Warrants are comprised of 10,000,000 warrants of Vireo Growth Inc. (“Vireo Growth”). The warrants may be exercised for 10,000,000 subordinate voting shares of Vireo Growth, at a strike price equal to $0.233 (CAD$0.317) (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 March 31, 2026, was estimated to be $2,912,188 (December 31, 2025 - $5,103,272) using the following inputs:

During the three months ended March 31, 2026, the Company recorded an unrealized loss on the change in fair value of the warrants asset of $2,191,084 (Q1 2025 - $1,172,492).