1. Description of Business and Summary
Vireo Growth Inc. (\u201cVireo Growth\u201d or the \u201cCompany\u201d) (formerly,\u00a0Goodness Growth Holdings, Inc.) was incorporated under the Alberta Business Corporations Act on November\u00a023, 2004. The Company was previously listed on the Canadian Securities Exchange (the \u201cCSE\u201d) under the ticker symbol \u201cGDNS\u201d. On July 8, 2024, the Company changed its name to Vireo Growth Inc., its ticker symbol on the CSE to \u201cVREO\u201d and its ticker symbol on the OTCQX to \u201cVREOF.\u201d
Vireo Growth is a cannabis company whose mission is to provide safe access, quality products and value to its customers while supporting its local communities through active participation and restorative justice programs. Vireo Growth operates cannabis cultivation, production, and dispensary facilities in Maryland, Minnesota, Missouri, Nevada, New York, and Utah.
While marijuana and CBD-infused products are legal under the laws of several U.S. states (with vastly differing restrictions), the United States Federal Controlled Substances Act (the \u201cCSA\u201d) classifies all \u201cmarijuana\u201d as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, has no accepted medical use in the United States, and lacks accepted safety for use under medical supervision. Recently, some federal officials have attempted to distinguish between medical cannabis and adult-use cannabis by indicating that medical cannabis is necessary while adult-use cannabis is \u201cstill a violation of federal law.\u201d At the present time, the distinction between \u201cmedical marijuana\u201d and \u201cadult-use marijuana\u201d does not exist under U.S. federal law.
Update on Verano Litigation
On October 21, 2022, Vireo Growth commenced an action in the Supreme Court of British Columbia against Verano Holdings Corp. (\"Verano\") after Verano repudiated the Arrangement Agreement with the Company dated January 31, 2022 (the \u201cArrangement Agreement\u201d). The Company is seeking damages, costs and interest, based on Verano's breach of contract and breach of its duty of good faith and honest performance.
On May 2, 2024, the Company filed a Notice of Application (the \"Summary Trial Application\") with the Supreme Court of British Columbia seeking summary determination. The Company is seeking substantial damages, totaling\u00a0$860.9\u00a0million, as well as other costs and legal fees, based on Verano\u2019s breach of contract and breach of its duty of good faith and honest performance.
On June 19, 2024, Verano filed a Notice of Application (the \u201cPreliminary Suitability Application\u201d) seeking orders dismissing the Summary Trial Application on the basis that certain issues in the action are not suitable for summary determination. The Preliminary Suitability Application is in the process of being scheduled.
Due to uncertainties inherent in litigation, it is not possible for Vireo Growth to predict the timing or final outcome of the legal proceedings against Verano or to determine the amount of damages, if any, that may be awarded. See Note 16 \u201cCommitments and Contingencies\u201d for additional information.
Merger Agreements with Deep Roots, Proper and Wholesome
On December 18, 2024, the Company entered into merger agreements (each a \u201cMerger Agreement\u201d and collectively, the \u201cMerger Agreements\u201d) with each of (i) Deep Roots Holdings, Inc. (\u201cDeep Roots\u201d) (the \u201cDeep Roots Merger\u201d), (ii)\u00a0Proper Holdings, LLC (\u201cProper\u201d), NGH Investments, Inc. (\u201cNGH\u201d), and Proper Holdings Management, Inc. (\u201cProper MSA Newco\u201d and together with NGH, the \u201cProper Companies\u201d) (the \u201cProper Mergers\u201d), and (iii)\u00a0WholesomeCo, Inc. (\u201cWholesome\u201d) (the \u201cWholesome Merger\u201d and collectively with the Deep Roots Merger and the Proper Mergers, the \u201cMergers\u201d and each, a \u201cMerger\u201d). Each Merger was an all-share\u00a0transaction whereby, at the closing of each Merger, (i) a new wholly-owned subsidiary of the Company merged with and into Deep Roots, (ii) a new wholly-owned subsidiary of the Company merged with and into Wholesome, and (iii) the Proper Companies each merged with and into new wholly-owned subsidiaries of the Company. Each of the Deep Roots Merger, the Proper Mergers and
Wholesome Merger closed during the quarter ended June 30, 2025.\u00a0See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
"}]},{"name":"rpt:f-399","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesSoughtValue","xbrl:period":"2024-05-02T00:00:00/2024-05-03T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"vreof:ArrangementAgreementWithVeranoHoldingsCorpMember"},"factValues":[{"value":"860900000","decimals":-5}]},{"name":"rpt:f-400","factDimensions":{"xbrl:concept":"us-gaap:SignificantAccountingPoliciesTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"2. Summary of Significant Accounting Policies
Significant Accounting Policies
The Company\u2019s significant accounting policies are described in Note 2 to the Company\u2019s consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the United States Securities and Exchange Commission (\u201cSEC\u201d) on March 4, 2025, (the \"Annual Financial Statements\"). There have been no material changes to the Company\u2019s significant accounting policies.
Basis of presentation
The accompanying interim unaudited condensed consolidated financial statements reflect the accounts of the Company. The information included in these statements should be read in conjunction with the Annual Financial Statements. The unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (\u201cU.S. GAAP\u201d) and pursuant to the rules\u00a0and regulations of the SEC. In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
Basis of consolidation
These unaudited condensed consolidated financial statements include the accounts of the following entities that were wholly owned, or effectively controlled by the Company during the period ended June 30, 2025:
Name of entity | Place\u00a0of\u00a0\u00a0incorporation |
HiColor, LLC | Minnesota, USA |
MaryMed, LLC | Maryland, USA |
Vireo Health of Minnesota, LLC | Minnesota, USA |
MJ Distributing C201, LLC | Nevada, USA |
MJ Distributing P132, LLC | Nevada, USA |
Resurgent Biosciences, Inc. | Delaware, USA |
Verdant Grove, Inc. | Delaware, USA |
Vireo Health de Puerto Rico, Inc. | Puerto Rico |
Vireo Health of Nevada 1, LLC | Nevada, USA |
Vireo Health of New York, LLC | New York, USA |
Vireo Health of Puerto Rico, LLC | Delaware, USA |
Vireo Health, Inc. | Delaware, USA |
Vireo of Charm City, LLC | Maryland, USA |
Vireo PR Merger Sub Inc. | Missouri, USA |
Vireo PR Merger Sub II Inc. | Missouri, USA |
Deep Roots Holdings, Inc. | Nevada, USA |
Wholesomeco, Inc. | Delaware, USA |
New Growth Horizon, LLC | Missouri, USA |
Nirvana Investments, LLC and Subsidiaries | Missouri, USA |
2178 State Highway 29A LLC | New York, USA |
XAAS Agro, Inc. | Puerto Rico |
Vireo Marketing, LLC | Minnesota, USA |
Deep Roots Harvest, Inc. | Nevada, USA |
Deep Roots Aria AcqCo, Inc. | Nevada, USA |
Deep Roots Operating, Inc. | Nevada, USA |
Deep Roots Properties, LLC | Nevada, USA |
WC Staffing, LLC | Utah, USA |
Wholesome Goods, LLC | Utah, USA |
Wholesome Ag, LLC | Utah, USA |
Wholesome Direct, LLC | Utah, USA |
Wholesome Therapy, LLC | Utah, USA |
Arches IP, Inc. | Delaware, USA |
The entities listed above were formed or acquired to support the intended operations of the Company. All intercompany transactions and balances have been eliminated from the Company's unaudited condensed consolidated financial statements.
Recently adopted accounting pronouncements
None.
Net loss per share
Basic net loss per share is computed by dividing reported net loss by the weighted average number of common shares outstanding for the reported period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock of the Company during the reporting period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the number of potential dilutive common share equivalents outstanding during the period. Potential
dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of vested share options and the incremental shares issuable upon conversion of the convertible notes. Potential dilutive common share equivalents consist of stock options, warrants, and restricted stock units (\u201cRSUs\u201d).
In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. The Company recorded a net loss for each of the three and six-month periods ended June 30, 2025 and 2024, as presented in these financial statements, and as such there is no difference between the Company\u2019s basic and diluted net loss per share for these periods.
The anti-dilutive shares outstanding for the six-month periods ended June 30, 2025 and 2024, were as follows:
Six Months Ended | ||||
June 30, | ||||
2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||
Stock options | 30,359,033 | \u00a0 | 29,843,198 | |
Warrants | 18,541,586 | \u00a0 | 19,237,649 | |
RSUs | 72,098,150 | 2,500,916 | ||
Convertible debt | 16,000,000 | 72,645,878 | ||
Total | 136,998,769 | \u00a0 | 124,227,640 |
Revenue Recognition
The Company\u2019s primary source of revenue is from the wholesale of cannabis products to dispensary locations and direct retail sales to eligible customers at Company-owned dispensaries. Substantially all of the Company\u2019s retail revenue is from the direct sale of cannabis products to adult-use and medical customers.
The following table represents the Company\u2019s disaggregated revenue by source:
Three Months Ended | Six Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||||||
Retail | $ | 36,772,560 | $ | 20,819,019 | $ | 56,006,201 | $ | 40,418,459 | ||||
Wholesale | \u00a0 | 11,290,450 | \u00a0 | 4,289,228 | \u00a0 | 16,597,450 | \u00a0 | 8,777,103 | ||||
Total | $ | 48,063,010 | $ | 25,108,247 | $ | 72,603,651 | $ | 49,195,562 |
New accounting pronouncements not yet adopted
None.
"}]},{"name":"rpt:f-401","factDimensions":{"xbrl:concept":"us-gaap:BasisOfAccountingPolicyPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Basis of presentation
The accompanying interim unaudited condensed consolidated financial statements reflect the accounts of the Company. The information included in these statements should be read in conjunction with the Annual Financial Statements. The unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (\u201cU.S. GAAP\u201d) and pursuant to the rules\u00a0and regulations of the SEC. In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented. Results of interim periods should not be considered indicative of the results for the full year. These unaudited interim condensed consolidated financial statements include estimates and assumptions of management that affect the amounts reported in the unaudited condensed consolidated financial statements. Actual results could differ from these estimates.
"}]},{"name":"rpt:f-402","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Basis of consolidation
These unaudited condensed consolidated financial statements include the accounts of the following entities that were wholly owned, or effectively controlled by the Company during the period ended June 30, 2025:
Name of entity | Place\u00a0of\u00a0\u00a0incorporation |
HiColor, LLC | Minnesota, USA |
MaryMed, LLC | Maryland, USA |
Vireo Health of Minnesota, LLC | Minnesota, USA |
MJ Distributing C201, LLC | Nevada, USA |
MJ Distributing P132, LLC | Nevada, USA |
Resurgent Biosciences, Inc. | Delaware, USA |
Verdant Grove, Inc. | Delaware, USA |
Vireo Health de Puerto Rico, Inc. | Puerto Rico |
Vireo Health of Nevada 1, LLC | Nevada, USA |
Vireo Health of New York, LLC | New York, USA |
Vireo Health of Puerto Rico, LLC | Delaware, USA |
Vireo Health, Inc. | Delaware, USA |
Vireo of Charm City, LLC | Maryland, USA |
Vireo PR Merger Sub Inc. | Missouri, USA |
Vireo PR Merger Sub II Inc. | Missouri, USA |
Deep Roots Holdings, Inc. | Nevada, USA |
Wholesomeco, Inc. | Delaware, USA |
New Growth Horizon, LLC | Missouri, USA |
Nirvana Investments, LLC and Subsidiaries | Missouri, USA |
2178 State Highway 29A LLC | New York, USA |
XAAS Agro, Inc. | Puerto Rico |
Vireo Marketing, LLC | Minnesota, USA |
Deep Roots Harvest, Inc. | Nevada, USA |
Deep Roots Aria AcqCo, Inc. | Nevada, USA |
Deep Roots Operating, Inc. | Nevada, USA |
Deep Roots Properties, LLC | Nevada, USA |
WC Staffing, LLC | Utah, USA |
Wholesome Goods, LLC | Utah, USA |
Wholesome Ag, LLC | Utah, USA |
Wholesome Direct, LLC | Utah, USA |
Wholesome Therapy, LLC | Utah, USA |
Arches IP, Inc. | Delaware, USA |
The entities listed above were formed or acquired to support the intended operations of the Company. All intercompany transactions and balances have been eliminated from the Company's unaudited condensed consolidated financial statements.
"}]},{"name":"rpt:f-403","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Name of entity | Place\u00a0of\u00a0\u00a0incorporation |
HiColor, LLC | Minnesota, USA |
MaryMed, LLC | Maryland, USA |
Vireo Health of Minnesota, LLC | Minnesota, USA |
MJ Distributing C201, LLC | Nevada, USA |
MJ Distributing P132, LLC | Nevada, USA |
Resurgent Biosciences, Inc. | Delaware, USA |
Verdant Grove, Inc. | Delaware, USA |
Vireo Health de Puerto Rico, Inc. | Puerto Rico |
Vireo Health of Nevada 1, LLC | Nevada, USA |
Vireo Health of New York, LLC | New York, USA |
Vireo Health of Puerto Rico, LLC | Delaware, USA |
Vireo Health, Inc. | Delaware, USA |
Vireo of Charm City, LLC | Maryland, USA |
Vireo PR Merger Sub Inc. | Missouri, USA |
Vireo PR Merger Sub II Inc. | Missouri, USA |
Deep Roots Holdings, Inc. | Nevada, USA |
Wholesomeco, Inc. | Delaware, USA |
New Growth Horizon, LLC | Missouri, USA |
Nirvana Investments, LLC and Subsidiaries | Missouri, USA |
2178 State Highway 29A LLC | New York, USA |
XAAS Agro, Inc. | Puerto Rico |
Vireo Marketing, LLC | Minnesota, USA |
Deep Roots Harvest, Inc. | Nevada, USA |
Deep Roots Aria AcqCo, Inc. | Nevada, USA |
Deep Roots Operating, Inc. | Nevada, USA |
Deep Roots Properties, LLC | Nevada, USA |
WC Staffing, LLC | Utah, USA |
Wholesome Goods, LLC | Utah, USA |
Wholesome Ag, LLC | Utah, USA |
Wholesome Direct, LLC | Utah, USA |
Wholesome Therapy, LLC | Utah, USA |
Arches IP, Inc. | Delaware, USA |
Recently adopted accounting pronouncements
None.
New accounting pronouncements not yet adopted
None.
"}]},{"name":"rpt:f-405","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"Net loss per share
Basic net loss per share is computed by dividing reported net loss by the weighted average number of common shares outstanding for the reported period. Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock of the Company during the reporting period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the number of potential dilutive common share equivalents outstanding during the period. Potential
dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of vested share options and the incremental shares issuable upon conversion of the convertible notes. Potential dilutive common share equivalents consist of stock options, warrants, and restricted stock units (\u201cRSUs\u201d).
In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. The Company recorded a net loss for each of the three and six-month periods ended June 30, 2025 and 2024, as presented in these financial statements, and as such there is no difference between the Company\u2019s basic and diluted net loss per share for these periods.
The anti-dilutive shares outstanding for the six-month periods ended June 30, 2025 and 2024, were as follows:
Six Months Ended | ||||
June 30, | ||||
2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||
Stock options | 30,359,033 | \u00a0 | 29,843,198 | |
Warrants | 18,541,586 | \u00a0 | 19,237,649 | |
RSUs | 72,098,150 | 2,500,916 | ||
Convertible debt | 16,000,000 | 72,645,878 | ||
Total | 136,998,769 | \u00a0 | 124,227,640 |
Six Months Ended | ||||
June 30, | ||||
2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||
Stock options | 30,359,033 | \u00a0 | 29,843,198 | |
Warrants | 18,541,586 | \u00a0 | 19,237,649 | |
RSUs | 72,098,150 | 2,500,916 | ||
Convertible debt | 16,000,000 | 72,645,878 | ||
Total | 136,998,769 | \u00a0 | 124,227,640 |
Revenue Recognition
The Company\u2019s primary source of revenue is from the wholesale of cannabis products to dispensary locations and direct retail sales to eligible customers at Company-owned dispensaries. Substantially all of the Company\u2019s retail revenue is from the direct sale of cannabis products to adult-use and medical customers.
The following table represents the Company\u2019s disaggregated revenue by source:
Three Months Ended | Six Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||||||
Retail | $ | 36,772,560 | $ | 20,819,019 | $ | 56,006,201 | $ | 40,418,459 | ||||
Wholesale | \u00a0 | 11,290,450 | \u00a0 | 4,289,228 | \u00a0 | 16,597,450 | \u00a0 | 8,777,103 | ||||
Total | $ | 48,063,010 | $ | 25,108,247 | $ | 72,603,651 | $ | 49,195,562 |
Three Months Ended | Six Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||||||
Retail | $ | 36,772,560 | $ | 20,819,019 | $ | 56,006,201 | $ | 40,418,459 | ||||
Wholesale | \u00a0 | 11,290,450 | \u00a0 | 4,289,228 | \u00a0 | 16,597,450 | \u00a0 | 8,777,103 | ||||
Total | $ | 48,063,010 | $ | 25,108,247 | $ | 72,603,651 | $ | 49,195,562 |
3. Business Combinations and Dispositions
Acquisitions
On December 18, 2024, the Company, entered into Merger Agreements with respect to the Mergers. Each Merger was an all-share\u00a0transaction whereby, at the closing of each applicable Merger, (i) a new wholly-owned subsidiary of the Company merged with and into Deep Roots, (ii) a new wholly-owned subsidiary of the Company merged with and into Wholesome, and (iii) the Proper entities each merged with and into new wholly-owned subsidiaries of the Company. None of the Deep Roots Merger, the Proper Mergers or the Wholesome Merger were contingent on the completion of any of the other Mergers.\u00a0
The consideration paid to acquire each of Deep Roots, Proper and Wholesome was based, in each case, in part, on an estimated multiple of a 2024 \u201cClosing EBITDA,\u201d which was pro forma for pending acquisitions, planned new retail
openings and expansion projects, and a US$0.52\u00a0share reference price for the Company\u2019s subordinate voting shares (each subordinate voting share an \u201cSVS\u201d and collectively, the \u201cSVSs\u201d).
\u00a0
Pursuant to the Merger Agreements, former stockholders of Proper, Wholesome, and certain former stockholders of Deep Roots may qualify for earnout payments made with the Company\u2019s SVSs following December 31, 2026, based on each target\u2019s Adjusted EBITDA (as defined in the applicable Merger Agreement) growth compared to such target\u2019s Closing EBITDA (as defined in the applicable Merger Agreement) (plus, with respect to Deep Roots, $1,000,000 in earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d) attributed to a new retail location) (at a\u00a04x multiple), adjusted for incremental debt and certain other matters, respectively, and paid out using a share price for the Company\u2019s SVSs of the higher of US$1.05\u00a0or the\u00a020-day volume weighted average price of the Company\u2019s SVSs on the CSE, converted to United States Dollars based on the average exchange rate posted by the Bank of Canada as of the end of each trading day during such\u00a020-day period, as reported by Bloomberg Finance L.P. (the \u201cVWAP\u201d) as of December 31, 2026. The Closing EBITDA for Deep Roots, Proper and Wholesome are US$30.0\u00a0million, US$31.0\u00a0million, and US$16.0\u00a0million, respectively. EBITDA growth is defined as the increase between the Closing EBITDA and the higher of 2026 Adjusted EBITDA or the trailing nine-month annualized Adjusted EBITDA as of immediately prior to December 31, 2026. In no event shall the number of earnout shares issued under each Merger Agreement exceed the number of shares issued as closing merger consideration under each Merger Agreement.
\u00a0
Each of the Merger Agreements provides for the clawback of up to\u00a050%\u00a0of the upfront merger consideration (excluding, in the case of Proper and Wholesome, the amounts described in the next paragraph that are attributable to Arches, as defined below) on December 31, 2026, if (1) for Wholesome and Deep Roots, (a) 2026 Adjusted EBITDA underperforms\u00a096.5%\u00a0of the EBITDA, and (b) the retail revenue market share or EBITDA margin for 2026 is less (or lower) than 2024 and (c) the\u00a020-day VWAP as of immediately prior to December 31, 2026 is greater than US$1.05\u00a0per share, and (2) for Proper, 2026 Adjusted EBITDA underperforms\u00a096.5%\u00a0of the Closing EBITDA. The amount of shares subject to a clawback would be equal to the Acquisition Multiple (as defined in each Merger Agreement) of 4.175 for each of Deep Roots, Proper and Wholesome, respectively, multiplied by the EBITDA shortfall, and subject to certain other adjustments for incremental debt and certain other matters, set forth in the applicable Merger Agreement, divided by US$0.52\u00a0per share.
In connection with the Merger Agreement with Wholesome (the \u201cWholesome Merger Agreement\u201d) and the Merger Agreement with Proper (the \u201cProper Merger Agreement\u201d), the Company will include in the stock merger consideration calculation an amount equal to (i) US$11,860,800\u00a0for Wholesome and (ii) US$2,139,200\u00a0for Proper for all of the outstanding equity interests in Arches IP, Inc. (\u201cArches\u201d) owned by Wholesome and Proper, respectively. Subject to the terms and conditions of the Wholesome Merger Agreement and the Proper Merger Agreement, each of Wholesome, Proper and Arches option holders are collectively entitled to earnout payments based on the performance of Arches, based on the greater of US$37.5\u00a0million or\u00a05x certain revenue percentages of Arches minus $4,000,000, with such revenue percentage amounts measured at the higher of the trailing-twelve-month or nine-month annualized amounts as of December 31, 2026, paid out using a share price for the Company\u2019s SVSs at the higher of US$1.05\u00a0or\u00a0the 20-day VWAP as of immediately prior to December 31, 2026.
\u00a0
Wholesome
On May 12, 2025, the Company closed the Wholesome Merger contemplated by the Wholesome Merger Agreement. The Company analyzed the acquisition under Accounting Standards Update (\u201cASU\u201d) 2017-01,\u00a0Business Combinations (Topic 805): Clarifying the Definition of a Business and determined that the Wholesome Merger should be accounted for as a business combination. Goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The goodwill arising from the Wholesome Merger primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Wholesome, including growing the Company's customer base, acquiring assembled workforces, and expanding its presence in new and existing markets. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed:
\u00a0\u00a0\u00a0\u00a0 | Wholesome | ||
Assets | \u00a0 | \u00a0\u00a0 | |
Cash and cash equivalents | $ | 7,025,811 | |
Inventory | \u00a0 | 9,766,340 | |
Receivables | 1,149,766 | ||
Other current assets | \u00a0 | 905,747 | |
Property and equipment | \u00a0 | 9,273,661 | |
Operating lease, right-of-use asset | \u00a0 | 10,410,672 | |
Indemnification asset | 6,910,000 | ||
Deposits | 504,807 | ||
Intangible assets, license | \u00a0 | 14,704,000 | |
Intangible assets, developed technology | 10,205,000 | ||
Goodwill | \u00a0 | 22,205,842 | |
Total assets | \u00a0 | 93,061,646 | |
Liabilities | \u00a0 | \u00a0\u00a0 | |
Accounts payable and accrued liabilities | \u00a0 | 6,788,708 | |
Right-of-use liability | \u00a0 | 10,410,672 | |
Long-term debt, net | 9,592,555 | ||
Uncertain tax liability | 8,910,000 | ||
Total liabilities | 35,701,935 | ||
Net assets acquired | $ | 57,359,711 | |
Consideration: | |||
Share consideration | $ | 51,764,711 | |
Contingent consideration | 5,595,000 | ||
Total Consideration | $ | 57,359,711 |
The acquired intangible assets include cannabis licenses and developed technology which are treated as definite-lived intangible assets amortized over a\u00a015-year\u00a0useful life.
Under the terms of the Merger Agreement, the selling shareholders of Wholesome may become eligible to receive contingent consideration in the form of the Company\u2019s subordinate voting shares based on the growth in Adjusted EBITDA of the respective target company as of December 31, 2026, relative to a predefined Reference EBITDA. The earnout amount is calculated using a 4x multiple of the EBITDA increase (defined as the greater of actual 2026 Adjusted EBITDA or trailing nine-month annualized Adjusted EBITDA as of December 31, 2026, less the Reference EBITDA), subject to certain adjustments for incremental debt and other factors as defined in the Merger Agreements. Additionally, the Wholesome Merger Agreement contains a clawback provision whereby up to 50% of the initial merger consideration shares may be forfeited on December 31, 2026, if (a) 2026 Adjusted EBITDA underperforms\u00a096.5%\u00a0of the Reference EBITDA, and (b) retail revenue market share or EBITDA margin for 2026 is less (or lower) than 2024 and (c) the\u00a020-day VWAP as of December 31, 2026 is greater than US$1.05\u00a0per share.
As of June 30, 2025, the Company has recorded a contingent consideration liability of $5,595,000, which represents the estimated fair value of the potential earnout payments based on management\u2019s current projections of Adjusted EBITDA performance relative to the Reference EBITDA thresholds. This contingent consideration is classified as a Level 3 liability within the fair value hierarchy and will be remeasured at each reporting date with changes in fair value recognized in earnings.
As part of the Wholesome Merger, the sellers contractually agreed to indemnify the Company for certain pre-closing liabilities, including those related to unpaid uncertain tax liabilities. On May 12, 2025, the Company recognized a liability of $8,910,000 for uncertain tax positions related to the pre-acquisition periods in accordance with Accounting Standards Codification (\u201cASC\u201d) 740, Income Taxes. Consistent with the provisions of ASC 805-20-25-27, the Company also
recognized a corresponding indemnification asset of $6,910,000, measured on the same basis as the related liability, which represents the uncertain tax liability recognized of $8,910,000 less $2,000,000 of tax specific cash contributions from Wholesome.
The indemnification asset was classified as a non-current asset in the Company\u2019s condensed consolidated balance sheet as of June 30, 2025, and will be adjusted in future periods if the related liability is settled, released, or remeasured. Changes in the fair value of the indemnification asset, if any, will be recorded in earnings in the same financial statement line item as the change in the related liability. As of June 30, 2025, there were been no changes in the estimated amount of indemnified tax exposure or the related asset.
Supplemental pro forma information (unaudited)
The unaudited pro forma information for the periods set forth below gives effect to the Wholesome Merger as if the acquisition had occurred on January 1, 2025. This pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the transaction been consummated as of that time nor does it purport to be indicative of future financial operating results.
Proforma revenues attributable to common shareholders for the three and six-month periods ended June 30, 2025 were $13,477,708 and $26,676,103, respectively. Proforma net loss attributable to common shareholders for the three and six month periods ended June 30, 2025 were $5,688,371 and $3,363,722, respectively.
Unaudited pro forma net income reflects the adjustment of sales between the companies, and adjustments for alignment of significant differences in accounting principles and elections.
Proper
On June 5, 2025, the Company closed the Proper Mergers contemplated by the Proper Merger Agreement. The Company analyzed the acquisition under ASU 2017-01,\u00a0Business Combinations (Topic 805): Clarifying the Definition of a Business and determined that the Proper Mergers should be accounted for as a business combination. Goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The goodwill arising from the Proper Mergers primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Proper, including growing the Company's customer base, acquiring assembled workforces, and expanding its presence in new and existing markets. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed:
\u00a0\u00a0\u00a0\u00a0 | Proper | ||
Assets | \u00a0 | \u00a0\u00a0 | |
Cash and cash equivalents | $ | 12,298,303 | |
Inventory | \u00a0 | 16,882,060 | |
Income tax receivable | 4,258,449 | ||
Receivables | 2,405,627 | ||
Other current assets | \u00a0 | 771,962 | |
Property and equipment | \u00a0 | 35,751,866 | |
Operating lease, right-of-use asset | \u00a0 | 6,905,781 | |
Indemnification asset | 5,311,551 | ||
Deposits | 6,997,666 | ||
Intangible assets, license | 11,816,000 | ||
Intangible assets, developed technology | 1,792,000 | ||
Goodwill | \u00a0 | 34,534,547 | |
Total assets | \u00a0 | 139,725,812 | |
Liabilities | \u00a0 | \u00a0\u00a0 | |
Accounts payable and accrued liabilities | \u00a0 | 14,908,487 | |
Right-of-use liability | \u00a0 | 6,905,781 | |
Long-term debt, net | 25,502,655 | ||
Uncertain tax liability | 12,570,000 | ||
Other long-term liabilities | 1,239,000 | ||
Total liabilities | 61,125,923 | ||
Net assets acquired | $ | 78,599,889 | |
Consideration: | |||
Share consideration | $ | 76,188,889 | |
Contingent consideration | 2,411,000 | ||
Total Consideration | $ | 78,599,889 |
The acquired intangible assets include cannabis licenses and developed technology which are treated as definite-lived intangible assets amortized over a\u00a015-year\u00a0useful life.
Under the terms of the Proper Merger Agreement, Proper Holdings LLC may become eligible to receive contingent consideration in the form of the Company\u2019s SVSs based on the growth in 2026 Adjusted EBITDA of the respective target companies, relative to a predefined Closing EBITDA. The earnout amount is calculated using a 4x multiple of the EBITDA increase (defined as the greater of the actual 2026 Adjusted EBITDA or the trailing nine-month annualized Adjusted EBITDA as of December 31, 2026, less the Closing EBITDA), subject to certain adjustments for incremental debt and other factors as defined in the Merger Agreements. Additionally, the Proper Merger Agreement contains a clawback provision whereby up to 50% of the initial merger consideration shares may be forfeited, if 2026 Adjusted EBITDA underperforms\u00a096.5%\u00a0of the Closing EBITDA.
As of June 30, 2025, the Company recorded a contingent consideration liability of $2,411,000, which represents the estimated fair value of the potential earnout payments based on management\u2019s current projections of Adjusted EBITDA performance relative to the Closing EBITDA thresholds. This contingent consideration was classified as a Level 3 liability within the fair value hierarchy and will be remeasured at each reporting date with changes in fair value recognized in earnings.
As part of the Proper Merger, the sellers contractually agreed to indemnify the Company for certain pre-closing liabilities, including those related to unpaid uncertain tax liabilities. On June 5, 2025, the Company recognized a liability of $12,570,000 for uncertain tax positions related to the pre-acquisition periods in accordance with ASC 740, Income Taxes. Consistent with the provisions of ASC 805-20-25-27, the Company also recognized a corresponding indemnification asset
of $5,311,551, measured on the same basis as the related liability, which represents the uncertain tax liability recognized of $12,570,000 less $4,258,449 of income taxes receivable and $3,000,000 of tax specific cash contributions from Proper.
The indemnification asset was classified as a non-current asset in the Company\u2019s condensed consolidated balance sheet as of June 30, 2025, and will be adjusted in future periods if the related liability is settled, released, or remeasured. Changes in the fair value of the indemnification asset, if any, will be recorded in earnings in the same financial statement line item as the change in the related liability. As of June 30, 2025, there were no changes in the estimated amount of indemnified tax exposure or the related asset.
Supplemental pro forma information (unaudited)
The unaudited pro forma information for the periods set forth below gives effect to the Proper Merger as if the acquisition had occurred on January 1, 2025. This pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the transaction been consummated as of that time nor does it purport to be indicative of future financial operating results.
Proforma revenues attributable to common shareholders for the three and six-month periods ended June 30, 2025 were $24,902,524 and $46,305,802, respectively. Proforma net loss attributable to common shareholders for the three and six-month periods ended June 30, 2025 were $999,238\u00a0and $261,022, respectively.
Unaudited pro forma net income reflects the adjustment of sales between the companies, and adjustments for alignment of significant differences in accounting principles and elections.
Deep Roots
On June 6, 2025, the Company closed the Deep Roots Merger contemplated by the Merger Agreement with Deep Roots (the \u201cDeep Roots Merger Agreement\u201d). The Company analyzed the acquisition under ASU 2017-01,\u00a0Business Combinations (Topic 805): Clarifying the Definition of a Business and determined that the Deep Roots Merger should be accounted for as a business combination. Goodwill represents the premium the Company paid over the fair value of the net tangible and intangible assets acquired. The goodwill arising from the Deep Roots Merger primarily consists of the synergies and economies of scale expected from combining the operations of the Company and Deep Roots, including growing the Company's customer base, acquiring assembled workforces, and expanding its presence in new and existing markets. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.
The following table summarizes the allocation of consideration exchanged for the estimated fair value of tangible and identifiable intangible assets acquired and liabilities assumed:
\u00a0\u00a0\u00a0\u00a0 | Deep Roots | ||
Assets | \u00a0 | \u00a0\u00a0 | |
Cash and cash equivalents | $ | 19,037,368 | |
Inventory | \u00a0 | 20,108,335 | |
Income tax receivable | 8,295,721 | ||
Receivables | 244,712 | ||
Other current assets | \u00a0 | 1,114,387 | |
Property and equipment | \u00a0 | 30,371,707 | |
Operating lease, right-of-use asset | \u00a0 | 12,742,380 | |
Indemnification asset | 5,307,586 | ||
Deposits | 433,309 | ||
Investments | \u00a0 | 13,100,000 | |
Intangible assets, license | 40,692,000 | ||
Goodwill | \u00a0 | 15,903,714 | |
Total assets | \u00a0 | 167,351,219 | |
Liabilities | \u00a0 | \u00a0\u00a0 | |
Accounts payable and accrued liabilities | \u00a0 | 16,283,948 | |
Right-of-use liability | \u00a0 | 12,742,380 | |
Long-term debt, net | 19,166,670 | ||
Uncertain tax liability | 15,603,307 | ||
Total liabilities | \u00a0 | 63,796,305 | |
Net assets acquired | $ | 103,554,914 | |
Consideration: | |||
Share consideration | $ | 100,929,914 | |
Contingent consideration | \u00a0 | 2,625,000 | |
Total Consideration | $ | 103,554,914 |
The acquired intangible assets include cannabis licenses which are treated as definite-lived intangible assets amortized over a\u00a015-year\u00a0useful life.
As part of the Deep Roots Merger, the sellers contractually agreed to indemnify the Company for certain pre-closing liabilities, including those related to unpaid uncertain tax liabilities. On June 6, 2025, the Company recognized a liability of $15,603,307 for uncertain tax positions related to the pre-acquisition periods in accordance with ASC 740, Income Taxes. Consistent with the provisions of ASC 805-20-25-27, the Company also recognized a corresponding indemnification asset of $5,307,586, measured on the same basis as the related liability, which represents the uncertain tax liability recognized of $15,603,307 less $8,295,721 of income taxes receivable and $2,000,000 of tax specific cash contributions from Deep Roots.
Under the terms of the Deep Roots Merger Agreement, the selling shareholders of Deep Roots may become eligible to receive contingent consideration in the form of the Company\u2019s SVSs based on the growth in the Adjusted EBITDA of the respective target company as of December 31, 2026, relative to a predefined Closing \u00a0EBITDA plus $1,000,000 in EBITDA attributed to a new retail location. The earnout amount is calculated using a 4x multiple of the EBITDA increase (defined as the greater of the actual 2026 Adjusted EBITDA or the trailing nine-month annualized Adjusted EBITDA as of December 31, 2026, less the Closing EBITDA), subject to certain adjustments for incremental debt and other factors as defined in the Merger Agreements. Additionally, the Deep Roots Merger Agreement contains a clawback provision whereby up to 50% of the initial merger consideration shares may be forfeited, if (a) 2026 Adjusted EBITDA underperforms\u00a096.5%\u00a0of the Closing EBITDA, and (b) the retail revenue market share or EBITDA margin for 2026 is less (or lower) than 2024 and (c) the\u00a020-day VWAP as of immediately prior to December 31, 2026 is greater than US$1.05\u00a0per share.
As of June 30, 2025, the Company recorded a contingent consideration liability of $2,625,000, which represents the estimated fair value of the potential earnout payments based on management\u2019s current projections of Adjusted EBITDA performance relative to the Closing EBITDA thresholds. This contingent consideration was classified as a Level 3 liability within the fair value hierarchy and will be remeasured at each reporting date with changes in fair value recognized in earnings.
The indemnification asset was classified as a non-current asset in the Company\u2019s condensed consolidated balance sheet as of June 30, 2025, and will be adjusted in future periods if the related liability is settled, released, or remeasured. Changes in the fair value of the indemnification asset, if any, will be recorded in earnings in the same financial statement line item as the change in the related liability. As of June 30, 2025, there were no changes in the estimated amount of the indemnified tax exposure or the related asset.
Supplemental pro forma information (unaudited)
The unaudited pro forma information for the periods set forth below gives effect to the Deep Roots Merger as if the acquisition had occurred on January 1, 2025. This pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the transaction been consummated as of that time nor does it purport to be indicative of future financial operating results.
Proforma revenues attributable to common shareholders for the three and six-month periods ended June 30, 2025 were $25,110,791 and $48,795,832, respectively. Proforma net loss attributable to common shareholders for the three and six-month periods ended June 30, 2025 were $2,121,500 and $700,182, respectively.
Unaudited pro forma net income reflects the adjustment of sales between the companies, and adjustments for alignment of significant differences in accounting principles and elections.
Purchase Price Allocations
The above purchase price allocations are provisional specifically for determination of any deferred tax impact, valuation of contingent consideration, fair value of assets and liabilities including measurement of working capital adjustments pending the adjustment periods defined within the acquisition transaction agreements.\u00a0
The Company will continue to examine the above during the measurement period and adjustments will be made based on facts and circumstances that existed at the acquisition date once subsequently finalized and within the measurement period.\u00a0
Assets Held for Sale
As of June 30, 2025, the Company identified property and equipment, deposits, and lease assets and liabilities associated with the businesses in New York, Nevada, and Massachusetts with carrying amounts that are expected to be recovered principally through sale or disposal rather than through continuing use. The Company believes the sale of these assets and liabilities is highly probable, they can be sold in their immediate condition, and the sales are expected to occur within the next twelve months. As such, these assets and liabilities have been classified as \u201cheld for sale.\u201d Management does not believe these divestitures represent a strategic shift that has or will have a material effect on the Company\u2019s consolidated operations and financial results, and as such, none of these divestitures are considered a discontinued operation. The carrying value of these net assets did not exceed fair value less expected cost to sell, and as such, the Company recorded\u00a0no\u00a0impairment loss. Assets and liabilities held for sale as of June 30, 2025 and December 31, 2024 were as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||
Assets held for sale | \u00a0 | June 30, | \u00a0\u00a0\u00a0\u00a0 | December 31, | ||
2025 | 2024 | |||||
Property and equipment | $ | 95,151,045 | $ | 90,177,872 | ||
Intangible assets | 972,000 | 972,000 | ||||
Operating lease, right-of-use asset | 3,381,613 | 3,381,613 | ||||
Deposits | 2,274,077 | 2,028,567 | ||||
Total assets held for sale | $ | 101,778,735 | $ | 96,560,052 | ||
Liabilities held for sale | \u00a0 | \u00a0\u00a0 | \u00a0 | |||
Right of Use Liability | $ | 89,379,390 | $ | 89,387,203 | ||
Total liabilities held for sale | $ | 89,379,390 | $ | 89,387,203 |
Current assets and liabilities held by our New York business have not been classified as held for sale. Pre-tax operating losses attributable to the New York business were $8,531,224 and $7,757,409\u00a0for the six months ended June 30, 2025 and 2024, respectively.
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| Wholesome | ||
Assets | \u00a0 | \u00a0\u00a0 | |
Cash and cash equivalents | $ | 7,025,811 | |
Inventory | \u00a0 | 9,766,340 | |
Receivables | 1,149,766 | ||
Other current assets | \u00a0 | 905,747 | |
Property and equipment | \u00a0 | 9,273,661 | |
Operating lease, right-of-use asset | \u00a0 | 10,410,672 | |
Indemnification asset | 6,910,000 | ||
Deposits | 504,807 | ||
Intangible assets, license | \u00a0 | 14,704,000 | |
Intangible assets, developed technology | 10,205,000 | ||
Goodwill | \u00a0 | 22,205,842 | |
Total assets | \u00a0 | 93,061,646 | |
Liabilities | \u00a0 | \u00a0\u00a0 | |
Accounts payable and accrued liabilities | \u00a0 | 6,788,708 | |
Right-of-use liability | \u00a0 | 10,410,672 | |
Long-term debt, net | 9,592,555 | ||
Uncertain tax liability | 8,910,000 | ||
Total liabilities | 35,701,935 | ||
Net assets acquired | $ | 57,359,711 | |
Consideration: | |||
Share consideration | $ | 51,764,711 | |
Contingent consideration | 5,595,000 | ||
Total Consideration | $ | 57,359,711 |
\u00a0\u00a0\u00a0\u00a0 | Proper | ||
Assets | \u00a0 | \u00a0\u00a0 | |
Cash and cash equivalents | $ | 12,298,303 | |
Inventory | \u00a0 | 16,882,060 | |
Income tax receivable | 4,258,449 | ||
Receivables | 2,405,627 | ||
Other current assets | \u00a0 | 771,962 | |
Property and equipment | \u00a0 | 35,751,866 | |
Operating lease, right-of-use asset | \u00a0 | 6,905,781 | |
Indemnification asset | 5,311,551 | ||
Deposits | 6,997,666 | ||
Intangible assets, license | 11,816,000 | ||
Intangible assets, developed technology | 1,792,000 | ||
Goodwill | \u00a0 | 34,534,547 | |
Total assets | \u00a0 | 139,725,812 | |
Liabilities | \u00a0 | \u00a0\u00a0 | |
Accounts payable and accrued liabilities | \u00a0 | 14,908,487 | |
Right-of-use liability | \u00a0 | 6,905,781 | |
Long-term debt, net | 25,502,655 | ||
Uncertain tax liability | 12,570,000 | ||
Other long-term liabilities | 1,239,000 | ||
Total liabilities | 61,125,923 | ||
Net assets acquired | $ | 78,599,889 | |
Consideration: | |||
Share consideration | $ | 76,188,889 | |
Contingent consideration | 2,411,000 | ||
Total Consideration | $ | 78,599,889 |
\u00a0\u00a0\u00a0\u00a0 | Deep Roots | ||
Assets | \u00a0 | \u00a0\u00a0 | |
Cash and cash equivalents | $ | 19,037,368 | |
Inventory | \u00a0 | 20,108,335 | |
Income tax receivable | 8,295,721 | ||
Receivables | 244,712 | ||
Other current assets | \u00a0 | 1,114,387 | |
Property and equipment | \u00a0 | 30,371,707 | |
Operating lease, right-of-use asset | \u00a0 | 12,742,380 | |
Indemnification asset | 5,307,586 | ||
Deposits | 433,309 | ||
Investments | \u00a0 | 13,100,000 | |
Intangible assets, license | 40,692,000 | ||
Goodwill | \u00a0 | 15,903,714 | |
Total assets | \u00a0 | 167,351,219 | |
Liabilities | \u00a0 | \u00a0\u00a0 | |
Accounts payable and accrued liabilities | \u00a0 | 16,283,948 | |
Right-of-use liability | \u00a0 | 12,742,380 | |
Long-term debt, net | 19,166,670 | ||
Uncertain tax liability | 15,603,307 | ||
Total liabilities | \u00a0 | 63,796,305 | |
Net assets acquired | $ | 103,554,914 | |
Consideration: | |||
Share consideration | $ | 100,929,914 | |
Contingent consideration | \u00a0 | 2,625,000 | |
Total Consideration | $ | 103,554,914 |
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | |||||
Assets held for sale | \u00a0 | June 30, | \u00a0\u00a0\u00a0\u00a0 | December 31, | ||
2025 | 2024 | |||||
Property and equipment | $ | 95,151,045 | $ | 90,177,872 | ||
Intangible assets | 972,000 | 972,000 | ||||
Operating lease, right-of-use asset | 3,381,613 | 3,381,613 | ||||
Deposits | 2,274,077 | 2,028,567 | ||||
Total assets held for sale | $ | 101,778,735 | $ | 96,560,052 | ||
Liabilities held for sale | \u00a0 | \u00a0\u00a0 | \u00a0 | |||
Right of Use Liability | $ | 89,379,390 | $ | 89,387,203 | ||
Total liabilities held for sale | $ | 89,379,390 | $ | 89,387,203 |
4. Fair Value Measurements
The Company complies with ASC 820, Fair Value Measurements, for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.
Items measured at fair value on a non-recurring basis
The Company\u2019s non-financial assets, such as prepayments and other current assets, long lived assets, including property and equipment and intangible assets, are measured at fair value when there is an indicator of impairment and are recorded at fair value only when an impairment charge is recognized. No indicators of impairment existed as of June 30, 2025, and therefore no impairment charges were recorded.
The carrying value of the Company\u2019s marketable securities, accounts receivable, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature, and the carrying value of notes receivable, long-term debt, and convertible debt approximates fair value as they bear a market rate of interest.
The carrying value of the Company\u2019s warrants held and contingent consideration utilize Level 3 inputs given there is no market activity for the asset. The inputs used are further described in Note 18.
"}]},{"name":"rpt:f-595","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-596","factDimensions":{"xbrl:concept":"us-gaap:AccountsAndNontradeReceivableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"5. Accounts Receivable
Trade receivables as of June 30, 2025 and December 31, 2024 were comprised of the following items:
June 30, | December 31, | |||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Trade receivables, net | $ | 9,142,956 | $ | 2,870,181 | ||
Tax withholding receivables, net | \u2014 | 174,660 | ||||
Other | \u00a0 | 1,477,334 | \u00a0 | 1,545,510 | ||
Total | $ | 10,620,290 | $ | 4,590,351 |
Included in the trade receivables, net balance at June 30, 2025, and December 31, 2024, was an allowance for doubtful accounts of $166,765\u00a0and $84,989, respectively.\u00a0Included in the tax withholding receivable, net balance at December 31, 2024, was an allowance for doubtful accounts of $159,275.
"}]},{"name":"rpt:f-597","factDimensions":{"xbrl:concept":"vreof:ScheduleOfTradeReceivablesDisclosureTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"June 30, | December 31, | |||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Trade receivables, net | $ | 9,142,956 | $ | 2,870,181 | ||
Tax withholding receivables, net | \u2014 | 174,660 | ||||
Other | \u00a0 | 1,477,334 | \u00a0 | 1,545,510 | ||
Total | $ | 10,620,290 | $ | 4,590,351 |
6. Inventory
Inventory as of June 30, 2025 and December 31, 2024 was comprised of the following items:
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Work-in-progress | $ | 26,803,338 | $ | 13,859,238 | ||
Finished goods | \u00a0 | 18,641,774 | \u00a0 | 5,933,200 | ||
Non-cash fair value step up | 12,397,641 | \u2014 | ||||
Other | \u00a0 | 5,190,079 | \u00a0 | 1,873,926 | ||
Total | $ | 63,032,832 | $ | 21,666,364 |
In connection with the closing of the Mergers, the Company recorded the acquired inventories at their estimated fair values in accordance with ASC 805, Business Combinations. Fair value represents the estimated selling price of the acquired inventory, less the expected costs to sell the inventory.
The estimated fair value of the inventory exceeded cost, resulting in a fair value step-up adjustment to acquired inventories totaling $16,549,749. During the three and six-months ended June 30, 2025, $4,152,108 of amortization associated with this fair value step-up was recorded. This amortization was recorded to cost of sales in the consolidated statement of loss and comprehensive loss for the three and six month periods ended June 30, 2025.
Inventory is written down for any obsolescence, spoilage and excess inventory or when the net realizable value of inventory is less than the carrying value. Inventory valuation adjustments included in cost of sales on the statements of net loss and comprehensive loss for the three and six months ended June 30, 2025 and 2024 were comprised of the following:
\u00a0\u00a0\u00a0\u00a0 | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||||||
Work-in-progress | $ | (43,275) | $ | (13,500) | $ | (25,190) | $ | (201,700) | ||||
Finished goods | \u00a0 | (182,874) | \u00a0 | 54,500 | \u00a0 | 232,041 | \u00a0 | (61,300) | ||||
Total | $ | (226,149) | $ | 41,000 | $ | 206,851 | $ | (263,000) |
"}]},{"name":"rpt:f-609","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Work-in-progress | $ | 26,803,338 | $ | 13,859,238 | ||
Finished goods | \u00a0 | 18,641,774 | \u00a0 | 5,933,200 | ||
Non-cash fair value step up | 12,397,641 | \u2014 | ||||
Other | \u00a0 | 5,190,079 | \u00a0 | 1,873,926 | ||
Total | $ | 63,032,832 | $ | 21,666,364 |
\u00a0\u00a0\u00a0\u00a0 | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||||||
Work-in-progress | $ | (43,275) | $ | (13,500) | $ | (25,190) | $ | (201,700) | ||||
Finished goods | \u00a0 | (182,874) | \u00a0 | 54,500 | \u00a0 | 232,041 | \u00a0 | (61,300) | ||||
Total | $ | (226,149) | $ | 41,000 | $ | 206,851 | $ | (263,000) |
"}]},{"name":"rpt:f-623","factDimensions":{"xbrl:concept":"vreof:InventoryValuationAdjustmentsWorkInProgress","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-43275","decimals":0}]},{"name":"rpt:f-624","factDimensions":{"xbrl:concept":"vreof:InventoryValuationAdjustmentsWorkInProgress","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-13500","decimals":0}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"vreof:InventoryValuationAdjustmentsWorkInProgress","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-25190","decimals":0}]},{"name":"rpt:f-626","factDimensions":{"xbrl:concept":"vreof:InventoryValuationAdjustmentsWorkInProgress","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-201700","decimals":0}]},{"name":"rpt:f-627","factDimensions":{"xbrl:concept":"vreof:InventoryValuationAdjustmentsFinishedGoods","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-182874","decimals":0}]},{"name":"rpt:f-628","factDimensions":{"xbrl:concept":"vreof:InventoryValuationAdjustmentsFinishedGoods","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"54500","decimals":0}]},{"name":"rpt:f-629","factDimensions":{"xbrl:concept":"vreof:InventoryValuationAdjustmentsFinishedGoods","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"232041","decimals":0}]},{"name":"rpt:f-630","factDimensions":{"xbrl:concept":"vreof:InventoryValuationAdjustmentsFinishedGoods","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-61300","decimals":0}]},{"name":"rpt:f-631","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-226149","decimals":0}]},{"name":"rpt:f-632","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"41000","decimals":0}]},{"name":"rpt:f-633","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"206851","decimals":0}]},{"name":"rpt:f-634","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2024-01-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-263000","decimals":0}]},{"name":"rpt:f-635","factDimensions":{"xbrl:concept":"vreof:DepositsDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
7. Deposits
On February 14, 2024, Proper entered into, among other things, an Asset Purchase Agreement (the \u201cOGI Asset Purchase Agreement\u201d) and a Management Service Agreement (the \u201cManagement Service Agreement\u201d) with Occidental Group,
Inc. In connection with the OGI Asset Purchase Agreement, Proper advanced $4,365,858, which is fully refundable in the event the OGI Asset Purchase Agreement does not close. Given that the OGI Asset Purchase Agreement had not closed as of June 30, 2025, the advance was included in deposits at June 30, 2025 on the condensed consolidated balance sheet. The transactions contemplated by the OGI Asset Purchase Agreement closed on July 10, 2025.
On August 20, 2024, Proper entered into an agreement to acquire a dispensary license from ROI Wellness Center IV, LLC. In accordance with the agreement, Proper made an advance of $2,500,000, which is fully refundable in the event the Missouri Department of Health Senior Services does not approve the transfer of the license. The license transfer has not been approved, and as such, the advance was included in deposits at June 30, 2025 on the condensed consolidated balance sheet.
At June 30, 2025 and December 31, 2024, the Company\u2019s deposits were comprised of the following:
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Occidental Group Inc. | $ | 4,365,858 | $ | \u2014 | ||
ROI Wellness, LLC | 2,500,000 | \u2014 | ||||
Other Deposits | \u00a0 | 1,781,966 | \u00a0 | 421,244 | ||
Total | $ | 8,647,824 | $ | 421,244 |
"}]},{"name":"rpt:f-636","factDimensions":{"xbrl:concept":"vreof:AssetsPurchaseAdvancePayment","xbrl:period":"2024-02-15T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"vreof:OccidentalGroupIncMember","us-gaap:BusinessAcquisitionAxis":"vreof:ProperHoldingsManagementInc.AndNghInvestmentsInc.Member"},"factValues":[{"value":"4365858","decimals":0}]},{"name":"rpt:f-637","factDimensions":{"xbrl:concept":"vreof:AssetsPurchaseAdvancePayment","xbrl:period":"2024-08-21T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"vreof:RoiWellnessLlcMember","us-gaap:BusinessAcquisitionAxis":"vreof:ProperHoldingsManagementInc.AndNghInvestmentsInc.Member"},"factValues":[{"value":"2500000","decimals":0}]},{"name":"rpt:f-638","factDimensions":{"xbrl:concept":"vreof:ScheduleOfDepositsTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Occidental Group Inc. | $ | 4,365,858 | $ | \u2014 | ||
ROI Wellness, LLC | 2,500,000 | \u2014 | ||||
Other Deposits | \u00a0 | 1,781,966 | \u00a0 | 421,244 | ||
Total | $ | 8,647,824 | $ | 421,244 |
"}]},{"name":"rpt:f-639","factDimensions":{"xbrl:concept":"us-gaap:DepositsAssetsNoncurrent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"vreof:OccidentalGroupIncMember","us-gaap:BusinessAcquisitionAxis":"vreof:ProperHoldingsManagementInc.AndNghInvestmentsInc.Member"},"factValues":[{"value":"4365858","decimals":0}]},{"name":"rpt:f-640","factDimensions":{"xbrl:concept":"us-gaap:DepositsAssetsNoncurrent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"vreof:RoiWellnessLlcMember","us-gaap:BusinessAcquisitionAxis":"vreof:ProperHoldingsManagementInc.AndNghInvestmentsInc.Member"},"factValues":[{"value":"2500000","decimals":0}]},{"name":"rpt:f-641","factDimensions":{"xbrl:concept":"us-gaap:DepositsAssetsNoncurrent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"vreof:DepositsToOtherThirdPartiesMember","us-gaap:BusinessAcquisitionAxis":"vreof:ProperHoldingsManagementInc.AndNghInvestmentsInc.Member"},"factValues":[{"value":"1781966","decimals":0}]},{"name":"rpt:f-642","factDimensions":{"xbrl:concept":"us-gaap:DepositsAssetsNoncurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"vreof:DepositsToOtherThirdPartiesMember","us-gaap:BusinessAcquisitionAxis":"vreof:ProperHoldingsManagementInc.AndNghInvestmentsInc.Member"},"factValues":[{"value":"421244","decimals":0}]},{"name":"rpt:f-643","factDimensions":{"xbrl:concept":"us-gaap:DepositsAssetsNoncurrent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"vreof:ProperHoldingsManagementInc.AndNghInvestmentsInc.Member"},"factValues":[{"value":"8647824","decimals":0}]},{"name":"rpt:f-644","factDimensions":{"xbrl:concept":"us-gaap:DepositsAssetsNoncurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"vreof:ProperHoldingsManagementInc.AndNghInvestmentsInc.Member"},"factValues":[{"value":"421244","decimals":0}]},{"name":"rpt:f-645","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
8. Property and Equipment, Net
As of June 30, 2025 and December 31, 2024, the Company\u2019s property and equipment, net consisted of the following:
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Land | $ | 1,343,937 | $ | 863,105 | ||
Buildings and leasehold improvements | \u00a0 | 71,957,784 | \u00a0 | 16,355,616 | ||
Furniture and equipment | \u00a0 | 24,629,634 | \u00a0 | 7,451,920 | ||
Software | \u00a0 | 39,388 | \u00a0 | 39,388 | ||
Vehicles | \u00a0 | 2,371,362 | \u00a0 | 491,022 | ||
Construction-in-progress | \u00a0 | 14,918,259 | \u00a0 | 9,858,120 | ||
Right of use asset under finance lease | \u00a0 | 7,572,566 | \u00a0 | 7,572,566 | ||
\u00a0 | 122,832,930 | \u00a0 | 42,631,737 | |||
Less: accumulated depreciation | \u00a0 | (12,172,677) | \u00a0 | (10,319,975) | ||
Total | $ | 110,660,253 | $ | 32,311,762 |
For the six months ended June 30, 2025 and 2024, total depreciation on property and equipment was $1,853,234 and $1,267,612, respectively. For the six months ended June 30, 2025 and 2024, accumulated amortization of the right of use asset under finance lease amounted to $2,676,844 and $2,651,438, respectively. The right of use asset (the \u201cROU\u201d) under finance lease of $7,572,566 consists of leased processing and cultivation premises. The Company capitalized $1,388,536 and $1,121,141 into inventory relating to depreciation associated with manufacturing equipment and production facilities for the six months ended June 30, 2025 and 2024, respectively. The associated capitalized depreciation costs are added to inventory and expensed as cost of sales when the product is sold.
As of each of June 30, 2025 and 2024, in conjunction with the Company\u2019s held for sale assessment and disposal of certain long-lived assets, the Company evaluated whether property and equipment showed any indicators of impairment, and it was determined that the recoverable amount of certain net assets was above book value. As a result, the Company recorded no impairment charge\u00a0on property and equipment, net.
"}]},{"name":"rpt:f-646","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Land | $ | 1,343,937 | $ | 863,105 | ||
Buildings and leasehold improvements | \u00a0 | 71,957,784 | \u00a0 | 16,355,616 | ||
Furniture and equipment | \u00a0 | 24,629,634 | \u00a0 | 7,451,920 | ||
Software | \u00a0 | 39,388 | \u00a0 | 39,388 | ||
Vehicles | \u00a0 | 2,371,362 | \u00a0 | 491,022 | ||
Construction-in-progress | \u00a0 | 14,918,259 | \u00a0 | 9,858,120 | ||
Right of use asset under finance lease | \u00a0 | 7,572,566 | \u00a0 | 7,572,566 | ||
\u00a0 | 122,832,930 | \u00a0 | 42,631,737 | |||
Less: accumulated depreciation | \u00a0 | (12,172,677) | \u00a0 | (10,319,975) | ||
Total | $ | 110,660,253 | $ | 32,311,762 |
9. Leases
Components of the Company\u2019s lease expenses as of June 30, 2025 and 2024 are listed below:
\u00a0\u00a0\u00a0\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | June 30, | June 30, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | 2024 | ||||
Finance lease cost | \u00a0\u00a0 | |||||
Depreciation of ROU assets | $ | 165,024 | $ | 286,882 | ||
Interest on lease liabilities | \u00a0 | 7,158,613 | \u00a0 | 7,095,154 | ||
Operating lease costs | \u00a0 | 1,840,085 | \u00a0 | 924,929 | ||
Total lease costs | $ | 9,163,722 | $ | 8,306,965 |
Future minimum lease payments (principal and interest) on the leases are as follows:
\u00a0\u00a0\u00a0\u00a0 | Operating\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | Finance\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | June 30, 2025 | \u00a0\u00a0\u00a0\u00a0 | June 30, 2025 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
2025 | $ | 4,547,220 | $ | 6,928,944 | $ | 11,476,164 | |||
2026 | \u00a0 | 8,929,972 | \u00a0 | 14,183,661 | \u00a0 | 23,113,633 | |||
2027 | \u00a0 | 8,720,658 | \u00a0 | 14,606,527 | \u00a0 | 23,327,185 | |||
2028 | \u00a0 | 8,174,143 | \u00a0 | 15,042,128 | \u00a0 | 23,216,271 | |||
2029 | \u00a0 | 7,088,413 | \u00a0 | 15,490,852 | \u00a0 | 22,579,265 | |||
Thereafter | \u00a0 | 23,594,331 | \u00a0 | 203,082,066 | \u00a0 | 226,676,397 | |||
Total minimum lease payments | $ | 61,054,737 | $ | 269,334,178 | $ | 330,388,915 | |||
Less discount to net present value | (19,672,643) | \u00a0 | (173,790,735) | \u00a0 | (193,463,378) | ||||
Less liabilities held for sale | (2,481,882) | (86,897,778) | (89,379,660) | ||||||
Present value of lease liability | $ | 38,900,212 | $ | 8,645,665 | $ | 47,545,877 |
The Company has entered into various lease agreements for the use of buildings used in the production and retail sales of cannabis products.
Supplemental cash flow information related to the Company\u2019s leases for the six months ended June 30, 2025 and 2024 is detailed below:
\u00a0\u00a0\u00a0\u00a0 | Six Months Ended | |||||
\u00a0\u00a0\u00a0\u00a0 | June 30, | |||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Cash paid for amounts included in the measurement of lease liabilities: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Lease principal payments - finance | $ | \u2014 | $ | 111,560 | ||
Lease principal payments - operating | 831,317 | 281,874 | ||||
Non-cash additions to ROU assets | \u00a0 | 320,531 | \u00a0 | 9,270,915 | ||
Amortization of operating leases | \u00a0 | 935,336 | \u00a0 | 577,715 |
Other information about the Company\u2019s lease amounts as of June 30, 2025 and 2024 is recognized in the financial statements and outlined below:
\u00a0\u00a0\u00a0\u00a0 | June 30, | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0 | ||
Weighted-average remaining lease term (years) \u2013 operating leases | 7.33 | \u00a0 | 7.96 | |||
Weighted-average remaining lease term (years) \u2013 finance leases | 15.59 | \u00a0 | 16.58 | |||
Weighted-average discount rate \u2013 operating leases | 10.93 | %\u00a0\u00a0 | 8.35 | % | ||
Weighted-average discount rate \u2013 finance leases | 16.19 | %\u00a0\u00a0 | 16.20 | % |
"}]},{"name":"rpt:f-677","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | June 30, | June 30, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | 2024 | ||||
Finance lease cost | \u00a0\u00a0 | |||||
Depreciation of ROU assets | $ | 165,024 | $ | 286,882 | ||
Interest on lease liabilities | \u00a0 | 7,158,613 | \u00a0 | 7,095,154 | ||
Operating lease costs | \u00a0 | 1,840,085 | \u00a0 | 924,929 | ||
Total lease costs | $ | 9,163,722 | $ | 8,306,965 |
\u00a0\u00a0\u00a0\u00a0 | Operating\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | Finance\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | June 30, 2025 | \u00a0\u00a0\u00a0\u00a0 | June 30, 2025 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
2025 | $ | 4,547,220 | $ | 6,928,944 | $ | 11,476,164 | |||
2026 | \u00a0 | 8,929,972 | \u00a0 | 14,183,661 | \u00a0 | 23,113,633 | |||
2027 | \u00a0 | 8,720,658 | \u00a0 | 14,606,527 | \u00a0 | 23,327,185 | |||
2028 | \u00a0 | 8,174,143 | \u00a0 | 15,042,128 | \u00a0 | 23,216,271 | |||
2029 | \u00a0 | 7,088,413 | \u00a0 | 15,490,852 | \u00a0 | 22,579,265 | |||
Thereafter | \u00a0 | 23,594,331 | \u00a0 | 203,082,066 | \u00a0 | 226,676,397 | |||
Total minimum lease payments | $ | 61,054,737 | $ | 269,334,178 | $ | 330,388,915 | |||
Less discount to net present value | (19,672,643) | \u00a0 | (173,790,735) | \u00a0 | (193,463,378) | ||||
Less liabilities held for sale | (2,481,882) | (86,897,778) | (89,379,660) | ||||||
Present value of lease liability | $ | 38,900,212 | $ | 8,645,665 | $ | 47,545,877 |
"}]},{"name":"rpt:f-687","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | Operating\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | Finance\u00a0Leases | \u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | June 30, 2025 | \u00a0\u00a0\u00a0\u00a0 | June 30, 2025 | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
2025 | $ | 4,547,220 | $ | 6,928,944 | $ | 11,476,164 | |||
2026 | \u00a0 | 8,929,972 | \u00a0 | 14,183,661 | \u00a0 | 23,113,633 | |||
2027 | \u00a0 | 8,720,658 | \u00a0 | 14,606,527 | \u00a0 | 23,327,185 | |||
2028 | \u00a0 | 8,174,143 | \u00a0 | 15,042,128 | \u00a0 | 23,216,271 | |||
2029 | \u00a0 | 7,088,413 | \u00a0 | 15,490,852 | \u00a0 | 22,579,265 | |||
Thereafter | \u00a0 | 23,594,331 | \u00a0 | 203,082,066 | \u00a0 | 226,676,397 | |||
Total minimum lease payments | $ | 61,054,737 | $ | 269,334,178 | $ | 330,388,915 | |||
Less discount to net present value | (19,672,643) | \u00a0 | (173,790,735) | \u00a0 | (193,463,378) | ||||
Less liabilities held for sale | (2,481,882) | (86,897,778) | (89,379,660) | ||||||
Present value of lease liability | $ | 38,900,212 | $ | 8,645,665 | $ | 47,545,877 |
\u00a0\u00a0\u00a0\u00a0 | Six Months Ended | |||||
\u00a0\u00a0\u00a0\u00a0 | June 30, | |||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Cash paid for amounts included in the measurement of lease liabilities: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Lease principal payments - finance | $ | \u2014 | $ | 111,560 | ||
Lease principal payments - operating | 831,317 | 281,874 | ||||
Non-cash additions to ROU assets | \u00a0 | 320,531 | \u00a0 | 9,270,915 | ||
Amortization of operating leases | \u00a0 | 935,336 | \u00a0 | 577,715 |
\u00a0\u00a0\u00a0\u00a0 | June 30, | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0 | ||
Weighted-average remaining lease term (years) \u2013 operating leases | 7.33 | \u00a0 | 7.96 | |||
Weighted-average remaining lease term (years) \u2013 finance leases | 15.59 | \u00a0 | 16.58 | |||
Weighted-average discount rate \u2013 operating leases | 10.93 | %\u00a0\u00a0 | 8.35 | % | ||
Weighted-average discount rate \u2013 finance leases | 16.19 | %\u00a0\u00a0 | 16.20 | % |
"}]},{"name":"rpt:f-727","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P7Y3M29D"}]},{"name":"rpt:f-728","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P7Y11M15D"}]},{"name":"rpt:f-729","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P15Y7M2D"}]},{"name":"rpt:f-730","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"P16Y6M29D"}]},{"name":"rpt:f-731","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.1093","decimals":4}]},{"name":"rpt:f-732","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.0835","decimals":4}]},{"name":"rpt:f-733","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.1619","decimals":4}]},{"name":"rpt:f-734","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"0.162","decimals":4}]},{"name":"rpt:f-735","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
10. Intangibles
Intangible assets as of June 30, 2025 and December 31, 2024 were comprised of the following items:
\u00a0\u00a0\u00a0\u00a0 | Licenses & Trademarks | \u00a0\u00a0\u00a0\u00a0 | Developed Technology | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance, December\u00a031,\u00a02023 | $ | 8,718,577 | $ | \u2014 | \u00a0 | $ | 8,718,577 | ||
Amortization | (819,250) | \u00a0 | \u2014 | (819,250) | |||||
Balance, December\u00a031,\u00a02024 | $ | 7,899,327 | $ | \u2014 | \u00a0 | $ | 7,899,327 | ||
Acquisitions (Note 3) | 67,212,002 | 11,997,000 | 79,209,002 | ||||||
Amortization | \u00a0 | (802,894) | \u00a0 | (131,597) | \u00a0 | \u00a0 | (934,491) | ||
Balance, June 30, 2025 | $ | 74,308,435 | $ | 11,865,403 | \u00a0 | $ | 86,173,838 |
Amortization expense for the Company\u2019s intangibles was\u00a0$729,681\u00a0and\u00a0$934,491\u00a0during the three and six months ended June 30, 2025, respectively, and $204,812 and $409,624 during the three and six months ended June 30, 2024, respectively. The Company capitalized into inventory $15,358 and $40,136 of amortization for the three and six months ended June 30, 2025, respectively, and $24,779 and $49,557 for the three and six months ended June 30, 2024, respectively. Amortization expense is recorded in operating expenses on the unaudited condensed consolidated statements of net loss and comprehensive loss
The Company estimates that amortization expenses will be $6,100,255 next five fiscal years.
"}]},{"name":"rpt:f-736","factDimensions":{"xbrl:concept":"vreof:ScheduleOfFiniteLivedAndIndefiniteLivedIntangibleAssetsByMajorClassTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | Licenses & Trademarks | \u00a0\u00a0\u00a0\u00a0 | Developed Technology | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance, December\u00a031,\u00a02023 | $ | 8,718,577 | $ | \u2014 | \u00a0 | $ | 8,718,577 | ||
Amortization | (819,250) | \u00a0 | \u2014 | (819,250) | |||||
Balance, December\u00a031,\u00a02024 | $ | 7,899,327 | $ | \u2014 | \u00a0 | $ | 7,899,327 | ||
Acquisitions (Note 3) | 67,212,002 | 11,997,000 | 79,209,002 | ||||||
Amortization | \u00a0 | (802,894) | \u00a0 | (131,597) | \u00a0 | \u00a0 | (934,491) | ||
Balance, June 30, 2025 | $ | 74,308,435 | $ | 11,865,403 | \u00a0 | $ | 86,173,838 |
11. Accounts Payable, Accrued Liabilities, and Restricted Cash
Accounts payable and accrued liabilities as of June 30, 2025 and December 31, 2024 were comprised of the following items:
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Accounts payable \u2013 trade | $ | 14,195,771 | $ | 2,298,060 | ||
Accrued Expenses | \u00a0 | 17,385,270 | \u00a0 | 6,839,822 | ||
Taxes payable | \u00a0 | 5,966,951 | \u00a0 | 264,518 | ||
Contract liability | \u00a0 | 2,426,929 | \u00a0 | 1,053,636 | ||
Liability to sellers | 7,054,563 | \u2014 | ||||
Other | 425,356 | \u2014 | ||||
Total accounts payable and accrued liabilities | $ | 47,454,840 | $ | 10,456,036 |
In connection with the closing of the Mergers and the related Merger Agreements, the Company is required to distribute cash to the former equity holders of Deep Roots and Proper. At June 30, 2025, $7,054,563 had yet to be distributed to the former stockholders of such entities. As such, the Company reclassified this cash as restricted cash, and recorded an associated liability, on the unaudited condensed consolidated balance sheet at June 30, 2025. The restricted cash was subsequently distributed after June 30, 2025. See Note 3 \u201cBusiness Combinations and Dispositions\u201d and Note 23 \u201cSubsequent Events\u201d for additional information
"}]},{"name":"rpt:f-762","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Accounts payable \u2013 trade | $ | 14,195,771 | $ | 2,298,060 | ||
Accrued Expenses | \u00a0 | 17,385,270 | \u00a0 | 6,839,822 | ||
Taxes payable | \u00a0 | 5,966,951 | \u00a0 | 264,518 | ||
Contract liability | \u00a0 | 2,426,929 | \u00a0 | 1,053,636 | ||
Liability to sellers | 7,054,563 | \u2014 | ||||
Other | 425,356 | \u2014 | ||||
Total accounts payable and accrued liabilities | $ | 47,454,840 | $ | 10,456,036 |
12. Long-Term Debt
During 2017 the Company signed a promissory note payable in the amount of\u00a0$1,010,000. The note bears interest at a rate of\u00a015%\u00a0per annum with interest payments required on a\u00a0monthly\u00a0basis. In 2019 the Company\u2019s promissory note payable in the amount of\u00a0$1,010,000\u00a0was modified to increase the amount payable to\u00a0$1,110,000. The Company paid the note off in full during the year ended December 31, 2024.
On November 19, 2021, the Company signed a promissory note payable in the amount of $2,000,000\u00a0in connection with the acquisition of Charm City Medicus, LLC. The note bears an interest rate of\u00a08% per annum with interest payments due on the last day of each calendar\u00a0quarter. On November 19, 2023, the Company and lender amended the note. Per the terms of the amendment, the interest rate was modified to\u00a015%, and the Company paid off $1,000,000\u00a0of principal. On November 27, 2024, the Company and lender executed the second amendment to the note. Per the terms of the amendment, the maturity date was extended, the interest rate was increased to\u00a018%, and the Company repaid $100,000\u00a0in principal. The remaining principal balance of $900,000\u00a0was repaid in full during the three months ended March 31, 2025.
On March 25, 2021, the Company entered into a credit agreement for a senior secured delayed draw term loan with an aggregate principal amount of up to $46,000,000\u00a0(the \u201cCredit Facility\u201d) and executed a draw of $26,000,000\u00a0in principal. The unpaid principal amounts outstanding under the Credit Facility bear interest at a rate of (a)\u00a0the U.S. prime rate plus\u00a010.375%, payable monthly in cash, and (b)\u00a02.75% per annum paid in kind (\u201cPIK\u201d) interest payable monthly. In connection with the Credit Facility, the Company also pays a monthly credit monitoring fee in the amount of $130,400\u00a0which was included in interest expense in the consolidated statements of loss and comprehensive loss for the six months ended June 30, 2025, and 2024.
On November 18, 2021, the Company and lenders amended the Credit Facility to provide for an additional loan of $4,200,000\u00a0with a cash interest rate of\u00a015% per annum, PIK interest of\u00a02% per annum and a maturity date of November 29, 2024. Obligations under the Credit Facility are secured by substantially all the assets of the Company.
On January 31, 2022, Vireo Growth and certain of its subsidiaries, as borrowers (collectively, the \u201cBorrowers\u201d), entered into a Third Amendment to the Credit Facility (the \u201cThird Amendment\u201d) providing for additional delayed draw term loans of up to\u00a0$55\u00a0million (the \u201cDelayed Draw Loans\u201d). The cash interest rate on the Delayed Draw Loans under the Third Amendment is equal to the U.S. prime rate plus\u00a010.375%, with a minimum required rate of\u00a013.375%\u00a0per annum, in addition to PIK interest of\u00a02.75%\u00a0per annum.
On March 31, 2023, the Company executed a fifth amendment to its Credit Facility with its senior secured lender, Chicago Atlantic Admin, LLC (the \"Chicago Atlantic Admin\"), an affiliate of Green Ivy Capital, and a group of lenders. The amended credit facility extends the maturity date on its Delayed Draw Loans to April 30, 2024, through the issuance of\u00a015,000,000\u00a0Subordinate Voting Shares in lieu of a cash extension fee. These\u00a015,000,000\u00a0shares were valued at $1,407,903\u00a0using a fair value per share of $0.094\u00a0were recorded as a deferred financing cost. The fair value per share reflects a\u00a022% discount to the market price at the time of issuance to account for the\u00a0four-month\u00a0trading lock-up imposed on the shares. The amendment also provides the Company with reduced cash outlays by eliminating required amortization of the loan and requires the Company to divest certain assets to improve its liquidity position and financial performance.
On April 30, 2024, the Company executed a short-term extension of the maturity date on the Credit Facility with Chicago Atlantic Admin. The Credit Facility was extended until June 14, 2024 and then further extended to July 31, 2024. \u00a0In connection with these extensions, no other changes were made to the material terms of the existing agreement.
On May 21, 2024 the Company executed a $1,200,000 term loan with Chicago Atlantic Admin to assist with the purchase of a site for a new dispensary location. The loan bears an interest rate of 12.0% and is due on May 28, 2027. Financing costs of $68,600 were incurred in connection with the closing of the loan.
On July 31, 2024, the Company executed a ninth amendment to the Company\u2019s Credit Facility. The ninth amendment to the Company\u2019s Credit Facility extends the maturity date on the Credit Facility loans to January 29, 2027, adjusts and extends the deadline with respect to the Company\u2019s ongoing disposition of its New York operations through July 31, 2025, and amends certain financial measure definitions and covenants within the agreement. The Company issued\u00a012,500,000\u00a0Subordinate Voting Shares to the lenders in consideration for the amendment. These\u00a012,500,000\u00a0shares were valued at $5,387,500\u00a0using a fair value per share of $0.431\u00a0and were recorded as a deferred financing cost.
Long-Term Debt Arising from Acquisitions
In connection with the closing of the Proper Mergers, the Company acquired $25,502,655 of notes payable due to Chicago Atlantic Admin. The unpaid principal amounts outstanding bear interest at a rate of (a)\u00a011%, payable monthly in cash, and
(b)\u00a03.00% per annum PIK interest, payable monthly. In addition, 1% amortization of the original principal value of the note, or $27,100,000, is payable monthly, and the note matures on November 28, 2025. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
In connection with the closing of the Deep Roots Merger, the Company acquired $19,166,670 of notes payable due to Chicago Atlantic Admin. The unpaid principal amounts outstanding bear interest at a rate of (a)\u00a0the U.S. prime rate, with a floor of 8.00%, plus (b) 6.50%, payable monthly in cash. In addition, 0.83% amortization of the original principal value of the note, or $20,000,000, is payable monthly, and the note matures on August 15, 2027. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
In connection with the closing of the Wholesome Merger, the Company acquired a $8,766,340 term loan bearing an interest rate of 11.25%, payable monthly in cash. The term loan was repaid in full on May 13, 2025. Additionally, the Company acquired $1,000,000 of promissory notes bearing an interest rate of 13.00%, payable monthly cash. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
Unless otherwise specified, all deferred financing costs are treated as a contra-liability, to be netted against the outstanding loan balance and amortized over the remaining life of the loan. As of June 30, 2025, and December 31, 2024, $5,161,990\u00a0and $6,576,985 of deferred financing costs remained unamortized, respectively.
The following table shows a summary of the Company\u2019s long-term debt as of June 30, 2025, and December 31, 2024:
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Beginning of period | $ | 62,338,046 | $ | 60,220,535 | ||
Acquired long-term debt (Note 3) | 54,261,880 | |||||
Proceeds | \u00a0 | \u2014 | \u00a0 | 6,700,000 | ||
Principal repayments | (10,061,221) | (1,234,000) | ||||
Deferred financing costs | (260,000) | (7,418,770) | ||||
PIK interest | 813,501 | 1,634,494 | ||||
Amortization of deferred financing costs | 1,605,526 | 2,435,787 | ||||
End of period | \u00a0 | 108,697,732 | \u00a0 | 62,338,046 | ||
Less: current portion | \u00a0 | 26,483,317 | \u00a0 | 900,000 | ||
Total long-term debt | $ | 82,214,415 | $ | 61,438,046 |
As of June 30, 2025, stated maturities of long-term debt were as follows:
2025 | $ | 26,411,945 | |
2026 | 2,143,992 | ||
2027 | 80,141,795 | ||
Total | $ | 108,697,732 |
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\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Beginning of period | $ | 62,338,046 | $ | 60,220,535 | ||
Acquired long-term debt (Note 3) | 54,261,880 | |||||
Proceeds | \u00a0 | \u2014 | \u00a0 | 6,700,000 | ||
Principal repayments | (10,061,221) | (1,234,000) | ||||
Deferred financing costs | (260,000) | (7,418,770) | ||||
PIK interest | 813,501 | 1,634,494 | ||||
Amortization of deferred financing costs | 1,605,526 | 2,435,787 | ||||
End of period | \u00a0 | 108,697,732 | \u00a0 | 62,338,046 | ||
Less: current portion | \u00a0 | 26,483,317 | \u00a0 | 900,000 | ||
Total long-term debt | $ | 82,214,415 | $ | 61,438,046 |
2025 | $ | 26,411,945 | |
2026 | 2,143,992 | ||
2027 | 80,141,795 | ||
Total | $ | 108,697,732 |
"}]},{"name":"rpt:f-851","factDimensions":{"xbrl:concept":"us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"vreof:PromissoryNoteAndLineOfCreditMember"},"factValues":[{"value":"26411945","decimals":0}]},{"name":"rpt:f-852","factDimensions":{"xbrl:concept":"us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"vreof:PromissoryNoteAndLineOfCreditMember"},"factValues":[{"value":"2143992","decimals":0}]},{"name":"rpt:f-853","factDimensions":{"xbrl:concept":"us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"vreof:PromissoryNoteAndLineOfCreditMember"},"factValues":[{"value":"80141795","decimals":0}]},{"name":"rpt:f-854","factDimensions":{"xbrl:concept":"us-gaap:SecuredDebt","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"vreof:PromissoryNoteAndLineOfCreditMember"},"factValues":[{"value":"108697732","decimals":0}]},{"name":"rpt:f-855","factDimensions":{"xbrl:concept":"vreof:ConvertibleDebtTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
13. Convertible Notes
On July 31, 2024, holders voluntarily converted convertible notes issued in 2023 into\u00a073,016,061\u00a0Subordinate Voting Shares of the Company.
On November 1, 2024, the Company entered into the Joinder and Tenth Amendment to the Credit Agreement (the \u201cTenth Amendment\u201d). The Tenth Amendment provides a convertible note facility (the \u201cNew Convertible Notes\u201d) with a maximum principal amount of\u00a0$10,000,000. The New Convertible Notes mature on November 1, 2027, have a cash interest rate of\u00a012.0%\u00a0 per year, and are convertible into the Company\u2019s SVSs at an amount determined by dividing the outstanding principal amount, plus all accrued but unpaid interest on the New Convertible Notes on the date of such conversion, by a conversion price of\u00a0$0.625. The Company incurred\u00a0$145,717\u00a0in financing costs in connection with the signing of the Tenth Amendment.
All deferred financing costs are treated as a contra-liability, to be netted against the outstanding loan balance and amortized over the remaining life of the loan. As of June 30, 2025 and December 31, 2024, $113,336\u00a0and $137,622 of deferred financing costs remained unamortized, respectively.
The following table shows a summary of the Company\u2019s convertible debt as of June 30, 2025 and December 31, 2024:
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Beginning of period | $ | 9,862,378 | $ | 9,140,257 | ||
Proceeds | \u00a0 | \u2014 | \u00a0 | 10,000,000 | ||
Deferred financing costs | \u2014 | (145,717) | ||||
PIK interest | \u2014 | 363,376 | ||||
Amortization of deferred financing costs | 24,286 | 279,019 | ||||
Conversion | (9,774,557) | |||||
End of period | $ | 9,886,664 | $ | 9,862,378 | ||
Less: current portion | \u00a0 | \u2014 | \u00a0 | \u2014 | ||
Total convertible debt | $ | 9,886,664 | $ | 9,862,378 |
"}]},{"name":"rpt:f-856","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"xbrla:shares","srt:CounterpartyNameAxis":"vreof:ChicagoAtlanticOpportunityPortfolioLpMember","us-gaap:StatementClassOfStockAxis":"vreof:SubordinateVotingSharesMember"},"factValues":[{"value":"73016061"}]},{"name":"rpt:f-857","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity","xbrl:period":"2024-11-02T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"vreof:NewConvertibleNotesMember"},"factValues":[{"value":"10000000","decimals":0}]},{"name":"rpt:f-858","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateStatedPercentage","xbrl:period":"2024-11-02T00:00:00","xbrl:entity":"cik:0001771706","us-gaap:LongtermDebtTypeAxis":"vreof:NewConvertibleNotesMember"},"factValues":[{"value":"0.12","decimals":3}]},{"name":"rpt:f-859","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentConvertibleConversionPrice1","xbrl:period":"2024-11-02T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:LongtermDebtTypeAxis":"vreof:NewConvertibleNotesMember"},"factValues":[{"value":"0.625","decimals":3}]},{"name":"rpt:f-860","factDimensions":{"xbrl:concept":"us-gaap:DeferredFinanceCostsNet","xbrl:period":"2024-11-02T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"vreof:NewConvertibleNotesMember"},"factValues":[{"value":"145717","decimals":0}]},{"name":"rpt:f-861","factDimensions":{"xbrl:concept":"us-gaap:DeferredFinanceCostsNet","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"113336","decimals":0}]},{"name":"rpt:f-862","factDimensions":{"xbrl:concept":"us-gaap:DeferredFinanceCostsNet","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"137622","decimals":0}]},{"name":"rpt:f-863","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebtTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | June 30, | December 31, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Beginning of period | $ | 9,862,378 | $ | 9,140,257 | ||
Proceeds | \u00a0 | \u2014 | \u00a0 | 10,000,000 | ||
Deferred financing costs | \u2014 | (145,717) | ||||
PIK interest | \u2014 | 363,376 | ||||
Amortization of deferred financing costs | 24,286 | 279,019 | ||||
Conversion | (9,774,557) | |||||
End of period | $ | 9,886,664 | $ | 9,862,378 | ||
Less: current portion | \u00a0 | \u2014 | \u00a0 | \u2014 | ||
Total convertible debt | $ | 9,886,664 | $ | 9,862,378 |
"}]},{"name":"rpt:f-864","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebt","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"9862378","decimals":0}]},{"name":"rpt:f-865","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebt","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"9140257","decimals":0}]},{"name":"rpt:f-866","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromConvertibleDebt","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"10000000","decimals":0}]},{"name":"rpt:f-867","factDimensions":{"xbrl:concept":"us-gaap:DeferredOfferingCosts","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"145717","decimals":0}]},{"name":"rpt:f-868","factDimensions":{"xbrl:concept":"us-gaap:PaidInKindInterest","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"363376","decimals":0}]},{"name":"rpt:f-869","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfFinancingCosts","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"24286","decimals":0}]},{"name":"rpt:f-870","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfFinancingCosts","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"279019","decimals":0}]},{"name":"rpt:f-871","factDimensions":{"xbrl:concept":"us-gaap:DebtConversionOriginalDebtAmount1","xbrl:period":"2024-01-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"9774557","decimals":0}]},{"name":"rpt:f-872","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebt","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"9886664","decimals":0}]},{"name":"rpt:f-873","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebt","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"9862378","decimals":0}]},{"name":"rpt:f-874","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebtNoncurrent","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"9886664","decimals":0}]},{"name":"rpt:f-875","factDimensions":{"xbrl:concept":"us-gaap:ConvertibleDebtNoncurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001771706","xbrl:unit":"iso4217:USD","us-gaap:LongtermDebtTypeAxis":"us-gaap:ConvertibleDebtMember"},"factValues":[{"value":"9862378","decimals":0}]},{"name":"rpt:f-876","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityNoteDisclosureTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
14. Stockholders\u2019 Equity
Shares
The Company\u2019s certificate of incorporation authorized the Company to issue the following classes of shares with the following par value and voting rights as of June 30, 2025. The liquidation and dividend rights are identical among shares equally in the Company\u2019s earnings and losses on an as converted basis.
\u00a0\u00a0\u00a0\u00a0 | Par\u00a0Value | \u00a0\u00a0\u00a0\u00a0 | Authorized | \u00a0\u00a0\u00a0\u00a0 | Voting\u00a0Rights | |
Subordinate Voting Share (\u201cSVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 1 vote for each share |
Multiple Voting Share (\u201cMVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 100 votes for each share |
Subordinate Voting Shares
Holders of Subordinate Voting Shares are entitled to one vote in respect of each Subordinate Voting Share held.
Multiple Voting Shares
Holders of Multiple Voting Shares are entitled to votes for each Multiple Voting Share held.
Multiple Voting Shares each have the restricted right to convert to Subordinate Voting Shares subject to adjustments for certain customary corporate changes.
Shares Issued
During the six months ended June 30, 2025,\u00a0134,229,986\u00a0Subordinate Voting Shares were issued in connection with the Wholesome Merger. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
During the six months ended June 30, 2025,\u00a0196,212,265\u00a0Subordinate Voting Shares were issued in connection with the Proper Merger. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
During the six months ended June 30, 2025,\u00a0251,210,053\u00a0Subordinate Voting Shares were issued in connection with the Deep Roots Merger. See Note 3 \u201cBusiness Combinations and Dispositions\u201d for additional information.
During the six months ended June 30, 2025,\u00a025,739\u00a0Multiple Voting Shares were converted into\u00a02,573,900\u00a0Subordinate Voting Shares for no additional consideration.
During the six months ended June 30, 2025, employee stock options were exercised for 448,547 Subordinate Voting Shares. Proceeds from this transaction were $80,614.
During the six months ended June 30, 2025, stock warrants were exercised for 265,626 Subordinate Voting Shares. Proceeds from these transactions were $38,516.
During the six months ended June 30, 2025,\u00a01,752,003\u00a0shares were issued in connection with the settlement of RSUs. 365,871\u00a0shares were net settled to pay payroll taxes associated with the issuance, resulting in the final issuance of\u00a01,386,132\u00a0shares.
During the six months ended June 30, 2024,\u00a030,479\u00a0Multiple Voting Shares were converted into\u00a03,047,900\u00a0Subordinate Voting Shares for no additional consideration.
During the six months ended June 30, 2024,\u00a01,300,078\u00a0Subordinate Voting Shares were issued to the Company\u2019s senior secured lender, Chicago Atlantic Opportunity Portfolio, LP, for $700,000\u00a0of proceeds.
During the six months ended June 30, 2024, employee stock options were exercised for\u00a050,000\u00a0Subordinate Voting Shares. Proceeds from this transaction were $16,500.
During the six months ended June 30, 2024, stock warrants were exercised for\u00a0200,000\u00a0Subordinate Voting Shares. Proceeds from these transactions were $29,000.
"}]},{"name":"rpt:f-877","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfStockByClassTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"\u00a0\u00a0\u00a0\u00a0 | Par\u00a0Value | \u00a0\u00a0\u00a0\u00a0 | Authorized | \u00a0\u00a0\u00a0\u00a0 | Voting\u00a0Rights | |
Subordinate Voting Share (\u201cSVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 1 vote for each share |
Multiple Voting Share (\u201cMVS\u201d) | \u00a0 | \u2014 | \u00a0 | Unlimited | \u00a0 | 100 votes for each share |
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votes for each 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15. Stock-Based Compensation
Stock Options
In January\u00a02019, the Company adopted the 2019 Equity Incentive Plan (the \u201cEIP\u201d) under which the Company may grant incentive stock options, restricted shares, restricted share units, or other awards. Under the terms of the EIP, a total of ten\u00a0percent of the number of shares outstanding, assuming conversion of all super voting shares and MVSs to SVSs are permitted to be issued. The exercise price for incentive stock options issued under the EIP will be set by the compensation committee of the Company\u2019s board of directors but will not be less than 100% of the fair market value of the Company\u2019s shares on the date of grant. Incentive stock options have a maximum term of 10 years from the date of grant. The incentive stock options vest at the discretion of the Company\u2019s board of directors.
Options granted under the EIP as of June 30, 2025 and 2024 were valued using the Black-Scholes option pricing model with the following weighted average assumptions:
\u00a0\u00a0\u00a0\u00a0 | June 30, | June 30, | \u00a0 | ||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0 | |
Risk-Free Interest Rate | 4.53 | % | 4.49 | % | |
Weighted Average Exercise Price | $ | 0.49 | $ | 0.54 | |
Weighted Average Stock Price | $ | 0.49 | $ | 0.54 | |
Expected Life of Options (years) | 7.00 | 7.00 | |||
Expected Annualized Volatility | 100.00 | % | 100.00 | % | |
Grant Fair Value | $ | 0.41 | $ | 0.45 | |
Expected Forfeiture Rate | N/A | \u00a0 | N/A | ||
Expected Dividend Yield | N/A | \u00a0 | N/A |
Stock option activity for the six months ended June 30, 2025, and for the year ended December 31, 2024, is presented below:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Avg.\u00a0 | |||
Number\u00a0of\u00a0Options | Exercise\u00a0Price | Remaining\u00a0Life | |||||
Balance, December 31, 2023 | \u00a0 | 29,969,324 | $ | 0.50 | \u00a0 | 6.18 | |
Forfeitures | \u00a0 | (2,760,530) | \u00a0 | 1.29 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (50,000) | \u00a0 | 0.33 | \u00a0 | \u2014 | |
Granted | \u00a0 | 4,073,839 | \u00a0 | 0.48 | \u00a0 | \u2014 | |
Options Outstanding at December 31, 2024 | \u00a0 | 31,232,633 | $ | 0.43 | \u00a0 | 5.45 | |
Forfeitures | \u00a0 | (584,210) | \u00a0 | 0.34 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (448,546) | \u00a0 | 0.18 | \u00a0 | \u2014 | |
Granted | \u00a0 | 159,156 | \u00a0 | 0.49 | \u00a0 | \u2014 | |
Options Outstanding at June 30, 2025 | \u00a0 | 30,359,033 | $ | 0.43 | \u00a0 | 5.03 | |
Options Exercisable at June 30, 2025 | \u00a0 | 27,323,701 | $ | 0.42 | \u00a0 | 4.62 |
During the three and six-month periods ended June 30, 2025, the Company recognized\u00a0$185,345 and $358,067, respectively, in stock-based compensation related to stock options, respectively. During the three and six-month periods ended June 30, 2024, the Company recognized ($60,751) and $25,981, respectively, in stock-based compensation related to stock options, respectively. As of June 30, 2025, the total unrecognized compensation costs related to unvested stock options awards granted was $428,091. In addition, the weighted average period over which the unrecognized compensation expense is expected to be recognized is approximately\u00a01.5\u00a0years. The total intrinsic value of stock options outstanding and exercisable as of June 30, 2025, was $3,364,604 and $3,227,358, respectively.
The Company does not estimate forfeiture rates when calculating compensation expense. The Company records forfeitures as they occur.
Warrants
Subordinate Voting Share (SVS) warrants entitle the holder to purchase one Subordinate Voting Share of the Company.
A summary of the warrants outstanding is as follows:
\u00a0\u00a0\u00a0\u00a0 | Number\u00a0of\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | ||
SVS Warrants | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2023 | \u00a0 | 16,400,000 | $ | 0.21 | \u00a0 | 4.57 | |
Exercised | (480,437) | 0.15 | \u2014 | ||||
Warrants outstanding at December 31, 2024 | 15,919,563 | $ | 0.22 | \u00a0 | 3.56 | ||
Forfeited | (150,000) | 1.49 | \u2014 | ||||
Exercised | (265,626) | 0.145 | \u2014 | ||||
Warrants outstanding at June 30, 2025 | \u00a0 | 15,503,937 | $ | 0.22 | \u00a0 | 3.07 | |
Warrants exercisable at June 30, 2025 | \u00a0 | 15,503,937 | $ | 0.22 | \u00a0 | 3.07 |
\u00a0\u00a0\u00a0\u00a0 | Number\u00a0of\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | ||
SVS Warrants Denominated in C$ | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2023 and 2024 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 1.23 | |
Warrants outstanding at June 30, 2025 | 3,037,649 | $ | 3.50 | 0.73 | |||
Warrants exercisable at June 30, 2025 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 0.73 |
RSUs
The expense associated with RSUs is based on the closing share price of the Company\u2019s subordinate voting shares on the business day immediately preceding the grant date, adjusted for the absence of future dividends and is amortized on a straight-line basis over the periods during which the restrictions lapse. The Company currently has RSUs that vest over a three year period. The awards are generally subject to forfeiture in the event of termination of employment. During the three and six-months ended June 30, 2025, the Company recognized $3,965,285 and $5,253,414, respectively, in stock-based compensation expense related to RSUs. During the three and six months periods ended June 30, 2024, the Company recognized $183 and $93,240, respectively, in stock-based compensation expense related to RSUs.
A summary of RSUs is as follows:
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted Avg. | |||
Number\u00a0of\u00a0Shares | Fair Value | ||||
Balance, December 31, 2023 | 2,543,011 | $ | 0.88 | ||
Granted | 9,228,462 | 0.31 | |||
Forfeitures | (443,943) | 1.34 | |||
Balance, December 31, 2024 | 11,327,530 | 0.40 | |||
Granted | 62,589,414 | 0.35 | |||
Settled | (1,752,453) | 0.94 | |||
Forfeitures | (66,341) | 1.81 | |||
Balance, June 30, 2025 | 72,098,150 | 0.34 | |||
Vested at June 30, 2025 | 2,450,615 | $ | 0.41 |
"}]},{"name":"rpt:f-908","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-909","factDimensions":{"xbrl:concept":"vreof:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisePriceMinimumPercentageOfGrantDateFairMarketValueOfShares","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-910","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706","srt:RangeAxis":"srt:MaximumMember","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-911","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | June 30, | June 30, | \u00a0 | ||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0 | |
Risk-Free Interest Rate | 4.53 | % | 4.49 | % | |
Weighted Average Exercise Price | $ | 0.49 | $ | 0.54 | |
Weighted Average Stock Price | $ | 0.49 | $ | 0.54 | |
Expected Life of Options (years) | 7.00 | 7.00 | |||
Expected Annualized Volatility | 100.00 | % | 100.00 | % | |
Grant Fair Value | $ | 0.41 | $ | 0.45 | |
Expected Forfeiture Rate | N/A | \u00a0 | N/A | ||
Expected Dividend Yield | N/A | \u00a0 | N/A |
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Avg.\u00a0 | |||
Number\u00a0of\u00a0Options | Exercise\u00a0Price | Remaining\u00a0Life | |||||
Balance, December 31, 2023 | \u00a0 | 29,969,324 | $ | 0.50 | \u00a0 | 6.18 | |
Forfeitures | \u00a0 | (2,760,530) | \u00a0 | 1.29 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (50,000) | \u00a0 | 0.33 | \u00a0 | \u2014 | |
Granted | \u00a0 | 4,073,839 | \u00a0 | 0.48 | \u00a0 | \u2014 | |
Options Outstanding at December 31, 2024 | \u00a0 | 31,232,633 | $ | 0.43 | \u00a0 | 5.45 | |
Forfeitures | \u00a0 | (584,210) | \u00a0 | 0.34 | \u00a0 | \u2014 | |
Exercised | \u00a0 | (448,546) | \u00a0 | 0.18 | \u00a0 | \u2014 | |
Granted | \u00a0 | 159,156 | \u00a0 | 0.49 | \u00a0 | \u2014 | |
Options Outstanding at June 30, 2025 | \u00a0 | 30,359,033 | $ | 0.43 | \u00a0 | 5.03 | |
Options Exercisable at June 30, 2025 | \u00a0 | 27,323,701 | $ | 0.42 | \u00a0 | 4.62 |
\u00a0\u00a0\u00a0\u00a0 | Number\u00a0of\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | ||
SVS Warrants | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2023 | \u00a0 | 16,400,000 | $ | 0.21 | \u00a0 | 4.57 | |
Exercised | (480,437) | 0.15 | \u2014 | ||||
Warrants outstanding at December 31, 2024 | 15,919,563 | $ | 0.22 | \u00a0 | 3.56 | ||
Forfeited | (150,000) | 1.49 | \u2014 | ||||
Exercised | (265,626) | 0.145 | \u2014 | ||||
Warrants outstanding at June 30, 2025 | \u00a0 | 15,503,937 | $ | 0.22 | \u00a0 | 3.07 | |
Warrants exercisable at June 30, 2025 | \u00a0 | 15,503,937 | $ | 0.22 | \u00a0 | 3.07 |
\u00a0\u00a0\u00a0\u00a0 | Number\u00a0of\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average\u00a0 | ||
SVS Warrants Denominated in C$ | Warrants | Exercise\u00a0Price | Remaining\u00a0Life | ||||
Warrants outstanding at December 31, 2023 and 2024 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 1.23 | |
Warrants outstanding at June 30, 2025 | 3,037,649 | $ | 3.50 | 0.73 | |||
Warrants exercisable at June 30, 2025 | \u00a0 | 3,037,649 | $ | 3.50 | \u00a0 | 0.73 |
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted Avg. | |||
Number\u00a0of\u00a0Shares | Fair Value | ||||
Balance, December 31, 2023 | 2,543,011 | $ | 0.88 | ||
Granted | 9,228,462 | 0.31 | |||
Forfeitures | (443,943) | 1.34 | |||
Balance, December 31, 2024 | 11,327,530 | 0.40 | |||
Granted | 62,589,414 | 0.35 | |||
Settled | (1,752,453) | 0.94 | |||
Forfeitures | (66,341) | 1.81 | |||
Balance, June 30, 2025 | 72,098,150 | 0.34 | |||
Vested at June 30, 2025 | 2,450,615 | $ | 0.41 |
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16. Commitments and Contingencies
Legal proceedings
Verano
On January 31, 2022, the Company entered into the Arrangement Agreement with Verano, pursuant to which Verano was to acquire all of the issued and outstanding shares of Vireo Growth pursuant to a Plan of Arrangement. Subject to the terms and conditions set forth in the Arrangement Agreement and the Plan of Arrangement, holders of Vireo Growth Shares would receive\u00a00.22652\u00a0of a Verano Subordinate Voting Share, subject to adjustment as described below, for each Subordinate Voting Share held, and\u00a022.652\u00a0Verano Subordinate Voting Shares for each Multiple Voting Share and Super Voting Share held, immediately prior to the effective time of the Arrangement.
\u00a0
On October 13, 2022, Vireo Growth received a notice of purported termination of the Arrangement Agreement (the \u201cNotice\u201d) from Verano. The Notice asserted certain breaches of the Arrangement Agreement, including claims the Company\u2019s public filings and communications with respect to its business and ongoing operations were misleading and that the Company breached its representations to Verano under the Arrangement Agreement. Verano also claimed, as a result of such breaches, it is entitled to payment of a $14,875,000\u00a0termination fee and its transaction expenses. Vireo Growth denies all of Verano\u2019s allegations and affirmatively asserts that it has complied with its obligations under the Arrangement Agreement, and with its disclosure obligations under US and Canadian law, in all material respects at all times. The Company believes that Verano has no factual or legal basis to justify or support its purported termination of the Arrangement Agreement, which the Company determined to treat as a repudiation of the Arrangement Agreement.
\u00a0
On October 21, 2022, Vireo Growth commenced an action in the Supreme Court of British Columbia against Verano after Verano wrongfully repudiated the Arrangement Agreement. The Company is seeking damages, costs and interest, based on Verano's breach of contract and of its duty of good faith and honest performance.
\u00a0
On November 14, 2022, Verano filed counterclaims against the Company for the termination fee and transaction expenses described above.
\u00a0
On July 31, 2023, the Company filed a requisition for adjournment of its application filed July 14, 2023, and set for hearing on July 31, 2023, to compel Verano\u2019s compliance with document production based upon the Company\u2019s belief that Verano was engaging in tactics to delay the litigation.\u00a0
\u00a0
Throughout 2023, the Company served\u00a04\u00a0lists of documents, reviewed document production from Verano, and prepared for examinations for discovery.\u00a0
On May 2, 2024, the Company filed the Summary Trial Application the Supreme Court of British Columbia for summary determination. The Company is seeking substantial damages, specifically US $860.9 million, as well as other costs and legal fees, based on Verano\u2019s breach of contract and of its duty of good faith and honest performance.
\u00a0
On June 19, 2024, Verano filed the Preliminary Suitability Application seeking orders dismissing the Summary Trial Application on the basis that certain issues in the action are not suitable for summary determination. The Preliminary Suitability Application is in the process of being scheduled
Due to uncertainties inherent in litigation, it is not possible for Vireo Growth to predict the timing or final outcome of the legal proceedings against Verano or to determine the amount of damages, if any, that may be awarded.\u00a0\u00a0The damages sought will be significant and material given that Verano\u2019s breach left the Company in a vulnerable position resulting in the Company being constrained in its ability to fund growth initiatives that were desirable and that its competitors were able to undertake, most notably in Minnesota and New York markets.
Lease commitments
The Company leases various facilities, under non-cancelable finance and operating leases, which expire at various dates through September 2041.
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Selling, general and administrative expenses were comprised of the following items for the three and six months ended June 30, 2025 and 2024:
Three Months Ended | Six Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||||||
Salaries and benefits | $ | 7,565,595 | $ | 3,666,392 | $ | 11,507,693 | $ | 7,179,128 | ||||
Professional fees | \u00a0 | 854,397 | \u00a0 | 1,871,585 | \u00a0 | 2,253,172 | \u00a0 | 3,298,681 | ||||
Insurance expenses | \u00a0 | 255,409 | \u00a0 | 409,085 | \u00a0 | 675,732 | \u00a0 | 978,270 | ||||
Advertising | 443,031 | 189,946 | 609,573 | 411,960 | ||||||||
Other expenses | \u00a0 | 3,336,113 | \u00a0 | 1,427,223 | \u00a0 | 4,882,318 | \u00a0 | 2,747,805 | ||||
Total | $ | 12,454,544 | $ | 7,564,231 | $ | 19,928,487 | $ | 14,615,844 |
"}]},{"name":"rpt:f-1017","factDimensions":{"xbrl:concept":"vreof:GeneralAndAdministrativeExpensesTableTextBlock","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001771706"},"factValues":[{"value":"
Three Months Ended | Six Months Ended | |||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | ||||||
Salaries and benefits | $ | 7,565,595 | $ | 3,666,392 | $ | 11,507,693 | $ | 7,179,128 | ||||
Professional fees | \u00a0 | 854,397 | \u00a0 | 1,871,585 | \u00a0 | 2,253,172 | \u00a0 | 3,298,681 | ||||
Insurance expenses | \u00a0 | 255,409 | \u00a0 | 409,085 | \u00a0 | 675,732 | \u00a0 | 978,270 | ||||
Advertising | 443,031 | 189,946 | 609,573 | 411,960 | ||||||||
Other expenses | \u00a0 | 3,336,113 | \u00a0 | 1,427,223 | \u00a0 | 4,882,318 | \u00a0 | 2,747,805 | ||||
Total | $ | 12,454,544 | $ | 7,564,231 | $ | 19,928,487 | $ | 14,615,844 |
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18. Other Income (Expense)
The Coronavirus Aid, Relief, and Economic Security Act (the \u201cCARES Act\u201d) provides an employee retention credit (\u201cCARES Employee Retention Credit\u201d), which is a refundable tax credit against certain employment taxes of up to $5,000 per employee for eligible employers. The CARES Employee Retention Credit \u00a0was initially equal to 50% of qualified wages paid to employees during a quarter, capped at $10,000 of qualified wages per employee through December 31, 2020. Additional relief provisions were later passed by the United States government, which extended and slightly expanded the qualified wage caps on these credits through December 31, 2021. Based on these additional provisions, the CARES Employee Retention Credit is now equal to 70% of qualified wages paid to employees during a quarter, and the
limit on qualified wages per employee has been increased to $10,000 of qualified wages per quarter. The Company applied for and received a CARES Employee Retention Credit equal to $0 and $972,888, respectively, for the three and six months ended June 30, 2025 and $0 for each of the three and six months ended June 30, 2024. These amounts were recorded in other income on the unaudited condensed consolidated statement of loss and comprehensive loss for the three and six months ended June 30, 2025 and 2024.
On May 25, 2023, the Company and Grown Rogue International, Inc. (\u201cGrown Rogue\u201d) entered into a strategic agreement whereby Grown Rogue will support the Company in the optimization of its cannabis flower products. As part of this strategic agreement Grown Rogue granted the Company\u00a08,500,000\u00a0warrants to purchase subordinate voting shares of Grown Rogue on October 5, 2023. Subsequently, on October 9, 2024, the Company and Grown Rogue mutually agreed to terminate the strategic agreement. As part of the termination agreement, the Company forfeited\u00a04,500,000\u00a0of the previously granted\u00a08,500,000\u00a0warrants. The Company\u2019s remaining\u00a04,000,000\u00a0warrants were revalued at a fair value of $1,272,440\u00a0and $2,270,964 at June 30, 2025 and December 31, 2024, respectively. The fair value was derived from a Black-Scholes valuation using a stock price of $0.40, an exercise price of $0.165, an expected life of\u00a03.27\u00a0years, an annual risk free rate of\u00a03.79%, and volatility of\u00a0100%. The three and six-months ended June 30, 2025 saw a change in fair value of $479,465 and $998,524, respectively, which was recorded as other expense in the statement of net loss and comprehensive loss for the three and six month periods ended June 30, 2025.
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19. Segment Reporting
The Company utilized the guidance in ASC 280 to determine how many reportable segments the Company has. The Company considered various factors including, but not limited to, the Company\u2019s products and services, production processes, customers, regulatory environment, and business geography, as well as the degree to which the Company\u2019s Chief Operating Decision Maker evaluates the Company\u2019s performance and allocates resources. The Company determined that cannabis is its one and only reportable segment because (a) the company\u2019s products and services are limited to various forms of cannabis products, (b) the company\u2019s customers include retail and wholesale customers, (c) the Company\u2019s geography and regulatory environment are the United States, and (d) the Company\u2019s Chief Operating Decision Maker assesses performance and allocates resources at the consolidated level.
The Company\u2019s Chief Executive Officer serves as the Company\u2019s Chief Operating Decision Maker. The Company\u2019s Chief Operating Decision Maker assesses performance for the cannabis segment and decides how to allocate resources based on operating profit and net income that also is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet total as consolidated assets. The Company\u2019s Chief Operating Decision Maker uses net income to evaluate income generated from segment assets in deciding the appropriate capital allocation strategy. A comparison of budgeted results to actual results is also used by the Company\u2019s Chief Operating Decision Maker to assess business performance.
The Company\u2019s cannabis segment cultivates, processes and distributes medical and adult-use cannabis products in a variety of formats, as well as related accessories, in the United States. Revenue is derived from the sale of these products in the United States, and the assets used to produce these products are also held in the United States. The accounting policy for recording revenue, and all other accounting policies, are the same as those described in Note 2 \u201cSummary of Significant Accounting Policies.\u201d
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20. Supplemental Cash Flow Information(1)
\u00a0\u00a0\u00a0\u00a0 | June 30, | June 30, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Cash paid for interest | $ | 13,744,621 | $ | 13,584,622 | ||
Cash paid for income taxes | \u00a0 | \u2014 | \u00a0 | \u2014 | ||
Change in construction accrued expenses | \u00a0 | 543,626 | \u00a0 | (286,156) |
| (1) | For supplemental cash flow information related to leases, refer to Note 9 \u201cLeases. |
\u00a0\u00a0\u00a0\u00a0 | June 30, | June 30, | ||||
\u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2024 | |||
Cash paid for interest | $ | 13,744,621 | $ | 13,584,622 | ||
Cash paid for income taxes | \u00a0 | \u2014 | \u00a0 | \u2014 | ||
Change in construction accrued expenses | \u00a0 | 543,626 | \u00a0 | (286,156) |
| (1) | For supplemental cash flow information related to leases, refer to Note 9 \u201cLeases. |
21. Financial Instruments
Credit risk
Credit risk is the risk of loss associated with counterparty\u2019s inability to fulfill its payment obligations. The Company\u2019s credit risk is primarily attributable to cash, and accounts receivable. A small portion of cash is held on hand, from which management believes the risk of loss is remote. Receivables relate primarily to wholesale sales. The Company does not have significant credit risk with respect to customers. The Company\u2019s maximum credit risk exposure is equivalent to the carrying value of these instruments. The Company has been granted licenses pursuant to the laws of the states of Maryland, Minnesota, and New York with respect to cultivating, processing, and/or distributing marijuana. Presently, this industry is illegal under United States federal law. The Company has adhered, and intends to continue to adhere, strictly to the applicable state statutes in its operations.
Liquidity risk
Credit risk is the risk of loss associated with a counterparty\u2019s inability to fulfill its payment obligations. The Company\u2019s credit risk is primarily attributable to its cash and accounts receivable. A small portion of cash is held on hand, from which the Company believes the risk of loss is remote. The Company\u2019s accounts receivable relate primarily to wholesale sales. The Company does not have significant credit risk with respect to customers. The Company\u2019s maximum credit risk exposure is equivalent to the carrying value of these instruments. The Company has been granted licenses pursuant to the laws of the states of Maryland, Minnesota, and New York with respect to cultivating, processing, and/or distributing marijuana. Presently, this industry is illegal under United States federal law. The Company has adhered, and intends to continue to adhere, strictly to the applicable state statutes in its operations.
Legal Risk
Vireo Growth operates in the United States. The U.S. federal government regulates drugs through the CSA, which places controlled substances, including cannabis, in a schedule. Cannabis is classified as a Schedule I drug. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, has no accepted medical use in the U.S., and lacks accepted safety for use under medical supervision. The U.S. Food and Drug Administration has not approved marijuana as a safe and effective drug for any indication. In the U.S., marijuana is largely regulated at the state level. State laws regulating cannabis are in direct conflict with the federal CSA, which makes cannabis use and possession federally illegal.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. Given the Company\u2019s financial transactions are rarely denominated in a foreign currency, there is minimal foreign currency risk exposure.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company currently carries variable interest-bearing debt subject to fluctuations in the United States Prime rate. A change of 100 basis points in interest rates during the three months ended June 30, 2025, would have resulted in a corresponding change in the statement of loss and comprehensive loss of $384,000.
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22. Related Party Transactions
As of each of June 30, 2025 and December 31, 2024, the Company owed $0 to related parties.
In connection with the Proper Mergers and related Proper Merger Agreement, the Company assumed a lease of property in Missouri that is owned by employees of Proper, who are now members of the Company. During the three and six months ended June 30, 2025, the Company made lease payments of $15,167. Monthly rent is $15,167.
In connection with the Wholesome Merger and related Wholesome Merger Agreement, the Company assumed a lease of property in Grantsville, Utah that is owned by Wholesome employees, which are now members of the Company. During the three and six-month periods ended June 30, 2025, the Company made lease payments totaling $142,794. Monthly rent is approximately $71,397.
In connection with the closing of the Wholesome Merger and the related Wholesome Merger Agreement, the Company acquired $1,000,000 of promissory notes that bore a 13% interest rate due to current employees. The notes were repaid in full on July 7, 2025 in connection with the First Lien Term Loan (as defined below) and Chicago Atlantic Term Loan (as defined below). See Note 23 \u201cSubsequent Events\u201d for additional information.
Details surrounding the lending relationships between the Company and Chicago Atlantic Admin, are described in Note 12 \u201cLong-Term Debt\u201d and Note 13 \u201cConvertible Debt.\u201d
John Mazarakis, Vireo Growth\u2019s Chief Executive Officer, is a partner of Chicago Atlantic Group, LP, an affiliate of Chicago Atlantic Admin. See \"Item 13. Certain Relationships and Related Transactions and Director Independence\" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for more information.
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23. Subsequent Events
On July\u00a07, 2025, the Company entered into a Loan and Security Agreement (the \u201cFirst Lien Term Loan\u201d), effective July\u00a03, 2025, by and among the Company and each of its subsidiaries (together with Vireo Growth, each individually, a \u201cBorrower\u201d and collectively, jointly and severally, the \u201cBorrowers\u201d), the guarantors from time to time party thereto (the \u201cGuarantors\u201d), the financial institutions from time to time party thereto (the \u201cLenders\u201d), East West Bank, a California banking corporation (\u201cEast West Bank\u201d), as the administrative agent for the Lenders (the \u201cAdministrative Agent\u201d), Western Alliance Bank, an Arizona corporation, as the co-administrative agent for the Lenders (the \u201cCo-Admin Agent\u201d), East West Bank, as the collateral agent for the Lenders (the \u201cCollateral Agent\u201d and each of the Collateral Agent, the Administrative Agent and the Co-Admin Agent, an \u201cAgent\u201d and two or more, the \u201cAgents\u201d), and East West Bank and Western Alliance Bank, as joint lead arrangers (collectively, in such capacities, the \u201cJoint Lead Arrangers\u201d).
The First Lien Term Loan provides for an aggregate principal amount of $120,000,000 to be loaned to the Borrowers. The aggregate principal amount of the First Lien Term Loan amortizes in quarterly installments of $3,000,000 (or 10% per annum of the original principal amount of the First Lien Term Loan). The Company will make quarterly amortization payments commencing on December\u00a031, 2025, and on the last business day of each quarter thereafter through and including June\u00a030, 2028. Upon maturity of the First Lien Term Loan on July\u00a031, 2028, the remaining outstanding principal amount of the First Lien Term Loan, and all accrued and unpaid interest thereon, will be due and payable in full. The First Lien Term Loan bears interest at the one-month Term Secured Overnight Financing Rate (as defined in the First Lien Term Loan), subject to a 3% floor, plus 4% per annum. The First Lien Term Loan shall, at the Administrative Agent\u2019s option, convert to a Prime Rate Loan (as defined in the First Lien Term Loan) at the end of the First Lien Term Loan\u2019s current one-month interest period if an event of default shall occur and be continuing, at which time an additional 2% of default interest will also be applicable to the First Lien Term Loan.
\u00a0
On July\u00a07, 2025, the Borrowers and Guarantors entered into a secured term loan (the \u201cChicago Atlantic Term Loan\u201d), effective July\u00a03, 2025, with Chicago Atlantic Opportunity Finance, LLC, as Lender, Chicago Atlantic Admin, as Administrative Agent and Collateral Agent (\u201c2L Agent\u201d) and Chicago Atlantic Credit Advisers, LLC, as Lead Arranger (\u201cLead Arranger\u201d).
The Chicago Atlantic Term Loan provides for a principal amount of $33,000,000 to be loaned to the Borrowers along with a $50,000,000 accordion feature, available to support future strategic initiatives, subject to the sole discretion of the Lender and 2L Agent. Amortization payments are due and payable monthly on each payment date in an amount equal to 1% of
the loan amount starting November 30, 2025. All unpaid and accrued interest is due and payable on the maturity date of October 2, 2028, with an option to extend for an additional year subject to a 1% extension fee of all Chicago Atlantic Admin loans advanced. The Chicago Atlantic Term Loan bears interest at the U.S. prime rate (subject to a 7.5% floor) plus 5.5% per annum.
The Company issued a $10 million convertible note (the \u201cConvertible Note\u201d) to Chicago Atlantic Opportunity Finance, LLC, also with a second priority interest, that (a) matures on October 2, 2028 with an option to extend for an additional year subject to a 1% extension fee of all Chicago Atlantic Admin loans advanced, (b) has a cash interest rate of the U.S. prime rate, subject to a 7.5% floor, plus 5.0% per year, and (c) is convertible into the Company\u2019s SVSs at an amount determined by dividing the outstanding principal amount, plus all accrued but unpaid interest on the convertible notes on the date of such conversion, by a conversion price of $0.625.
The proceeds from the Convertible Note, Chicago Atlantic Term Loan, and First Lien Term Loan were used to: (i) retire all of the Company\u2019s existing senior secured debt; (ii) retire the Company\u2019s existing first priority interest in the $10,000,000 convertible note issued on November 1, 2024 pursuant to the Tenth Amendment; (iii) refinance the undrawn amount of the first priority interest $11,500,000 secured credit agreement among the Company, the Company\u2019s wholly-owned subsidiary, Vireo Health of Minnesota, LLC, and Chicago Atlantic Lincoln, LLC; (iv) refinance the undrawn first priority $15,000,000 principal amount loan with Stearns Bank National Association and (v) recapture all debt principal payments made for the six month period ending June 30, 2025. All remaining proceeds were used to pay transaction-related expenses.
On July 10, 2025, the Company closed the OGI Asset Purchase Agreement after receiving approval from the Missouri Department of Health and Senior Services. In connection with closing, the Company paid Occidental Group, Inc. approximately $7,000,000.
Subsequent to June 30, 2025, the Company distributed approximately $6,700,000 to the former stockholders of Proper and Deep Roots.
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