Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 215

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 215
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31, 2024 was $39,937,299, an increase of $6,414,043 or 19% compared to retail revenue of $33,523,256 for the year ended December 31, 2023, primarily due to increased patient count in Utah, increased delivery sales, increased product offerings, and improved product quality. Wholesale revenue for the year ended December 31, 2024 was $7,563,690, an increase of $3,907,163 or 107% compared to wholesale revenue of $3,656,527 for the year ended December 31, 2023. The increase was primarily due increased patient count in Utah, increased delivery sales, increased product offerings, and improved product quality.

|                   |     |                Wholesome 
 Years Ended December 31, |     |             |     |  Change in |     |      |
|:------------------|:----|-------------------------:|:----|------------:|:----|-----------:|:----|:-----|
|                   |     |                     2024 |     |        2023 |     |          $ |     | %    |
| Retail revenue    |     |              $39,937,299 |     | $33,523,256 |     | $6,414,043 |     | 19%  |
| Wholesale revenue |     |                7,563,690 |     |   3,656,527 |     |  3,907,163 |     | 107% |
| Total revenue     |     |              $47,500,989 |     | $37,179,783 |     | 10,321,206 |     | 28%  |

Cost of Sales and Gross Profit Cost of sales are determined from costs related to the cultivation and processing of cannabis and cannabis-derived products as well as the cost of finished goods inventory purchased from third parties. Cost of sales for the year ended December 31, 2024 were $18,752,885, an increase of $1,406,252 compared to the year ended December 31, 2023 of $17,346,633, driven most significantly by the increase in product costs associated with the increase in revenues year over year. Gross profit for the year ended December 31, 2024 was $28,748,104, representing a gross margin of 61%. This is compared to gross profit for the year ended December 31,