Company: VREOF
Filing Date: 2025-07-24
Form Type: 424B3
Source: 0001104659-25-070426
Chunk: 22

Company: Vireo Growth Inc.
Filing Date: 2025-07-24
Form: 424B3
Chunk 22
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 all or substantially
all the holders of Multiple Voting Shares in a given province or territory of Canada to which these requirements apply, each Subordinate
Voting Share shall become convertible at the option of the holder into Multiple Voting Shares at the inverse of the Conversion Ratio (as
defined below) then in effect at any time while the offer is in effect until one day after the time prescribed by applicable securities
legislation for the offeror to take up and pay for such shares as are to be acquired pursuant to the offer.

The conversion right may only be exercised in
respect of Subordinate Voting Shares for the purpose of depositing the resulting Multiple Voting Shares under the offer, and for no other
reason. In such event, the Company’s transfer agent for the Subordinate Voting Shares shall deposit under the offer the resulting
Multiple Voting Shares on behalf of the holder. Should the Multiple Voting Shares issued upon conversion and tendered in response to the
offer be withdrawn by shareholders or not taken up by the offeror, or should the offer be abandoned, withdrawn or terminated by the offeror
or the offer otherwise expires without such Multiple Voting Shares being taken up and paid for, the Multiple Voting Shares resulting from
the conversion shall be automatically reconverted, without further intervention on the part of the Company or on the part of the holder,
into Subordinate Voting Shares at the Conversion Ratio then in effect.

Change in Control. No subdivision or
consolidation of the Subordinate Voting Shares, Multiple Voting Shares or Super Voting Shares shall occur unless, simultaneously,
the Subordinate Voting Shares, Multiple Voting Shares and Super Voting Shares are subdivided or consolidated in the same manner or
such other adjustment is made, so as to maintain and preserve the relative rights of the holders of the shares of each of the said
classes.

<div align='center'>17</div>

Redemption Rights. The Company is, subject
to certain conditions, entitled to redeem Subordinate Voting Shares, Multiple Voting Shares or Super Voting Shares, as applicable, held
by certain shareholders in order to permit the Company to comply with applicable licensing regulations. These redemption rights are applicable
to each class of shares in the Company.

The purpose of the redemption right is to provide
the Company with a means of protecting itself from having a shareholder (or a group of persons who the Board of Directors reasonably believes
are acting jointly or in concert) (an “Unsuitable Person”) with an ownership interest of, whether of record or beneficially
(or having the power to exercise control or