Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 218

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 218
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,992,764 for the year ended December 31, 2023. Results were flat year over year with no significant drivers.

|                   |     |         Proper Companies 
 Years Ended December 31, |     |             |     |   Change in |     |     |
|:------------------|:----|-------------------------:|:----|------------:|:----|------------:|:----|:----|
|                   |     |                     2024 |     |        2023 |     |           $ |     | %   |
| Retail revenue    |     |              $66,287,657 |     | $52,178,931 |     | $14,108,726 |     | 27% |
| Wholesale revenue |     |               24,120,463 |     |  23,992,764 |     |     127,699 |     | 1%  |
| Total revenue     |     |              $90,408,120 |     | $76,171,695 |     | $14,236,425 |     | 19% |

Cost of Sales and Gross Profit Cost of sales are determined from costs related to the cultivation and processing of cannabis and cannabis-derived products as well as the cost of finished goods inventory purchased from third parties. Cost of sales for the year ended December 31, 2024 were $46,702,829, an increase of $15,293,426 compared to the year ended December 31, 2023 of $31,409,403, driven most significantly by the increase in product costs associated with the increase in revenues year over year. Gross profit for the year ended December 31, 2024 was $43,705,291, representing a gross margin of 48%. This is compared to gross profit for the year ended December 31, 2023 of $44,762,292, or a 59% gross margin. The decrease in gross margin was driven by general pricing compression in the Missouri market and one time inventory write offs. Total Operating Expenses Total operating expenses for the year ended December 31, 2024 were $24,683,705, an increase of $6,218,857 compared to total operating expenses of $18,464,848 for the year ended December 31, 2023. The increase in total operating expenses was primarily due to the increase in the dispensary count related to the Management Service Agreement with Nirvana and acquisition of SL