Chicago Atlantic Credit Opportunities, LLC and four affiliated entities filed an initial statement of beneficial ownership (Form 3) with the SEC on November 13, 2026, disclosing holdings in Vireo Growth Inc. as of the event date of November 9, 2026.

Key Highlights

  • Five reporting persons: The filing was submitted jointly by Chicago Atlantic Credit Opportunities, LLC (CACO), Chicago Atlantic Opportunity Finance, LLC (CAOF), Chicago Atlantic Credit Company, LLC (CACC), Chicago Atlantic Equity Fund, LLC (CAEF), and CA CO SPV, LLC.
  • Direct share holdings: The reporting persons directly hold Subordinate Voting Shares totaling 2,271,158; 363; 157,333; and 57,118 shares across separate line entries, according to the filing.
  • Indirect holdings: An additional 4,318,279 Subordinate Voting Shares are held indirectly through Chicago Atlantic Opportunity Portfolio, LP (CAOP), according to the filing.
  • Shares from plan of arrangement: Certain shares were received on November 9, 2026, in exchange for common shares of Fluent Corp. issued in satisfaction of indebtedness pursuant to Vireo Growth's plan of arrangement with Fluent Corp. (CAOP: 1,707,620 shares; CACO: 2,119,324 shares; CA CO SPV: 57,118 shares).
  • 2025 Convertible Note: CAOF holds a 2025 Convertible Note with a conversion amount of $9,427,500 as of November 9, 2026, convertible into up to 502,800 Subordinate Voting Shares at a conversion price of $18.75, with an expiration date of October 2, 2028.
  • Warrants held indirectly: 163,152 Subordinate Voting Shares underlie warrants held indirectly through CAOP, exercisable from April 28, 2023, through April 28, 2028, at an exercise price of $4.35.
  • Share consolidation: All share amounts reflect Vireo Growth's 1-for-30 share consolidation effected June 5, 2026, as noted in the filing.

Chicago Atlantic Group Discloses Initial Ownership Stake in Vireo Growth

According to the filing, Chicago Atlantic Credit Opportunities, LLC and four co-reporting entities - all located at 420 North Wabash Avenue, Suite 500, Chicago, Illinois 60611 - each reported a relationship to Vireo Growth Inc. (VREO) as a 10% owner. The filing notes that the reporting persons "may be deemed members of a group under Section 13(d) of the Securities Exchange Act of 1934, as amended, that beneficially owns more than 10% of the Subordinate Voting Shares." Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and the filing states the report "shall not be deemed an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or any other purpose."

The filing discloses that shares reported directly are held by CACO, CACC, CAEF, CA CO SPV, and CAOF, while securities held indirectly are held of record by CAOP. The filing also notes that shares received on November 9, 2026, were issued in exchange for common shares of Fluent Corp. in connection with Vireo Growth's plan of arrangement with Fluent Corp. Additionally, the filing acknowledges that 79,975 shares (approximately 2,666 shares after the 1-for-30 consolidation) purchased by CACO in the open market were "under-reported on Form 4s for transactions on April 4, 2025, May 29, 2025, June 3, 2025, and June 6, 2025."

The 2025 Convertible Note held by CAOF is convertible at any time at the holder's election. The filing states that "the number of Shares issuable will vary with repayments and interest accrual" and that "the maturity date may be extended by one year at the borrowers' option." A separate Form 3 was also filed on the same date by additional Chicago Atlantic affiliates including Chicago Atlantic Advisers, LLC, Chicago Atlantic Manager, LLC, and others.

What Was Disclosed

Five Chicago Atlantic affiliated entities filed an initial beneficial ownership statement for Vireo Growth Inc. shares as of November 9, 2026, covering direct and indirect holdings of Subordinate Voting Shares, warrants, and a convertible note, with all figures adjusted for a 1-for-30 share consolidation.