Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 149

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 149
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 of each of the said classes.

#### 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. See “Description of the Company’s Securities – Subordinate Voting Shares – Redemption Rights.”

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TABLE OF CONTENTS

RECOMMENDATION OF THE BOARD AND REASONS FOR THE MERGERS The Board, after consideration and consultation with its legal and financial advisors (including consideration of the Moelis fairness opinion, which assessed the fairness, from a financial point of view, of the consideration to be paid in all of the Transactions, including the Bill’s Nursery Acquisition, as a whole, to the Company), (i) determined that the Merger Agreements and the transactions contemplated in each case thereby, including the Share Issuance, are fair to, and in the best interests of, the Company’s shareholders, (ii) approved the Merger Agreements, the Share Issuance and the related transactions and (iii) recommended that the Company’s shareholders approve the Merger Agreements and the transactions in each case contemplated thereby, including the Share Issuance. The Board believes that, at this stage of development and expansion of the U.S. cannabis market, companies with financial strength, an enhanced geographical footprint and scale, diverse product range, premium brands and operational expertise are most likely to succeed in the long-term. In evaluating the Merger Agreements and the Share Issuance, and in making its recommendations, the Board consulted with its legal and financial advisors, reviewed the Moelis fairness opinion and considered the terms of the Merger Agreements and Share Issuance. The Board considered a number of factors (not necessarily in order of relative importance), including the following:

| • | Expanded Balance Sheet. Upon the closing of the Mergers, the Company will be expected to have a strong cash position and long-dated debt maturities providing a dynamic capital structure to pursue organic and inorganic growth initiatives. |

| • | Increased Scale and Portfolio Diversity. The Company, following completion of the Mergers, will have an expanded presence in the U.S. southwest in Utah and Nevada and midwest in Missouri, where recreational adult use of cannabis was recently legalized, providing increased scale and geographic diversity, which the Board viewed as particularly relevant