Company: VREOF
Filing Date: 2025-12-09
Form Type: S-3
Source: 0001104659-25-119699
Chunk: 32

Company: Vireo Growth Inc.
Filing Date: 2025-12-09
Form: S-3
Chunk 32
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 was derived
directly or indirectly from one or any combination of real or immovable property situated in Canada, “Canadian resource properties”
(as defined in the Tax Act), “timber resource properties” (as defined in the Tax Act), or options in respect of, or interests
in, or for civil law rights in, such property whether or not such property exists. Notwithstanding the foregoing, the Subordinate Voting
Shares may otherwise in certain circumstances be deemed to be taxable Canadian property to a U.S. Holder for the purposes of the Tax Act.

Even
if a Subordinate Voting Share is considered to be “taxable Canadian property” to a U.S. Holder, the U.S. Holder may be exempt
from tax under the Tax Act if such securities are “treaty-protected property” for the purposes of the Tax Act. Subordinate
Voting Shares owned by a U.S. Holder will generally be “treaty-protected property” if the gain from the disposition of such
securities would, because of the Canada-U.S. Tax Convention, be exempt from tax under Part I of the Tax Act.

U.S.
Holders who may hold Subordinate Voting Shares as “taxable Canadian property” should consult their own tax advisors.

<div align='center'>CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</div>

The following discussion is a summary of the U.S.
federal income tax considerations generally applicable to the ownership and disposition of the Subordinate Voting Shares. This summary
is based upon U.S. federal income tax law as of the date of this prospectus, which is subject to change or differing interpretations,
possibly with retroactive effect. This summary does not discuss all aspects of U.S. federal income taxation that may be important to particular
investors in light of their individual circumstances, including investors subject to special tax rules (including, but not limited
to, financial institutions, insurance companies, broker-dealers or traders in securities or currencies, tax-exempt organizations (including
private foundations), individual retirement accounts or qualified pension plans, taxpayers that have elected mark-to-market accounting,
S corporations, regulated investment companies, real estate investment trusts, U.S. expatriates (or former long-term residents of the
United States), investors that will hold the Subordinate Voting Shares as part of a straddle, hedge, conversion, or other integrated transaction
for U.S. federal income tax purposes, investors that have a functional currency other than the U.S. dollar