Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 324

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 324
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 as of, the date hereof, and we assume no responsibility to update this opinion for developments after the date hereof. As you are aware, the credit, financial and stock markets have been experiencing unusual volatility and we express no opinion or view as to any potential effects of such volatility on the Targets, the Company or the Transaction. We have acted as your financial advisor in connection with the Transaction and will receive a fee for our services, the principal portion of which is contingent upon the consummation of the Transaction. We will also receive a fee upon delivery of this opinion. Our affiliates, employees, and other related parties may at any time own securities (long or short) of the Company and the Targets. In the future we may provide investment banking and other services to the Company unrelated to the Transaction and may receive compensation for such services. This opinion is solely for the use and benefit of the Board of Directors of the Company (solely in its capacity as such) in its evaluation of the Transaction. This opinion does not constitute a recommendation as to how any holder of securities should vote or act with respect to the Transaction or any other matter. This opinion does not constitute a recommendation as to how any holder of securities should vote or act with respect to the Transaction or any other matter. This opinion does not address the fairness of the Transaction or any aspect or implication thereof, or any other consideration of or relating to the holders of any class of securities, creditors or other constituencies of the Company or the Targets. In addition, we do not express any opinion as to the fairness of the amount or nature of any compensation to be received by any officers, directors or employees of any parties to the Transaction, or any class of such persons, whether relative to the Consideration or otherwise. We also do not express any opinion as to the fairness of the amount or nature of any severance or other funding conducted in connection with the Transaction or otherwise. This opinion is based on the acquisition of all Targets collectively and does not represent an individual analysis of each separate acquisition unit that makes up the Transaction. This opinion was approved by a Moelis & Company LLC fairness opinion committee. Based upon and subject to the foregoing, it is our opinion that, as the date hereof, the Consideration to be paid by the Company in the Transaction is fair from a financial point of view to the Company.

| Sincerely,           |
| MOELIS & COMPANY LLC |

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#### TABLE OF CONTENTS

### APPENDIX B

#### DEEP ROOT