Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 171

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 171
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 | 7.5x    |     | 6.4x    |     | 6.0x    |
| MariMed Inc.                        |     | 7.5x    |     | 4.6x    |     | 3.4x    |
| TerrAscend Corp.                    |     | 4.6x    |     | 4.2x    |     | 3.2x    |
| Mean                                |     | 5.5x    |     | 4.6x    |     | 4.1x    |
| Vireo                               |     |         |     |         |     |         |
| Median Analyst Consensus Estimates  |     | 6.0x    |     | 6.1x    |     | N/A     |
| Vireo Standalone Projections        |     | 6.1x    |     | 4.2x    |     | 2.1x    |

In light of the foregoing review and based on its professional judgment and experience, Moelis applied ranges of selected multiples derived from the Selected Companies of (i) 4.5x – 7.5x to Vireo’s and the Targets’ aggregate CY2024P EBITDA of $24 million and $82 million respectively, as projected by Vireo management, (ii) 4.0x – 5.0x to Vireo’s and the Targets’ aggregate CY2025E EBITDA of $35 million and $91 million, respectively, as projected by Vireo management and (ii) 3.5x – 5.0x to Vireo’s and the Targets’ aggregate CY2026E EBITDA of $70 million and $104 million, respectively, as projected by Vireo management, to calculate implied equity value ranges for Vireo. In determining the selected reference ranges, Moelis placed emphasis on diversified, multi-state operators with exposure to markets that have an adult recreational use of cannabis catalyst in the near- to medium-term and which operate in a mix of stable and high growth markets, due to their similarities with Vireo and the Targets. Moelis de-emphasized Ascend Wellness Holdings, Inc. and Jushi Holdings Inc. due to their leverage profiles and outlier nature of their trading multiples. Moelis also de-emphasized Vireo’s standalone consensus