Mr. John Mazarakis reports

VIREO GROWTH INC. ANNOUNCES CLOSING OF ACQUISITION OF ASSETS OF SCHWAZZE

Vireo Growth Inc. has closed its previously disclosed acquisition of certain assets of United States multistate cannabis operator Medicine Man Technologies Inc. (doing business as Schwazze).

• Vireo acquires 24 dispensaries in Colorado, 21 dispensaries in New Mexico, and one manufacturing facility in each of Colorado and New Mexico at an assumed share price of 66.1 cents;
• Justin Dye to become chairman of Vireo's Colorado and New Mexico business;
• Forrest Hoffmaster announced as chief executive officer of Vireo's Colorado and New Mexico business.

John Mazarakis, chief executive officer of Vireo, commented: "We are pleased to announce the closing of the acquisition of the Schwazze assets. This transaction represents a meaningful step in the continued execution of our disciplined growth strategy, enabling Vireo to expand its presence in key markets through the acquisition of established retail operations at an implied estimated valuation of under four-times pro forma EBITDA. We believe this attractive entry point reflects current market conditions and underscores our focus on capital-efficient growth.

"We are honoured to partner with Justin Dye, Forrest Hoffmaster, Collin Lodge, and the broader Colorado and New Mexico Schwazze team. Their operational expertise and strong retail focus complement Vireo's platform, and we look forward to working together to enhance performance across the combined footprint. This acquisition represents an initial step toward a broader strategy to build a scaled retail presence in Colorado and New Mexico, which could grow to over 75 dispensaries over time, subject to market conditions, regulatory approvals and capital availability. We are pleased to welcome the Schwazze team and their established network of retail dispensaries to Vireo."

Forrest Hoffmaster, who will be chief executive officer of Vireo's Colorado and New Mexico-focused businesses, added: "This transaction marks the beginning of a new chapter for the Schwazze team. We are proud to contribute our capabilities to Vireo's growing platform and remain committed to serving our customers in Colorado and New Mexico with the high-quality products and experiences they expect."

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. 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 mind set, a bias for action, and an unapologetic commitment to its customers, employees, shareholders, industry collaborators and the communities it serves.

We seek Safe Harbor.