the cannabis consumption experience. We also experimented with plant spacing and nutrient blends, cannabis variety trialing and improved pest management techniques. We also engaged in research and development activities focused on developing new extracted or infused products. Patents and Trademarks We hold six (6) patents and have a number of other patents pending with the United States Patent and Trademark Office (“ USPTO”). We have successfully registered the trademarks Vireo Health®, Green Goods®, and 1937® with the USPTO. Competitive Conditions and Position Historically, Vireo U.S. won licenses in competitive, merit-based selection processes through wholly-owned subsidiary applicants. We pursued opportunities in limited license markets with higher barriers to entry presenting an opportunity for higher returns or the development of strategic opportunities. The industry is highly competitive with many operators, including large multi-state operators and smaller regional and local enterprises. We face competition from other companies that have greater resources, enhanced access to public equity and debt markets, superior cultivation and manufacturing capabilities, lower operating costs, better-located retail facilities, more experienced management, or that may be more mature as businesses. There are several multi-state operators that we compete directly with in some of our operating markets. Aside from current direct competition, other operators that are sufficiently capitalized to enter the Company’s markets through new licensure or acquisitive growth are also considered potential competitors. Similarly, if and to the extent we continue to enter new markets, we will encounter new direct competitors. Private Placement We issued 129,536,874 Subordinate Voting Shares in the Private Placement to CA PIPE SPV, LLC and other investors, pursuant to subscription agreements dated December 17, 2024. The Subordinate Voting Shares were issued at a price of $0.625 per Subordinate Voting Share for aggregate gross proceeds of approximately $81,000,000. Under the terms of the Subscription Agreements entered into with the investors in the Private Placement, we agreed to register for resale the 129,536,874 Subordinate Voting Shares and this prospectus covers such resale by the Selling Securityholders.

<div align='center'>13</div>

THE OFFERING

| Issuer:                                                           |