Warrants are comprised of 333,333 warrants of Vireo Growth Inc. (“Vireo Growth”). The warrants may be exercised for 333,333 subordinate voting shares of Vireo Growth, at a strike price equal to $6.69 (CAD$9.51) (the “Vireo Warrants”).

The Vireo Warrants are remeasured at fair value through profit and loss at each reporting period using the Black-Scholes option pricing model. The fair value of the Vireo Warrants at June 30, 2026, was estimated to be $2,355,605 (December 31, 2025 - $5,103,272) using the following inputs:

On June 5, 2026 Vireo Growth Inc. enacted a 30-1 reverse split. The number of warrants and comparative closing price per common share have been retroactively applied.

During the three and six months ended June 30, 2026, the Company recorded an unrealized loss on the change in fair value of the warrants asset of $556,583 and $2,747,667, respectively (three and six months ended June 30, 2025 – $168,162 and $1,340,654, respectively).