Company: VREOF
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001104659-25-102719
Chunk: 2

Company: Vireo Growth Inc.
Filing Date: 2025-10-28
Form: 424B3
Chunk 2
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 Information with respect to Subordinate Voting Shares owned beneficially
after the offering assumes the sale of all of the Subordinate Voting Shares registered hereby. The Selling Securityholders may offer and
sell some, all or none of their Subordinate Voting Shares.

Our Chief Executive Officer and Co-Executive Chairman of the Board,
John Mazarakis, is a co-founder and has served as partner of Chicago Atlantic Group, LP (“CAG”) and its affiliates since April 2019.
Two of the Selling Securityholders, Chicago Atlantic Credit Opportunities, LLC (“CACO”) and Chicago Atlantic Equity Fund, LLC
(“CAEF”), are affiliates of CAG. Chicago Atlantic Opportunity Finance, LLC (“CAOF”), a wholly owned subsidiary
of CACO, serves as lender to Vireo Growth under a $33,000,000 term loan and holds a $10,000,000 convertible note of the Company as detailed
in the Company’s SEC filings. The beneficial ownership of various CAG companies is set forth in footnote 11 to the
Selling Securityholder table below. Except for the foregoing or as set forth in the footnotes below, none of the Selling Securityholders
has ever been an officer or director of us or one of our affiliates or has had a material relationship with us other than as a securityholder
at any time within the past three years. Each of the Selling Securityholders has acquired (or will acquire) the Subordinate Voting Shares
to be resold hereunder in the ordinary course of business and, at the time of acquisition, none of the Selling Securityholders was, or
is expected to be, a party to any agreement or understanding, directly or indirectly, with any person to distribute the Subordinate Voting
Shares to be resold by such Selling Securityholders under the registration statement of which this Prospectus forms a part.

Since a Selling Securityholder may sell some or none of the Subordinate
Voting Shares that it holds or has the right to acquire that are covered by this Prospectus, and because the offering contemplated by
this Prospectus is not underwritten, no estimate can be given as to the number of our Subordinate Voting Shares that will be held by Selling
Securityholders upon the termination of the offering. The information set forth in the following table regarding the beneficial ownership
after the resale of shares is based upon the assumption that the Selling Securityholders will acquire (to the extent not currently held)
and sell all of the Subordinate Voting Shares covered by this Prospectus.

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