Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 34

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 34
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) holds the Subordinate Voting Shares, the tax treatment of a partner, member
or other beneficial owner in such partnership will generally depend upon the status of the partner, member or other beneficial owner,
the activities of the partnership and certain determinations made at the partner, member or other beneficial owner level. An investor
that is a partner, member or other beneficial owner of a partnership holding the Subordinate Voting Shares is urged to consult the investor’s
own tax advisors regarding the tax consequences of the ownership and disposition of the Subordinate Voting Shares.

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THIS DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS
IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. THE COMPANY URGES PROSPECTIVE HOLDERS TO CONSULT THEIR OWN TAX ADVISORS
CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF THE SUBORDINATE VOTING SHARES, AS WELL AS THE APPLICATION
OF ANY, STATE, LOCAL AND NON-U.S. INCOME, ESTATE AND OTHER TAX CONSIDERATIONS.

U.S. Tax Classification of the Company

Pursuant to Section 7874(b) of the Code
and the U.S. Treasury Regulations promulgated thereunder, notwithstanding that the Company has been organized under Canadian law, solely
for U.S. federal income tax purposes, the Company will be classified as a U.S. domestic corporation. Accordingly, the Company will be
subject to a number of significant and complicated U.S. federal income tax consequences as a result of being treated as a U.S. domestic
corporation for U.S. federal income tax purposes and will be subject to taxation both in Canada and the United States which could have
a material adverse effect on its financial condition and results of operations.

Taxation of U.S. Holders

Distributions on Subordinate Voting Shares

If the Company makes distributions with respect
to a Subordinate Voting Share, the distributions generally will be treated as U.S. source dividends to a U.S. Holder of a Subordinate
Voting Share to the extent of our current and accumulated earnings and profits as determined under U.S. federal income tax principles
at the end of the tax year in which the distribution occurs. To the extent the distributions exceed the Company’s current and accumulated
earnings and profits, the excess will be treated first as a tax-free return of capital to the