Vireo, Verano reach settlement of dispute

Mr. Tyson Macdonald of Vireo reports VIREO GROWTH INC. AND VERANO HOLDINGS CORP. ANNOUNCE RESOLUTION OF LITIGATION MATTERS Vireo Growth Inc. and Verano Holdings Corp. have reached a comprehensive settlement, dismissing all outstanding litigation matters between the two companies that are pending before the Supreme Court of British Columbia, Canada. The terms of the settlement agreement were approved by the respective boards of directors of both companies. The value of the settlement to Vireo is approximately $10-million (U.S.) consisting of the acquisition of certain real estate assets and $1-million (U.S.) in cash. The resolution marks the conclusion of a complex legal chapter and reflects a commitment by both companies to move forward in a constructive manner. Both companies reiterated their dedication to delivering long-term value to their shareholders and quality products and services to their customers. In a joint statement, the companies said, "This settlement allows both Vireo and Verano to focus fully on their respective strategic priorities without the distraction of ongoing litigation between the parties." About Vireo Growth Inc. Vireo was founded in 2014 as a pioneering medical cannabis company. Vireo is building a disciplined, strategically aligned and execution-focused platform in the industry. This strategy drives the company's intense local market focus while leveraging the strength of a national portfolio. The company is committed to hiring industry leaders and deploying capital and talent where it believes it will drive the most value. Vireo operates with a long-term mindset, a bias for action, and an unapologetic commitment to its customers, employees, shareholders, industry collaborators and the communities it serves. About Verano Holdings Corp. Verano, one of the U.S. cannabis industry's leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multistate operator embracing a mission of saying yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf and MUV dispensary banners, including Cabbage Club, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano, (the) Essence, MUV, Savvy, Bits, Encore and Avexia. Verano's active operations span 13 U.S. states, composed of 15 production facilities with over 1.1 million square feet of cultivation capacity. We seek Safe Harbor.