Mr. Joe Duxbury reports

VIREO GROWTH INC. ANNOUNCES EFFECTIVENESS OF MANAGEMENT SERVICES AGREEMENT WITH PHARMACANN INC.

Vireo Growth Inc. has provided an update on its previously disclosed asset purchase agreement (APA) to acquire certain retail assets and properties of PharmaCann Inc. in the state of Colorado.

On Dec. 16, 2025, the company announced entry into the APA and a management services agreement (MSA), pursuant to which the company's affiliate will provide certain affiliates of PharmaCann with certain management services related to PharmaCann's retail assets in Colorado until the closing date. The company announced today that the MSA became effective on March 22, 2026, and, pursuant to the terms of the APA, the company delivered 90,740,741 subordinate voting shares of the company from treasury into escrow with Odyssey Trust Company as escrow agent. Such subordinate voting shares are being held and shall remain in escrow until their release and delivery upon the close of the asset acquisition, which is expected to occur in the second fiscal quarter of 2026, subject to regulatory approval.

Chief executive officer John Mazarakis commented, "We are excited to announce that Vireo's MSA is effective, allowing the Vireo Colorado team to manage the PharmaCann Colorado assets in the interim period between signing and closing."

About 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 the company's intense local market focus while leveraging the strength of a national portfolio. Vireo is committed to hiring industry leaders and deploying capital and talent where the company believes 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.

We seek Safe Harbor.