Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 184

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 184
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----------------|:----|--------------------------------:|:----|------:|:----|------:|
| Total Revenue   |     |                             $88 |     |  $106 |     |  $182 |
| EBITDA(1)       |     |                             $24 |     |   $35 |     |   $70 |

| (1) | Operating income plus depreciation, amortization, and depreciation included in costs of goods sold |

Targets’ Standalone Projections The following is a summary of the Targets’ Standalone Projections (amounts may reflect rounding). These projections include the operations of the assets of Bill’s Nursery. As of the date of this Information Statement, the exclusivity period under the Bill’s Nursery MOU has expired and a definitive agreement relating to the Bill’s Nursery Acquisition has not been executed (and may not be executed in the future).

| ($ in millions)(1) |     | Fiscal Year Ending December 31, 
                           2024E |     | 2025E |     | 2026E |
|:-------------------|:----|--------------------------------:|:----|------:|:----|------:|
| Total Revenue      |     |                            $294 |     |  $324 |     |  $360 |
| Adjusted EBITDA(2) |     |                             $82 |     |   $91 |     |  $104 |

| (1) | Reflects aggregate estimated Total Revenue and Adjusted EBITDA for Deep Roots, the Proper Companies, WholesomeCo, Inc. and Bill’s Nursery |

| (2) | Operating income plus depreciation, amortization, and depreciation included in costs of goods sold |

| Synergies Projections 
 ($ in millions)(1)    |     | Fiscal Year Ending December 31, 
                           2025E |     | 2026E |     | Run-Rate |
|:----------------------|:----|--------------------------------:|:----|------:|:----|---------:|
| Cost Synergies        |     |                              $1 |     |    $2 |     |      $ 4 |

| (1) | Reflects estimated Cost Synergies for a combined company comprised of Vireo, Deep Roots, the Proper Companies, WholesomeCo, Inc. and Bill’s Nursery |

INFORMATION ABOUT THE PARTIES TO THE MERGERS Vireo Growth Inc. Background Vireo Growth Inc. is a reporting issuer in