Company: VREOF
Filing Date: 2025-07-15
Form Type: S-3
Source: 0001104659-25-068137
Chunk: 32

Company: Vireo Growth Inc.
Filing Date: 2025-07-15
Form: S-3
Chunk 32
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.S. Holder.

Disposition of Subordinate Voting Shares

A U.S.
Holder generally will not be subject to tax under the Tax Act in respect of a capital gain realized on the disposition or deemed disposition
of a Subordinate Voting Shares unless such securities constitute “taxable Canadian property” of the U.S. Holder for purposes
of the Tax Act and the gain is not exempt from tax pursuant to the terms of the Canada-U.S. Tax Convention.

Provided
that the Subordinate Voting Shares are listed on a “designated stock exchange” for purposes of the Tax Act at the time
of disposition, the Subordinate Voting Shares generally will not constitute “taxable Canadian property” of a U.S.
Holder, unless at any time during the 60 month period immediately preceding the disposition: (i) the U.S. Holder, persons
with whom the U.S. Holder did not deal at “arm’s length” for the purposes of the Tax Act, partnerships in which
the U.S. Holder or a person with whom the U.S. Holder did not deal at “arm’s length” for the purposes of the Tax
Act holds a membership interest directly or indirectly through one or more partnerships, or the U.S. Holder together with all such
persons, owned 25% or more of the issued shares of any class of the Company and; (ii) more than 50% of the fair market value of
the Subordinate Voting Shares was derived directly or indirectly from one or any combination of real or immovable property situated
in Canada, “Canadian resource properties” (as defined in the Tax Act), “timber resource properties” (as
defined in the Tax Act), or options in respect of, or interests in, or for civil law rights in, such property whether or not such
property exists. Notwithstanding the foregoing, the Subordinate Voting Shares may otherwise in certain circumstances be deemed to be
taxable Canadian property to a U.S. Holder for the purposes of the Tax Act.

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Even
if a Subordinate Voting Share is considered to be “taxable Canadian property” to a U.S. Holder, the U.S. Holder may be exempt
from tax under the Tax Act if such securities are “treaty-protected property” for the purposes of the Tax Act. Subordinate
Voting Shares owned by a U.S. Holder will generally be “treaty-protected property” if the gain from the disposition of such
se