Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 176

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 176
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 to its opinion but were referenced for informational purposes only, including, among other things:

| • | Selected Publicly Traded Company Analysis (2026 Florida Use Case). Moelis also reviewed applying a reference range of multiples to thepro formaTargets’ CY2026E EBITDA assuming the launch of adult recreational use of cannabis in Florida and the associated capital expenditures by applying the same range of multiples described above under “—Selected Publicly Traded Companies Analyses” (3.5x – 5.0x) to the Targets’ aggregate estimated CY2026E EBITDA of $165 million. This analysis indicated the implied equity value range for Vireo and the Targets, in aggregate, of $453-700 million and apro formaVireo ownership percentage range of 19.1%-37.3%. |

| • | Discounted Cash Flow Analysis. Moelis also performed discounted cash flow (“DCF”) analyses of both Vireo and the Targets, in aggregate, using the Vireo Standalone Projections (as defined below) and the Targets’ Standalone Projections (as defined below) to calculate the present value of the estimated future unlevered free cash flows projected by Vireo management to be generated by Vireo and the Targets (in |

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aggregate), respectively, and the present value of the estimated terminal value of each of Vireo and the Targets (in aggregate). For purposes of the DCF analyses, Moelis, with the consent of the Board, treated estimates for stock-based compensation as cash expenses and assumed that adult recreational use of cannabis will be permitted in Florida in 2026. Moelis also assumed, per Vireo management, that relief from the U.S. Internal Revenue Code Section 280E would be available beginning in 2025 with no refund for prior tax years. This DCF analysis yielded an implied range of pro formaVireo ownership percentage of 23.3%-37.5%.

| • | 52-Week Low/High Company Per Share Price Analysis. Moelis reviewed the historical trading performance of the Vireo Subordinate Voting Shares over a 52-week period ending December 16, 2024, which ranged from a closing low of $0.19 per share to a high of $0.67 per share (which implied a range of equity values for Vireo of $46 million to $175 million). Moelis compared the range with the closing