Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 40

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 40
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 certain information as of December 9,
2025 regarding the beneficial ownership of our Subordinate Voting Shares by the Selling Securityholders and the Subordinate Voting Shares
being offered by the Selling Securityholders and may not reflect subsequent sales by the Selling Securityholders. The applicable percentage
ownership of Subordinate Voting Shares is based on approximately 923,898,809 Subordinate Voting Shares outstanding as of September 30,
2025. Information with respect to Subordinate Voting Shares owned beneficially after the offering assumes the sale of all of the Subordinate
Voting Shares registered hereby. The Selling Securityholders may offer and sell some, all or none of their Subordinate Voting Shares.

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 this 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,