Victor Mancebo
About Victor E. Mancebo
Independent director of Vireo Growth Inc. (VREOF), age 41, serving since January 2021; background spans 20+ years in operational leadership across cannabis, retail, agriculture, logistics, and manufacturing, with current CEO role at TheraTrue, Inc. and Executive Chairman role at V7 Ogimaa, Inc . Education includes a B.A. from Florida International University and a Master Black Belt Six Sigma certification, with prior CEO tenure at Liberty Health Sciences Inc. (2018–2020) overseeing multi-site retail and large-scale cultivation . At VREOF, Mancebo is classified as independent under Nasdaq Rules and NI 52-110 and sits on the Audit and Nominating, Corporate Governance and Compensation (NCGC) Committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Liberty Health Sciences Inc. | President, CEO, Director | Jul 2018–Dec 2020 | Led growth across retail, cultivation, processing, compliance; 29 dispensaries and 250,000 sq. ft production facility |
| Gelatys | Partner & COO | Apr 2016–Apr 2018 | Operational leadership in consumer products |
| iAgriGroup | Founder & Managing Director | 2013–2020 | Strategy, expansion, ops execution across agriculture/food |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| TheraTrue, Inc. | Chief Executive Officer & Director | Jan 2021–present | Medical cannabis; multi-state executive leadership |
| V7 Ogimaa, Inc. | Executive Chairman | 2021–present | Vertically integrated, multi-state cannabis operator |
| O2 Natural Air LLC | Founder | 2022–present | Sustainable climate-control solutions |
Board Governance
- Independence and Committee Assignments: Independent; member, Audit Committee and NCGC Committee. Audit Committee chaired by Judd T. Nordquist; NCGC chaired by Ross M. Hussey .
- Attendance and Engagement: In 2024, Board held 19 meetings; Audit 4; NCGC 2 (plus pre-combination committees). Each director attended ≥75% of Board meetings; directors serving on Audit/Comp/N&G attended all committee meetings .
- Executive Sessions: Independent directors held one executive session in 2024 .
- 2025 Election Outcome: Mancebo received 169,058,140 “For,” 253,765 “Against,” 3,917 abstentions; 37,505,661 broker non-votes .
Fixed Compensation
| Component | 2024 Amount (USD) |
|---|---|
| Annual cash retainer | $71,000 |
Non-employee director program comprised cash retainer plus equity; no separate meeting or committee fees disclosed for 2024 .
Performance Compensation
| Equity Instrument | 2024 Grant Details | Fair Value (USD) | Vesting |
|---|---|---|---|
| RSUs | 418,696 units (364,583 vested immediately; 54,113 vest at 1st anniversary) | $211,441 | Immediate and 1-year tranche |
| Stock Options | 499,559 options to purchase Subordinate Voting Shares | $196,531 | Unvested 64,616 vest Aug 22, 2025 (per outstanding schedule) |
Director equity awards are primarily time-based; no director-level performance metrics tied to RSUs/options are disclosed .
Detailed Outstanding Award Schedule (as of Dec 31, 2024)
| Instrument | Vested | Unvested | Key Dates |
|---|---|---|---|
| Options | 604,457 | 64,616 | Unvested options vest Aug 22, 2025 |
| RSUs | 443,858 | 11,057 vest Mar 15, 2025; 28,581 vest Dec 14, 2025; 54,113 vest Aug 22, 2025 | Mar 15, 2025; Dec 14, 2025; Aug 22, 2025 |
Other Directorships & Interlocks
| Company | Public/Private | Role | Notes |
|---|---|---|---|
| Liberty Health Sciences Inc. | Public (period of service) | President, CEO, Director | Prior public company leadership; cannabis operations in Florida |
| TheraTrue, Inc.; V7 Ogimaa, Inc.; O2 Natural Air LLC; Gelatys; iAgriGroup | Private | Roles as noted | No related-party transactions with VREOF disclosed involving Mancebo |
Expertise & Qualifications
- Domain: Cannabis operations, multi-site retail, cultivation/processing, compliance and scaling operations .
- Education: B.A., Florida International University; Master Black Belt Six Sigma .
- Board Qualifications: Financial literacy required for Audit Committee; independent under Nasdaq Rules/NI 52-110 .
Equity Ownership
| As-of Date | Beneficial Ownership (SVS) | % of Capital Stock | Breakdown |
|---|---|---|---|
| Apr 22, 2025 | 637,627 | <1% | Includes 604,457 options exercisable within 60 days; 33,170 RSUs settling within 60 days |
| Vested vs Unvested | — | — | Vested options: 604,457; Unvested options: 64,616 (vest 8/22/2025). Vested RSUs: 443,858; Unvested RSUs: 11,057 (3/15/2025), 28,581 (12/14/2025), 54,113 (8/22/2025) |
No pledging of company shares is disclosed; company states it does not currently have a hedging policy, a governance risk factor for alignment .
Insider Trades and Filings
| Item | Detail |
|---|---|
| Section 16 Compliance | One late Form 4 filing for Victor Mancebo filed Feb 25, 2025 reporting two transactions (for 2024 activity) |
Governance Assessment
- Strengths: Independent director with substantive cannabis operating experience; dual committee service (Audit and NCGC) enhances oversight; strong engagement indicated by meeting attendance thresholds and full committee attendance; clear election mandate in 2025 vote .
- Alignment: Director compensation includes significant equity exposure (RSUs/options), with transparent vesting schedules; beneficial ownership includes in-the-money potential via exercisable options, supporting alignment .
- Risks and Red Flags:
- Company-wide absence of a hedging policy may permit hedging by insiders, undermining alignment if not otherwise restricted .
- Late Section 16 filings (Form 4) for Mancebo in 2025 covering 2024 transactions—procedural lapse; monitor for recurrence .
- Broader company related-party exposures (Chicago Atlantic affiliations via CEO/Chair Mazarakis and financing structures) are notable; no direct Mancebo-related transactions disclosed, but interlocks in the cannabis ecosystem warrant continued oversight of potential indirect conflicts .
- Independence and committees: Confirmed independent; Audit and NCGC memberships are appropriate given background; Audit Committee determined all members are financially literate .
Overall, Mancebo’s board profile supports operational rigor and governance continuity, with equitable compensation design; key monitoring points are filing timeliness and firm-level hedging policy gaps that may affect investor confidence .