---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-131371"
form_type: "8-K"
ticker: "VREOF"
cik: "0001771706"
company_name: "Vireo Growth Inc."
filed_at: "2024-12-23T23:59:59+00:00"
generated_at: "2026-05-28T23:43:45.023925+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Vireo Growth to acquire Deep Roots, Proper, WholesomeCo for shares at $0.52 reference price

## Summary
- All-share mergers with Deep Roots (Ref. EBITDA $31M), Proper ($31M), and WholesomeCo ($16M) at $0.52/share reference price.
- Conditions include $75M equity investment, appointment of John Mazarakis as CEO and Co-Executive Chairman, and John Pennington as director.
- Earnout payments after Dec 31, 2026 based on EBITDA growth at 4x multiple; up to 50% of upfront consideration subject to clawback if EBITDA underperforms 96.5% of Ref. EBITDA.
- Lock-up agreements with staggered release over 33 months, with all shares locked up during 6-month period ending Dec 31, 2026.
- Termination fees: $6.4M (Deep Roots), $4.6M (Proper), $3.4M (WholesomeCo).

## SEC filing metadata
- accession: 0001104659-24-131371
- form_type: 8-K
- ticker: VREOF
- cik: 0001771706
- company_name: Vireo Growth Inc.
- filed_at: 2024-12-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1771706/000110465924131371/0001104659-24-131371-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1771706/000110465924131371/tm2431729d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-131371
- JSON: https://secwatch.observer/filing/0001104659-24-131371.json
- Plain text: https://secwatch.observer/filing/0001104659-24-131371.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.