Company: VREOF
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001558370-25-002130
Chunk: 20

Company: Vireo Growth Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 2
Chunk 20
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Item 2.Properties

The following tables set forth our principal physical properties.

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​​​​​Material PropertiesType    Location    Leased / OwnedProcessing MaryMed, LLC  (100 Enterprise Drive Hurlock, Maryland 21643) Leased​​​​​Cultivation MaryMed, LLC  (12418 Massey Road Massey, Maryland 21650) Owned​​​​​Cultivation​Vireo Health of Minnesota, LLC (10700 165th Avenue NWElk River, Minnesota 55330)​Leased with Purchase Option​​​​​Cultivation and Processing Vireo Health of Minnesota, LLC  (8740 77th Street NE Otsego, Minnesota 55362) Leased​​​​​Cultivation and Processing Vireo Health of New York, LLC  (Tryon Industrial Park  256 County Route 117 Perth, New York 12010) Leased

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Through our subsidiaries, we have entered into material lease agreements related to our Maryland, Minnesota, and New York operations. Those agreements are discussed below.

Maryland Lease

100 Enterprise Drive, LLC (“Maryland Lessor”) entered into a lease agreement with MaryMed, LLC on April 21, 2017 and continuing for a period of ten years (“MaryMed Lease Agreement”). Pursuant to the MaryMed Lease Agreement, MaryMed LLC agreed to lease from Maryland Lessor the premises located at 10 Enterprise Drive, in the Town of Hurlock County, of Dorchester, Maryland. The monthly base rent for the first 12 months of the term of the lease was $20,000 per month and $300,000 as security deposit. The foregoing description is qualified in its entirety by reference to the MaryMed Lease Agreement, which is included as Exhibit 10.17 hereto and incorporated by reference herein.

Maryland Lessor entered into a lease amendment with MaryMed, LLC on May 8, 2020 (“MaryMed Lease Amendment”) with respect to the MaryMed Lease Agreement. Pursuant to the MaryMed Lease Amendment, the base rent was reduced to an amount of $10,506 per month from June 1, 2020 through August 1, 2020. The foregoing description is qualified in its entirety by reference to the MaryMed Lease Amendment, which is included as Exhibit 10.13 hereto and incorporated by reference herein.

Minnesota Lease

IIP-MN