Vireo Growth closes $102M acquisition of Proper Brands in Missouri

Vireo Growth Inc.

Total consideration $102M paid with 196.2M subordinate voting shares at $0.52 reference price.
Transaction valued at 4.175x 2024 Closing EBITDA of $31M; clawback provision if 2026 EBITDA falls below.
Shares subject to 33-month lock-up with tranched unlocks; 10% placed in escrow for post-closing adjustments.
CEO John Mazarakis holds ~29% interest in Acquired Companies' debt via Chicago Atlantic; net debt ~$27.4M.

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