Company: VREOF
Filing Date: 2025-07-15
Form Type: S-3
Source: 0001104659-25-068137
Chunk: 40

Company: Vireo Growth Inc.
Filing Date: 2025-07-15
Form: S-3
Chunk 40
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 payments to noncompliant foreign financial institutions and certain other
account holders; (ii) a non-financial foreign entity that either certifies it does not have any substantial United States owners or furnishes
identifying information regarding each substantial United States owner to the United States Treasury; or (iii) a foreign financial institution
or non-financial foreign entity that is exempt from these rules. Investors should consult their tax advisors regarding this legislation
and the regulations thereunder.

<div align='center'>25

SELLING SECURITYHOLDERS</div>

This prospectus relates to the resale by the Selling
Securityholders from time to time of up to 129,536,874 of our Subordinate Voting Shares. The Selling Securityholders may from time to
time offer and sell any or all of the Subordinate Voting Shares set forth below pursuant to this prospectus and any accompanying prospectus
supplement. As used in this prospectus, the term “Selling Securityholders” includes the persons listed in the table below,
together with any additional selling securityholders listed in a subsequent amendment to this prospectus, and their pledgees, donees,
transferees, assignees, successors, designees and others who later come to hold any of the Selling Securityholders’ interests in
the Subordinate Voting Shares, other than through a public sale.

Except as set forth in the footnotes below, the
following table sets forth, based on written representations from the Selling Securityholders, certain information as of June 30, 2025
regarding the beneficial ownership of our Subordinate Voting Shares by the Selling Securityholders and the Subordinate Voting Shares being
offered by the Selling Securityholders and may not reflect subsequent sales by the Selling Securityholders. The applicable percentage
ownership of Subordinate Voting Shares is based on approximately 923,839,190 Subordinate Voting Shares outstanding as of June 30, 2025.
Information with respect to Subordinate Voting Shares owned beneficially after the offering assumes the sale of all of the Subordinate
Voting Shares registered hereby. The Selling Securityholders may offer and sell some, all or none of their Subordinate Voting Shares.

Our Chief Executive Officer and Co-Executive
Chairman of the Board, John Mazarakis, is a co-founder and has served as partner of Chicago Atlantic Group, LP and its affiliates
since April 2019. One of the Selling Securityholders, CA PIPE SPV, LLC, is an affiliate of Chicago Atlantic Group. Another
Chicago Atlantic