Mr. John Mazarakis reports

VIREO GROWTH INC. PARTNERS WITH ACE VENTURES TO ESTABLISH NEW YORK'S FIRST MINORITY-OWNED VERTICALLY INTEGRATED MEDICAL CANNABIS OPERATOR

Vireo Growth Inc. has formed a strategic partnership with Ace Venture of NY LLC, a New York-based minority-and-women-owned business enterprise led by lifelong New Yorker Steven Acevedo, to establish what is expected to become New York's first scaled social equity operator emerging from the state's first minority-owned vertically integrated medical cannabis licence.

The partnership was developed under the leadership of Vireo chief executive officer John Mazarakis and reflects Vireo's commitment to advancing New York's vision for a responsible, inclusive and community-oriented cannabis industry.

Under the agreement, Ace will assume a 51-per-cent ownership interest in Vireo Health of New York LLC (Vireo NY), establishing a majority-social-equity-owned platform supported by Vireo's long-standing operational expertise, compliance infrastructure and regulatory experience that Vireo has built in New York since 2014.

By pairing local leadership with one of the most established operating platforms in the state, the transaction is designed to create a durable enterprise aligned with regulatory priorities and long-term growth.

Vireo NY operates one of the state's most developed cannabis platforms, with cultivation, manufacturing and retail infrastructure built over more than a decade of regulated medical operations. Vireo will continue to provide operational support to ensure regulatory compliance, product quality and operational excellence as the majority-social-equity-owned platform expands.

Mr. Mazarakis, as CEO of Vireo Health, and Mr. Acevedo will serve on the board of managers of Vireo NY.

Mr. Acevedo commented: "New York's cannabis industry must reflect the communities it serves. I've spent my career building relationships across neighbourhoods, community organizations and business leaders throughout this state, and I believe this moment is about pairing that local trust with real operating strength.

"I first met John when he was at Chicago Atlantic, and what stood out immediately was his discipline, integrity and long-term mindset. When he stepped into leadership at Vireo, it was clear the company would continue building with seriousness and respect for the regulatory framework.

"Vireo has developed one of the most established platforms in New York, and Chicago Atlantic has consistently demonstrated thoughtful, responsible capital stewardship in this industry. This partnership is built on trust and shared values, and I'm proud to work alongside John and the Vireo team to build something durable and community-centred for New York."

Mr. Acevedo also expressed deep gratitude to the many leaders whose vision and commitment made this partnership possible: "This milestone would not have been achievable without the unwavering dedication of those who have championed equity in New York's cannabis industry. I want to personally thank Governor Hochul for her leadership in ensuring that social equity remains central to New York's cannabis framework, Assembly Majority Leader Crystal D. Peoples-Stokes for her tireless advocacy on behalf of communities that have long been left behind, and Senator Liz Krueger for her foundational work in shaping legislation that made this moment possible. I also want to acknowledge John Mazarakis -- his integrity, patience and genuine commitment to building something meaningful made him the right partner from day one. To everyone in the state who believed that equity and excellence could co-exist in this industry: This is for you."

Mr. Mazarakis, chief executive officer of Vireo, commented: "We're excited to reach this agreement with Ace, which will bring tremendous leadership to New York's cannabis community. We are eager to support Ace's market entry through our ongoing operating agreement and anticipate meaningful opportunities for our organization to collaborate with the Ace team in the future. This partnership reflects our belief that social equity and operational excellence must go hand in hand. Steven brings meaningful community credibility and leadership, and, together, we are committed to building a platform that aligns with New York's regulatory framework and long-term objectives."

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.

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