Company: VREOF
Filing Date: 2025-07-24
Form Type: 424B3
Source: 0001104659-25-070426
Chunk: 31

Company: Vireo Growth Inc.
Filing Date: 2025-07-24
Form: 424B3
Chunk 31
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treaty-protected property” for the purposes of the Tax Act. Subordinate
Voting Shares owned by a U.S. Holder will generally be “treaty-protected property” if the gain from the disposition of such
securities would, because of the Canada-U.S. Tax Convention, be exempt from tax under Part I of the Tax Act.

U.S.
Holders who may hold Subordinate Voting Shares as “taxable Canadian property” should consult their own tax advisors.

<div align='center'>CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</div>

The following discussion is a summary of the U.S.
federal income tax considerations generally applicable to the ownership and disposition of the Subordinate Voting Shares. This summary
is based upon U.S. federal income tax law as of the date of this prospectus, which is subject to change or differing interpretations,
possibly with retroactive effect. This summary does not discuss all aspects of U.S. federal income taxation that may be important to particular
investors in light of their individual circumstances, including investors subject to special tax rules (including, but not limited to,
financial institutions, insurance companies, broker-dealers or traders in securities or currencies, tax-exempt organizations (including
private foundations), individual retirement accounts or qualified pension plans, taxpayers that have elected mark-to-market accounting,
S corporations, regulated investment companies, real estate investment trusts, U.S. expatriates (or former long-term residents of the
United States), investors that will hold the Subordinate Voting Shares as part of a straddle, hedge, conversion, or other integrated transaction
for U.S. federal income tax purposes, investors that have a functional currency other than the U.S. dollar, or persons subject to special
tax accounting rules as a result of any item of gross income with respect to the Subordinate Voting Shares being taken into account in
an applicable financial statement), all of whom may be subject to tax rules that differ materially from those summarized below. In addition,
this summary does not discuss other U.S. federal tax consequences (e.g., estate or gift tax), any state, local, or non-U.S. tax considerations
or the Medicare tax or alternative minimum tax. In addition, this summary is limited to investors that will hold the Subordinate Voting
Shares as “capital assets” (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended
(the “Code”), and that acquired the Sub