Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 371

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 371
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| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS             |     | B-50 |

B-42

#### TABLE OF CONTENTS

#### 1) Independent Auditors’ Report
To the Board of Directors

Proper Holdings, LLC and Subsidiaries

St. Louis, Missouri

#### Opinion
We have audited the consolidated financial statements of Proper Holdings, LLC, Subsidiaries and Affiliates (the Company), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, the related consolidated statement of operations, changes in members’ equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

#### Emphasis of a Matter – Cannabis Laws
The Organization operates in the medical cannabis industry which is legal in the State of Missouri but illegal under United States federal law. Our opinion is not modified with respect to this matter.

**Responsibilities of Management for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.

**Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements**

Our objectives are