Company: VREOF
Filing Date: 2025-07-24
Form Type: 424B3
Source: 0001104659-25-070426
Chunk: 33

Company: Vireo Growth Inc.
Filing Date: 2025-07-24
Form: 424B3
Chunk 33
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CERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF THE SUBORDINATE VOTING SHARES, AS WELL AS THE APPLICATION
OF ANY, STATE, LOCAL AND NON-U.S. INCOME, ESTATE AND OTHER TAX CONSIDERATIONS.

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U.S. Tax Classification of the Company

Pursuant to Section 7874(b) of the Code and the
U.S. Treasury Regulations promulgated thereunder, notwithstanding that the Company has been organized under Canadian law, solely for U.S.
federal income tax purposes, the Company will be classified as a U.S. domestic corporation. Accordingly, the Company will be subject to
a number of significant and complicated U.S. federal income tax consequences as a result of being treated as a U.S. domestic corporation
for U.S. federal income tax purposes and will be subject to taxation both in Canada and the United States which could have a material
adverse effect on its financial condition and results of operations.

Taxation of 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 U.S. source dividends to a U.S. Holder of a Subordinate
Voting Share to the extent of our 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 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. Corporate
U.S. Holders may be entitled to claim the dividends-received deduction with respect to dividends paid on the Subordinate Voting Shares
and such dividends may constitute qualified dividend income to individual U.S. Holders, subject in each case to applicable restrictions
and eligibility requirements.

Dividends on the Subordinate Voting Shares will
not constitute foreign source income for U.S. foreign tax credit limitation purposes because the Company, even though organized as a Canadian
corporation, will be treated as a U.S. corporation for U.S. federal income tax purposes, as described above under “—U.S. Tax
Classification of the Company