Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 19

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 19
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 Maryland               
 Minnesota              |     | Agreement Expiration 
 October 31, 2027     
 November 22, 2026    |
|:-----------------------|:----|:---------------------|
| New York (Security)    |     | October 31, 2027     |
| New York (non-drivers) |     | October 31, 2027     |
| New York (drivers)     |     | December 31, 2024    |

Our collective bargaining agreements in New York (drivers) and Maryland have expired and negotiations are in progress. We anticipate a resolution and consider our overall relationships with our employees, UFCW, and Local 811 to be positive. Our human capital objectives focus on attracting, developing, retaining, and engaging a talented workforce. Our compensation program is designed to be competitive and aligned with both individual and company performance. We are committed to fostering a collaborative and results-driven culture that supports the execution of our strategic goals. Research and Development Our former research and development activities primarily focused on developing new, innovative, and patent-protectable products for the cannabis market. These efforts have focused on novel cannabinoid formulations as well as accessory products designed to improve the cannabis consumption experience. We also experimented with plant spacing and nutrient blends, cannabis variety trialing and improved pest management techniques. We also engaged in research and development activities focused on developing new extracted or infused products. Patents and Trademarks We hold six (6) patents and have a number of other patents pending with the United States Patent and Trademark Office (“ USPTO”). We have successfully registered the trademarks Vireo Health®, Green Goods®, and 1937® with the USPTO. Competitive Conditions and Position Historically, Vireo U.S. won licenses in competitive, merit-based selection processes through wholly-owned subsidiary applicants. We pursued opportunities in limited license markets with higher barriers to entry presenting an opportunity for higher returns or the development of strategic opportunities. The industry is highly competitive with many operators, including large multi-state operators and smaller regional and local enterprises. We face competition from other companies that have greater resources, enhanced access to public equity and debt markets, superior cultivation and manufacturing capabilities, lower operating costs, better-located retail facilities, more experienced management, or that may be more mature as businesses. There are several multi-state operators that we compete directly with in some of our operating markets. Aside from current direct competition, other operators that are sufficiently capitalized to enter the Company’s markets through new licensure or acquisitive growth are