Company: VREOF
Filing Date: 2025-07-24
Form Type: 424B3
Source: 0001104659-25-070426
Chunk: 39

Company: Vireo Growth Inc.
Filing Date: 2025-07-24
Form: 424B3
Chunk 39
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 co-founder and has served as partner of Chicago Atlantic Group, LP and its affiliates
since April 2019. One of the Selling Securityholders, CA PIPE SPV, LLC, is an affiliate of Chicago Atlantic Group. Another
Chicago Atlantic Group, LP entity serves as lender to Vireo Growth under a $33,000,000 term loan and holds a $10,000,000 convertible
note of the Company as detailed in the Company’s SEC filings. The beneficial ownership of various Chicago Atlantic companies
is set forth in footnote 2 to the Selling Securityholder table below. Except for the foregoing or as set forth in the footnotes
below, none of the Selling Securityholders has ever been an officer or director of us or one of our affiliates or has has had a
material relationship with us other than as a securityholder at any time within the past three years. Each of the Selling
Securityholders has acquired (or will acquire) the Subordinate Voting Shares to be resold hereunder in the ordinary course of
business and, at the time of acquisition, none of the Selling Securityholders was, or is expected to be, a party to any agreement or
understanding, directly or indirectly, with any person to distribute the Subordinate Voting Shares to be resold by such Selling
Securityholders under the registration statement of which this prospectus forms a part.

Since a Selling Securityholder may sell some or
none of the Subordinate Voting Shares that it holds or has the right to acquire that are covered by this prospectus, and because the offering
contemplated by this prospectus is not underwritten, no estimate can be given as to the number of our Subordinate Voting Shares that will
be held by Selling Securityholders upon the termination of the offering. The information set forth in the following table regarding the
beneficial ownership after the resale of shares is based upon the assumption that the Selling Securityholders will acquire (to the extent
not currently held) and sell all of the Subordinate Voting Shares covered by this prospectus.

We have determined beneficial ownership in accordance
with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that Selling
Securityholders have, or will have, sole voting and investment power with respect to all Subordinate Voting Shares that they beneficially
own, subject to applicable community property laws. Except as otherwise described below, based on the information provided to us by the
Selling Securityholders, no