Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 323

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 323
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, we have not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of any of the Targets or the Company, nor have we been furnished with any such evaluation or appraisal. With respect to the outstanding litigation involving the Company as plaintiff and Verano Holdings Corp. as defendant, and for which significant damages are alleged, we have not allocated a value to such claim, as directed by the Company.

A-2

TABLE OF CONTENTS

Our opinion does not address the Company’s underlying business decision to effect the Transaction or the relative merits of the Transaction as compared to any alternative business strategies or transactions that might be available to the Company and does not address any legal, regulatory, tax or accounting matters. We have not been asked to, nor do we, offer any opinion as to any terms of the Agreements or any aspect or implication of the Transaction, except for the fairness of the Consideration from a financial point of view to the Company. Our opinion relates to the relative values of the Company and the Targets, collectively. We express no opinion as to what the value of Company Shares actually will be when issued pursuant to the Transaction or the prices at which Company Shares or securities of any of the Targets may trade at any time. In rendering this opinion, we have assumed, with your consent, that a final executed agreement will be entered into in respect of the Bill’s Nursery MOU that reflects the economic terms set out in the Bill’s Nursery MOU, that the final executed forms of the Agreements will not differ in any material respect from the drafts that we have reviewed, that the Transaction will be consummated in accordance with its terms without any waiver or modification that could be material to our analysis, that the representations and warranties of each party set forth in the Agreements are accurate and correct, and that the parties to the Agreements will comply with all the material terms of the Agreements. We have assumed, with your consent, that all governmental, regulatory or other consents and approvals necessary for the completion of the Transaction will be obtained except to the extent that could not be material to our analysis. In addition, representatives of the Company have advised us, and we have assumed, with your consent, that each of the components of the Transaction will qualify as a tax free reorganization for U.S. federal income tax purposes. Our opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to us