Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 37

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 37
---
 Holder is eligible for and properly
claims a reduced rate of withholding under an applicable income tax treaty. However, dividends that are effectively connected with the
conduct of a trade or business by the Non-U.S. Holder within the United States (and, if required by an applicable income tax treaty, are
attributable to a United States permanent establishment of the Non-U.S. Holder) will not be subject to U.S. withholding tax, provided
certain certification and disclosure requirements are satisfied. Instead, such dividends are subject to U.S. federal income tax on a net
income basis in the same manner as if the Non-U.S. Holder were a United States person, as defined under the Code. Any such effectively
connected dividends received by a foreign corporation may be subject to an additional “branch profits tax” equal to 30% of
its effectively connected earnings and profits (subject to certain adjustments) or at such lower rate as may be specified by an applicable
income tax treaty. A Non-U.S. Holder eligible for a reduced rate of U.S. withholding tax pursuant to an income tax treaty may obtain a
refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

Gain on Sale, Taxable Exchange or Other Taxable Disposition of Subordinate Voting Shares

Subject to the discussions below under “Taxation
of Non-U.S. Holders—Information Reporting and Backup Withholding,” and “Taxation of Non-U.S. Holders—Foreign Account
Tax Compliance Act”, a Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax in respect of gain
recognized on a sale, taxable exchange or other taxable disposition of a Subordinate Voting Share, unless:

| · | the gain is effectively connected with the conduct                                                                                    
 of a trade or business by the Non-U.S. Holder within the United States (and, if an applicable tax treaty so requires, is attributable 
 to a U.S. permanent establishment or fixed base maintained by the Non-U.S. Holder);                                                   |

| · | the Non-U.S. Holder is an individual who is present                                                                   
 in the United States for 183 days or more in the taxable year of disposition and certain other conditions are met; or |

Gain described in the first bullet point above
will be subject to tax at generally applicable U.S. federal income tax rates. Any gains described in the first bullet point above of a
Non-U.S. Holder that is a foreign corporation may also be subject to an