Mr. John Mazarakis of Vireo Growth reports

VIREO GROWTH ANNOUNCES CALIFORNIA RETAIL JOINT VENTURE WITH GLASS HOUSE BRANDS

Vireo Growth Inc. and Glass House Brands Inc. have entered a joint venture to build one of California's largest and most strategically positioned cannabis retail platforms. Following regulatory and certain closing conditions, each company will contribute its California dispensary operations to the joint entity in exchange for a 50-per-cent ownership interest.

Vireo operates 12 dispensaries and home delivery operations recently acquired from Eaze Inc. Glass House currently operates 11 California retail locations. Together, the combined network will be supported by a preferential supply agreement with Glass House, California's most efficient large-scale cannabis producer. After five years, Vireo will have the option to acquire Glass House's equity interest in the joint venture, and Glass House will have a reciprocal put right.

Cory Azzalino, Vireo's president of California, has been appointed chief executive officer of the joint venture, where he will oversee operations and lead the platform's retail acquisition and expansion strategy.

"California remains the world's largest legal cannabis market, and this joint venture allows us to unlock its potential in a way neither company could achieve alone," said Kyle Kazan, co-founder, chairman and chief executive officer of Glass House. "Vireo brings exceptional retail reach and delivery infrastructure through the Eaze platform while Glass House contributes proven retail execution, low-cost, large-scale production and deep brand equity. Together with Vireo, we have found a way to mitigate difficult California pricing dynamics and enhance the value of our retail operations without broadening the focus from Glass House's primary goal of seeking out and selling our biomass into new legal markets outside the state."

"Glass House is the ideal partner to collaborate with to build the future of California cannabis retail," said John Mazarakis, chief executive officer of Vireo. "Their production scale and brand strength, combined with Vireo's retail depth and access to one of the industry's leading technology-based delivery platforms, creates a joint venture greater than the sum of its parts -- one built to serve more consumers, support independent brands and offer a compelling home for operators looking for a strong, well-capitalized partner."

The joint venture's integrated delivery capabilities through the Eaze platform will extend distribution into areas with limited retail access, providing competitive pricing that supports the legal market.

"I'm proud to lead this platform and the opportunity it represents," said Cory Azzalino. "Our combined retail and delivery network gives us the reach and resources to bring high-quality, affordable cannabis to consumers across California -- including underserved communities -- while pursuing disciplined growth that strengthens the legal market for the long term."

About Glass House Brands Inc.

Glass House is one of the fastest-growing, vertically integrated cannabis companies in the United States, with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. Whether it be through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness or its network of retail dispensaries throughout the state of California, which includes The Farmacy, Natural Healing Center and The Pottery, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all.

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 intense local market focus while leveraging the strength of a national portfolio. The company is committed to hiring industry leaders and deploying capital and talent where it 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.

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