Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 321

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 321
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 we express no opinion); and |

MOU”) and the draft of Bill’s Nursery Agreement reviewed by us, Bill’s Nursery Acquisition Sub will 399 Park Avenue | 4 thFloor | New York, NY 10022 Moelis & Company LLC doing business as Moelis

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| be merged with and into Bill’s Nursery (the “Bill’s Nursery Transaction” and, together with the WholesomeCo Transaction, the Proper Transaction and the Deep Roots Transaction, the “Transaction”) and the issued and outstanding shares of Bill’s Nursery will be converted into the right to receive, in the aggregate, 210,000,000 Company Shares, based on a valuation per Company Share of US$0.52 (the “Bill’sNursery Consideration” and, together with the WholesomeCo Consideration, the Proper Consideration and the Deep Roots Consideration, the “Consideration”), subject to adjustments as specified in the Bill’s Nursery MOU and Bill’s Nursery Agreement (as to which we express no opinion). |

Based on the foregoing, existing Company shareholders are expected to own approximately 23.9% of the pro forma entity immediately after the issuance of the Consideration (without giving effect to any concurrent financing by the Company). In arriving at our opinion, we have, among other things: (i) reviewed certain publicly available business and financial information, including publicly available research analysts’ financial forecasts, relating to the Company; (ii) reviewed certain internal information relating to the business, earnings, cash flow, assets, liabilities and prospects of the Targets furnished to us by the respective Targets, including financial forecasts provided to or discussed with us by the management of the respective Targets and subsequently modified by management of the Company; (iii) reviewed certain internal information relating to the business, earnings, cash flow, assets, liabilities and prospects of the Company furnished to us by the Company, including financial forecasts provided to or discussed with us by the management of the Company; (iv) reviewed certain internal information relating to cost savings, synergies and related expenses expected to result from the Transaction (the “ Expected Synergies”) and certain other pro forma financial effects expected to result from the Transaction furnished to us by the Company; (v) conducted discussions with members of the senior managements and representatives of the Company and the Targets concerning the information described in clauses (i)–(iv) of this paragraph, as well as the businesses and prospects of the Targets and the Company generally; (vi