#1GLASS HOUSE BRANDS NEO GLAS.A.U OTCQX: GLAS. F Q1 2023 INVESTOR PRESENTATION#2DISCLAIMERS Cautionary Statements This document is for information purposes only and should not be considered a recommendation to purchase, sell or hold a security. This presentation has been prepared for discussion purposes only and is not, and in no circumstances is to be construed as an advertisement, public offering, or prospectus related to the securities of Glass House Brands Inc. (the "Company" or "GHB") in any jurisdiction. No securities commission or similar authority in Canada, the United States or elsewhere has reviewed or in any way passed upon this presentation or the merits thereof and any representation to the contrary is an offence. This presentation also contains or references certain market, industry and peer group data which is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Any third-party information has not been independently verified. While the Company may not have verified the third-party information, they believe that it obtained the information from reliable sources and have no reason to believe it is not accurate in all material respects. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the maximum extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reason of reliance by any person on any of it including, without limitation, the choice of comparable companies, or any information related thereto. This presentation should not be construed as legal, financial or tax advice to any investor, as each investor's circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances. In making an investment decision, investors should not rely solely on the information contained in this presentation. Neither the delivery of this presentation, at any time, nor any trade in securities made in reliance on this presentation, will imply that the information contained in the presentation is correct as of any time subsequent to the date set forth on the cover page of the presentation or the date at which such information is expressed to be stated, as applicable. Investing in securities of the Company involves risks. See "Risk Factors" included in our Q1 2023 Management's Discussion and Analysis and in the Company's Annual Information Form and other public filings on SEDAR at www.sedar.com (the "Risk Factors"). This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. All financial information is in U.S. dollars, unless otherwise indicated. Forward Looking Information Certain information set forth in this presentation and any other information that may be furnished to prospective investors by the Company in connection therewith, other than statements of historical fact, may be considered "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation (referred to herein as forward-looking statements). Forward-looking statements include but are not limited to statements related to activities, events or developments that the Company expects or anticipates will or may occur in the future, statements related to the Corporation's business strategy objectives and goals, and the Corporation's management's assessment of future plans and operations which are based on management's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements can often be identified by the use of words such as "may", "will", "could", "would", "should", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions or the negatives thereof. In particular, and without limiting the generality of the foregoing, forward looking statements in this presentation include statements related to the buildout and development of the cultivation facility owned by the Company in Camarillo, California (referred to herein as the SoCal Farm); the Company's business plans and strategies; the addressable markets for the Company's products; the Company's competitive position,; the ability to develop products, scale production and distribute products; the Company's retail expansion strategy and plans to grow its market share in existing and new markets; the Company's investment in new technologies and products; the Company's expansion of production capacity; the development and expansion of the Company's brands; strategic acquisition opportunities; the future size of the cannabis market in California and the United States; the receipt of licenses from regulatory authorities; and the Company's future financial performance. In addition, the financial projections and estimates contained under "Pro Forma Wholesale Biomass Economics" and elsewhere in this presentation, including proforma gross profit and gross profit margin constitute "forward looking information" within the meaning of applicable securities laws. Such information is being provided to demonstrate potential future outcomes and may not be appropriate for other purposes and should not be relied upon as necessarily being indicative of future financial results. Forward looking statements involve known and unknown risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, those described in the Risk Factors and the other. risk factors identified in this presentation. Although the Company has attempted to identify the main risk factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other risk factors not presently known to the Company or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. Although the forward-looking statements contained in this presentation are based upon what the Company believes are reasonable assumptions, you are cautioned against placing undue reliance on these statements since actual results may vary from the forward-looking statements. Any data demonstrating the historical performance contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of the future performance of the Company. Consequently, all of the forward-looking statements contained in this presentation are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that the Company anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Non-GAAP Measures This presentation makes reference to certain non-U.S. GAAP measures, such as proforma gross profit and gross profit margin, among other non-GAAP measures that may be identified herein. These measures are not recognized under U.S. GAAP and do not have a standardized meaning prescribed by U.S. GAAP. Rather, these measures are provided as additional information to complement U.S. GAAP measures by providing further understanding of GH Group's results of operations from management's perspective. Market participants frequently use non-U.S. GAAP measures in the evaluation of issuers. The Company's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management of the Company do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercises of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. You should review the Company's current financial statements and not rely on any single financial measure to evaluate the Company's business. Readers are also referred to the heading "Non-GAAP Financial Measures" in the Company's Q1 2023 MD&A at www.Sedar.com. Cannabis-related Activities are Illegal Under U.S. Federal Laws The Company derives 100% of its revenues from doing business in the cannabis industry in the U.S. The concepts of "medical cannabis" and "adult-use cannabis" do not exist under U.S. federal law. The U.S. Federal Controlled Substances Act classifies "marihuana" as a Schedule I drug. Accordingly, cannabis- related practices or activities, including, without limitation, the manufacture, sale, importation, possession, use or distribution of cannabis and its derivatives, are illegal under U.S. federal law and the enforcement of the relevant laws poses a significant risk. These laws and their enforcement are in flux and vary dramatically from jurisdiction to jurisdiction. The enforcement of these laws and its effect on the Company and its business, employees, directors and shareholders are uncertain, and accordingly, involve considerable risk. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. Any such proceedings brought against the Company may adversely affect the Company's operations and financial performance. 2#3ACHIEVEMENTS WE LISTED IN JUNE 2021, WHAT HAVE WE ACCOMPLISHED SINCE? Acquired the 165-acre SoCal Farm, with 5.5m sq ft of cultivation footprint spread amongst 6 state-of-the-art greenhouses. ✰ Secured $100m senior secured loan facility from Whitehawk to fund capex for the entire retrofit of the SoCal Farm, immediately drawing down the initial $50m required for Phase I capex in December 2021. SoCal Farm licenses acquired by March 2022, first harvest in late May, first sale in late June - all ahead of schedule Acquired PLUS Gummies - a top five California edibles brand - in April 2022 Started with 3 Dispensaries, have 10 now. Raised $31m in cash in 2H22 via our Series B and Series C Preferred Stock offerings. In the 2nd Half of 2022, which were the first two quarters of SoCal Phase I commercial operation, Glass House's gross profit from wholesale biomass sales was $11.7 million, exceeding the previous ten quarters of wholesale biomass combined. In early March 2023, announced plans to expand existing capacity by more than 80% by retrofitting an additional one million sq ft of greenhouse acreage capable of producing 250,000 pounds of high-quality sun grown cannabis annually with commercial cultivation to begin by the end of 2023. 1,2 AS A RESULT OF THIS ACTIVITY, GLASS HOUSE ACHIEVED 31% REVENUE GROWTH IN 2022 AND EXPECTS TO GROW 2023 REVENUES BY MORE THAN 75% YEAR OVER-YEAR TO $160 MILLION. WE ALSO ACHIEVED FREE CASH FLOW POSITIVE OPERATIONS IN 1 Q2 3, ONE QUARTER AHEAD OF GUIDANCE. 1. Assumes sufficient capital for conversion, the availability of additional licenses, and supporting market conditions. 3#4INVESTMENT HIGHLIGHTS LARGEST CULTIVATION FOOTPRINT, UNMATCHED CAPACITY UP TO 6 M SQ. FT. OF BEST-IN- CLASS CULTIVATION FACILITIES A BRAND BUILDING MACHINE IN THE #1 US MARKET HIGH QUALITY, SUN-GROWN CANNABIS AT SCALE AND PREDICTABLE SUPPLY CAPABILITY SUPPORT THE SUCCESS OF OUR BRANDED PRODUCTS CALL OPTION ON INTERSTATE COMMERCE STRONGLY POSITIONED TO CARRY LEADING MARKET SHARE AND COST ADVANTAGE NATIONWIDE !!! COMPELLING COST STRUCTURE 100% OWNED CULTIVATION ASSETS; STATE-OF-THE ART AND GEOGRAPHICALLY CONCENTRATED DEVELOPING A ROBUST RETAIL, DELIVERY AND DISTRIBUTION NETWORK STRONG ACCESS TO CUSTOMER TOUCH AND SHELF SPACE TO DRIVE BRAND AWARENESS AND PLACEMENT TOP ESG PLAY IN CALIFORNIA CANNABIS 95% LOWER CO2 EMISSIONS AND ENERGY USE THAN THE AVERAGE INDOOR GROW 4#5GLASS HOUSE BRANDS WE ASPIRE TO BE THE # 1 CANNABIS COMPANY IN THE # 1 MARKET IN THE WORLD MISSION BECOME THE LARGEST AND MOST PROFITABLE VERTICALLY-INTEGRATED CANNABIS COMPANY IN CALIFORNIA, DELIVERING BRANDS TO CONSUMERS ACROSS ALL SEGMENTS 5#6CALIFORNIA: HIGH GROWTH & CONSOLIDATION POTENTIAL MM 30 M ADULTS 1 > 260 M TOURISTS 2 2 ~ 6,150 CULTIVATORS 3 > 1,200 DISTRIBUTORS 3 > 1,600 RETAILERS 3 R > 1,000 BRANDS 4 1. Source: https://www.census.gov/quickfacts/CA 2. Source: https://industry.visitcalifornia.com/research/travel-forecast 3. Source: California Department of Cannabis Control Website, as of end April 2023. The number of cultivators is down from 7,999 on 6/30/22 and 6,791 in February 2023. 4. Souce: Headset, the number of brands selling flower, pre-rolls, edibles and/or vape products with sales greater than $10k during Q1 2023. Exact number is 1,012, down from 1,206 in June 2022 and 1083 at the end of Q4 2022. 6#72025e Market Size Projection (Legal, $B) 7.8 CALIFORNIA: LARGEST SINGLE US CANNABIS MARKET 2022a Market Size $5.3B (Legal)* THE LEGAL CALIFORNIA MARKET I N I S MORE THAN TWICE THE SIZE O F THE NEXT BIGGEST MARKET; ALMOST AS LARGE A S THE NEXT STATES THREE COMBINED THE ILLEGAL MARKET I N CALIFORNIA I S ESTIMATED TO BE 2 X 3 X THE SIZE OF THE LEGAL MARKET, REPRESENTING HUGE POTENTIAL UPSIDE FOR LEGAL BRANDS A S MORE AND MORE COUNTIES LEGALIZE DISPENSARIES IN THEIR JURISDICTIONS 3.2 2.9 2.8 2.5 2.4 2.2 1.9 1.7 17 California Florida New York Source: Headset forecast for 2025 US Market Forecasts, as of February 2022 * California Department of Tax and Fee Administration, Legal Cannabis Retail Revenues for 2022 Arizona Illinois Michigan Colorado Pennsylvania Washington Massachusetts 1.7 1.6 1.6 1.4 1.3 1.3 Ohio New Jersey Oregon Virginia Oklahoma Nevada 1.1 7#8THE VERTICAL ADVANTAGE Increased cultivation utilization C ☐ Increased wholesale CP G 1. 2. 3. Increased brand sales The NHC - Grover Beach and NHC - Lemoore dispensary acquisitions closed on 7 Sep 2022. For more information, please see here. The NHC - Morro Bay dispensary. acquisition closed 15 Sep 2022. For more information, please see here. The NHC - Turlock acquisition closed on 21 Apr 2023, please see here for more information. Acquired the remaining equity ownership interests of The Pottery on July 28th, 2022. For more detail, please see here. Farmacy Isla Vista opened in December 2022. For more detail, please see here. Farmacy Santa Ynez opened in early January 2023. For more detail, please see here. Owned stores • • • NEW DISPENSARIES NHC Grover Beach, Lemoore, Morro Bay & Turlock 1 The Pottery 2 Farmacy: Santa Ynez, Isla Vista 3 8#9UNMATCHED CAPACITY AND RAPIDLY EXPANDING RETAIL FOOTPRINT Berkeley Turlock Lemoore Morro Bay Grover Beach Santa Ynez Isla Vista Santa Barbara The Pottery (Los Angeles) Santa Ana Cultivation facility (3) Manufacturing (1) Wholly-owned Retail (10) LOMPOC MANUFACTURING License Type 6,7 & 11 PLUS & Allswell Edibles/Gummies We added 7 new dispensaries since September 2022 and now have a total of 10 • • Acquired the remaining equity ownership interests of The Pottery in Q3 22.1 Acquired 3 NHC dispensaries in Grover Beach, Lemoore and Morro Bay in Q3 22 and opened NHC-Turlock on April 27th, 2023.2 Farmacy Isla Vista opened in December '22 and Santa Ynez opened in early January '23.3 PADARO: 350,000 sq. ft. CASITAS: 150,000 sq. ft. 1. SOCAL: 5,500,000 sq. ft. 2. 3. Acquired the remaining equity ownership interests of The Pottery on July 28th, 2022. For more detail, please see here. The NHC Grover Beach and NHC - Lemoore dispensary acquisitions closed on 7 Sep 2022. For more information, please see here. The NHC - Morro Bay dispensary acquisition closed 15 Sep 2022. For more information, please see here. The NHC - Turlock acquisition closed on 21 Apr 2023, please see here for more information. Farmacy Isla Vista opened in December 2022. For more detail, please see here. Farmacy Santa Ynez opened in early January 2023. For more detail, please see here. 9#10DRAMATIC EXPANSION IN REVENUES ALREADY UNDERWAY BUILDING BLOCKS TO REACH $160 M ANNUAL REVENUE IN 2023 ARE NOW IN PLACE 1 $M Retail Waterfall 45 40 35 30 5252525 5 22 20 15 10 2021A $M 30 13 26 25 2022A Incremental 2023E Incremental 20 15 10 5 CPG Waterfall $M Wholesale Biomass Waterfall 120 100 -3 80 -3 60 2021A 2022A Incremental 2023E Incremental 440 22 20 2021A 19 59 2022A Incremental 2023E Incremental additional Retail: Projecting $13m in revenues in 2023 due to revenues from 7 new dispensaries added since Q3 22, but 2023 revenue growth will be negatively impacted by the change in excise tax collection, the extremely competitive heavy discounting. marketplace and CPG: Full year of PLUS and Allswell is offset by negative growth in the California flower market and an extremely competitive retail environment. Wholesale Biomass: SoCal Phase I output in the second half drove 2022 growth. In 2023, revenues are expected to benefit from higher wholesale pricing and from having SoCal Phase I production all year. 1. Company has the potential to achieve monthly revenues that annualize to $160 million. The statement assumes the following in potential revenues from each source: 1) Annualized wholesale biomass sales of $100 million; 2) Annualized retail revenues of $40 million; 3) Annualized wholesale CPG revenues of $20 million. Please see Forward-looking disclosures statement on Slide 2. 10#11STRONG BRANDS ACROSS ALL SEGMENTS GLASS HOUSE EXISTING BRANDS COVER >70% OF CANNABIS CATEGORIES GOOD. HONEST. CANNABIS. SMALI GLASS NOUSEMS CHEE FUNCTIONAL. FLAVORFUL. 100 PLUS SOUR allswell OPICAL BLAST FARMS SWEET allswell SMALLS allswell DEMY DREAM RY SMALLS SMALLS allswell Lited by e allswell Indica ELD FIELD F/ELD PLUS 10 100 PLUS Balance lal 5 5 CANNABIS EDIBLES. PLUS Convate 51 1 CA F/ELD ff HYPE UP ENERGY + MOTIVATION TURN ON INTIMACY + CONNECTION ZONE IN FOCUS +PRODUCTIVITY CHILL OUT SLEEP RELAXATION FIELD FIELD MAMA SUE by Sue Taylor Relief Belief Relief Sleep HAME THE Sleep#12CONSISTENTLY AMONGST THE LEADERS IN CALIFORNIA FLOWER SHARE 3.50% 3.00% BY Q4 '21, OUR FIRST BRAND REACHED THE #1 FLOWER RANKING IN BDSA & #2 RANKING IN HEADSET ANALYTICS AND HAS SINCE DISPLAYED STEADINESS IN A VOLATILE AND COMPETITIVE MARKET 2.50% % Market 2.00% Share of Flower Segment, by $ 1.50% #110 1.00% 0.50% 0.00% Source: Headset + BDS Analytics #244 Q1'20 Q2 '20 #38 #100 Q3 '20 #11 #57 Q4'20 #7 #2 #4 #4 #3 Q1'21 #5 #5 #5 Q2'21 Q3 '21 GHF % Share (Headset) Q4'21 GHF % Share (BDS) Q1'22 #1 #1 #2 #2 22 Q2'22 Q3'22 #2 #2 #4 #6 Q4'22 #8 #4 #3 13 GLASS HOUSE FARMS Q1'23 12 #6#13OPERATIONS: THE SOCAL GREENHOUSE FARM UNMATCHED CAPACITY & LOW-COST PRODUCTION • Q4 22 COST OF PRODUCTION HIT A RECORD LOW $127/LB • PROJECTED COST OF PRODUCTION FOR 2H 23 IS $120/LB 5.5 M SQ. FT. OF HIGH TECH, BEST IN CLASS, CONTROLLED ENVIRONMENT GREENHOUSES INDOOR QUALITY AT CLOSE TO OUTDOOR COSTS 13#14OPERATIONS: EXPANDING FOOTPRINT NEW, UNMATCHED CAPACITY • 165-acre property in Southern • California (SOCAL) Planned 5.5M sq ft of cultivation across 6 state-of-the-art greenhouses to be built out in 3 Phases. 1.7M dry pounds of cannabis per annum after full greenhouse conversion • Phase 2: +1.0M SQ FT (1 greenhouse) 1 . Phase 1: +1.5M SQ FT (1 nursery and 1 greenhouse, retrofit completed in 2022) 1. Graphic components showing future potential is forward looking information and assumes sufficient capital for conversion, the availability of additional licenses, and supporting market conditions. Please see Disclaimers on Slide 2. SOCAL 2023 3.0M SQ FT SOCAL 2022 2.0M SQ FT PADARO 2020 Q4 2020: 350,000 sq ft Q3 2020: 280,000 sq ft Q2 2020: 210,000 sq ft Q1 2020: 140,000 sq ft 500K SQ FT CASITAS 2017 Q4 2017: 150,0000 sq ft Q3 2017: 100,000 sq ft Q2 2017: 50,000 sq ft 150K SQ FT Cumulative SQ FT 14#15OPERATIONS: $ /Lb. UNMATCHED COST STRUCTURE PRO FORMA WHOLESALE BIOMASS ECONOMICS 1 Declining cost of production leads to improving gross margins Cost of Production² Q2 2023 through Q4 2023 Cost of Production are projections based on Glass House official guidance Cultivation Proforma Economics $300 $350 $188 $237 $204 Weighted Average Selling Price 3,6 $236 $290 $330 70% $300 $250 $238 70% $250 50% $196 $200 $200 $159 $150 $150 $150 46% 34% 33% 32% 30% $134 $120 $127 $120 $100 $100 10% $100 $238 $159 $134 $127 $196 $100 $50 -10% $50 $- -27% $(50) -30% Q1 Q2 Q3 Q4 Long-Term Goal Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 2022 2023 I Cost of Production Proforma Gross Profit4 Long-Term Goal Proforma Gross Margin % 5 1. This table includes forward-looking information that is disclosed using non-GAAP measures. These non-GAAP measures are described in the notes below. For more information on non-GAAP measures and forward-looking statements, please see Disclaimers on Slide 2. 2. Cost of Production includes all expenses from nursery and cultivation to curing and trimming at which point the product is ready for sale as wholesale cannabis or to be transferred to CPG. 2022 cost and Q1 2023 cost are actual. Q2 23 through Q4 23 are Glass House guidance. 3. Weighted Average Selling Price = the individual selling price for flower, smalls and trim multiplied by the mix of product for each product sold. 4. Proforma Gross Profit = Weighted Average Selling Price minus Cost of Production. 5. Proforma Gross Profit Margin = Proforma Gross Profit divided by Weighted Average Selling Price 6. Full Year 2023 projected weighted average selling price of $330/lb. is used for proforma Gross Margin calculation for 'Long Term Goal'. Please note that cost of production is typically highest in Q1 and Q2 due to a seasonal decline in pounds produced. We expect to produce 315,000 pounds of wholesale biomass in 2023, with 39% in the first half and 61% in the second half. 7. The purpose of this financial analysis is to provide investors with a basis for analysis of the Company's proforma cost structure. Readers are cautioned that the information may not be appropriate for other purposes. 15#16EXISTING RETAIL AT YEAR-END 20 21 THE FARMACY - SANTA ANA Top 11 Coolest Dispensaries - VenueReport D 13 THE FARMACY - SANTA BARBARA Voted Best Local Dispensary 2020 and 2021 DELIVERY GLASS HO FARMS SANTA BARBARA CA FARMAC THE FARMACY BERKELEY Best Delivery East Bay 2021 16#17NEW RETAIL NATURAL HEALING CENTER 1. 2. 3. GROVER BEACH1 5000 The NHC - Grover Beach and NHC - Lemoore dispensary acquisitions closed on 7 Sep 2022. For more information, please see here. The NHC Morro Bay dispensary acquisition closed 15 Sep 2022. For more information, please see here. The NHC -Turlock acquisition closed on 21 Apr 2023, please see here for more information. MORRO BAY2 nhe TURLOCK³ LEMOORE1 Whe 17#18NEW RETAIL- 1. 2. 3. FARMACY AND THE POTTERY NEW FARMACY DISPENSARIES IN SANTA BARBARA COUNTY THE FARMACY ISLA VISTA1 Farmacy Isla Vista opened in December 2022. For more detail, please see here. Farmacy Santa Ynez opened in early January 2023. For more detail, please see here. Acquired the remaining equity ownership interests of The Pottery on July 28th, 2022. For more detail, please see here. THE FARMACY SANTA YNEZ2 THE POTTERY - LOS ANGELES³ FARMAC Cited by Thrillist, Angeleno and the L.A. Times as one of the Best High-End Dispensaries in Southern California 18#19ESG AS A STRATEGIC AND . • • COMPETITIVE ADVANTAGE STRATEGICALLY LOCATED IN CALIFORNIA, WHERE GROWING CONDITIONS ARE OPTIMAL FOCUS ON ENERGY EFFICIENCY WITH SOLAR AND COGENERATION CAPABILITIES ESG MANDATED U.S. AUM ARE FORECAST TO REACH $53 TRILLION BY 20251 Kg CO2 per kg Flower² kWh per Sq. Ft. of Flower² 3000 300 2500 250 95% 2000 200 95% less CO2 less energy emissions than 1500 150 the average indoor grower 1000 100 500 50 0 Avg. Indoor Avg. CA GHB Greenhouse Avg. Indoor CANNABIS & TECH CH TODAY Ct SUSTAINABL today AWARDS use than the average indoor grower GHB RSHIP A SUSTAINABLE LEADERSHIP AWARD WINNER 2020: Stewardship 2021: Energy Avg. CA Greenhouse 19 1. Bloomberg: https://www.bloomberg.com/professional/blog/esg-assets-may-hit-53-trillion-by-2025-a-third-of-global-aum/ 2. Seinergy July-2021, GHB commissioned study#20MEET THE GLASS HOUSE TEAM KYLE KAZAN Co-founder, Chairman & CEO GRAHAM FARRAR Co-founder, President & Board Director MARK VENDETTI Chief Financial Officer HILAL TABSH Chief Revenue Officer JOHN BREBECK BEN VASQUEZ JENNIFER BARRY WILL TU GERRIT VANDERKOOY VP Investor Relations VP Farm Operations VP Retail VP Corporate Controller VP Cultivation BEN VEGA General Counsel & Corporate Secretary JACQUELINE DE GINESTET VP Sales JOSHUA KARCHMER VP Marketing 20#21GLASS HOUSE BRANDS HISTORICAL FINANCIAL DATA#22REVENUE AND GROSS PROFIT (000's $) Retail (B2C) Q122 Revenue Q222 Q322 Q422 Q123 FY21 FY22 $ 4,858 $ 4,839 $ 6,440 $ 10,593 $ Wholesale CPG (B2B) $ 3,992 $ 4,945 $ Wholesale (Biomass (B2B) $ 5,122 $ 6,689 $ 7,862 $ 13,954 $ Total $ 13,972 $ 16,473 $ 28,257 $ 9,373 5,989 $ 5,182 15,607 $ 14,467 32,189 $ 29,022 $ 21,734 $ 26,731 $ 25,543 $ 22,788 $ 22,169 $ 41,373 $ 69,447 $ 90,891 Sequential % Change Retail (B2C) Wholesale CPG (B2B) Wholesale (Biomass (B2B) Total % change to LY -5% 0% 33% 64% -12% -41% 24% 59% -24% -13% -21% 31% 109% 12% -7% -24% 18% 72% 14% -10% Retail (B2C) -3% -24% 23% 106% 93% 50% 23% Wholesale CPG (B2B) -31% -19% 13% -11% 30% 93% -11% Wholesale (Biomass (B2B) 14% 8% 180% 140% 182% 8% 87% Total -8% -12% 65% 75% 108% 44% 31% (000's $) Q122 Gross Profit Q222 Q322 Q422 Q123 FY21 FY22 Retail (B2C) $ 2,084 $ Wholesale CPG (B2B) $ 655 $ 2,037 $ 89 $ 2,651 $ 4,482 $ 4,871 $ 9,419 $ 11,253 1,078 $ (917) $ 921 $ 5,174 $ 905 Wholesale (Biomass (B2B) $ (400) $ (1,872) $ 5,011 $ 6,661 $ 6,165 $ 1,427 $ 9,400 Total $ 2,339 $ 254 $ 8,726 $ 10,219 $ 11,956 $ 16,019 $ 21,538 % of Revenue Retail (B2C) Wholesale CPG (B2B) Wholesale (Biomass (B2B) Total 43% 42% 41% 42% 52% 43% 42% 16% 2% 14% -15% 18% 20% 4% -8% -28% 36% 43% 43% 6% 23% 17% 2% 31% 32% 41% 23% 24% 22 22#23WHOLESALE BIOMASS METRICS Wholesale Biomass Production and Cost per Pound Q122 Q222 Q322 Q422 Q123 FY21 FY22 Equivalent Dry Pounds of Production % change to LY 16,729 25,173 7% 9% 74,624 164% 75,344 153% 48,099 188% 96,785 79% 191,870 98% Cost per Equivalent Dry Pounds $ 238 $ 159 $ 134 $ 127 $ 196 $ 189 $ 143 of Production % change to LY -2% -18% -25% -24% -18% -14% -24% Ending Operational Canopy (000 sq. ft) 332 332 959 959 959 332 959 Equivalent Dry Pounds Sold % change to LY Equivalent Dry Pounds Sold Average Selling price % change to LY Wholesale Biomass Sold and Average Selling Price per Pound Q122 Q222 Q322 Q422 Q123 FY21 FY22 17,894 19,859 41% 38% 68,512 265% 66,127 184% 49,923 179% 69,153 235% 172,392 149% $ 188 $ 237 $ 204 $ 236 $ 290 $ 233 $ 218 -29% -30% 7% 29% 54% -58% -6% Equivalent Dry Pounds Average Selling Price excludes the impact of cultivation tax. 23#24NET INCOME/(LOSS) Revenues, net Cost of goods sold Gross profit % of Net Sales Expenses: Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 FY21 FY22 LA LA $ 13,972 $ 16,473 $ $ 11,633 $ 16,219 $ 28,257 19,531 $ 32,189 $ 29,022 $ 69,447 $ 90,891 $ 21,969 $ 17,066 $ 53,427 $ 69,353 $ 2,339 $ 17% 254 2% $ 8,726 $ 10,219 $ 11,956 $ 16,019 21,538 31% 32% 41% 23% 24% General and administrative Sales and marketing Professional fees Depreciation and Amortization LALALALA 9,423 $ 10,875 $ 11,546 13,912 $ 11,386 866 898 $ 804 859 $ 652 2,571 $ 2,670 $ 2,834 1,876 $ 1,500 $ $ 2,607 2,837 $ 3,441 3,416 $ 3,836 SASASALA $ 33,781 $ 3,531 9,078 $ $ 4,767 $ SASASAS 45,757 3,427 9,951 12,301 Impairment $ 23,007 Total expenses $ 15,467 $ 17,281 $ 18,626 $ 20,063 $ 40,382 $ 51,157 $ 71,437 Loss from operations $ (13,128) $ (17,028) $ (9,900) $ (9,843) $ (28,425) $ (35,138) $ (49,898) Total other expense $ 8,049 (4,568) $ (27,698) $ 5,174 $ 7,938 $ 5,930 $ (19,044) Provision for income taxes $ (1,351) $ Net income (loss) $ (19,826) $ 1,733 $ (14,192) $ 2,630 $ 15,169 $ 1,729 (16,747) $ 2,422 $ 3,298 4,742 (38,785) $ (44,366) $ (35,597) 24 24#25ADJUSTED EBITDA Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 FY21 FY22 $ (19,826) $ (14,192) $ $ 1,198 $ 1,571 $ 15,169 $ 2,672 $ (16,747) $ (38,785) $ (44,366) $ 2,168 $ 2,080 $ 2,737 $ (35,597) 7,608 $ 2,607 $ 2,837 $ 3,441 $ 3,416 $ 3,836 $ 4,767 $ 12,301 $ (1,351) $ 1,733 $ 2,630 $ 1,729 $ 2,422 $ 3,298 $ 4,742 $ (17,371) $ (8,052) $ 23,911 $ (9,433) $ (30,447) $ (33,563) $ (10,945) ᏌᏊ ᏌᏊ ᏌᏊ Ꮜ Ꮚ Ꮜ ᏌᏊ Ꮜ ᏌᏊ Ꮜ $ 2,682 $ 3,491 $ 2,812 $ 69 $ 92 $ $ 3,770 $ $ 1,631 $ 8,710 $ 12,756 $ 35 $ (35) 354 $ 73 $ $ $ 53 $ 871 $ 25 $ 709 $ 2,264 $ 1,089 $ 2,007 (48) $ (13) $ (825) $ 30 $ $ $ 23,007 $ 818 $ $ $ $ $ $ $ $ $ A LA $ $ $ 893 $ $ 6,481 $ 99 $ (6,314) $ $ $ $ 535 $ $ (6,358) $ 792 $ (9,766) $ (131) (31,122) $ $ 935 $ (2,699) $ 319 2,086 $ 6,090 $ 1,663 $ 1,442 3,410 (4,032) $ (28,869) $ $ 3,243 $ $ $ 5,017 $ 2,261 (2,597) $ (149) $ (11,754) $ (21,354) Net income (loss) Interest Depreciation and amortization Taxes EBITDA (non-GAAP) Share-based Compensation Expense Stock Appreciation Rights Expense Loss on Equity Method Investements (Gain) Loss on Change in Fair Value of Derivative Liabilities Loss on Impairment of Investments Loss on Extinguishment of Debt Loss on Disposition of Subsidiary Start Up Costs Loss (income) on change in fair value of contingent earnout liabilities Non-Operational Notes Receivable Bad Debt Reserve Non-Operational Related Professional Fees Adjusted EBITDA (non-GAAP) 25 25#26SELECT BALANCE SHEET INFORMATION Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Cash, Cash Equivalents and Restricted Cash Accounts receivable, net $ 24,833 $ 17,451 $ 17,536 $ 14,144 $ 16,368 2,518 3,652 6,787 5,653 3,681 Prepaid expenses and other current assets 7,610 5,327 7,590 8,347 4,627 Inventory 7,599 12,252 12,749 12,058 14,681 Current portion of notes receivable 6,061 600 1,256 1,301 Total Current assets $ 42,560 $ 44,744 $ 45,263 $ 41,457 $ 40,658 Operating lease right-of-use assets, net 3,016 3,610 10,293 10,848 10,562 6,943 6,869 4,492 4,246 1,982 Property, plant and equipment, net 206,107 212,648 215,848 216,717 214,473 Intangible Assets, Net and Goodwill 10,509 34,975 68,548 70,460 47,036 Deferred Tax Asset 706 773 Total Assets $ 3,308 273,150 $ 3,627 307,246 $ 736 3,671 348,851 $ 1,290 1,160 3,650 3,711 348,668 $ 319,584 Accounts payable and accrued liabilities $ Income taxes payable 7,319 $ 5,481 11,918 $ 23,012 $ 22,334 $ 25,852 7,070 11,057 7,550 9,412 Contingent earnout liability 44,910 44,056 12,933 14,657 18,059 2,757 2,757 8,226 8,589 8,596 Current portion of operating lease liabilities 286 561 1,194 1,078 1,123 39 9,490 70 40 48 Total current liabilities $ Operating lease liabilities, net of current portion Other non-current liabilities 60,792 2,790 1,540 $ 75,852 $ 56,493 $ 54,247 $ 63,090 3,085 1,631 9,160 1,796 9,859 9,560 4,505 4,877 Deferred tax liabilities Notes payable, net of current portion 45,068 61,886 62,407 62,619 62,887 Total Liabilities $ 110,191 $ 142,455 $ 129,856 $ 131,231 $ 140,414 Preferred Equity Series B and C 42,692 56,534 58,299 APIC, Accumulated Deficit and Non-Controlling Int. 162,959 Total Shareholders' Equity Total Liabilities and Shareholders' Equity $ 162,959 273,150 $ 164,791 164,791 307,246 176,303 160,904 120,871 218,995 217,438 179,170 $ 348,851 $ 348,668 $ 319,584 26#27SELECT CASH FLOW INFORMATION Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 FY21 FY22 Net Income (Loss) $ (19,826) $ (14,192) $ 15,169 $ (16,747) $ (38,785) $ (44,366) $ (35,597) Share-based compensation 2,682 3,491 2,812 3,770 1,631 8,710 12,756 Depreciation and amortization Other 2,607 2,837 3,441 3,416 3,836 4,767 12,301 5,201 (5,625) (28,886) 2,929 29,246 8,673 (26,440) Cash From Net Income (Loss) (9,335) (13,489) (7,465) (6,632) (4,071) (22,215) (36,979) Accounts receivable 295 277 (3,295) 709 2,053 2,182 (2,014) Prepaid expenses and other current assets (2,047) 2,428 (1,781) (757) 3,720 (2,915) (2,157) Inventory (1,003) (2,316) 1,155 628 (2,623) 613 (1,536) Other assets (968) (27) (66) (182) (48) (1,881) (1,243) Accounts payable and accrued liabilities (2,896) 3,671 629 (845) 3,432 3,242 560 Income taxes payable 442 1,589 2,429 (3,747) 1,862 90 713 Other 33 91 165 1,505 133 600 1,853 Working Capital Impact (6,143) 5,713 (764) (2,689) 8,529 1,930 (3,826) Operating Cash Flow $ (15,478) $ (7,777) $ (8,229) $ (9,321) $ 4,458 $ (20,285) $ (40,805) Purchases of property and equipment Other (12,876) (7,596) Net Investing Actvities $ (100) (12,977) $ (3,744) (11,340) $ (3,206) 3,173 (33) $ (4,087) (764) (4,852) $ (1,090) (45) (1,135) (108,496) (27,766) (3,005) (1,435) $ (111,501) $ (29,201) Distributions to Preferred Shareholders Other (870) 91 Net Financing Actvities $ (779) $ (860) 12,595 11,735 $ (1,136) 9,482 8,347 $ (1,135) 11,914 10,779 (1,367) 269 $ (1,099) $ (1,797) 183,115 181,318 (4,000) 34,082 $ 30,082 Cash Change (29,234) (7,381) 85 (3,393) 2,225 49,532 (39,923) Cash and cash equivalents, beginning of period 54,067 24,833 17,451 17,536 14,144 4,535 54,067 Cash and Cash, Equivalents, End of Period $ 24,833 $ 17,451 $ 17,536 $ 14,144 $ 16,368 $ 54,067 $ 14,144 27#28EQUITY TABLE (QUARTER-END Q1 2023) (000's) Total Equity and Exchangeable Shares Total Warrants Series C Series B Series A SPAC Total Warrants Stock Options RSU's Total Convertible Debentures Series A Series B Total Share Price at Quarter End # of Shares if converted assuming share price at quarter end Q1 23 Q4 22 Change 68,376 68,220 1,000 940 156 60 60 10,000 10,000 2,654 2,654 30,665 30,665 44,319 44,259 60 1,452 1,453 (1) 1,874 2,001 3,326 3,453 (127) (127) SA 11,895 $ 11,895 $ SA 4,111 $ 4,111 $ SA SA $ 16,006 $ 16,006 $ $ 2.75 $ 1.96 $ 4,410 5,013 0.79 (603) 28#29GLASS HOUSE BRANDS APPENDIX#30BOARD OF DIRECTORS KYLE KAZAN GRAHAM FARRAR • Co-founder, Chairman & CEO of Glass House Group 30+ years of successful Private Equity & investment experience with focus on real estate Launched 23 PE funds, over $2.75B current value owned & managed properties Joined cannabis industry in 2016, co-founding what would become Glass House Group Former law enforcement officer & special ed teacher Frequent guest professor in business; graduate of and former varsity basketball player for USC Co-founder, President & Board Director of Glass House Group 20+ years of serial entrepreneurship, including taking two companies public Part of original/founding teams at Software.com, Sonos, & iStory Time Inc. (zuuka) Joined cannabis industry by founding Elite Garden Wholesale, an ag-tech hydroponics supply company Board member of Seacology, Heal the Ocean, and Santa Barbara Bowl Foundation JAMIE MENDOLA • . Head of Strategy and M&A at Mercer Park LP and AYR Wellness 20 years of experience as a private and public equity investor Founder and CEO of Pacific Grove Capital, a long-short hedge fund that also launched one of the earliest dedicated SPAC funds in the United States Former Partner at Scout Capital, a $7B hedge fund Previous experience at J.P. Morgan, JLL Partners, and Watershed Capital B.S. from Binghamton University and 4-year baseball letterman; M.B.A. from Stanford's Graduate School of Business HUMBLE LUKANGA . Founder of Life Line Financial Group, premiere wealth management firm servicing some of the best-known performers & leaders in business, sports & entertainment Trustee of the University of New Mexico; Board Director for several companies & foundations B.A. & M.B.A. University of New Mexico; certified CFP; UCLA Personal Finance Planning degree Named to The Hollywood Reporter's Top Business Managers list for 3 years running; New Mexico Business Weekly's "Top 40 Under 40" 30#31BOARD OF DIRECTORS (CONT'D) JOCELYN ROSENWALD HECTOR DE LA TORRE • • Co-founder and Board Director of Glass House Group Veteran of real estate investment industry; most recently, successfully managed $500M portfolio Since 2016, supervised operations of the 4 funds that would become Glass House Group B.A. University of Pennsylvania; M.A. in Education, Hunter College; M.B.A UCLA Anderson School of Business Teach for America alumna, founding teacher at KIPP Star Elementary School . • Member of California State Assembly representing L.A. 2004-2010; member of South Gate City Council for 8 years, including 2 as Mayor Current Chair of L.A. Care, the largest public health plan in U.S.; Trustee of Occidental College; former Executive Director of national nonprofit Transamerica Center for Health Studies Former Chair of state Budget Subcommittee on Health & Human Services, Rules Committee, and Accountability & Administrative Review Committee, among others Assembly-Appointed Member of California Air Resources Board since 2011, with focus on goods movement, the environment and green tech Graduate of Occidental College; graduate work at the Elliott School of International Affairs at the George Washington University Early, vocal advocate for cannabis policy reform GEORGE RAVELING • . . First African American basketball coach in the Pac-8 (now Pac-12); head coach at Washington State, University of Iowa, & USC; assistant coach of medal-winning 1984 and 1988 US Olympic teams Nike's former Director of International Basketball; former commentator for Fox Sports & CBS Inducted into Naismith Memorial Basketball Hall of Fame, National Collegiate Hall of Fame; recipient of John W. Bunn Lifetime Achievement Award Author of two books; co-founder (w/Michael Lombardi) of The Daily Coach leadership program B.S. in Economics from Villanova University, where he is also in the Villanova Hall of Fame BOB HOBAN . 12-year veteran of the cannabis industry and Founder of Hoban Law Group, a leading global full-service commercial cannabis law firm and the first of its kind Co-Founder of Gateway Proven Strategies, a leading global cannabis industry consulting firm Has founded, created, bought, and sold over 15 of his own cannabis companies Crafted cannabis policy solutions for over 30 countries Widely recognized by a variety of publications and organizations as one of the most influential people in the global cannabis industry 31#32GLASS HOUSE BRANDS NEO GLAS.A.U OTCQX: GLAS. F