Company: VREOF
Filing Date: 2025-07-24
Form Type: 424B3
Source: 0001104659-25-070426
Chunk: 35

Company: Vireo Growth Inc.
Filing Date: 2025-07-24
Form: 424B3
Chunk 35
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 the sale or other disposition of the Subordinate Voting Shares, unless
the U.S. Holder is an exempt recipient. Backup withholding may apply to such payments if the U.S. Holder fails to provide a taxpayer identification
number (generally, on a properly completed IRS Form W-9) or a certification of exempt status, or has been notified by the IRS that it
is subject to backup withholding (and such notification has not been withdrawn). Backup withholding is not an additional tax. Any amounts
withheld under the backup withholding rules may be allowed as a refund or a credit against the U.S. Holder’s U.S. federal income
tax liability, provided that the holder timely furnishes the required information to the IRS.

Taxation of Non-U.S. Holders

Distributions on Subordinate Voting Shares

If the Company makes distributions with respect
to a Subordinate Voting Share, the distributions generally will be treated as dividends to a Non-U.S. Holder of a Subordinate Voting Share
to the extent of the Company’s current and accumulated earnings and profits as determined under U.S. federal income tax principles
at the end of the tax year in which the distribution occurs. To the extent the distributions exceed the Company’s current and accumulated
earnings and profits, the excess will be treated first as a tax-free return of capital to the extent of the Non-U.S. Holder’s adjusted
tax basis in the Subordinate Voting Share, and thereafter as gain from the sale or exchange of that Subordinate Voting Share.

Dividends paid to a Non-U.S. Holder generally
will be subject to U.S. withholding tax at a rate of 30% of the gross amount, unless the Non-U.S. Holder is eligible for and properly
claims a reduced rate of withholding under an applicable income tax treaty. However, dividends that are effectively connected with the
conduct of a trade or business by the Non-U.S. Holder within the United States (and, if required by an applicable income tax treaty, are
attributable to a United States permanent establishment of the Non-U.S. Holder) will not be subject to U.S. withholding tax, provided
certain certification and disclosure requirements are satisfied. Instead, such dividends are subject to U.S. federal income tax on a net
income basis in the same manner as if the Non-U.S. Holder were a United States person, as defined under the Code. Any such effectively
connected dividends received by a foreign corporation may be subject to an additional “branch profits tax”