#1C Columbia Care™ FIRST QUARTER 2022 INVESTOR PRESENTATION NEO:CCHW|CSE:CCHW | OTCQX:CCHWF | FSE:3LP May 2022#2DISCLAIMER AND FORWARD-LOOKING STATEMENTS Disclaimer Columbia Care Inc. (the "Company" or "Columbia Care") derives a substantial portion of its revenues from the cannabis industry in certain U.S. states, which industry is illegal under U.S. federal Law. Columbia Care is directly involved in both the adult-use and medical cannabis industry in the states of Arizona, California, Colorado, Illinois, Massachusetts and New Jersey, and in the medical cannabis industry in the states of Delaware, Florida, Maryland, Missouri, New York, Ohio, Pennsylvania, the District of Columbia, Utah, Virginia, and West Virginia, which states have regulated such industries. The cultivation, processing, sale and use of cannabis are illegal under federal law pursuant to the U.S. Controlled Substance Act of 1970 (the "CSA"). Under the CSA, the policies and regulations of the United States Federal Government and its agencies are that cannabis has no medical benefit and a range of activities, including cultivation and the personal use of cannabis, are prohibited. The Supremacy Clause of the United States Constitution establishes that the United States Constitution and federal laws made pursuant to it are paramount and in case of conflict between federal and state law, the federal law shall apply. Until 2018, the federal government provided guidance to federal law enforcement agencies and banking institutions through a series of United States Department of Justice ("DOJ") memoranda. The most recent such memorandum was drafted by former Deputy Attorney General James Cole in 2013 (the "Cole Memo"). On January 4, 2018, former U.S. Attorney General Jeff Sessions issued a memorandum to U.S. district attorneys that rescinded previous guidance from the U.S. Department of Justice specific to cannabis enforcement in the United States, including the Cole Memo (as defined herein). The former Attorneys General who succeeded former Attorney General Sessions following his resignation did not provide a clear policy directive for the United States as it pertains to state-legal marijuana-related activities. President Joseph R. Biden was sworn in as the 46th President of the U.S. on January 20, 2021. President Biden nominated Merrick Garland to serve as Attorney General in his administration, and he was confirmed on March 10, 2021. It is not yet known whether the Department of Justice under President Biden and Attorney General Garland will re-adopt the Cole Memorandum or announce a substantive marijuana enforcement policy. Attorney General Garland stated at a confirmation hearing before the United States Senate that "It does not seem to me a useful use of limited resources that we have, to be pursuing prosecutions in states that have legalized and that are regulating the use of marijuana, either medically or otherwise. I don't think that's a useful use." Attorney General Garland reiterated this view at a Senate Appropriations subcommittee hearing on April 26, 2022. Nonetheless, there is no guarantee that state laws legalizing and regulating the sale and use of marijuana will not be repealed or overturned, or that local governmental authorities will not limit the applicability of state laws within their respective jurisdictions. Unless and until the United States Congress amends the CSA with respect to marijuana (and as to the timing or scope of any such potential amendments there can be no assurance), there is a risk that federal authorities may enforce current U.S. federal law. Currently, in the absence of uniform federal guidance, as had been established by the Cole memorandum, enforcement priorities are determined by respective United States Attorneys. Columbia Care makes no medical or treatment claims about our products, implied or otherwise, and each patient should consult their treating physician, explore all options, and discuss their personal health to determine whether he or she may be a potential candidate for medical marijuana or other cannabis-derived products. Our products have not been evaluated by the Food and Drug Administration ("FDA"). In addition, our products have not been approved by the FDA to diagnose, treat, cure, or prevent any disease. In addition, we have not conducted clinical trials for the use of our products. Any references to quality, consistency, efficacy and safety of our products are not intended to imply that such claims have been verified in clinical trials. Non-GAAP Financial Measures In this presentation, Columbia Care refers to certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Gross Margin. These measures do not have any standardized meaning in accordance with U.S. GAAP and may not be comparable to similar measures presented by other companies. Columbia Care considers certain non-GAAP measures to be meaningful indicators of the performance of its business. A reconciliation of such non-GAAP financial measures to their nearest comparable GAAP measure is included in this presentation and a further discussion of some of these items is contained in the Company's Form 10-Q for the three months ended March 31, 2022. 2 Cautionary Note Regarding Securities Laws This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of Columbia Care, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Risk Factors For a detailed description of risk factors associated with Columbia Care, refer to the "Risk Factors" section in Columbia Care's Form 10-K for the year ended December 31, 2021, and in Columbia Care's Form 10 dated May 9, 2022, which are available on EDGAR at www.sec.gov and SEDAR at www.sedar.com. Columbia Care™#3DISCLAIMER AND FORWARD-LOOKING STATEMENTS Caution Concerning Forward-Looking Statements This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Statements concerning Columbia Care's objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Columbia Care are forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would", "could", "should", "continue", "plan", "goal", "objective", and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. 3 Certain material factors and assumptions were applied in providing these forward-looking statements. Forward-looking information involves numerous assumptions, including assumptions on the satisfaction of the conditions precedent to the closing of the Cresco transaction; the receipt of any necessary regulatory approvals in connection with Cresco transaction; the impact of the Cresco transaction on the Company's current and future operations, financial condition and prospects; the value of the Cresco Labs shares; the costs of the Cresco transaction and potential payment of a termination fee in connection with the Cresco transaction; the ability to successfully integrate with the operations of Cresco Labs and realize the expected benefits of the Cresco transaction; the fact that marijuana remains illegal under federal law; the application of anti-money laundering laws and regulations to the Company; legal, regulatory or political change to the cannabis industry; access to the services of banks; access to public and private capital; unfavorable publicity or consumer perception of the cannabis industry; expansion into the adult-use markets; the impact of laws, regulations and guidelines; the impact of Section 280E of the Internal Revenue Code; the impact of state laws pertaining to the cannabis industry; the Company's reliance on key inputs, suppliers and skilled labor; the difficulty of forecasting the Company's sales; constraints on marketing products; potential cyber-attacks and security breaches; net operating loss and other tax attribute limitations; the impact of changes in tax laws; the volatility of the market price of the Common Shares; reliance on management; litigation; future results and financial projections; and the impact of global financial conditions and disease outbreaks; as well as those risk factors discussed under "Risk Factors" in Columbia Care's Form 10 dated May 9, 2022, filed with the applicable securities regulatory authorities and described from time to time in other documents filed by the Company with Canadian and U.S. securities regulatory authorities. The purpose of forward-looking statements is to provide the reader with a description of management's expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this presentation as well as statements regarding the Company's objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. No undue reliance should be placed on forward-looking statements contained in this presentation. Such forward-looking statements are made as of the date of this presentation. Columbia Care undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. This presentation contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Columbia Care's revenue, gross margins and adjusted EBITDA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Columbia Care's future business operations. Columbia Care disclaims any intention or obligation to update or revise any FOFI contained in this document, whether because of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Columbia Care™#4COMPANY OVERVIEW Building Scale, Improving Efficiency and Growing Profitability Across Strategic National Platform MM 99 US Retail Locations (1) 43% YOY Topline Revenue Growth VE $57M Q1 2022 Gross Profit 32 US Cultivation & Manufacturing Facilities (1) $ $123M M Q1 2022 Revenue 46% Q1 2022 Gross Margin 咱 WW 18 Jurisdictions in US & Europe I +2M Sqft Cultivation & Production Capacity(3) $36B+ 2026 TAM in Licensed US States (2) Increased footprint and profitability since reported results of Q1 2019, which included: 150+ Acres Outdoor Cultivation Capacity (3) ▪ 54 facilities (retail & cultivation) in 15 jurisdictions, ▪ ~500,000sqft cultivation & production capacity $12.9M in Revenue, $4.4M in Gross Profit and 34% Gross Margin(4) 1) Pro forma facilities either open or under development; includes facilities where Columbia Care provides consultative services pursuant to the terms of a management services arrangement 2) Estimated Sales figures from BDSA Market Forecast as of May 16 2022, broker research, company estimates 3) Total capacity under existing licenses - additional development may be required to achieve 4) Excluding changes in fair value of biological assets and inventory sold, under IFRS. See Q1 2019 Results.#5VERTICAL INTEGRATION ON NATIONAL SCALE CALIFORNIA 2 ///\\\ ro 6 Operational UTAH www 1 IP ARIZONA 2 2 IP COLORADO 5 1 //WW 26 ro IP MISSOURI In Development //\\ E 1 PENNSYLVANIA // T 1 OHIO Wholesale // 3 1 5 ILLINOIS IP //W 1 2 FLORIDA 14 IP 1 NEW YORK WEST VIRGINIA ro 28 5 IP Cultivation and Manufacturing MASSACHUSETTS 1 10 3 P NEW JERSEY 21 DELAWARE 1 ///\\\ P 1 MARYLAND W ro 3 P WASHINGTON DC Im 2 10 VIRGINIA IP 1 212 IP Retail Locations Vertically Integrated from Coast to Coast * Open or under development; includes facilities where Columbia Care provides consultative services pursuant to the terms of a management services arrangement; as of May 16, 2022 40 Wholesale Distribution in 14 Markets* 32 Cultivation and Manufacturing Facilities* LO 5 99 Retail Locations* (84 Active / 15 In Development) Locations in development in 2022: VA - 8, WV - 1, NY - 4, NJ - 1, MD - 1 Columbia Care™#6ONE OF THE MOST STRATEGICALLY POSITIONED MSOS Addressable market is >53% of the U.S. population with significant upside potential Adult Use Anticipated Adult Use & Medical 123 Columbia Care U.S. Footprint Medical Only Pursuit Activity Conversion to Medical and Adult-Use Offers Significant Upside Columbia Care has experienced 3x-4x top-line revenue growth in states that have already converted from medical-only to medical and adult-use 2) $36B+ Projected 2026 TAM in Licensed US States (2) Adult-use sales launched in New Jersey in April 2022 and are expected in New York in 2023 and Virginia in 2024 Columbia Care's expansive footprint is well positioned for the anticipated conversion of additional markets State California Florida Colorado Illinois Massachusetts Pennsylvania Arizona New Jersey Maryland Ohio Missouri (3) New York Utah Virginia Washington DC Delaware US Census Bureau, Company estimates, Gallup poll, as of Nov 2020 Estimated Sales figures from BDSA Market Forecast as of March 2022, broker research, company estimates 3) Consultative services provided pursuant to terms of a management services arrangement West Virginia TOTAL *Adult-use sales pending Columbia Care Addressable Market (2) Est 2022 Sales (US$M) Est 2026 Sales (US$M) $ $ Population (M) 39.6 21.3 5.7 12.7 6.9 12.8 7.2 8.9 6 $ $ $ GA A: A 11.7 6.1 19.5 3.2 8.5 0.7 1 1.8 173.6 $ CA CA $ $ : $ SA $ 4,188.2 2,318.8 2,124.6 2,048.4 1,845.3 1,607.7 1,485.9 792.2 609.6 507.5 361.4 189.2 132.3 78.5 64.2 42.3 18.1 18,414.2 $ $ $ $ $ $ $ 6,547.5 3,356.9 2,395.0 2,545.2 2,343.8 2,197.8 1,838.6 3,000.0(2) 1,275.1 1,374.8 934.9 5,000.0(2) 311.7 3,000.0(2) 237.0 132.9 51.8 36,543.0 Status Both Medical Both Both Both Medical Both Both Medical Medical Medical Both* Medical Both* Medical Medical Medical Licenses Unlimited Limited Unlimited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited Limited 6 Columbia Care™#7Q1 2022 BUSINESS HIGHLIGHTS Improving efficiencies and scaling across national portfolio 1 X Performance Highlights Generated Revenue of $123 million, 46% Gross Margin and Adjusted EBITDA(1) of $17 million 1) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP figures 2 3 4 5 Nearly 700bps of Gross Margin improvement over the prior year, indicative of improved cultivation and greater proportion of in-house brands of retail sales Adjusted EBITDA Margin(¹) increased 931bps over the prior year, as markets such as Maryland, New Jersey and Virginia ramp and add to the bottom line Added 5 new retail locations, including four in West Virginia and an additional location in Virginia; converted Brooklyn, NY retail location to Cannabist Cultivation productivity continues improving with focus on potency and productivity (useable flower g/sqft) and standardized SOPs across platform Improvement of retail share of internal brand sales; Columbia Care flower brands now represent 70% of sales in own dispensaries 7 Columbia Care#8FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS Robust growth on year-over-year basis Gross Profit of $56.6M Gross Margin of 46.0% 1) 2) Revenue of $123.1M 43% YoY growth 2022 Outlook (2) Revenue: $625M - $675M Adj. EBITDA: $120M $135M At this time, Columbia Care's 2022 outlook does not include any contribution from future acquisitions, nor does it assume any additional changes in the regulatory environment in markets where Columbia Care currently operates. This also excludes potential future market changes where a conversion from medical only to adult use is under consideration by a governor and/or legislature. - 68% YoY growth (¹) Reaffirming 2022 FY Outlook Annual Revenue Growth Gross Margin 42% $39.3 2018A 27% 676bps YoY increase(¹) $77.5 2019A 130% CAGR 2018-2021 38% $197.9 2020A 45% $474M 2021A Adj. EBITDA of $16.8M 348% YoY growth $625-675M 2022E Comparison to Adjusted Gross Profit and Adjusted Gross Margin in Q1 2021, both non-GAAP figures As of May 16, 2022. See the "2022 Outlook" section in the Company's Earnings Release dated May 16, 2022 for further details as well as "Financial Highlights" and "Caution Concerning Forward-Looking Statements" provided elsewhere in this presentation C 8 Columbia Care™#9PRE-ROLL 1.2. PRE-ROLL fo SEED & STRAIN SEED & STRAIN Suppy-sumpah 40 3008 309 3 THE GOLDEN BOOK OF FULLune Telling WIERD Balance wag REVENUE & GROSS MARGIN EXPANSION From Q1 2020 to Q1 2022, Columbia Care has averaged ~22% sequential revenue growth and increased Adj. Gross Margin by ~1,500 basis points $160 $140 $120 $100 $80 $60 $40 $20 $- 31% $29 36% $33 39% $54 42% $82 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Revenue 40% $93 43% Q1 2021 $110 Q2 2021 Adj. Gross Margin 49% $132 45% $139 Q3 2021 Q4 2021 46% $123 Q1 2022 Note: For the first six months of 2021, figures includes Ohio dispensary operations prior to close of the CannAscend transaction. 60% 50% 40% 30% 20% 10% 0% M 9 Price and cost discipline led to positive margin trend QoQ Q1 2022 Gross Profit of $57M Q1 2022 Gross Margin of 46% Columbia Care™#10PROFITABILITY TRENDS BY MARKET Profitability metrics throughout national portfolio Top 5 Markets by Revenue Q1 2022 California Colorado Massachusetts Pennsylvania Virginia Note: Markets listed alphabetically 40% 43% 49% 45%46% Overall 56% Of Total Revenue for Q1 2022 Average Adj. Gross Margin* by Length of Market Operations 45% 45% 43%. 41% Top 5 Markets by Adj. Gross Margin Q1 2022 Delaware Maryland Massachusetts Pennsylvania Virginia 43% 24+ Months 31% 37% 60% Average Q1 2022 Adj. Gross Margin 48% 45% 41% 15-24 Months 16% 68% -15% Top 5 Markets by Adj. EBITDA Q1 2022 Colorado Maryland Massachusetts Pennsylvania Virginia 73% 51% <15 Months 68% Of Total Adj. EBITDA for Q1 2022 Top 5 Markets by Adj. EBITDA Margin Q1 2022 Delaware Maryland Massachusetts Pennsylvania Virginia Margin Improvement Highlights 48% Average Q1 2022 Adj. EBITDA Margin 10 ✓ Utah, Missouri, Virginia - newest markets open <15 Months are ramping, led by Virginia with significant QoQ improvement ✓ New Jersey - 1 retail location and 1 additional cultivation site under development ✓ Florida - continued scale and yield improvements and discounting discipline drove sequential improvement in basket size ✓ California - cultivation upgrades to increase yield, efficiency and quality of product in light of wholesale market softness and pricing pressure are nearly complete ✓ Colorado -cultivation improvements to increase yields, quality and utilization of manufacturing capacity; introduction of in-house brands subsequent to quarter end ✓ Pennsylvania - additional cultivation capacity and bringing in-house brands into market to improve margin and generate additional wholesale opportunities Q1 2021 Q2 2021 ■Q3 2021 Q4 2021 ■Q1 2022 * Excludes changes in fair value of biological assets and inventory sold for all periods presented, as well as $1.4 million in Q3 2021and Q2 2021 and $0.1 million in Q1 2021 related to the mark-up of inventory acquired in acquisitions Columbia Care™#11GROWTH TRAJECTORY & 2022 CATALYSTS ẨM CAPEX spend continues to generate returns as infrastructure comes online in operational markets, driving increasing gross margin Tripling canopy capacity in Vineland & adding 1 retail location in New Jersey as adult use ramps in 2022 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Launched the state's largest wholesale operation and opened 4 retail locations, with 1 additional in development in West Virginia $Th 77,445 Increased product offerings and expanded cultivation in Ohio (4x canopy expansion) & Pennsylvania (adding ~170k sqft total capacity) 27% 38% 42,885 40% 7,232 CAPEX 43% 25,029 49% 40,062 Canopy expansion of 10x and 8 additional retail locations to open in growing Virginia medical program, in advance of adult use transition 45% Expanding branded product distribution and Cannabist retail network, expanding product distribution in wholesale channels 45,183 FY 2019 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Adj. Gross Margin* % 46% 29,511 60 50 40 30 *Excludes changes in fair value of biological assets and inventory sold for all periods presented, including $1.4 million in Q3 2021 and Q2 2021 and $0.1 million in Q1 2021 related to the mark-up of inventory acquired in acquisitions Multiple Catalysts Propelling Growth in 2022 Ramping cultivation & production capacity in ~1M sqft greenhouse in New York to be low-cost flower producer and major supplier to wholesale market 20 10 0 % Expanded product offerings with focus on CO2 and edibles & operational improvements will continue to drive growth and profitability in Florida Ramping in newly opened markets of Missouri, Utah & West Virginia, will contribute to margin expansion in 2022 17 - 11 Steele, CO#12PRIORITY GROWTH MARKETS 1) Columbia Care in New York . $5B+ Projected TAM(1) 8 Retail Locations (4 Active, 4 In development) -90k sqft Existing Cultivation & Production in Rochester and Phase 1 of Long Island greenhouse -910k sqft Additional Cultivation & Production Capacity in Riverhead, NY; First Harvest Completed in Dec 2021 MARKET UPDATES On March 31, 2021 Legislation (S.854-A/A. 1248-A) was signed, legalizing adult-use cannabis and expanding medical marijuana; adult use expected in 2023 and regulator recently communicated the intent for medical companies to wholesale to initial social equity retailers. Access to the medical cannabis program has expanded; whole cannabis flower entered market in October 2021 Columbia Care in New Jersey $3B+ Projected TAM(1) 3 Retail Locations (2 Active, 1 In Development) ~50k sqft Existing Cultivation & Production Capacity in Vineland, NJ ~270k sqft Additional Cultivation & Production Capacity in development in Vineland, NJ MARKET UPDATES Adult use began at two Cannabist locations in April 2022, on the first day of New Jersey adult use sales in the state. Columbia Care is among the existing medical operators able to operate up to 3 co-located retail locations, 2 cultivation facilities providing up to 150k sqft of cultivation canopy. Columbia Care will open 1 additional retail location in 2022 and expand canopy with second cultivation facility in Vineland. Columbia Care is among existing Registered Organizations that will be able to operate up to 8 retail locations (5 medical + 3 co-located medical/adult-use) and remain vertically integrated Estimated Sales figures from BDSA Market Forecast as of March 2022, broker research, Company estimates Columbia Care in Virginia . $3B+ Projected TAM(¹) Leaf Medical Carabis gLeaf 12 Retail Locations (4 Active, 8 In Development) ~147,765k sqft Existing Cultivation & Production Capacity -30k sqft Additional Cultivation & Production Capacity C MARKET UPDATES New regulations take effect July 1, 2022 that will remove the state registration card process. Patients will be able to bring written certifications directly to dispensary, which is expected to facilitate a growth in rate of patient registrations. Adult-use sales awaiting final legislation with an official start date. Legalizing possession and personal cultivation without providing for legal commerce is increasing pressure on lawmakers to work across the aisle to put forth a plan for a retail market. Flower introduced to the medical market in September 2021 12#13A WELCOME * W A HI SHER KNOWLEDGE Our po for convablishm na vel of experta andhelguide you through SEED A 90 80 70 60 50 40 30 20 10 0 EXPANDING RETAIL OPERATIONS Active Retail Locations by Quarter(¹) 13 Q1-19 Q2-19 ● 16 ● ● 18 25 35 34 Retail Highlights Opened four Cannabist-branded retail locations in West Virginia in Q1 59 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Rebranded Brooklyn, NY and Chicago, IL retail locations to Cannabist; 31 Cannabists to date Opened retail location in the suburbs of 1) Active implies first sale made. Dispensary count as of May 16, 2022 ● 67 69 73 75 79 84 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Richmond, VA; 4 total in VA to date 15 additional retail locations in development in 2022 - VA: 8, WV: 1, NY: 4, NJ: 1 and MD: 1 13#14Besar www Aurora, L Steele, CO Arcadia, Fl CAUTION H CULTIVATION HIGHLIGHTS Lower Average Production Costs and Improving Quality 130K+ 693K+ Incremental Sqft Added in Q1 2022 Total Planned Sqft Incremental Capacity Market AZ CA CO FL ΜΑ NY NJ OH PA VA WV Status Ongoing Complete Complete Ongoing Ongoing Ongoing Ongoing Complete Ongoing Ongoing Complete Key Cultivation Upgrades & Expansions 65 grams Average Yield per Sqft (DWE per harvest) Notes Tempe Manufacturing facility to be completed in 1H 2022 LED installation to increase yield and efficiency 100% complete Completed all planned CAPEX spend/capital improvements in indoor Steele, CO facility. Improvements to outdoor grow materializing with harvest that began in late Q3 2021 14 Phase I of Alachua facility and canopy upgrades completed. Phase II to complete 1H 2022. Upgrades to manufacturing and processing equipment, evaluating options for additional canopy Cultivation operations for Phase I complete, subsequent design and construction phases to underway in 2022 Second cultivation facility in Vineland II is under construction to complete Phase I in 1H 2022 Phase I of incremental canopy construction completed Q1 2022. Phase II to be completed in 1H 2022 Phase I expansion of gLeaf cultivation facilities to be completed in 1H 2022 Construction of cultivation expansion to complete 1H 2022 Cultivation operations began in July 2021. Assessing a second site to expand canopy in WV. Columbia Care™#15LOW-COST CULTIVATION, EFFICIENT & SCALABLE PRODUCTION 32 facilities with +2 million sq. ft of cultivation and manufacturing capacity Facility Count Total Size (sqft) 34,800 81,600 185,253 20,000 105,373 32,802 42,000 38,890 12,630 320,724 148,346 650,000(2) 117,722 230,500 43,500 11,371 147,765 16,591 39,293 2,278,710 2) Jurisdiction Arizona California Colorado Delaware Florida Illinois Maryland Massachusetts Missouri (1) New Jersey New York Ohio Pennsylvania Utah Virginia Washington DC West Virginia Total 2 2 6 4 1 1 2 2 2 1 2 32 Consultative services provided pursuant to the terms of a management services arrangement Phase One of Riverhead, NY greenhouse facility is operational; first harvest began in December 2021 Status Operational Operational Operational Operational Operational Operational Operational Operational Operational Operational Operational Under development Operational Operational Under development Under development Operational Operational Operational 15 Columbia Care™#16FINANCIAL HIGHLIGHTS (in US$ thousands) P&L / Cash Flow Revenue Adj. EBITDA Interest Expense Capital Expenditure Balance Sheet Cash PP&E Total Assets Total Liabilities Shareholder's Equity FY 2021A 460,080 57,852 30,014 117,506 82,198 339,692 1,376,512 825,689 550,823 Q2 2021A 109,744 16,422 5,622 25,029 148,750 213,138 1,365,395 763,486 601,909 Q3 2021A 132,322 24,771 8,057 40,062 116,931 258,885 1,372,490 810,784 561,706 Q4 2021A 139,276 20,592 11,314 45,183 82,198 339,692 1,376,512 825,689 550,823 Q1 2022 123,087 16,832 11,244 29,511 168,424 355,968 1,482,443 952,743 529,700 Note: Results are reported in US GAAP; Q2 2021 Revenue and Adjusted EBITDA (Non-GAAP) are presented as Combined metrics, including the Ohio assets prior to close of the CannAscend transaction on July 1, 2021 2022 Guidance $625M - $675M $120M - $135M 16 Columbia Care™#17FIRST QUARTER 2022 STATE HIGHLIGHTS Top 5 Markets by Revenue: California, Colorado, Massachusetts, Pennsylvania, Virginia Top 5 Markets by Adjusted EBITDA: Colorado, Maryland, Massachusetts, Pennsylvania, Virginia Market California Colorado Florida Illinois Massachusetts New Jersey Commentary Manufacturing focus on AMBER Live Resin, Triple Seven and Seed & Strain vapes DTLA upgrades complete to increase yield and efficiency Improvement in useable flower realized during the quarter: 10% growth QoQ in g/sqft 55% QOQ increase in EBITDA; sequential wholesale revenue decline resulting from tough comparison to Q4 with record outdoor harvest Cultivation upgrades complete for Steele facility; first crops have seen significantly greater yield - increased useable flower per sqft 52% YoY Reduction of SKUs in effort to focus production on high demand/margin products and increase throughput Optimized inventory in stores; dispensary sales steadily increasing and more product varieties available Focus on expanding CO₂ product lines, increasing edibles and other manufactured products YOY Gross Margin improvement of ~1,200bps Integration of Alachua greenhouse site, expecting Q2 2022 turnover Production improvement resulting in >30% THC products and strong terpene profiles Focus on automation in manufacturing facilities Focus on dispensary partnerships to increase transactions Implemented institutionalization of wholesale supply chain, automation, Cannabist rebranding and adult-use ramp in Boston Gross Margin increased ~200bps sequentially in Q1 2022 Streamlining kitchen products to supply adult-use and medical menus and wholesale; automation implemented Adult-use implemented at two existing Cannabist dispensaries on April 21, 2022 Manufacturing approval expected in Q3 2022; more internal products to market Some wholesale product held back in Q1 2022 in preparation for launch of Adult Use sales in April 17 Columbia Care#18FIRST QUARTER 2022 STATE HIGHLIGHTS Top 5 Markets by Revenue: California, Colorado, Massachusetts, Pennsylvania, Virginia Top 5 Markets by Adjusted EBITDA: Colorado, Maryland, Massachusetts, Pennsylvania, Virginia Market New York Ohio Pennsylvania Virginia West Virginia Commentary Ramp up of cultivation at Riverhead cultivation facility in 2022 as medical market expands and preparations made for adult use Converted Brooklyn location to Cannabist in Q1 2022 YOY Gross Margin improvement of 200bps and Adjusted EBITDA margin of 800bps Gross margin and EBITDA growth driven by better flower and products in market; Gross Margin and Adj. EBITDA both up ~300bps QoQ Canopy expansion in Mt. Orab underway; canopy expanded nearly 4x previous levels Useable flower up 13% QoQ and patient satisfaction with strains improved; transactions increased; Strong wholesale relationships; Columbia Care flower in almost all dispensaries in the state Additional 174K sqft of cultivation capacity under development in Saxton, PA; Phase I expected to be completed in 1H 2022 Awaiting final approval for introduction of additional brands to the market Adjusted EBITDA Margin increased 300bps sequentially in Q1 2022, indicating a rebound from Q4 2021 softness Cultivation expansion of nearly 10x is underway to meet demand with growing medical program, including whole flower Opened Virginia Beach dispensary in Q1 2022; 8 additional retail locations in development for a total of 12 retail locations Working with all licensed operators in the state to continue to build wholesale opportunities Four retail locations opened in Q1 2022 First harvest in Q1 2022; manufacturing site also authorized in 2H 2021 Strong wholesale opportunities for cultivation and processing sites Garden ramping up; supplying dispensaries to open in 2022 18 Columbia Care™#19D T 14 Tempe, AZ KING SEED STRAN DOV AMIRLINE G A HIGHER KNOWLEDGE parkan pen PER Knig vil deg SEED & STRAIN CANNABIS CO 1/8OZ FLOWER NE And INDICA SEED & STRAN FLOWE 1/802² SEED & STR CAN TI TRIPLE Som could not to use Caution system and do pracy men the chnets result byghe fewer comman 3. Banekien waghond meet, genetics celou shoulouration deta BRANDS Teed aparandad marksting and musei tu unani svaku p Win 777 TR7P/E SE7EN 777 TRIPLE SEJEN 77 TRIPLE SETEN 77 TR7PLE SE7EN Now Available CANNABIST Th#20CANNABIST EXPANSION C Columbia Care's new retail storefront experience is centered on making shopping simple and approachable for the vast range of experience levels as cannabis use is normalized and legalized across the U.S., with knowledgeable staff and technology-enhanced interaction. 31 Cannabist Locations Open to Date Deptford, NJ Hermann, MO All 14 FL locations Virginia Beach, VA Williamstown, WV Beckley, WV Tempe, AZ • San Diego, CA Villa Park, IL Lowell, MA Springville, UT Boston, MA ● ● ● ● ● Near-term Pipeline 1 West Virginia location ● ● ● ● Brooklyn, NY • St. Albans, WV ● ● ● ● ● Morgantown, WV Chicago, IL Vineland, NJ Portsmouth, VA Early Insights - Cannabist Rebrand Impact Villa Park, IL Case Study(¹) +15% increase in revenue +19% increase in number of transactions Top 3 all-time highest weekly sales occurred since rebrand 1) Comparison of first 7 full weeks of operation as Cannabist to prior 7 weeks of operation prior to rebrand U CUM A Higher Experience 20#21BUILDING NATIONAL BRAND AND PRODUCT PORTFOLIO Growing our proprietary brand footprint through expanded market penetration and wholesale reach 170 $ In-house brands accounted for nearly 70% of all flower sold at Columbia Care owned dispensaries in Q1 2022 Wholesale SKU distribution expanded to 14 markets in 2021 Columbia Care house brands are currently available in 16 markets, expected to reach all operational markets by Q3 2022 Columbia Care currently has 55 different product categories across its house brands Balonar IT FLA SEED& STRAIN CANNABIS CO 7/8 02 FLOWER es 31-15 WWW SEED & STRAIN CANNABIS CO 1/8 OZ FLOWER SOFT CHEWS RECES PER PACKAGE Rest SEED & STRAIN CANNABIS CO PLANT SUGAR a GROWN up experience FLOWER PR PRE PR PRESS TREMORS 100 Tablets Net Wt: 15 g (0. CLASSIX Ⓒ 20 Tablets 40 Tabl Net Wt Net Wt: 16 g (0.564 oz) CLASSIX ▷ XXX BOOMBOX BOWBOX NEW SPRE-KOLES UNPARALLELED BOUNCE 77 TR7PLE SE7EN SATIVA AMBER LIVE RESIN CARTRIDGE NET VOL 1 ml (0.0338 fl. oz) AMBER AMBER 21#22AWARD-WINNING PRODUCTS & SERVICES SEED & STRAIN CANNABIS CO High Times Cannabis Cup Illinois 2021 Hybrid Flower 1st Place: Triple 7, Rainbow Runtz Indica Flower 2nd Place: Seed & Strain, Velvet Glove ● ● Pre-Roll 2nd Place: Seed & Strain, Cherry Chem • Sativa Flower 3rd Place: Triple 7, Tropical Runtz ● Clio Cannabis Awards 2021 Clio Cannabis Bronze Award: Forage, Digital/Mobile E-Commerce Category ● WEEDCon 2021 Harvest Cup Best Flower - Hybrid: Triple 7, Peanut Butter Breath MarCom 2021 Gold Award: Forage, Mobile Buying Experience Category Platinum Award: Cannabist, Branding Refresh Category ● ● 777 TR7PLE SE7EN How do you wam New de w 22 717 TR7PLE SE7EN AUS#23HIGH TIMES CUP Upscale yet accessible, Seed & Strain is the most widely distributed brand across the entire portfolio. Seed & Strain demonstrated a 4% QOQ increase within the flower category and accounts for 16% of all flower brands sold at Columbia Care affiliated retail locations as of Q1 2022 and 20% of brand revenue share amond all vape brands sold at Columbia Care dispensaries. CANNABIS ILLINOIS 2021 SEED & STRAIN ESTD CANNABIS CO 2020 WINNER ROOTED IN LAND & HARVESTED BY HAND By year-end 2022, Seed & Strain will be available in 15 markets SEED & STRAIN PRE-ROLL Uplift SATIVA ELEVATE YOURSELF FROM ROOT TO RISE SEED & STRAIN CANNABIS CO 1⁹ VAPE CARTRIDGE Balance HYBRID SEED & STRAIN FLOWER 1/8 OZ FLOWER#24M TR7PLE SE7EN™ THE PERFECT BALANCE OF ART AND SCIENCE. Our Cannabis is at the uppermost end of the quality spectrum, and our strains are unwavering in consistency. We've gone above and beyond the highest industry standards to cultivate the best strains that deliver every time. Our ultra-premium brand has national penetration and is now available in 6 markets with 3 additional planned by Q3 2022. In the markets where available, 6 of the top 10 flower products sold by revenue are Triple Seven. In Q4, Triple Seven won multiple awards in the Illinois High Times Cannabis Cup, including 1st Place Hybrid Flower and 3rd Place Sativa Flower HIGH TIMES CUP CANNABIS ILLINOIS 2021 WINNER IF thold direna PESTR TR7P/E SE7EN 3.5 GRAMS 1/8 OUNCE#25CLASSIX AMPLIFY TODAY TM Classix is our every day, timeless lifestyle brand that celebrates incredible cannabis moments shared with friends Classix is now available in 13 markets, with additional states expected in 2022. Classix successfully launched in 5 markets (AZ, MA, IL, DE, & NJ), and represented the single largest launch week for a brand in Columbia Care history totaling 12% of all sales on day 1, and 14% of all sales after the first week*. The launch of Classix also marked industry's widest multi- state flower brand launch in a single day. In Q1 2022, Classix generated 18% revenue growth QoQ. CLASSIX *Note: For markets in which the product is available TREMIUM S CLASSIX PREMIUM CANALES FLOWER AA TV CA BOOMBOX BOOWBOX ALTYDT 11 TM S PRE-ROLLS 958 CLASSIX A PREMIUM CANNABIS FLOWER сии в ЕГОМЕН KEWNIOW 3.5G OZ 3.2005#26TYSON TYSON IS BACK. Tyson 2.0 is an extraordinary balance of premium and affordable, full- spectrum cannabis flower, concentrates, and consumables available at retailers nationwide. Tyson 2.0 launched with Columbia Care as its exclusive national cultivation and manufacturing partner Tyson 2.0 currently offers 3.5g flower, a 0.5g pre-roll and 28g flower and is sold through both our wholesale and retail channels Tyson 2.0 launched in December 2021 and is currently available in eight Columbia Care markets: CA, CO, DE, DC, MD, IL, MA and OH. We expect to introduce Tyson 2.0 to additional markets in 2022. In Q1 2022, Tyson 2.0 saw 352% revenue growth QoQ, with whole flower accounting for 85% of Q1 sales. RE-USEABLE ZIPPER // KEEP SEALED TO KEEP FRESH TYSON 20 UND EATE CANNABIS TYSON UNDEFEATED CANNABIS NET WT. 3.5G | 1/80Z#27AMBER Formulations crafted by connoisseurs Vibes crafted by you AMBER is now offered across Delaware, Massachusetts, and California in whole shatter, shatter vapes, and live res in vapes. Will launch in Arizona, Colorado, Ohio and Pennsylvania in 2022. California launched AMBER Diamonds and Live Sauce, two elevated concentrates that will situate AMBER as a sophisticated concentrates brand. With more markets receiving new extraction equipment and training, we expect additional markets to be able to support the AMBER brand. SATIVA AMBER LIVE RESIN CARTRIDGE NET VOL 1 ml (0.0338 fl.oz) AMBER AMBER SHATTER ONE CARTRIDGE SHATTER ONE CARTRIDGE 0.5ml#28BRAND PARTNERSHIPS Launching new product lines and strategic partnerships * REVORAR PBS GES STRA Committed to partnering with brands that have built engaged communities and loyal customer bases, we have product lines and strategic partnerships with Pitbull and Mike Tyson, as well as partnerships with the Professional Fighters League (PFL) and UFC Champion Julianna Peña 2022 marks Columbia Care's second year as the exclusive Cannabis / CBD sponsor of the PFL, which is aired in prime time in the U.S. on ESPN and ESPN+ TYSON GELATO NET WT 15 (003507) TYSON IS BACK. NOVEMBER 2021 RE-USEABLE ZIPPER KEEP SEALED TO KEEP FRESH LIGHTS OUT TYSON UNDEFEATED CANNABIS NETWE.3.500.250 Marcel RELEVLED CHRIF CY RELIEF SALV PE PROFESSIONAL FIGHTERS LEAGUE Columbia Care™ PROFESSIONAL FIGHTERS LEAGUE PARTNERS WITH COLUMBIA CARE t N2 P RECATIVE TO POSI GUMMIES wesana 28 SAN dua DEC 11 SAT LIV 29-#29ENERGETIC K A RETAIL PLATFORM BUILT FOR CONTINUOUS INNOVATION 7 RELAXED RELAXED 7 How do you want to feel today? Technology and efficiency innovation will continue to heighten the in-store and at-home shopping experience at Cannabist and create an all-encompassing ecosystem from home to dispensary and online. Forage is our award-winning online cannabis discovery tool that matches strain and product recommendations to how you want to feel. We are the first cannabis company to bring a technology solution like this to the market that offers a truly unique consumer experience. Since the launch of Forage in June 2021, we have seen increased adoption on mobile and in the way the product is being leveraged in stores. We are continuing to explore opportunities around branded advertising and engaging content. & O EUPHORIC How do you want to feel today? Find The Fight Cantabs Sm How do you want to use? Fol Gaby TINGLY 29#30C Columbia Care