Mr. John Mazarakis reports

VIREO GROWTH RECEIVES REGULATORY APPROVAL AND COMPLETES ACQUISITION OF PHARMACANN COLORADO RETAIL ASSETS

Vireo Growth Inc. has received all required regulatory approvals and completed the previously announced acquisition of certain Colorado retail assets of PharmaCann Inc.

Total consideration for the acquired assets was approximately $49-million, consisting of the issuance of Vireo subordinate voting shares and the assumption of certain liabilities. The final share consideration reflects customary closing adjustments, including inventory levels, trade payables and other items as provided for in the asset purchase agreement.

Since March, 2026, Vireo has managed the acquired PharmaCann business pursuant to a management services agreement (MSA), which allowed the company to begin integrating operations and implementing its operating platform prior to closing. The acquired business includes 17 dispensaries, expanding Vireo's Colorado retail footprint to 56 operational locations.

"Receiving final regulatory approval and completing this transaction marks another important milestone in executing our disciplined acquisition strategy. Equally important, it validates the operating model we have built for integrating acquired businesses," said John Mazarakis, chief executive officer of Vireo. "Over the past several months, our team has already made meaningful progress improving operations across the PharmaCann Colorado assets while continuing to invest in future growth. We've strengthened the PharmaCann leadership team, enhanced our product assortment, implemented our technology and operating systems, and made targeted capital investments throughout the business while continuing to expand the platform with an additional dispensary opening."

Mr. Mazarakis continued, "While we're pleased with the progress to date, we believe there remains meaningful opportunity to further improve performance as these assets become fully integrated into the Vireo platform."

The completion of the transaction also marks the conclusion of the MSA entered into by the parties earlier this year. Going forward, the acquired operations will be fully integrated into Vireo's existing Colorado platform, enabling the company to continue executing initiatives focused on operational excellence, margin expansion and long-term organic growth.

About Vireo Growth Inc.

Vireo Growth is a leading vertically integrated cannabis company building a broad platform across cannabis and adjacent agricultural markets. The company operates cultivation, manufacturing, retail dispensaries, home delivery, distribution and agricultural supply businesses across the United States, creating exposure to both cannabis and complementary adjacent markets. With operations in 10 states and more than 170 dispensaries nationwide, Vireo combines disciplined capital allocation, strategic acquisitions and local market execution to scale its platform and drive long-term shareholder value. The company is focused on expanding market share and strengthening its portfolio of consumer brands and services while supporting the customers, employees, shareholders and communities it serves.

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