Company: VREOF
Filing Date: 2025-07-24
Form Type: 424B3
Source: 0001104659-25-070426
Chunk: 20

Company: Vireo Growth Inc.
Filing Date: 2025-07-24
Form: 424B3
Chunk 20
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 Shares.

The sale by the Selling Securityholders of a significant
number of Subordinate Voting Shares could have a material adverse effect on the market price of our Subordinate Voting Shares. In addition,
the perception in the public markets that the Selling Securityholders may sell all or a portion of their Subordinate Voting Shares as
a result of the registration of such Subordinate Voting Shares for resale pursuant to this prospectus could also in and of itself have
a material adverse effect on the market price of our Subordinate Voting Shares. We cannot predict the effect, if any, that market sales
of those Subordinate Voting Shares or the availability of those Subordinate Voting Shares for sale will have on the market price of our
Subordinate Voting Shares.

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USE OF PROCEEDS</div>

We are not selling Subordinate Voting Shares under
this prospectus and we will not receive any of the proceeds from the sale or other disposition of our Subordinate Voting Shares by the
Selling Securityholders. The Selling Securityholders will receive all of the proceeds from this offering. The Selling Securityholders
will pay any underwriting discounts and commissions and expenses incurred by them for brokerage, accounting, tax or legal services or
any other expenses incurred by the Selling Securityholders in disposing of the Subordinate Voting Shares. We will bear all other costs,
fees and expenses incurred in effecting the registration of the Subordinate Voting Shares covered by this prospectus, including all registration
and filing fees, and fees and expenses for our counsel and our independent registered public accountants.

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DESCRIPTION OF CAPITAL STOCK</div>

Description of the Company’s Securities

The Company is authorized to 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 June 30, 2025, the issued and outstanding
capital of the Company consisted of: (i) 923,839,190 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 949,802,390.

Our Articles, which are incorporated by reference
into the registration statement of which this prospectus forms a part, provide further information regarding our securities and qualify