Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 171

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 171
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 utilizing projected EBITDA for calendar year 2024 (“CY2024P EBITDA”) and estimated EBITDA for calendar years 2025 (“CY2025E EBITDA”) and 2026 (“CY2026E EBITDA”), except where specifically noted below, Moelis used the mean of the consensus estimates available on S&P Capital IQ as of December 16, 2024.

Moelis reviewed and analyzed, among other things, TEV as a multiple of CY2024P EBITDA, CY2025E EBITDA and CY2026E EBITDA related to the following selected publicly traded small/mid-cap (defined as having an equity value less than $500 million) vertically integrated cannabis operators with operations in the United States, the operations of which Moelis believed, based on its experience and professional judgment, were generally relevant in certain respects to Vireo and the Targets (viewed collectively) (the “Selected Companies”):

Ascend Wellness Holdings, Inc.

Ayr Wellness, Inc.

The Cannabist Company Holdings Inc.

Cresco Labs Inc.

Jushi Holdings Inc.

MariMed Inc.

TerrAscend Corp.

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TABLE OF CONTENTS

The Selected Companies used in this analysis and their implied TEV/EBITDA multiples (with market data as of December 16, 2024) for CY2024P, CY2025E and CY2026E are summarized in the following table:

|                                     |     | TEV/    
 CY2024P 
 EBITDA  |     | TEV/    
 CY2025E 
 EBITDA  |     | TEV/    
 CY2026E 
 EBITDA  |
| Selected Companies                  |     |         |     |         |     |         |
| Ascend Wellness Holdings, Inc.      |     | 2.8x    |     | 2.9x    |     | 2.8x    |
| Ayr Wellness, Inc.                  |     | 5.5x    |     | 5.0x    |     | 4.8x    |
| The Cannabist Company Holdings Inc. |     | 6.0x    |     | 4.6x    |     | 3.8x    |
| Cresco Labs Inc.                    |     | 4.3x    |     | 4.5x