Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 218

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 218
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, 69% of revenue was generated from retail dispensaries and 31% from the wholesale business.

Revenue for the year ended December 31, 2024 was $90,408,120, an increase of $14,236,425 or 19% compared to revenue of $76,171,695 for year ended December 31, 2023. On July 6, 2023, Proper entered into a Member Interest Purchase Agreement with the Members of Nirvana Investments LLC and all subsidiaries and a Management Service Agreement of Nirvana Investments LLC. Additionally, on October February 7, 2024, Proper completed the

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acquisition of SLCC, LLC, a single dispensary operation located in Kansas City, MO. The Management Service Agreement with Nirvana and acquisition of SLCC, LLC, added five dispensaries to Proper’s full year 2024 operating results, which drove the increase in sales from 2023 to 2024. Retail revenue for the year ended December 31, 2024 was $66,287,657, an increase of $14,108,726 or 27% compared to retail revenue of $52,178,931 for the year ended December 31, 2023, the increase in the dispensary count related to the Management Service Agreement with Nirvana and acquisition of SLCC, LLC. Wholesale revenue for the year ended December 31, 2024 was $24,120,463, an increase of $127,699 or 1% compared to wholesale revenue of $23,992,764 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 |