Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 22

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 22
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 issue an unlimited
number of Subordinate Voting Shares, an unlimited number of multiple voting shares (the “Multiple Voting Shares”) and
an unlimited number of super voting shares (the “Super Voting Shares”).

As of September 30, 2025, the issued and
outstanding capital of the Company consisted of: (i) 923,898,809 Subordinate Voting Shares; (ii) 259,632 Multiple Voting Shares;
and (iii) 0 Super Voting Shares (collectively, the “Company Shares”).

The total number of equity shares assuming all
Multiple Voting Shares are converted into Subordinate Voting Shares would be 949,862,009.

Our Articles, which are incorporated by reference
into this registration statement, provide further information regarding our securities and qualify the summary in this prospectus in its
entirety.

Subordinate Voting Shares

Notice and Voting Rights. Holders of Subordinate
Voting Shares are entitled to notice of and to attend at any meeting of the shareholders of the Company, except a meeting of which only
holders of another particular class or series of shares of the Company have the right to vote. At each such meeting, holders of Subordinate
Voting Shares are entitled to one vote in respect of each Subordinate Voting Share held.

Class Rights. As long as any Subordinate
Voting Shares remain outstanding, the Company will not, without the consent of the holders of the Subordinate Voting Shares by separate
special resolution, prejudice or interfere with any right attached to the Subordinate Voting Shares. Holders of Subordinate Voting Shares
will not be entitled to a right of first refusal to subscribe for, purchase or receive any part of any issue of Subordinate Voting Shares,
or bonds, debentures or other securities of the Company. The majority of votes required to pass a special resolution at a meeting of holders
of Subordinate Voting Shares is two-thirds of the votes cast on the resolution.

Dividend Rights. Holders of Subordinate
Voting Shares are entitled to receive, as and when declared by the directors of the Company, dividends in cash or property of the Company.
No dividend will be declared or paid on the Subordinate Voting Shares unless the Company simultaneously declares or pays, as applicable,
equivalent dividends (on an as-converted to Subordinate Voting Shares basis) on the Multiple Voting Shares and Super Voting Shares.

Liquidation Rights. In the event of the
liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or in