Company: VREOF
Filing Date: 2025-03-07
Form Type: PRE 14C
Source: 0001140361-25-007601
Chunk: 221

Company: Vireo Growth Inc.
Filing Date: 2025-03-07
Form: PRE 14C
Chunk 221
---
27,029,767 |

Liquidity and Capital Resources As of December 31, 2024 and 2023, the Company reported a working capital deficit of $3,438,665 and working capital of $23,145,703, respectively, reflecting a decrease in working capital of $26,584,368 for the year ended December 31, 2024. The decrease in working capital is a result of a net decrease in cash and cash equivalents and increased current debt. The Company is an early-stage growth company. It is generating cash from sales and is deploying its capital reserves to acquire and develop assets capable of producing additional revenues and earnings over both the immediate and near term. Pro Forma Non-GAAP Measures EBITDA is a non-GAAP measure that does not have a standardized definition under GAAP. We have provided these non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in 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 |

121

#### TABLE OF CONTENTS

### UNAUDITED PRO FORMA CONDENSED COMBINED FINANC