# EDGAR Filing Document

**Accession Number:** 0001771706
**File Stem:** 0001104659-25-123459
**Filing Date:** 2025-12
**Character Count:** 20002
**Document Hash:** 300a97e7f06e2fca5086a536572e5637
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-123459.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001104659-25-123459

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251216

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vireo Growth Inc.
- **CENTRAL INDEX KEY:** 0001771706
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56225
- **FILM NUMBER:** 251589412

**BUSINESS ADDRESS:**
- **STREET 1:** 207 SOUTH 9TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 604-617-5421

**MAIL ADDRESS:**
- **STREET 1:** 207 SOUTH 9TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Goodness Growth Holdings, Inc.
- **DATE OF NAME CHANGE:** 20210607

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vireo Health International, Inc.
- **DATE OF NAME CHANGE:** 20190326

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **December 16, 2025**

**VIREO GROWTH INC.**

(Exact name of registrant as specified in its charter)

**British Columbia**

(State or other jurisdiction of Incorporation)

---

| | |
|:---|:---|
| **000-56225** | **82-3835655** |
| (Commission File Number) | (IRS Employer Identification No.) |
| **207 South 9th Street**<br> **Minneapolis, Minnesota** | **55402** |
| (Address of principal executive offices) | (Zip Code) |

---

**<u>(612) 999-1606</u>**

(Registrant's telephone number, including area code)

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01. Entry into a Material Definitive Agreement**

On December 16, 2025, Vireo Health, Inc. ("**Buyer**"), a Delaware corporation and wholly owned subsidiary of Vireo Growth Inc. (the "**Company**"), the Company, PharmaCann Inc., a Delaware corporation ("**PharmaCann**"), certain of PharmaCann's subsidiaries (collectively, with PharmaCann the "**Seller Parties**"), and Argent Institutional Trust Company ("**Agent**"), as collateral agent under the Indenture, dated as of June 24, 2021, by and among PharmaCann, as issuer, the Guarantors (as defined thereunder) party thereto, including the Seller Parties, and Agent, as trustee and collateral agent thereunder, entered into an Asset Purchase Agreement (the "**APA**").

Pursuant to the APA, Buyer will purchase assets and properties of the Seller Parties that are used in or useful to certain cannabis dispensaries that the Seller Parties operate in the State of Colorado (the "**Dispensaries**"), subject to certain exclusions set forth in the APA (the "**Purchased Assets**"). As consideration for the Purchased Assets, Buyer shall issue to Agent subordinate voting shares of the Company (the "**Share Consideration**") having a value of $49,000,000.00 and assume certain liabilities. The Share Consideration is subject to positive and negative adjustments upon the occurrence of certain events.

In connection with these transactions, the Seller Parties and an affiliate of the Company have entered into a Management Services Agreement, dated as of December 16, 2025, pursuant to which the Company's affiliate will provide the Seller Parties with certain management services related to the Dispensaries until the closing date.

The APA includes customary representations and warranties and various customary covenants and commitments of the parties to the APA. The closing of the transactions is conditioned upon, among other things, obtaining any required regulatory approvals. The APA may be terminated by the parties by mutual written consent at any time prior to the closing. Additionally, any party may terminate the APA if, among other things, (i) any governmental body with legal and valid jurisdiction shall have issued an order restraining or enjoining the transactions contemplated by the APA, and such order has become final and non-appealable, (ii) the Colorado Department of Revenue's Marijuana Enforcement Division does not approve or objects to the transfer of the Purchased Assets to Buyer, or (iii) the closing does not occur on or before June 1, 2027. If Buyer is not in material breach under the APA, Buyer may terminate the APA by giving written notice to Agent and the Sellers at any time prior to the closing in the event that the Agent or the Selling Parties have materially breached (and not cured) any of their respective representations, warranties or covenants contained in the APA. If Agent or the Selling Parties are not in material breach under the APA, Agent or the Selling Parties may terminate the APA by giving written notice to Buyer at any time prior to the closing in the event that Buyer has materially breached (and not cured) any of its representations, warranties or covenants contained in the APA.

The foregoing description of the APA is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the APA, a copy of which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2025.

**Item 7.01 Regulation FD**

On December 16, 2025, the Company issued a press release regarding the entrance into the APA. A copy of the Company's press release is attached as Exhibit 99.1 hereto.

***Forward-Looking Statements and Information***

*Certain statements contained or incorporated by reference in this Current Report on Form 8-K constitute "forward-looking statements" within the meaning of applicable securities laws. Statements that are not historical fact are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words such as "believes," "anticipates," "expects," "intends," "plans," "projects," "estimates," "assumes," "may," "should," "could," "would," "shall," "will," "seeks," "targets," "future," or other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, and our actual results, performance or achievements could differ materially from future results, performance or achievements expressed in these forward-looking statements, including statements regarding the completion of the transactions contemplated by the APA, the anticipated benefits of the transactions, and other statements that are not historical facts. There are several risks, uncertainties, and other important factors, many of which are beyond the Company's control, that could cause its actual results to differ materially from the forward-looking statements, including risks involved with the adverse impact of the transactions contemplated by the APA on the Company's business, financial condition, and results of operations; the Company's ability to successful consummate the transactions contemplated by the APA; the Company's ability to maintain relationships with suppliers, customers, employees and other third parties as a result of the transactions contemplated by the APA; the effects of the transactions contemplated by the APA on the Company and the interests of various constituents; risks and uncertainties associated with the transactions contemplated by the APA, some of which are beyond the Company's control; subject to the successful outcome of the transactions contemplated by the APA, the nature, cost, impact and outcome of pending and future litigation, other legal or regulatory proceedings, or governmental investigations and actions; as well as the other risks set out in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which is available on EDGAR with the SEC and filed with the Canadian securities regulators and available under the Company's profile on SEDAR+ at <u>www.sedarplus.com</u>. The transactions contemplated by the APA remain subject to material conditions, including satisfaction of all conditions to the APA, and there can be no assurance that the Company will be successful in completing the transactions contemplated by the APA or any other similar transaction on the terms described herein, on different terms, or at all. This Current Report on Form 8-K does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, the securities referred to herein.*

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

---

*(d) Exhibits.*

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [99.1](tm2533764d1_ex99-1.htm) | [Press Release, dated December 16, 2025\*](tm2533764d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |

---

\*Furnished herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **VIREO GROWTH INC.**<br> (Registrant) | **VIREO GROWTH INC.**<br> (Registrant) |
| Date: December 22, 2025 | *By:* | */s/ Tyson Macdonald* |
|  |  | Tyson Macdonald |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2533764d1_ex99-1img001.jpg)

**Vireo Growth Inc. Enters into Definitive Agreement**

**to Acquire Certain Assets of PharmaCann Inc.**

*Acquired assets further optimize Vireo's operating footprint in Colorado with addition of 17 dispensaries*

*Transaction expands Vireo's leadership position in the Colorado retail market with 41 total dispensaries*

*Parties also enter into Management Services Agreement through closing which is expected in 1H'26*

MINNEAPOLIS **–** December 16, 2025 **–** Vireo Growth Inc. ("Vireo") (CSE: VREO; OTCQX: VREOF) ("Vireo" or the "Company") today announced that it and its subsidiary Vireo Health, Inc. have entered into an Asset Purchase Agreement ("APA") to acquire certain retail assets and properties of PharmaCann Inc. in the State of Colorado. The transaction will expand Vireo's position in Colorado's adult-use retail market to 41 total active dispensaries, and is subject to satisfaction of closing conditions and state and local regulatory approvals.

Total consideration for the acquired assets and property will be approximately $49.0 million, payable in subordinate voting shares of the Company at closing, as well as the assumption of certain liabilities. The share consideration payable in the transaction will be subject to adjustment based on inventory levels and trade payables of the acquired dispensaries, as well as the occurrence of certain other events by the closing date. The share consideration will be subject to customary resale restrictions under Canadian securities law and hold period under the rules of the Canadian Securities Exchange. Vireo also announced one of Vireo's subsidiaries has entered into a Management Services Agreement with the sellers pursuant to which one of Vireo's subsidiaries will provide management services to operate the acquired dispensaries through closing, upon necessary regulatory approvals. The transaction is expected to close during the first half of calendar year 2026.

Chief Executive Officer John Mazarakis commented, "We are pleased to announce this transaction which reflects the continuation of our strategy to continue growing our business through accretive M&A. This transaction will complement our other recently acquired assets in Colorado."

A**bout Vireo Growth Inc.**

Vireo was founded in 2014 as a pioneering medical cannabis company. Vireo is building a disciplined, strategically aligned, and execution-focused platform in the industry. This strategy drives our intense local market focus while leveraging the strength of a national portfolio. We are committed to hiring industry leaders and deploying capital and talent where we believe it will drive the most value. Vireo operates with a long-term mindset, a bias for action, and an unapologetic commitment to its customers, employees, shareholders, industry collaborators, and the communities it serves. For more information about Vireo, visit <u>www.vireogrowth.com</u>.

**Contact Information**

Joe Duxbury

Chief Accounting Officer

investor@vireogrowth.com

(612) 314-8995

**Forward-Looking Statement Disclosure**

This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "should," "believe," "estimate," "would," "looking forward," "may," "continue," "expect," "expected," "will," "likely," "subject to," and variations of such words and phrases, or any statements or clauses containing verbs in any future tense and includes statements regarding the Company's future M&A strategy and optimization of all areas of the Company's business; expectations around the proposed transactions involving PharmaCann Inc. and its assets, including the anticipated timing of the closing thereof and the potential complementary nature of such transaction to Vireo's other recently acquired assets in Colorado. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10 K and our Quarterly Reports on Form 10 Q filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, EBITDA, Adjusted EBITDA, and cash on hand may differ materially from the values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to: risks involved with the adverse impact of the transactions contemplated by the APA on the Company's business, financial condition, and results of operations; the Company's ability to successful consummate the transactions contemplated by the APA; the Company's ability to maintain relationships with suppliers, customers, employees and other third parties as a result of the transactions contemplated by the APA; the effects of the transactions contemplated by the APA on the Company and the interests of various constituents; risks and uncertainties associated with the transactions contemplated by the APA, some of which are beyond the Company's control; risks related to the timing and content of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to epidemics and pandemics; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws and regulations in the United States relating to cannabis operations in the United States and any changes to such laws or regulations; operational, regulatory and other risks; execution of business strategy; management of growth; difficulties inherent in forecasting future events; conflicts of interest; risks inherent in an agricultural business; risks inherent in a manufacturing business; liquidity and the ability of the Company to raise additional financing to continue as a going concern; the Company's ability to meet the demand for flower in its various markets; our ability to dispose of our assets held for sale at an acceptable price or at all; and risk factors set out in the Company's Annual Reports on Form 10 K and Quarterly Reports on Form 10 Q, which are available on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company's profile on SEDAR+ at <u>www.sedarplus.com</u>.

The statements in this press release are made as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.