Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 20

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 20
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 also considered potential competitors. Similarly, if and to the extent we continue to enter new markets, we will encounter new direct competitors. Note Purchase Agreements We issued 114,807,815 Subordinate Voting Shares to several Noteholders pursuant to the Note Purchase Agreements dated as of October 2, 2025. The Subordinate Voting Shares were issued at a price of $0.54 per Subordinate Voting Share for a total consideration under the Note Purchase Agreements of approximately $62.0 million. Under the terms of the Note Purchase Agreements, we agreed to register 114,807,815 Subordinate Voting Shares for resale on this registration statement.

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THE OFFERING

| Issuer:                                                           |     | Vireo Growth Inc.                                                                                                                                                                                                            |
| Subordinate Voting Shares offered by the Selling Securityholders: |     | 114,807,815 Subordinate Voting Shares                                                                                                                                                                                        |
| Subordinate Voting Shares outstanding prior to this offering:     |     | 923,898,809 Subordinate Voting Shares (as of September 30, 2025)                                                                                                                                                             |
| Terms of the offering                                             |     | The Selling Securityholders will determine when and how they will dispose of the Subordinate Voting Shares registered under this prospectus for resale. See “Plan of Distribution.”                                          |
| Use of proceeds                                                   |     | The Selling Securityholders will receive the proceeds from the sale of Subordinate Voting Shares offered hereby. We will not receive any proceeds from the sale of Subordinate Voting Shares by the Selling Securityholders. |
| Risk factors                                                      |     | See “Risk Factors” on page 15 and other information included and incorporated by reference in this prospectus for a discussion of factors you should consider before investing in our Subordinate Voting Shares.             |
| CSE and OTCQX symbols                                             |     | Our Subordinate Voting Shares are listed on the CSE under the symbol “VREO” and on the OTCQX under the symbol “VREOF.”                                                                                                       |

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RISK FACTORS</div>

Investing in our Subordinate Voting Shares involves
risk. Prior to making a decision about investing in our Subordinate Voting Shares, you should carefully consider the risk factors contained
in our most recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended September 30,
2025, which are incorporated by reference herein, and the other information contained in this