VREO Overview

Merger Announcement: Proper Brands, a leading cannabis operator in Missouri, is merging with Vireo Growth Inc., expanding its operations to seven states and enhancing its product offerings while maintaining its leadership and identity.

Commitment to Quality: The merger aims to combine resources and expertise to continue delivering high-quality cannabis products and exceptional customer experiences across Missouri.

Merger Announcement: Vireo Growth Inc. has entered into merger agreements with Proper Cannabis, Deep Roots Harvest, and WholesomeCo Cannabis, expanding its operations across seven states and managing significant cultivation and retail space, supported by a $75 million equity offering.

Leadership and Vision: John Mazarakis has been appointed CEO of Vireo, aiming to create a comprehensive platform for cannabis operators that fosters local expertise while addressing regulatory challenges, positioning the company for growth in the evolving cannabis market.

Financial Performance Overview: Vireo Growth Inc. reported a 2% year-over-year revenue increase to $25.2 million for Q3 2024, although gross profit decreased by 6.6%, and operating income fell by 34.4%.

Future Plans and Developments: The company is preparing for the launch of adult-use sales in Minnesota next year, supported by a new $10 million financing commitment, despite mixed results from its operations in Maryland and Minnesota.

Financial Results Announcement: Vireo Growth Inc. will release its third-quarter financial results on November 13, 2024, after market close, followed by a conference call at 4:30 p.m. ET to discuss the results.

Company Overview: Founded in 2014, Vireo Growth is committed to providing safe access and quality cannabis products while focusing on empowering local leaders and strategic resource allocation.

Grown Rogue and Vireo Growth Agreement Termination: Grown Rogue International has terminated its advisory agreement with Vireo Growth, resulting in Vireo forfeiting 4.5 million warrants and agreeing to pay Grown Rogue $800,000, while Grown Rogue retains 10 million warrants.

Leadership Changes at Vireo Growth: Vireo Growth appointed Amber Shimpa as CEO following the resignation of Josh Rosen, who will remain an advisor, as the company prepares for expansion into Minnesota's adult-use market next year.

Credit Facility Extension: Vireo Growth Inc. has extended the maturity date of its credit facility loans to January 29, 2027, and will issue shares to lenders as part of the amendment, reflecting improved operational performance and support for adult-use sales in Minnesota.

Convertible Notes Conversion: Chicago Atlantic plans to convert all outstanding convertible notes into equity shares, resulting in significant interest expense savings for Vireo, which will issue approximately 73 million shares as part of this conversion.