Company: VREOF
Filing Date: 2025-07-24
Form Type: 424B3
Source: 0001104659-25-070426
Chunk: 32

Company: Vireo Growth Inc.
Filing Date: 2025-07-24
Form: 424B3
Chunk 32
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ordinate Voting Shares pursuant to this prospectus. No ruling from the Internal
Revenue Service (the “IRS”) has been or will be sought regarding any matter discussed herein. No assurance can be given
that the IRS would not assert, or that a court would not sustain a position contrary to any of the tax aspects set forth below.

For purposes of this summary, a “U.S. Holder” is a beneficial holder of Subordinate Voting Shares who or that, for U.S. federal income tax purposes is:

| · | an individual who is a United States citizen or resident of the United States; |

| · | a corporation or other entity treated as a corporation for United States federal income tax purposes created 
 in, or organized under the laws of, the United States, any state thereof or the District of Columbia;        |

| · | an estate the income of which is includible in gross income for United States federal income tax purposes 
 regardless of its source; or                                                                              |

| · | a trust (A) the administration of which is subject to the primary supervision of a United States court                                       
 and which has one or more United States persons (within the meaning of the Code) who have the authority to control all substantial decisions 
 of the trust or (B) that has in effect a valid election under applicable U.S. Treasury Regulations to be treated as a United States person.  |

A “Non-U.S. Holder” is a beneficial
holder of the Subordinate Voting Shares who or that is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes.

If a partnership (including an entity or
arrangement treated as a partnership for U.S. federal income tax purposes) holds the Subordinate Voting Shares, the tax treatment of
a partner, member or other beneficial owner in such partnership will generally depend upon the status of the partner, member or
other beneficial owner, the activities of the partnership and certain determinations made at the partner, member or other beneficial
owner level. An investor that is a partner, member or other beneficial owner of a partnership holding the Subordinate Voting Shares
is urged to consult the investor’s own tax advisors regarding the tax consequences of the ownership and disposition of the
Subordinate Voting Shares.

THIS DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS
IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. THE COMPANY URGES PROSPECTIVE HOLDERS TO CONSULT THEIR OWN TAX ADVISORS
CON