Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 208

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 208
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 information to reflect events or circumstances after the date of such statements.

Amounts are presented in United States dollars, except as otherwise indicated. Please see Appendix B for Deep Root’s financial statements for the years ended December 31, 2024 and December 31, 2023.

### Overview of Deep Roots
Deep Roots is an established cannabis operator licensed by the State of Nevada. The Company owns, operates, and invests in legal cannabis cultivation, processing, and retail operations. The Company is headquartered in Mesquite, Nevada.

The Company operated five dispensaries and a cultivation and manufacturing facility, all of which are located in Nevada. In October 2024, as further described in Note 6, the Company acquired most of the assets of a Nevada operator, The Source Holdings, LLC, including four retail operations two provisional retail licenses and on operating facility for cultivation.

**Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023**

#### Revenue
We derived our revenue from cultivating, processing, and distributing cannabis products through our nine dispensaries and wholesale sales in Nevada. For the years ended December 31, 2024 and 2023, respectively, 98% of revenue was generated from retail dispensaries and 2% from the wholesale business.

Revenue for the year ended December 31, 2024 was $69,509,999, an increase of $5,161,326 or 8% compared to revenue of $64,348,673 for the year ended December 31, 2023. The increase is primarily attributable to the acquisition of The Source Holdings, LLC, in October of 2024 which added four dispensaries to Deep Roots operations.

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Retail revenue for the year ended December 31, 2024 was $68,083,205, an increase of $5,316,980 or 8% compared to retail revenue of $62,766,225 for the year ended December 31, 2023, primarily due to the acquisition of The Source Holdings, LLC, in October of 2024 which added four dispensaries to Deep Roots operations. Wholesale revenue for the year ended December 31, 2024 was $1,426,794, a decrease of $155,654 or 10% compared to wholesale revenue of $1,582,448 for the year ended December 31, 2023. Wholesale sales were flat, there were no significant drivers of change in