Vireo Growth Enters Definitive Agreements to Acquire Outstanding Senior Secured Convertible Notes of Schwazze

[PRESS RELEASE] – MINNEAPOLIS, Oct. 2, 2025 – Vireo Growth Inc. announced that it has entered into definitive agreements to acquire approximately 86% of the outstanding senior secured convertible notes of public U.S. multistate cannabis operator, Medicine Man Technologies Inc. (d/b/a “Schwazze”) from third-party noteholders. The notes will be acquired at a price substantially below par value, for total consideration of approximately $62 million payable in subordinate voting shares of the company at closing, at a deemed price per share of $0.54.

The transaction is expected to close later this month. Completion of the transaction is subject to customary conditions, including receipt of necessary approvals.