Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 220

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 220
---
DA for the year ended December 31, 2024, as if the Merger Agreements were executed on January 1, 2024.

|                                            |     | Year Ended December 31, 
                    2024 |
|:-------------------------------------------|:----|------------------------:|
| Vireo Pro Forma Adjusted EBITDA            |     |             $25.145.435 |
| Deep Roots Pro Forma Adjusted EBITDA       |     |              29,691,733 |
| Proper Companies Pro Forma Adjusted EBITDA |     |              24,420,141 |
| Wholesome Pro Forma Adjusted EBITDA        |     |              15,514,300 |
| Total Pro Forma Adjusted EBITDA            |     |              94,771,609 |

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#### TABLE OF CONTENTS

### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

#### Deep Roots Merger
On December 18, 2024, Vireo Growth Inc. (the “Company” or “Vireo”) entered into an Agreement and Plan of Merger (the “Deep Roots Merger Agreement”) with Deep Roots Holdings, Inc. (“Deep Roots”), where pursuant to the Deep Roots Merger Agreement, Vireo will acquire all of the issued and outstanding shares of Deep Roots (the “Deep Roots Merger”) in exchange for the currently estimated issuance of 245,240,000 subordinate voting shares (the “Subordinate Voting Shares”) of Vireo (subject to the clawback provisions of the Deep Roots Forfeiture Amount and Deep Roots New Retail Forfeiture Amount, as defined below), representing a value of $112,810,400 (the “Merger Consideration”), plus the potential Deep Roots Earn-Out Shares, as defined below. The number of Subordinate Voting Shares to be issued at the closing date of the Deep Roots Merger (the “Deep Roots Closing Date”) was calculated by dividing the value of the merger consideration as of December 18, 2024 by a share price reference of $0.52 for Vireo’s Subordinate Voting Shares. In general, the Merger Consideration is based upon a multiple of a $31,000,000 earnings before interest, taxes, depreciation, and amortization (“EBITDA”), adjusted for certain items as described in the definition of Merger Consideration in the Deep Roots Merger Agreement, including