Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 219

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 219
---
Retail revenue for the year ended December 31, 2024 was $66,287,657, an increase of $14,108,726 or 27% compared to retail revenue of $52,178,931 for the year ended December 31, 2023, the increase in the dispensary count related to the Management Service Agreement with Nirvana and acquisition of SLCC, LLC. Wholesale revenue for the year ended December 31, 2024 was $24,120,463, an increase of $127,699 or 1% compared to wholesale revenue of $23,992,764 for the year ended December 31, 2023. Results were flat year over year with no significant drivers.

|                   |     |         Proper Companies 
 Years Ended December 31, |     |             |     |   Change in |     |     |
|:------------------|:----|-------------------------:|:----|------------:|:----|------------:|:----|:----|
|                   |     |                     2024 |     |        2023 |     |           $ |     | %   |
| Retail revenue    |     |              $66,287,657 |     | $52,178,931 |     | $14,108,726 |     | 27% |
| Wholesale revenue |     |               24,120,463 |     |  23,992,764 |     |     127,699 |     | 1%  |
| Total revenue     |     |              $90,408,120 |     | $76,171,695 |     | $14,236,425 |     | 19% |

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 $46,702,829, an increase of $15,293,426 compared to the year ended December 31, 2023 of $31,409,403, 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 $43,705,291, representing a gross margin of 48%. This is compared to gross profit for the year ended December 31, 2023 of $44,762,