Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 152

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 152
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 case with a view towards enhancing our shareholders’ value.

In connection with such periodic reviews, in early 2024, the Board authorized the Company’s management to explore potential strategic acquisitions to expand geographic operations and diversify product offerings. In light of Chicago Atlantic Group, LP’s (collectively with its affiliates, “Chicago Atlantic”) status as a significant shareholder of the Company and the Company’s senior secured lender and agent under its credit facility, as well as Chicago Atlantic’s extensive network as a lender in the cannabis industry, the Board supported having the Company’s management work with Chicago Atlantic in connection with identifying, evaluating and negotiating with potential acquisition counterparties.

In April 2024, representatives of Chicago Atlantic contacted representatives of Proper, with whom Chicago Atlantic had an existing relationship as lender, regarding a potential acquisition of Proper by the Company, and subsequently held an initial call with representatives of Proper to discuss potential structures for the acquisition of Proper by the Company, and at a high level, transaction economics and considerations, along with preliminary perspectives on the pro-forma profile. Following such meeting, representatives of Proper offered to introduce Chicago Atlantic and the Company to representatives of Wholesome to gauge potential interest of Wholesome in a potential acquisition of Wholesome by the Company. Proper and Wholesome had a pre-existing relationship, in part due to their co-ownership of Arches, but Chicago Atlantic did not have a relationship with Wholesome as lender. In May 2024, representatives of Chicago Atlantic and Wholesome held an initial introductory call to discuss potential structures for the acquisition of Wholesome by the Company, and at a high level, transaction economics and considerations, along with preliminary perspectives on the pro-forma profile.

In late April or early May, a representative of Chicago Atlantic contacted a representative of TrueRise Capital, Deep Roots’ financial advisor (“TrueRise”), to request a call to explore the potential acquisition of Deep Roots (with whom Chicago Atlantic had an existing relationship as lender) by the Company.

During May 2024, representatives of Chicago Atlantic contacted representatives of Bill’s Nursery regarding the potential acquisition of Bill’s Nursery (with whom Chicago Atlantic had an existing lending relationship) by the Company, and subsequently held an initial call with representatives of Bill’s Nursery to discuss potential structures for the acquisition of Bill’s Nursery by the Company, and at a high level, transaction economics and considerations, along with preliminary perspectives on the pro-forma profile.

On May 20, 2024, representatives of Chicago Atlantic, Deep Roots and TrueR