Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 2

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 2
---
 an offer to buy securities in any state where the offer or sale is not permitted.

<div align='center'>Subject to Completion, December 9, 2025</div>

PRELIMINARY PROSPECTUS

<div align='center'>VIREO GROWTH INC.

114,807,815Subordinate Voting Shares</div>

This prospectus relates to the resale, from time
to time, by the selling securityholders named in this prospectus (the “Selling Securityholders”) of up to an aggregate
of 114,807,815 of our subordinate voting shares, no par value (the “Subordinate Voting Shares”), issued in connection
with our entry into Convertible Note Secondary Sale and Purchase Agreements (the “Note Purchase Agreements”) with
several holders (the “Noteholders”) of those certain 13% Senior Secured Convertible Notes due December 7, 2026
(the “Notes”) of Medicine Man Technologies, Inc. d/b/a Schwazze, a Nevada corporation (“Schwazze”).
The Notes, which have a value of approximately $91,000,000, consisting of principal and accrued interest, were acquired for total consideration
of approximately $62,000,000. The Notes purchased by us represent approximately 86% of the total outstanding Notes. The consideration
paid by the Company was in the form of 114,807,815 Subordinate Voting Shares of the Company (the “Shares”) at a deemed
price per share of $0.54.

Our registration of the Subordinate Voting Shares
covered by this prospectus does not mean that the Selling Securityholders will offer or sell any of the Subordinate Voting Shares hereby
registered. The Selling Securityholders may offer, sell, or distribute all or a portion of the Subordinate Voting Shares hereby registered
publicly or through private transactions at prevailing market prices or at negotiated prices. We will not receive any of the proceeds
from such sales of our Subordinate Voting Shares by the Selling Securityholders pursuant to this prospectus. We will bear all costs, expenses
and fees in connection with the registration of these Subordinate Voting Shares, including with regard to compliance with state securities
or “blue sky” laws. The Selling Securityholders will bear all commissions and discounts, if any, attributable to their sale
of our Subordinate Voting Shares. See “Plan of Distribution” beginning on page 29 of this prospectus.

You should read this prospectus and any prospectus
supplement