Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 377

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 377
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. The Company accounts for the investment under the cost method. As of December 31, 2024 the Company’s ownership was 15.3%.

B-55

TABLE OF CONTENTS

| NOTE 7: | NOTES PAYABLE |

The following is a summary of the notes payable at December 31:

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     |         2024 |     |         2023 |
| Promissory Note - Chicago Atlantic Admin, LLC dated May 9, 2022 which accrues interest at the rate of 11% per annum on the unpaid principal balance and an additional per annum of Paid-In-Kind (“PIK”) interest is applicable to the outstanding principal The entire principal balance and all accrued interest are due and payable on May 30, 2025.                                                                                                                                 |     | $ 26,312,510 |     | $ 23,756,438 |
| Promissory Note - Captiva Healing, LLC dated May 4, 2022 which requires interest accrues at the rate of 5.5% per annum on the unpaid principal balance. The entire principal balance and all accrued interest are due and payable on May 1, 2025. Commencing on May 1, 2022, the Company is required to make quarterly payments of $60,000 until April 30, 2024. The note is personally secured by members of the Company; Mr. Pennington and Mr. Parker and their respective spouses. |     |      840,000 |     |    1,080,000 |
| Note Payable - Member dated October 21, 2020 which does not accrue interest and is subordinated to all third-party debt.                                                                                                                                                                                                                                                                                                                                                               |     |            — |     |      303,039 |
| Convertible Promissory Notes - Unrelated investors between issued April 26, 2020 and July 1, 2020. The entire amount is convertible only after approval by the State of Missouri. The loan is unsecured. The Company received approval in 2024 which all of the convertible promissory notes were converted to members equity.                                                                                                                                                         |     |            — |     |    5,900,000 |
| Note Payable - Triad Bank dated July 8, 2021. Required monthly payment of $545 including interest at an annual rate of 4.5%.                                                                                                                                                                                                                                                                                                                                                           |     |            — |     |       16