Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 172

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 172
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 research multiples given the lack of Wall Street analyst coverage. This analysis indicated the implied equity value ranges for Vireo and the Targets, in aggregate, presented below:

| Vireo          |     | Implied      
 Equity Value 
 ($mm)        |
| CY2024P EBITDA |     | 20 - 93      |
| CY2025E EBITDA |     | 52 - 87      |
| CY2026E EBITDA |     | 165 - 270    |

| Targets        |     | Implied      
 Equity Value 
 ($mm)        |
| CY2024P EBITDA |     | 275 - 522    |
| CY2025E EBITDA |     | 269 - 360    |
| CY2026E EBITDA |     | 270 - 427    |

Moelis noted that the market capitalization of Vireo on December 16, 2024, the last trading day prior to the date of its opinion, was $58 million.

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TABLE OF CONTENTS

Selected Publicly Traded Companies-Based Implied Pro Forma Ownership Percentage Analysis Based on the implied Vireo and aggregate Target equity value ranges presented above, Moelis calculated implied ranges of pro formaownership percentage of the holders of Shares, pre-Transactions, in the combined company after giving effect to the Transactions (the “ pro formaVireo ownership percentage”), which are presented below:

|                |     | ImpliedPro Forma 
 Vireo Ownership  
 Percentage(1)    |
| CY2024P EBITDA |     | 3.7% - 25.2%     |
| CY2025E EBITDA |     | 12.5% - 24.4%    |
| CY2026E EBITDA |     | 27.9% - 49.9%    |

| (1) | The high end of the range of the impliedpro formaVireo ownership percentage represents the high end of the implied equity value range of Vireo versus the low end of the implied equity value range of the Targets. The low end of the range of the impliedpro formaVireo ownership percentage represents the low end of the implied equity value range of Vireo versus the high end of the implied equity value range of the Targets. |

Moelis compared the implied ranges of pro formaVireo ownership percentage above to the implied pro formaownership of