Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 221

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 221
---
 addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. This supplemental non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented. The following table shows Consolidated Pro Forma Adjusted EBITDA for the year ended December 31, 2024, as if the Merger Agreements were executed on January 1, 2024.

|                                            |     | Year Ended December 31, 
                    2024 |
|:-------------------------------------------|:----|------------------------:|
| Vireo Pro Forma Adjusted EBITDA            |     |             $25.145.435 |
| Deep Roots Pro Forma Adjusted EBITDA       |     |              29,691,733 |
| Proper Companies Pro Forma Adjusted EBITDA |     |              24,420,141 |
| Wholesome Pro Forma Adjusted EBITDA        |     |              15,514,300 |
| Total Pro Forma Adjusted EBITDA            |     |              94,771,609 |

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#### TABLE OF CONTENTS

### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

#### Deep Roots Merger
On December 18, 2024, Vireo Growth Inc. (the “Company” or “Vireo”) entered into an Agreement and Plan of Merger (as amended, the “Deep Roots Merger Agreement”) with Deep Roots Holdings, Inc. (“Deep Roots”), where pursuant to the Deep Roots Merger Agreement, Vireo will acquire all of the issued and outstanding shares of Deep Roots (the “Deep Roots Merger”) in exchange for the currently estimated issuance of 245,240,000 subordinate voting shares (the “Subordinate Voting Shares”) of Vireo (subject to the clawback provisions of the Deep Roots Forfeiture Amount and Deep Roots New Retail Forfeiture Amount, as defined below), representing a value of $112,810,400 (the “Merger Consideration”), plus the potential Deep Roots Earn-Out Shares, as defined below. The number of Subordinate Voting