Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 33

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 33
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, or persons subject to special
tax accounting rules as a result of any item of gross income with respect to the Subordinate Voting Shares being taken into account
in an applicable financial statement), all of whom may be subject to tax rules that differ materially from those summarized below.
In addition, this summary does not discuss other U.S. federal tax consequences (e.g., estate or gift tax), any state, local, or non-U.S.
tax considerations or the Medicare tax or alternative minimum tax. In addition, this summary is limited to investors that will hold the
Subordinate Voting Shares as “capital assets” (generally, property held for investment) under the U.S. Internal Revenue Code
of 1986, as amended (the “Code”), and that acquired the Subordinate Voting Shares pursuant to this prospectus. No ruling
from the Internal Revenue Service (the “IRS”) has been or will be sought regarding any matter discussed herein. No
assurance can be given that the IRS would not assert, or that a court would not sustain a position contrary to any of the tax aspects
set forth below.

For purposes of this summary, a “U.S. Holder” is a beneficial holder of Subordinate Voting Shares who or that, for U.S. federal income tax purposes is:

| · | an individual who is a United States citizen 
 or resident of the United States;            |

| · | a corporation or other entity treated as a corporation                                                                                
 for United States federal income tax purposes created in, or organized under the laws of, the United States, any state thereof or the 
 District of Columbia;                                                                                                                 |

| · | an estate the income of which is includible in                                          
 gross income for United States federal income tax purposes regardless of its source; or |

| · | a trust (A) the administration of which                                                                                               
 is subject to the primary supervision of a United States court and which has one or more United States persons (within the meaning of 
 the Code) who have the authority to control all substantial decisions of the trust or (B) that has in effect a valid election under   
 applicable U.S. Treasury Regulations to be treated as a United States person.                                                         |

A “Non-U.S. Holder” is a beneficial
holder of the Subordinate Voting Shares who or that is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes.

If a partnership (including an entity or arrangement
treated as a partnership for U.S. federal income tax purposes