#1✓ Acreage Investor Presentation August 2022#2DISCLAIMER References to "we", "us", "our", "Company" or "Acreage" refer to Acreage Holdings, Inc. For comparability, certain prior period amounts have been updated to reflect current presentation. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation and each of the documents referred to herein contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation, respectively. All statements, other than statements of historical fact, included herein are forward-looking information, including, any statements about future performance, forward- looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Acreage or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news presentation. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward- looking information, including, but not limited to financing and liquidity risks and the risks disclosed in Acreage's annual report on Form 10-K for the year ended December 31, 2021 and any subsequent quarterly reports on Form 10-Q, and the Company's other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with Canadian securities regulators and available on the issuer profile of Acreage on SEDAR at www.sedar.com. Although Acreage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward- looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Although Acreage believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this presentation are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this presentation are made as of the date of this presentation and Acreage does not undertake any obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. DEFINITIONS GAAP - U.S. Generally Accepted Accounting Principles as issued by the Financial Accounting Standards Board. EBITDA - Earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA - net income before interest, income taxes and, depreciation and amortization and excluding the following: (i) income from investments, net (the majority of the Company's investment income relates to remeasurement to fair value of previously-held interests in connection with our roll-up of affiliates, and the Company expects income from investments to be a non-recurring item as its legacy investment holdings diminish), (ii) equity-based compensation expense, (iii) non-cash impairment losses, (iv) transaction costs and (v) other non-recurring expenses (other expenses and income not expected to recur). 2 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#3PAST ACREAGE TRANSFORMED ✓ Acreage. HOLDINGS × UNPROFITABLE × FOUNDERS LED × OVEREXPANSION WITH INSUFFICIENT SCALE × UNDISCIPLINED OPERATIONAL APPROACH × OVERCOMMITTED × LIQUIDITY ISSUES PRESENT Acreage PROFITABLE NEW LEADERSHIP WITH EXTENSIVE COMMERCIAL EXPERIENCE FOCUSED STRATEGY STRONG FINANCIAL & OPERATIONAL DISCIPLINE WE DELIVER STRONG BALANCE SHEET 3 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#4THE NEW ACREAGE. 9 ATTRACTIVE FOOTPRINT in key markets POISED FOR GROWTH FOCUSED STRATEGY STRONG MANAGEMENT with EXPERIENCE SCALING BUSINESSES ROBUST GOVERNANCE & OVERSIGHT íM HEALTHY BALANCE SHEET $ 4 CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#5REACH NEW HEIGHTS. ACREAGE IS RECLAIMING A LEADERSHIP POSITION IN THE CANNABIS INDUSTRY WITH AN OPTIMIZED STRATEGY TO SCALE IN LIMITED, HIGH-GROWTH CORE MARKETS. A COMPANY OF FIRSTS. FIRST to secure board appointments from across the political and commercial spectrum which helped to legitimize cannabis among investors and regulators. FIRST to push for national cannabis PSAs, such as our "Time Is Now" Super Bowl PSA which called for further cannabis reform. ✓ FIRST to secure a major investment by another company with our Canopy Growth agreement, setting the stage to become a combined, global, cannabis powerhouse. AND WE WILL CONTINUE THE MOMENTUM. NOTE: All measures and financials as of June 30, 2022. *Includes Oregon operations, which were sold on July 5, 2022. **Includes licenses and operations owned by Acreage, as well as the licenses and operations of certain businesses held for sale. ***Adjusted EBITDA is a non-GAAP measure. Refer to the Disclaimer slide for more information. 10 STATES* THC INFUSED CHOCOLATE >470k sq ft CULTIVATION & PROCESSING CAPACITY -$106 AVERAGE CHECK 9 CULTIVATION & PROCESSING FACILITIES 7 ACTIVE BRANDS 27 OPERATIONAL DISPENSARIES** prime ARIJUANA VNVA INT awud >250 PRODUCT SKUs $61.4MM Q2' 22 REVENUE HIGHNORTH GET BAKED EDIBLES 39% YOY REVENUE GROWTH $2.3MM YOY ADJ. EBITDA IMPROVEMENT*** $10.4MM *** Q2' 22 ADJ. EBITDA** FRUIT CHEWS FRUIT CHEWS UPERFLU $79.3MM CASH & COMMITTED UNDRAWN DEBT FACILITIES 5 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#6STRATEGIC FOOTPRINT ~$13B TOTAL ADDRESSABLE MARKET by 2025 in Core States **Not pictured: Acreage non-vertical operations in California. Vertically Integrated Non-Vertical Operations 6 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#7BUILDING A SIGNIFICANT PRESENCE in Developing Adult-Use Core Markets* NEW YORK $2.9B 2025 Est. Market Size1 NEW JERSEY $1.6B 2025 Est. Market Size1 $0.2B 2021 Market Size² 1 OF 10 VERTICAL LICENSES 95% 4-Year CAGR ADULT-USE* Market type 19.5MM Population³ Operational Dispensaries Cultivation & Processing Facilities 75k SQ FT CULTIVATION & PROCESSING FACILITY WITH ABILITY TO EXPAND UP TO 184k SQ FT 4 OPERATING DISPENSARIES ACROSS FOUR REGIONS ACTIVELY SEEKING ADDITIONAL DISPENSARY LOCATIONS IN KEY AREAS GROWING WHOLESALE OPERATIONS K $0.2B 2021 Market Size² 68% 4-Year CAGR 1 OF 12 VERTICAL LICENSES 83k SQ FT CULTIVATION & PROCESSING FACILITY WITH ABILITY TO EXPAND UP TO 167k SQ FT ADULT-USE* Market type 8.9MM Population³ 3 OPERATING DISPENSARIES INCLUDING TWO ADULT-USE GROWING WHOLESALE OPERATIONS *Adult-Use program pending in New York and became effective in New Jersey on April 21/22 1 Headset 2 Cowen 3 United States Census Bureau 4 Market share estimates from Acreage research TOP 3 RETAIL MARKET SHARE4 7 ☑#8SOLIDIFYING A LEADERSHIP POSITION in Expansive, Large-Scale Markets OHIO $1.6B 2025 Est. Market Size1 CONNECTICUT $0.6B 2025 Est. Market Size1 MAINE4 $0.3B 2025 Est. Market Size1 $0.4B 2021 Market Size² 41% 4-Year CAGR MEDICAL Market Type 11.7MM Population³ 1 OF 14 VERTICAL LICENSES 74k SQ FT CULTIVATION & PROCESSING FACILITY 5 DISPENSARIES OPERATIONAL WITH 2 IN MAJOR CITIES: COLUMBUS & CLEVELAND GROWING WHOLESALE OPERATIONS TOP 3 RETAIL MARKET SHARE5 $0.2B 2021 Market Size2 32% 4-Year CAGR 1 OF 6 RETAIL LICENSE HOLDERS 3 OF 18 DISPENSARIES OPERATIONAL ACROSS 3 COUNTIES ADULT-USE* TOP PERFORMERS Market Type 3.6MM Population³ 2 OUT OF 3 DISPENSARY LOCATIONS ARE CONSIDERED TOP STATE PERFORMERS $0.2B 2021 Market Size² 11% 4-Year CAGR ADULT-USE Market Type 1.3MM Population³ 52k SQ FT CULTIVATION & PROCESSING FACILITY 4 DISPENSARIES OPERATIONAL TOP 2 RETAIL MARKET SHARE5 Operational Dispensaries Cultivation & Processing Facilities *Adult-Use program pending in 2022 1 Headset 2 Cowen 3 United States Census Bureau 4 Acreage owns or provides operational assistance through management services agreements in Maine. In the process of acquiring full ownership of all operations in Maine 5 Market share estimates from Acreage research 8 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#9MAINTAINING A STRONG FOOTHOLD in Maturing and Growing Markets MASSACHUSETTS $1.7B 2025 Est. Market Size1 PENNSYLVANIA $1.9B 2025 Est. Market Size1 ILLINOIS $2.5B 2025 Est. Market Size¹ $1.6B 2021 Market Size2 2% 4-Year CAGR ADULT-USE Market Type 6.9MM Population³ 33k SQ FT CULTIVATION & PROCESSING FACILITIES 2 DISPENSARIES IN THE LARGEST & 2ND MOST POPULOUS COUNTY IN THE STATE, WORCESTER, MA NEW EDIBLES KITCHEN IN LEOMINSTER, MA GROWING WHOLESALE OPERATIONS IN THE STATE $1.2B 2021 Market Size² 12% 4-Year CAGR 40k SQ FT CULTIVATION & PROCESSING FACILITY $1.8B 2021 Market Size² 91k SQ FT CULTIVATION & PROCESSING FACILITIES MEDICAL Market Type 12.8MM PRIME+ BRAND LEADS PREMIUM SEGMENT IN STATE WITH BROAD OFFERING OF FLOWER, CONCENTRATES, OILS AND VAPES STRONG WHOLESALE OPERATIONS IN THE STATE 9% 4-Year CAGR ADULT-USE Market Type 12.7MM Population³ 2 DISPENSARIES OPERATIONAL IN THE CHICAGO METRO AREA GROWING WHOLESALE OPERATIONS IN THE STATE Population³ Operational Dispensaries Cultivation & Processing Facilities 1 Headset 2 Cowen 3 United States Census Bureau 9 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#10LEADING-EDGE CULTIVATION & PROCESSING ADVANCED MANUFACTURING CAPABILITIES DEEP LIBRARY OF GENETICS FULL SUITE OF QUALITY, CONSISTENT AND INNOVATIVE PRODUCTS: - flower - pre-rolls - edibles - concentrates - capsules - tinctures - vape cartridges >470k* SQ FT OF CULTIVATION & PROCESSING CAPACITY 9 CULTIVATION AND PROCESSING FACILITIES *As of June 30, 2022. Includes facilities that are owned or where Acreage provides operational assistance through management services agreements. 10 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#11Expansion of Wholesale Operations Across Core Markets Expected in 2022 CAPITAL INVESTMENTS IN CULTIVATION & PROCESSING NEW JERSEY Increased cultivation capacity fourfold in Q4 2021 in Egg Harbor Township, New Jersey. NEW YORK First phase of cultivation expansion completed in Q2 2022 in Syracuse, New York. ILLINOIS Cultivation expansion completed in Q2 2021 in Freeport, Illinois. MASSACHUSETTS Opened edibles kitchen in Q4 2021 in Leominster, Massachusetts. OHIO & CALIFORNIA Acquisition of cultivation and processing operations in Ohio and California in 2021. PENNSYLVANIA Cultivation expansion completed in Q2 2021 in Sinking Spring, Pennsylvania. 11 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#12HOUSE OF BRANDS Innovative Portfolio of Premium Products & Brands The Botanist -Boonist SUPERFLUX -1-prime Tweed WELLNESS CONNECTION HIGHNORTH BY WELLNESS CONNECTION 12 CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#13NATIONAL BRANDS Award-winning flagship retail and consumer brand developed for wellness seekers. Available in over 250 dispensaries across Connecticut, Illinois, Maine, Massachusetts, New Jersey, New York, Ohio, including The Botanist- branded stores. Diversified product line - premium flower, vapes, and edibles crafted with natural ingredients. B The Botanist VAPE GUMMIES FRUIT CHEWS FRUIT CHES GUMMIES FLOWER O LUT GUMMIES TINCTURE כם PRE-R PRE-ROLLS XXXIX SUPERFLUX JUPERFLUX. PERFLUX Meticulously curated product line - premium flower, vapes, live resin and cured concentrate. Six flower strains from bespoke genetics, with an additional six coming soon. Wide range of concentrates - budder, sugar, sauce, diamonds, wax, shatter, THC crystalline. Available in over 85 dispensaries across Illinois, Massachusetts, and Ohio. 13 CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#14REGIONAL BRANDS ANA xx +prime MARIJUANA prime GROW WIT Tweed Canadian cannabis brand with a large and loyal following under Canopy Growth's portfolio. Whole flower and pre-rolls distributed across Illinois through Acreage. Premier medical cannabis brand offering a range of flower strains, live and dry concentrates, vape cartridges, tinctures, and oils. Distributed to 135 dispensaries across Pennsylvania and one of the top brands in the state. -1-prime *Wellness Connection medical product range includes flower, edibles, vapes, oils, and topicals. HIGHNORTH On the finest quity Rower Twee from your friends Tweed. FLOWER NET WT. 0.492 (14) THC&INFUSED CHOCOLATE Homegrown premium retail, medical, and consumer brands established in Maine. HighNorth adult-use product range includes pre-rolls, vapes, and a variety of innovative edibles.* Available across 4 Maine dispensaries, all of which are adult-use locations. HIGHNORTH BY WELLNESS CONNECTION 14 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#15OPTIMIZED CORPORATE 1 ACCELERATING GROWTH IN CORE MARKETS 2 DRIVING PROFITABILITY STRATEGY 3 STRENGTHENING THE BALANCE SHEET 15 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#161 STRONG ACCELERATING GROWTH IN CORE MARKETS POSITIONING IN DEVELOPING ADULT-USE MARKETS - - - Capitalizing on footprint in markets primed for significant growth as adult-use programs are implemented. Cultivation and processing expansion projects ongoing, including New Jersey and New York. Growing retail network across core states with focus on New York. Wholesale business expansion expected throughout 2022. - - - Addition of Ohio as core market in fiscal 2021, with acquisition of high-quality cultivation, processing, and retail assets. Acquisition of Maine operations and consolidation and conversion of assets throughout 2021 and 2022. Pursuing opportunities to increase Connecticut presence through social equity partnerships. Preparing House of Brands for national expansion with a strategic focus on innovation. 16 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#172 - - DRIVING PROFITABILITY Acreage has made a significant improvement in its financial results. Accelerating organic growth while maintaining operational efficiencies and cost control measures. - Achieved positive Adjusted EBITDA throughout 2021, expected to continue through 2022. CONSOLIDATED REVENUE ($USD MILLIONS) ADJUSTED EBITDA* ■ 2020 ■2021 ■2022 30 24.6 200 150 100 56.9 61.4 58.1 44.2 48.2 50 38.4 27.1 31.7 31.5 24.2 0 Q1 Q2 Q3 Q4 FY 188.9 20 8.6 10 8.110.4 8.5 6.5 1.6 114.5 0 -10 -3.5 -6.5 -6.9 -12.3 +65% -20 -30 -29.5 -40 Q1 Q2 Q3 Q4 FY *Adjusted EBITDA is a non-GAAP measure. Refer to the Disclaimer slide for more information. 17 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#183 *As of June 30, 2022 STRENGTHENING THE BALANCE SHEET - - - Completed $150 million long-term debt agreement in Q4 2021 to be used to repay existing debt, and fund working capital and future capital projects. The debt facility is not due until December 2025 and provides ultimately flexibility as there are no restrictions or penalties for early repayment. Sale of remaining non-core assets to ensure continued operational success. Expect to generate free cash from normal operations to expand footprint in core markets. Repayment of $44 million of near-term debt obligations in Q2 2021. Reduction of Notes Receivable by $65MM or 65% during 2021. $29.3MM CASH* $50MM COMMITTED BUT UNDRAWN DEBT FACILITIES* 18 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#19STRATEGIC PARTNERSHIP CANOPY GROWTH CORPORATION UNDER THE AGREEMENT, ACREAGE HAS ACCESS TO CANOPY GROWTH'S: Strategic IP and proprietary technologies, including formulations, innovation pipeline, consumer insights, and product research and development. Industry-leading operational capabilities, standard operating processes, and best practices. Award-winning brand portfolio throughout the U.S., including Tweed, one of the most recognized cannabis brands in the world. TRANSACTION TERMS: Entered plan of arrangement in April 2019 and amended plan in September 2020 to align with broader market and economic factors and provide upside potential for Acreage shareholders. Creation of two new classes of Acreage shares: - Fixed shares (CSE: ACRG.A.U) (OTCQX:ACRHF) ― Floating shares (CSE: ACRG.B.U) (OTCQX:ACRDF) Upon a triggering event*, and certain conditions related to Acreage's performance: - • Canopy will purchase all of the fixed shares of Acreage at a pre-determined ratio, representing 70% ownership. Shares to be converted to 0.3048 shares of Canopy Growth. - Canopy also has the option to purchase the floating shares at a price equal to the 30-day VWAP or $6.41 per share, whichever is higher, to increase its ownership stake to 100%. *As regulations allow 19 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#20NEW LEADERSHIP COMMITTED TO FOSTERING LONG-TERM SHAREHOLDER VALUE PETER CALDINI CHIEF EXECUTIVE OFFICER RESPOKE BCP PITAL ARTNER STEVE GOERTZ Pfizer BATER CHIEF FINANCIAL OFFICER goeasy Deloitte MAPLE LEAF DENNIS CURRAN CHEIF OPERATING OFFICER gsk P&G PATRICIA ROSI CHIEF MARKETING OFFICER SAATCHI & SAATCHI OmnicomGroup WELLNESS CONNECTION BRYAN MURRAY EVP, GOVERNMENT RELATIONS THE Pfizer pact MOVEMENT COREY SHEAHAN GENERAL COUNSEL HFOLEY ASCEND FOLEY & LARDNER LLP 20 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#21BOARD OF DIRECTORS STRONG CORPORATE GOVERNANCE AND LEADERSHIP KEVIN MURPHY CHARIMAN & FOUNDER PETER CALDINI CHIEF EXECUTIVE OFFICER KATIE J. BAYNE FORMER SR. VICE PRESIDENT AT THE COCA-COLA COMPANY DOUGLAS L. MAINE FORMER CFO OF IBM PATRICIA LOPEZ FORMER CMO OF AVON PRODUCTS JOHN A. BOEHNER FORMER SPEAKER OF THE U.S. HOUSE OF REPRESENTATIVES STEVE STROM FOUNDER OF ODINBROOK GLOBAL ADVISORS BILL VAN FASSEN FORMER CEO OF BLUE CROSS BLUE SHIELD BRIAN MULRONEY FORMER PRIME MINISTER OF CANADA 21 ☑ CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#22ACREAGE TRANSFORMED. ACREAGE DELIVERS. 1 ATTRACTIVE FOOTPRINT WITH SCALABLE OPERATIONS - 2 MARKET-LEADING POSITIONS Strong presence in high-growth, limited license markets with developing adult-use programs (NY, NJ, CT, OH, PA). Ongoing capital projects to capitalize on market growth opportunities. · Significant and/or leading market share in core states. Sought after premium brands with high-quality flower and diversified product offering across multiple formats. - - 3 ROBUST FINANCIAL PERFORMANCE 4 HIGH-PERFORMING MANAGEMENT TEAM & STRONG CORPORATE GOVERNANCE Achieved profitability improvement of $54.1 million in 2021 with continued growth expected through 2022. Strong focus on generating free cash flow longer term. - Experienced and passionate - management team, with experts from the boardroom to the greenhouse. - Optimized, focused strategy to scale in limited high-growth core markets. 22 CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#23ACREAGE HAS CHANGED.#24APPENDIX CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#25Q2 2022 HIGHLIGHTS For the three and six months ended June 30, 2022 and 2021 (US$ thousands, except per share amounts) (unaudited) Q2'22 Q2'21 YTD'22 YTD'21 GAAP FINANCIAL HIGHLIGHTS Revenue increased by $17,134 and $35,620, or 39% and 43%, for the three and six months ended June 30, 2022, respectively. Increased revenue was driven by the Midwest Region. Gross profit increased $6,739 and $15,627, or 28% and 35%, for the three and six months ended June 30, 2022, respectively, driven by revenue growth. Gross profit Revenues, net $61,351 $44,217 $118,230 $82,610 30,614 23,875 60,124 44,497 Gross margin 49.9% 54.0% 50.9% 53.9% Net loss attributable to Acreage (9,929) (2,553) (22,623) (10,361) Net loss per share attributable to Acreage $(0.09) $(0.02) $(0.21) $(0.10) NON-GAAP FINANCIAL HIGHLIGHTS* Adjusted EBITDA of $10,385 improved QoQ, which marks our sixth consecutive quarter of positive Adjusted EBITDA. Same store sales growth increased 11.2% and was underscored by a 20.7% increase in transaction growth. OPERATIONS Q2'22 Q2'21 YTD'22 YTD'21 EBITDA $ 7,056 $6,704 $8,348 $8,323 Adjusted EBITDA $10,385 $8,086 $19,012 $9,681 On April 21, 2022, the Company commenced adult-use operations in New Jersey, offering a range of products from flagship brand The Botanist for adult-use sales. During the quarter, the Company completed the sale of its cultivation facility in Medford Oregon for total proceeds of $2.0 million. During the quarter, the Company acquired and converted to adult use the final dispensary owned by its partner in Maine. SOURCES/USES OF CAPITAL $29.6M in cash and cash equivalents, including $0.1M in restricted cash and $0.2M related to current assets held for sale as of June 30, 2022. The Company secured a $150,000 senior secured credit facility in December of 2021, consisting of $100,000 available at closing and an additional $50,000 committed accordion facility. CapEx: $12M invested in our facilities for the year to grow revenue and capture future market opportunities. *Refer to the "Definitions/Forward-Looking Information" slide for discussion regarding non-GAAP measures. 25 CSE: ACRG.A.U, ACRG.B.U | OTCQX: ACRHF, ACRDF#26Acreage [email protected]