Related Party Transactions |
6 Months Ended |
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Jun. 30, 2025 | |
| Related Party Transactions | |
| Related Party Transactions | 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 “Subsequent Events” for additional information. Details surrounding the lending relationships between the Company and Chicago Atlantic Admin, are described in Note 12 “Long-Term Debt” and Note 13 “Convertible Debt.” John Mazarakis, Vireo Growth’s 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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