---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-057335"
form_type: "8-K"
ticker: "VREOF"
cik: "0001771706"
company_name: "Vireo Growth Inc."
filed_at: "2025-06-06T23:59:59+00:00"
generated_at: "2026-05-19T18:30:00.871171+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-057335
- form_type: 8-K
- ticker: VREOF
- cik: 0001771706
- company_name: Vireo Growth Inc.
- filed_at: 2025-06-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 3.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1771706/000110465925057335/0001104659-25-057335-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1771706/000110465925057335/tm2517308d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-057335
- JSON: https://secwatch.observer/filing/0001104659-25-057335.json
- Plain text: https://secwatch.observer/filing/0001104659-25-057335.txt

## Key facts
- M&A Transactions
  Vireo Growth Inc. completed an acquisition involving NGH Investments, Inc., Proper Holdings Management, Inc., Proper Holdings, LLC (closed 2025-06-05).
  - Action: acquisition
  - Counterparty: NGH Investments, Inc., Proper Holdings Management, Inc., Proper Holdings, LLC
  - Closing: 2025-06-05
  source text: On June 5, 2025 (the “Closing Date”), the Company completed its previously announced acquisition of the Acquired Companies (the “Mergers”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1771706/000110465925057335/0001104659-25-057335-index.htm

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