#12021 AUGUST INVESTOR PRESENTATION (CSE:VRNO) (OTCQX:VRNOF) verano#2Before We Begin FORWARD-LOOKING INFORMATION This presentation contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to statements or information with respect to the Company's position in the marketplace, the proposed completion or buildout of Company facilities, the Company's cultivation capacity, the completion of pending acquisitions, the accretive nature of acquisitions, the fortification of the Company's presence in core markets, the possibility of material organic expansion, delivery of shareholder value and the ability to maintain industry-leading margins and add depth to leadership. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risk factors discussed in the Company's filings on SEDAR at www.sedar.com. The forward-looking information and forward-looking statements contained in this presentation are made as of the date of this presentation, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements. 2 VERANO.COM verano#3Before We Begin NON-IFRS FINANCIAL MEASURES This presentation refers to certain non-IFRS measures to evaluate the performance of the Company. The terms "EBITDA", "Adjusted EBITDA" and "Free Cash Flow" do not have any standardized meaning prescribed within International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. Such measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA is calculated herein as net earnings from operations before interest expense, tax expense, depreciation, and amortization. The Company presents the EBITDA on a consistent basis from period to period and gains and losses from one-time non-recurring events are eliminated. Adjusted EBITDA is calculated herein as EBITDA adjusted for one-time expenses related to other expenses, gain from investment in associates and acquisition related costs. Free Cash Flow is calculated herein as Cash Flow from Operations minus Capital Expenditures. Management believes that these non-IFRS financial measures provide useful information to readers as a supplement to reported IFRS financial information. Management reviews these non-IFRS financial measures on a regular basis and uses them to evaluate and manage the performance of the Company's operations. These measures should be evaluated only in conjunction with the Company's comparable IFRS financial measures. 3 VERANO.COM verano#4AGENDA 01 Introduction 02 Business Update 03 Financial Results & Outlook 04 Closing Remarks#501 INTRODUCTION#6verano EST. 2014 4 brands 85 operating retail locations བ COMPANY SNAPSHOT* 3k+ employees 14 states 150m+ addressable population 11 cultivation & production facilities spanning 842,000 ft 90+ planned retail locations ~500 active wholesale dispensary accounts * Includes the contribution from the pending acquisitions and the completion of planned construction. In addition, includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 6 VERANO.COM verano#7BUILDING A POWERHOUSE CANNABIS COMPANY 7 VERANO.COM verano#8SCALABLE PLATFORM - CORE MARKETS* STATE IL { MARKET SIZE Population -12.7M Medical and Adult Use markets ASSET DETAILS FL P Population 21.5M Medical market • 10 operating dispensaries (5 combined medical/adult-use, 5 adult-use) 192k sq. .ft. indoor & greenhouse cultivation and manufacturing facility in Albion 37 dispensaries in operation, with additional 6+ additional planned by end of 2021 220k sq. ft. indoor cultivation and manufacturing facility in Apollo Beach AZ 24 NJ Population -7.3M Medical and Adult Use markets Population -8.9M Medical market (adult use approved) Population -12.8M PA Medical market OH NV Population -11.7M Medical market Population-3.1M Medical and adult-use market • 6 operating dispensaries • • . 90k sq. ft. indoor cultivation and manufacturing facility in Coolidge (includes 60k sq. ft. expansion underway) and a -20k sq. ft. cultivation in Winslow 3 operating dispensaries - Elizabeth, Neptune, and Lawrence 120k sq. ft. indoor cultivation and manufacturing facility In Branchburg with staggered expansion planned to be completed by Q3 2021 12 operating dispensaries, with 6 additional planned One 62k sq. ft. indoor cultivation and manufacturing facility in Chester; a second facility planned with sq. ft. TBD (anticipated completion by Q3'22) 5 operating dispensaries 22k sq. ft. indoor cultivation and manufacturing facility 4 operating dispensaries; with 1 additional planned by end of Q3 2021 2 indoor cultivation and manufacturing facilities; a 42k sq. ft. facility with expansion underway, and an additional 10k sq. ft. facility MD Population -6.1M Medical market • 4 operating medical dispensaries 38k sq. ft. indoor cultivation facility - currently under expansion * Includes the contribution from the pending acquisitions and the completion of planned construction. In addition, includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 8 VERANO.COM verano#9SCALABLE PLATFORM - DEVELOPING MARKETS* STATE MA MI MARKET SIZE Population -6.9M ASSET DETAILS 2 dispensaries in Sharon and Plymouth • Medical and adult-use market • 26k sq. ft. indoor cultivation and manufacturing facility under development - set to open by end of Q3 2021 Population -10.0M . Medical and adult-use market 1 operating dispensary in Buchanan Population ~3.0M AR • Medical market 1 operating dispensary in El Dorado OTHER ASSETS NOT SHOWN: 1. 2. 3. West Virginia: Approved for cultivation, processing and 7 dispensaries California: Majority stake in pesticide remediation business Missouri: 1 manufacturing license. * Includes the contribution from the pending acquisitions and the completion of planned construction. In addition, includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 9 VERANO.COM verano#10THE CASE FOR VERANO ZE zena PEOPLE • Entrepreneurial spirit • Culture of diversity and inclusion . • Long average tenure • Cannabis advocacy 10 VERANO.COM PROCESS Operator's mindset, stringent SOPs • all about efficiency Hospitality-driven . Extensive R&D • Leverage leading-edge production automation 0 verano RESERVE S PRODUCT Leading genetics • Premium flower/proprietary strains • Comprehensive CPG brand offering Products cover nearly all formats and formula verano#1111 Balanced approach reduces over-reliance on any single wholesaler or retailer. Vertically integrated in 9 of 11 active markets1. SOLID MARGIN POTENTIAL THROUGH VERTICAL INTEGRATION CULTIVATION & PRODUCTION 11 cultivation & manufacturing facilities¹ RETAIL SPACES 85 operational locations1 across 11 active states BRAND DISTRIBUTION 150+ million in population nationwide ~500 active dispensary wholesale partnerships Leading brand in all markets (premium positioning, premium pricing, highest margins) 1) Includes the contribution from pending acquisitions and the completion of planned construction. verano#12M&A STRATEGY A DELIBERATE APPROACH VERANO.COM AQUISITIONS an ALTMED ENTERPRISES TERRITORY TERRAVIDA HOLISTIC CENTERS Grow within states identified to have high likelihood to pass recreational use Seek well-performing stores with potential for continued enhancement from integration Look for teams that are willing to stay on board and continue as strong operators Transact at attractive mid-single digit 2021 EBITDA multiples T 7 HC Center The Herbal Care Center MAD RIVER REMEDIES sierra well The Healing Center EMERALD DISPENSARY Local Joint AKIAGRI-KIND NSE AGRONOMED BIOLOGICS * Sierra Well acquisition still pending.#13BRAND INVESTMENTS ROBUST PIPELINE OF ENHANCEMENTS Encore product improvements and rebrand expected to relaunch in early Q4'21 Avexia package refresh and reformulations targeting 4Q21 launch Enhancing entire portfolio of infused products VERANO.COM verano#14THC GL PREMI Chocolatier MILK CHOCOLATE 21 CON-THC NEXIA PAIN RELIEF COTION 100M THC CANNABIS ORAL SPRAY müv GL Swift reserve verano GL Swift Lifts verand Swift SH Swift PREMIUM BRANDS TO FIT EVERY LIFESTYLE AVEXI LIQUID 1411 AVE LIQUID LIQUID AVEX LIQUID VEX LIQUID AVEXIA MEDICINAL CANNABIS LAVENDER EPSOM SALT SOAK 100 MG THC AVEXA HARMONY 1:1 VERANO.COM verano#15verano TM Depending on a consumer's needs and preferences, the Verano™ product line offers plenty of options. Choose from Swift Lifts (a pre-rolled, mini pack), Sunrock Shatter (a very popular concentrate), G-Line flower (proprietary crosses with our popular G6 strain), or a variety of distillate and reserve vape cartridges. VERANO.COM VERANO overan overan RESERVE SATIVA swift lifts The polic mini pre-roll pack by verano™ small in size, big in relief verano#16AVEXIA MEDICINAL CANNABIS With years of experience in developing these blends, we're focused on making sure each dose provides a consumer with a memorable and relaxing sense of relief. 16 VERANO.COM AVEXIA MEDICINAL CANNABIS AVEXIA MEDICINAL CANNASS BLACK RASPBERRY ROAD LIQUID 1:1 CBD:THC 100 MG THC PAIN RELIEF LOTION 100 MG THC 100 MG CBD AVEXIA HARMONY 1:1 CEALTHC 40 TABLETS 2.5MG CBD 2.5MG THC EACH 100MG CBD 100MG THC TOTAL dust and not AVEXIA MEDICINAL CANNABIS AVEXIA MEDICINAL CANNABIS PAIN RELIEF BALM HARMONY 1:1 100 MG THC 100 MG CBD Wingssamedicalambs infused product and LAVENDER EPSOM SALT SOAK 100 MG THC Nghe is a medical cannabis faved product and th verano#17encore dibles We find great joy in the craftsmanship of our culinary endeavors. Our skilled artisans create inspiring, distinctive, delicious handcrafted edibles using non-industrialized methods, that inspire a life full of curiosity. As with all Verano™ products, Encore Edibles are lab-tested for potency and purity. WATERMELON SATIVA SWEET STONES 17 VERANO.COM Chocolatier DARK CHOCOLATE SEA SALT 2:1 CBD:THC dibl OMG CBD&TONG TH 5 CD 3TRONG THỂ TH mack 5mg mints wintermint 20 pieces 100mg the total veranobrands.com 0000 POMEGRANATE PUNCH SWEET DREAMZZZ GUMMIES WITH CBN INDICA SEA SALT CARAMELS Intery, Soft Caramels Topped with Sea Salt verano#18TM MÜV כ: Determination MÜV is focused on developing outstanding, consistent and pure cannabis-based products. Exploration MÜV believes in the power of research to advance understanding, and discover new opportunities to enhance well-being, with ingredients derived from the cannabis plant - one of humanity's most ancient sources of natural medications. Experienced MÜV believes in knowledge. Our medical, scientific, and development teams are uniquely qualified to ask the right questions, specify exacting formulations, and conduct research aimed at producing the finest and most consistent cannabis-based products on the market. Guaranteed MÜV believes in purity, testing ingredients and product components to assure 100% compliance with our benchmark quality standards. 5 GRAMS NET WE müv FLOWER CUPS % PREMIUM CANN WER F FOR VAPORIZAT 3 RSO STRAIN-SPECIFIC TUN CANNABIS TINCTURE MÜV THC/CBD 1:1 ROSEMARY MINT HYDRATING LOTION MÜV MÜV FOR SMOOTH, HYDRATED SKIN Clementine SATIVA SINGLE CUPS MÜV PREMIUM CANNABIS FLOWER 3.5 GRAMS (1/8 oz.) THIS PACKAGE FOR HOUSEHOLDS WITHOUT 50ml/1.7fl.oz. müv CERAMIC & WICKLESS VAPORIZER CARTRIDGE MÜV Püre POTENT, STRAIN-BASED CANNABIS OIL HYBRID HIGH CO 9 NET V müv 18 VERANO.COM verano#19EXPANDING RETAIL PRESENCE müv MEDICAL CAMMABIS DISPENSARY SzerLEAF TENLEAF zenLEA zenLEAF verano#20• ZENLEAF Zen Leaf aspires to be the most influential cannabis retail brand, and to command brand loyalty of the high-end cannabis consumer. Inspiring our customers drives our mission to capture people's imaginations, satisfy deep and important life needs, and offer unparalleled innovative products underpinning our economic success and cultural influence in an increasingly crowded marketplace. • Custom store designs that provide an edge in the market and create an environment that satisfies the myriad needs of its patrons through reliability, accessibility and authenticity. • Superior customer service - we're the experts so you don't have to be. Aggressive expansion underway with existing states and across our broader license footprint. 20 20 VERANO.COM verano#21MÜV MEDICAL CANNABIS DISPENSARY . Locations in two high growth states - Florida and Arizona. • 37 operational retail locations in Florida. • • 1 operational retail location in Arizona. State-of-the-art dispensaries offering an extensive selection of award-winning products including flower, pre-rolls, vaporizer pens, metered dose inhalers, topicals and oral sprays; along with patented encapsulation formulations in its EnCaps™ capsules, tinctures, 72-hour transdermal patches and transdermal gels. One of the widest selections of concentrates for patients needing macro-dosing options. • Won five Best of Arizona medical cannabis awards since inception. • • Dispensaries in Florida and Arizona are staffed with knowledgeable and friendly teams thoroughly trained to assist medical cannabis patients. Dedicated Medtenders, as well as a Patient Care Support Team, available to help patients navigate their way through their medical cannabis journey and to better understand delivery methods and product options. müv MEDICAL CANNABIS DISPENSARY BALTMED 21 VERANO.COM verano#2202 GLine verano mini pre-roll pack by verano BUSINESS UPDATE#23FINANCIALS AT A GLANCE* $199m Strong quarter for top line growth. $100m REVENUE GROSS PROFIT* $81m ADJUSTED EBITDA** +164% VS. 2Q 2020 +132% VS. 2Q 2020 * Financial information is reported on a pro forma consolidated basis for the AltMed acquisition. ** Adjusted EBITDA is calculated herein as EBITDA adjusted for one-time expenses related to other expenses, gain from investment in associates and acquisition related costs. 23 VERANO.COM +228% VS. 2Q 2020 verano#24STRONG FINANCIAL HEALTH* 24 VERANO.COM $285M WORKING CAPITAL $150m Cash & Cash Equivalents $572m Other Current Assets $287m Current Liabilities Debt** (not including lease liabilities) - $131m * Financial information is reported on a pro forma consolidated basis for the AltMed acquisition. verano#25POSITIVE CASH FLOW* 25 25 VERANO.COM $4M FREE CASH FLOW $29m Net Cash Provided by Operating Activities $25m Capital Expenditures * Financial information is reported on a pro forma consolidated basis for the AltMed acquisition. verano#26CAPITAL STRATEGY BALANCING GROWTH AND FINANCIAL STRENGTH GROWTH Increasing headcount/hiring Investments in brands and R&D • Acquisitions FINANCIAL STRENGTH • • Maintain healthy balance sheet • Hold sufficient cash on hand Leverage strong balance sheet for strategic M&A 26 VERANO.COM verano#27VERANO: A UNIQUE INVESTMENT OPPORTUNITY WITH PROVEN ABILITY TO DELIVER PROFITABILITY WHAT SETS VERANO APART Vertical Integration Cultivation Capacity Market Leading Products Retail Experience Financial Health Investment for Growth Sustainable Profitability Supported by proven ability to win applications and execute on potential acquisitions Ability to grow high-quality flower on a large scale and implement best practices into new markets Portfolio of leading owned brands that deliver consistent quality Customer-centric mindset to drive repeat business and enhance customer loyalty Solid cash position and owned real estate with no sale- leasebacks Disciplined capital allocation strategy balanced between potential acquisitions, organic growth expenditures and enhancing current operations Expanding footprint combined with disciplined operations have driven profitability since inception 27 VERANO.COM verano#28THANK YOU Aaron Miles Chief Investment Officer Julianna Paterra Director, Investor Relations Email: [email protected] Website: investors.verano.com#29APPENDIX#30GROWING MARKET#31• Growing Market Opportunity •Legal cannabis sales in the United States $40 $35 $30 U.S. CANNABIS RETAIL SALES ESTIMATES: 2014 - 2024* IN BILLIONS OF US DOLLARS $24.8-$30.3 $30.2-$37.0 $28.2-$34.5 are forecast to reach $15.5-$18.9 billion $25 in 2020 and rise to $30.2-$37.0 billion in 2024. $20 •Two-thirds of U.S. states have legal medical markets; approximately $15 one-fifth currently allow adult-use sales. $10 $15.5-$18.9 $10.6-$13.0 $9.7-$11.8 $20.3-$24.8 $13-$15.9 $20.7-$25.3 $19.2-$23.5 $16.5-$20.2 $7.8-$8.7 $5.8-$6.5 $6.6-$8.1 $4.0-$4.5 $4.8-$5.2 $5 $2.0-$2.4 $3.0-$3.4 $9.5-$11.7 $2.7-$2.8 $9-$11 $8.3-$10.2 $1.8 $7.3-$8.9 $5.8-$7.1 $0.4 $1.6-$2.0 $4-$4.9 $3.1-$3.7 $2.0-$2.4 $2.2-$2.7 $3-$3.5 $0 Source: Marijuana Business 2020 Factbook 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 31 VERANO.COM Medical Adult-Use verano#32Growing Market Opportunity The marijuana industry is estimated to have an economic impact of $55 billion $67 billion in the U.S. - in 2020 and surpass $100 billion in economic benefits in 2024. Based on the assumption that for every $1 that consumers and patients spend at recreational stores and dispensaries, MJ Biz Daily estimates that an additional $2.50 will be injected into the economy, much of it at the local level. $140 $120 $100 $80 $20 32 22 * Source: Marijuana Business 2020 Factbook VERANO.COM U.S. CANNABIS INDUSTRY TOTAL ECONOMIC IMPACT: 2019-2024* IN BILLIONS OF US DOLLARS $60 $37.8-$46.2 TOTAL $40 $54.6-$66.9 TOTAL $0 2019 2020 $71.4-$87.5 TOTAL 2021 $87.5-$106.8 TOTAL 2022 $106.4-$130.2 TOTAL $99.4-$121.5 TOTAL 2023 2024 Dispensary/Store Sales Additional Economic Impact Of Dispensary/Store Sales verano#33STRATEGIC M&A#3434 VERANO.COM Accretive M&A Activity - Florida & Arizona an ALTMED ENTERPRISES TERRITORY EMERALD DISPENSARY • ALTMED* COMBINATION GAVE VERANO: • Access to Florida and Arizona vertically-integrated operations • 37 active retail locations in Florida with 6+ more planned by end of 2021 One active retail location in Phoenix, Arizona ⚫ State-of-the-art cultivation facilities 220,000 sq. ft. in Florida and 30,000 sq. ft. in Arizona (current expansion of an additional 60,000 sq. ft. underway) TERRITORY DISPENSARY** GAVE VERANO: Three active retail locations in Arizona - Chandler, Gilbert and Mesa One -20,000 sq. ft. cultivation facility EMERALD DISPENSARY** ACQUISITION GAVE VERANO: • One active retail location in Phoenix, Arizona Local Joint THE LOCAL JOINT** ACQUISITION GAVE VERANO: • One active retail location in Phoenix, Arizona * Deal closed on February 11, 2021. Alternative Medical Enterprises, LLC, Plants of Ruskin, LLC, and their affiliated companies collectively "AltMed" ** Completion of deals announced on April 9, 2021 verano#3535 VERANO.COM Accretive M&A Activity - Pennsylvania TERRAVIDA HOLISTIC CENTERS TERRAVIDA* GAVE VERANO: Three active dispensaries located in the Philadelphia metropolitan area - - Sellersville, Abington, and Malvern The Healing RESEARCH Center AK AGRI-KIND THE HEALING CENTER* GAVE VERANO: Three active dispensaries located in the Pittsburgh metropolitan area -- Cranberry Township, Washington and Monroeville NSE* AGRI-KIND* GAVE VERANO: • • One 62,000 sq. ft. grower/processor located in Chester NSE Verano entered into an agreement pursuant to which a subsidiary of Verano acquired all of the issued and outstanding equity interests of NSE, holder of one permit, which gives the Company the ability to open three dispensaries in Pennsylvania AGRONOMED BIOLOGICS** AGRONOMED BIOLOGICS • Through Pennsylvania's Chapter 20 Clinical Research Program, Agronomed is a Phase II Approved Clinical Registrant, and therefore is permitted to open a medical marijuana growing and processing facility, as well as six dispensaries, to conduct medical marijuana research in partnership with Drexel University College of Medicine Completion of deals announced on May 24, 2021 ** Completion of deals announced on July 12, 2021 verano#36Accretive M&A Activity - Illinois, Ohio and Nevada T HC Center • The Herbal Care Center MAD RIVER REMEDIES sierra well THE HERBAL CARE CENTER GAVE VERANO: One of Illinois' largest and top-performing combined medical and adult-use dispensaries, located in Chicago's Medical District, and second adult-use dispensary in the city's bustling West Loop/Greektown neighborhood • MAD RIVER REMEDIES* GAVE VERANO: One active retail location in Dayton, Ohio SIERRA WELL** WOULD GIVE VERANO • • One retail location in Carson City, NV A cultivation/production facility and one retail location in Reno, NV 36 VERANO.COM * Completion of deal announced on July 9, 2021 ** Deal announced on July 26, 2021. Pending acquisition subject to customary closing conditions verano#37CORE STATES ILLINOIS, FLORIDA, ARIZONA, NEW JERSEY, PENNSYLVANIA, OHIO, NEVADA, MARYLAND#38Illinois Overview Market Overview . Adult-Use and medical markets • 12.7M population . . 150k medical patients; 1.2% penetration • $669M adult-use sales in the first year . Total market expected to grow from $1.03B (2020) to $1.8B (2026E) Verano Operations . 10 operational dispensaries (5 combined medical & adult- use and 5 adult-use) • 192k sq. ft. cultivation and manufacturing facility in Albion Market size forecasts based on BDSA estimates. Patient counts based on BDSA estimates. Includes the contribution from the following: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements 38 VERANO.COM verano#39Florida Overview Market Overview Medical market •21.5M population • 457k medical patients; 2.1% penetration . Total market expected to grow from $970M (2020) to $2.56B (2026E) Verano Operations • 37 dispensaries in operation - 6+ planned to open by the end of 2021 220k sq. ft. indoor cultivation and manufacturing facility in Apollo Beach Market size forecasts based on BDSA estimates. 39 VERANO.COM verano#40Arizona Overview • Market Overview Adult-Use and medical markets • 7.3M population . • Adult-use program active as of January 2021 • • -295k medical patients; 4.0% penetration Total market expected to grow from $1.03B (2020) to $1.81B (2026E) Verano Operations • 6 operational dispensaries 30k sq. ft. indoor cultivation and manufacturing facility in Coolidge - 60k sq. ft. expansion underway •-20K sq. ft. facility in Winslow Market size forecasts based on BDSA estimates. Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 40 VERANO.COM verano#41New Jersey Overview Market Overview . Adult-Use and medical markets • 8.9M population • • ~99k medical patients; 1.1% penetration Total market expected to grow from $178.5M (2020) to $1.84 (2026E) • Adult-use signed into legislation in February 2021 Verano Operations • 3 active medical dispensaries 120k sq. ft. indoor cultivation and manufacturing facility with staggered expansion planned to be completed by the end of Q3 2021 Market size forecasts based on BDSA estimates. Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 41 VERANO.COM verano#42Pennsylvania Overview Market Overview • Medical market • 12.8M population . • 380k medical patients; 3.0% penetration . Total market expected to grow from $545M (2020) to $1.3B (2026E) Verano Operations • 12 active medical dispensaries; 6 additional medical dispensaries planned 1 active 62k sq. ft. cultivation and manufacturing facility in Chester • 1 additional planned cultivation and manufacturing facility Market size forecasts based on BDSA estimates. Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 42 VERANO.COM verano#43Ohio Overview Market Overview • Medical market • 11.7M population •160k medical patients; 1.4% penetration • Total market expected to grow from $217.6M (2020) to $1.37B (2026E) Verano Operations .5 medical dispensaries • 22k sq. ft. indoor cultivation and manufacturing facility in Canton Market size forecasts based on BDSA estimates. Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 43 VERANO.COM ANPORT 3342 verano#44Nevada Overview Market Overview . Adult-Use and medical markets • 2.9M population . • 9.8k medical patients; 0.3% penetration • Total market expected to grow from $808M (2020) to $1.68B (2026E) Verano Operations • • 4 active dispensaries with 1 additional planned by Q3 2021 42k sq. ft. indoor cultivation and manufacturing facility expansion underway - 10k sq. ft. indoor and manufacturing facility Market size forecasts based on BDSA estimates. Includes the contribution from a pending acquisition. In addition, includes: (1) licenses directly owned, managed, or operated; (2) those licénses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 44 VERANO.COM verano#45Maryland Overview Market Overview . Medical market • 6.1M population . 123k medical patients; 2.0% penetration . Total market expected to grow from $449M (2020) to $1.39B (2026E) Verano Operations • 4 operating medical dispensaries .39k sq. ft. cultivation facility - expansion is nearing completion Market size forecasts based on MJBizDaily 2020 estimates. Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 45 VERANO.COM verano#46KEY DEVELOPING STATES MASSACHUSETTS, MICHIGAN, ARKANSAS#47Massachusetts Overview OVERVIEW OF MARKET AND VERANO OPERATIONS Market Overview • Adult-Use and medical markets ⚫6.9M population • 100k medical patients; 1.4% penetration • Total market expected to grow from $917M (2020) to $1.78B (2026E) Verano Operations •2 adult-use dispensaries ⚫A 26k sq. ft. indoor cultivation and manufacturing facility under construction; first room expected to come online by end of Q3 2021 Market size forecasts based on MJBizDaily 2020 estimates. Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 47 VERANO.COM verano#48Michigan Overview OVERVIEW OF MARKET AND VERANO OPERATIONS Market Overview • Adult-Use and medical markets • 10M population •247k medical patients; 2.5% penetration . Total market expected to grow from $985M (2020) to $1.69B (2026E) Verano Operations • 1 medical & adult-use dispensary in Buchanan, MI (~30 min from South Bend and Elkhart, IN (directly across border), ~90 min from Chicago, IL) Market size forecasts based on BDSA estimates. Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 48 VERANO.COM verano#49Arkansas Overview OVERVIEW OF MARKET AND VERANO OPERATIONS Market Overview . Medical market • 3M population • 66.6k medical patients; 2.2% penetration • Total market expected to grow from $129M (2020) to $720M (2026E) Verano Operations •1 medical dispensary in El Dorado Market size forecasts based on BDSA estimates. Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 49 VERANO.COM N verano#50OTHER DEVELOPING STATES CALIFORNIA, WEST VIRGINIA, MISSOURI#51California, West Virginia, Missouri Overview OVERVIEW OF MARKET AND VERANO OPERATIONS Below is an overview of assets owned by Verano which are not included in its financial forecasts:(1) California • 1 processing facility . 1 Includes: (1) licenses directly owned, managed, or operated; (2) those licenses with which Verano has executed management agreements or other commercial agreements; and/or (3) those licenses to which Verano has a purchase option. 2 Market size forecasts based on BDSA estimates. 51 VERANO.COM West Virginia Approved for cultivation, processing and 7 dispensaries West Virginia medical market expected to grow to $33M by 2026E(2) Missouri Won 1 manufacturing license 6.1M population; medical market 44k medical patients (0.7% penetration) Missouri medical market expected to grow to $863M by 2026E(2) verano