#1茶 * M Green Thumb Investor Presentation D THE CREDIBLE EDIBLE BEBOE Solomon's Doctor +DOGWALKERS+ CANNABIS PRE-ROLLS Good Green incredibles M RYTHM March 2022 CAN#2Cautionary Statement ON FORWARD-LOOKING STATEMENTS: This presentation includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, referred to herein as "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or "forward-looking information" under applicable securities laws. Statements containing the words "believe", "expect", "continue", "could", "potential", "predict", "would", "intend", "should", "seek", "anticipate", "will", "opportunity," "positioned", "poised," "project", "risk", "plan", "may", "estimate" or, in each case, their negative and words or expressions of similar meaning are intended to identify forward-looking statements. By their nature, forward-looking statements involve a number of known and unknown risks, uncertainties and assumptions concerning, among other things, the Company's anticipated business strategies, anticipated trends in the Company's business and anticipated market share, that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely cause the Company's actual results, performance or achievements to be materially different from any projected results, performance or achievements expressed or implied by the forward-looking statements. In addition, even if the outcome and financial effects of the plans and events described herein are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Forward-looking statements contained in this presentation are based on the Company's current estimates, expectations and projections, which the management of the Company believes are reasonable as of the current date. The Company can give no assurance that these estimates, expectations and projections will prove to have been correct. You should not place undue reliance on forward-looking statements, which are based on the information available as of the date of this document. Forward-looking statements contained in this document are made of the date of this presentation and, except as required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. Historical Information: Historical statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company. In particular, historical results should not be taken as a representation that such trends will be replicated in the future. No statement in this document is intended to be nor may be construed as a profit forecast. On Future-Oriented Financial Information: To the extent any forward- looking information in this presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future- oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above under the heading "Cautionary Statement On Forward-Looking Statements." The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, the Company's revenue and expenses may differ materially from the revenue and expenses profiles provided in this presentation. Such information is presented for illustrative purposes only and may not be an indication of the Company's actual financial position or results of operations. More Information: For a discussion of some of the important factors that could cause Company's results to differ materially from those expressed in, or implied by, the forward-looking statements included in this presentation, investors should refer to the disclosures contained under the headings "Risk Factors" and "Disclosure Regarding Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the fiscal year-ended December 31, 2021, and elsewhere in the Company's public filings, all of which are available on the Investor Relations section of the Company's website at https://investors.gtigrows.com, the U.S. Securities Exchange Commission's (SEC) website at www.sec.gov and Canada's System for Electronic Document Analysis and Retrieval at www.sedar.com. USE OF NON-GAAP MEASURES: In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also discloses in this presentation certain non-GAAP financial information, as defined by the SEC, including EBITDA and adjusted operating EBITDA. EBITDA means earnings before interest, taxes, depreciation and amortization and is a measurement of financial performance without having to factor in financing decisions, accounting decisions or tax environments. Adjusted Operating EBITDA is earnings before interest, taxes, depreciation, amortization, adjusted for other income, non-cash share based compensation, one-time transaction related expenses, or other non-operating costs. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this presentation as Appendix A. Non-GAAP information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP. 2#3CANNABIS MARKET LANDSCAPE The Great American Growth Story. 3#4Projected U.S. Cannabis Market Opportunity Rivals Alcohol and Tobacco Projected market size of cannabis comparable to well-established consumer products categories. Beer U.S. Market Size1 $109B $102B ~$100B Tobacco Cannabis Spirits $76B 1Data reflects 2020 market sizes, except Cannabis category which reflects 2030 projections from industry analysts Source: Tobacco Products Report 2020; Beer Report 2020; Spirits Report 2021; Wine Report 2020; Statista $51B Wine 4#5Massive Growth Expected in the Cannabis Industry Over the Next Decade Growth fueled by consumer demand and increased access to distribution channels. Cannabis Wine -20% Spirits Projected Annual Growth Rate Beer Tobacco Sources: New Frontier Data; Statista; Reflects 2022-2025 CAGR 5#680 70 60 50 40 30 20 10 Green Wave of Social and Regulatory Momentum Continues to Build Accelerating Consumer Demand U.S. Support for Legalizing Cannabis 1969-20211 Increased Accessibility to Cannabis Positive Regulatory Momentum in 20212 68% Yes, Legal Adult-Use (+DC & Alaska) Medical-Use (+Hawaii) 0 1969 1973 1977 1985 1995 2001 2011 2013 2018 2021 ☐ No Current Programs 50 pieces of marijuana reform legislation enacted in 25 states, including improved access to products and expungement policies 5 states moved to legalize adult-use cannabis: CT, NJ, NY, NM, VA 21 pieces of legislation passed to expand patient access to medical cannabis, including new programs and consumption methods 1Gallup; 2NORML 2021 Legislative Report 6#7Millions Legal Cannabis Stimulates Local Economies Through Increased Tax Revenue and Job Creation Tax revenue from cannabis exceeds alcohol in well-established markets $500 2021 Tax Revenue¹ Legal cannabis jobs have surpassed dentists and pilots combined U.S. Occupational Employment Plumbers and pipefitters $400 $300 $200 $100 $0 CO Adult Use NV Adult Use IL Adult Use Alcohol ■Cannabis 1Data reflects 2021 tax revenue through October for CO and NV, and through December for IL. Source: Colorado Department of Revenue; State of Nevada Department of Taxation; Illinois State Comptroller of Revenue Legal cannabis Bank tellers Insurance sales agents Machinists Hairstylists, barbers, cosmetologists Firefighters Pilots Dentists 428,000 Source: Leafly Jobs Report 2022; Bureau of Labor Statistics 7#8Yet, Americans Across the Country Remain in Jail for Cannabis Charges... 15.7 million 3.6 times $47 billion 40 thousand People arrested for marijuana offenses in the last two decades¹ Black Americans are 3.6 times more likely to be arrested for cannabis than white Americans² Spent annually on the War on Drugs³ Americans incarcerated for cannabis offenses¹ It's time for change. Sources: 1Last Prisoner Project; 2ACLU Report, 2020; ³Drug Policy Alliance; 8#9COMPANY OVERVIEW The Green Thumb Story. 9#10Our Mission To promote well-being through the power of cannabis. We're humble Our Values We're hardworking We're grateful We're transparent We have integrity 10#11A Place Where People Come First Our real power is in our people and our shared commitment to giving back to the communities that we serve Green Thumb At a Glance A Family of Cannabis Brands Because well-being is personal, we make brands and products to fit different preferences and lifestyles A National Cannabis Retailer Our retail stores prioritize educational and explorative experiences, shepherded by our People Care Specialists Delivering Significant Revenue Growth Green Thumb Annual Net Revenue (millions) $894 $216 $62 $557 2014 Founded Chicago, IL 3800+ Team members Nationwide 6 Consumer brands and growing portfolio 15 Distributed in 15 states 76 Open stores as of 3/1/2022 $7 $22 2016 2017 2018 2019 2020 2021 11#12Vertically Integrated Supply Chain With a National Production and Distribution Network Consumer Products 17 cultivation + manufacturing facilities Good Green BEBOE RYTHM Brownie Boo incredibles DOGWALKER CANNABIS PRE-ROLLS &Shine VAPE CARTRIDGE Scaled Distribution Across 15 markets + Over 150 million Americans Owned Retail Channels Brick-and-mortar and digital marketplaces ENTRANCE RISE RISE O 12#13STRATEGY AND EXECUTION Our Value Creation. 13#14Focused Strategy and Proven Execution within Branded Consumer Products Category 1 3 4 Enter, Open and Scale Strategy Focus on high-demand, limited-supply markets with dual-pronged growth strategy Portfolio of Trusted Consumer Brands Build brands and experiences that connect to consumers and create loyalty over time Experienced Team and Capital Stewardship Invest in markets where we can achieve scale and high returns Strong Balance Sheet Well-capitalized to fund strategic growth initiatives due to financial discipline 14#15Execution of Enter, Open, Scale Strategy Continues ENTER Establish licensed operating foundation in regulated, high-demand, limited-supply markets OPEN Drive revenue through production facility and store openings SCALE Position business for sustainable, profitable growth Invest in brand-building for lasting consumer relationships Expand operational capacity through infrastructure automation Enhance community partnerships Maintain financial flexibility and sustainable positive cashflow 15#16National Presence Serves 50% of Americans and Growing Adult Use Market Medical Market ○ No Active Programs The Green Wave Continues... Converted to Adult Use Nevada in 2017 Massachusetts in 2018 Illinois in 2020 Legislation Passed for Adult Use Day One Still Pending New York New Jersey Connecticut Virginia 16#17GWALL WALKERS SPANOLLS PRE RYTHM INDICA DOMINANT Brownie Scout Doctor Solomon's RYTHM DOGWALKERS EST 2016- + CANNABIS + PRE-ROLLS Enjoy the Journey THE CREDIBLE ED incredibles RYTHM SUMMER PEACH BEBOE • Big Dog DOGWALKERS CANNABIS PRE-ROLLS BEBOE Good Green Doctor Go Gre Go Gre Good Doctor Solomon's PHEN Green We are a family of CPG brands. Good Good Green Good Green Green FIND YOUR RYTHM. BLEND BEBOE RYTHM RYTHM COMPANT Jack Horar OGWALKER - 2014- CANNABIS PRE-ROLLS Incredibles Green that does Good RYTHM Doctor Selamar's Doctor Solomon's octor RYTHM LIVE#18Investing in Consumer Products Excellence Portfolio of Trusted Consumer Brands flower topicals edibles vape DOGWALKERS + CANNABIS + PRE-ROLLS Good Green RYTHM •ВЕВОЕ THE CREDIBLE EDIBLE incredibles Doctor Solomon's Data-Driven Portfolio Assortment 2021 Category $ Share and % Growth vs. Year Ago +41% +16% -15% -2% +9% +33% +2% Strategic Growth Priorities BRAND Consumer-driven brand building OPERATIONAL EFFICIENCY High-quality indoor premium flower Capacity and automation STRATEGIC POINTS OF DISTRIBUTION Third-party and owned-retail Flower Dabs Edibles Pre-Rolls ■Vape Health and Beauty Beverages 18#19Diversified Brand Portfolio Positioned to Promote Well-Being Across Consumer Segments Poised to capture growth across consumer need- states that promote well-being (comfortable, healthy, happy). Well-being need-state HEALTHY COMFORTABLE HAPPY THE CREDIBLE EDIBLE SUMM PE 10 DOGWALKERS +CANNABIS PRE-ROLLS RYTHM SATIVA DOMINANT Jack Herer Good Good Green Gre Doctor Solomon's Rescue. asdermal Lotion 200mg THC Ho pot pain on pause. Full-body low emergency role to anothe in up faster than you can way o BEBOE VALUE Price PREMIUM 19#20Elevating the Retail Experience to Serve Consumer Needs National Footprint 76 Open Stores as of 3/1/2022 High Performing Retail Omnichannel Personalization Pipeline of licenses to double retail footprint RISE Same Store Sales1 0 +6% RISE RISE 360 STOREFRONT Our digital storefront, delivery, and brick-and-mortar experience allows for anytime, anywhere accessibility LOYALTY Owned customer analytics drives basket size and strengthens customer relationships ASSORTMENT Variety of product offerings and price points for optimal consumer choice 1Based on 2021 Fourth Quarter vs. 2020 Fourth Quarter 20#21Green Thumb Leadership Team Ben Kovler FOUNDER & CEO CHAIRMAN GWA OGH DO DOG Anthony Georgiadis CHIEF FINANCIAL OFFICER DIRECTOR Rachel Albert SENIOR CONSULTANT, PEOPLE Swadheen Sehgal CHIEF INFORMATION OFFICER Kelly Dean Dominic O'Brien SVP, PEOPLE SVP, REVENUE Ryan Marek SVP, MARKETING DOG +CA Dina Rollman SVP, GOVERNMENT & REGULATORY AFFAIRS DO Beth Burk GENERAL COUNSEL & SECRETARY C Andrew Grossman EVP, CAPITAL MARKETS & INVESTMENTS Dan Shaker SVP, NATIONAL SALES Greg Flickinger SVP, CPG OPERATIONS & SUPPLY CHAIN Matt Navarro SVP, RETAIL 21#22Green Thumb is ‘Growing for Good' Restorative Justice Restore communities disproportionately impacted by the War on Drugs by investing in local and national programs designed to reverse the harms done to individuals, families, and communities. GROWING Community Engagement Provide our team members with the resources and flexibility required to support nonprofit organizations doing important work on a broad array of community issues. FOR Diversity, Equity & Inclusion Design an inclusive corporate culture that addresses the inequities of traditional industries through equitable hiring, promotion, and compensation strategies for all. G Environmental Stewardship Identify and invest in new opportunities that make an eco-friendly impact through environmentally smart growing, manufacturing and packaging. 22#23GREEN THUMB RESULTS Our Financial Performance. 23#24FY2021 Revenue grew over 60% to $894M, over 70% increase in Adjusted Operating EBITDA, Positive Net Income, EPS $0.33 Summary Income Statement (USD $000s) Revenue Gross Profit 3 Months Ended Dec. 31 12 Months Ended Dec. 31 2021 2020 2021 2020 $ 243,580 $ 177,227 $ 893,560 $ 556,573 $ 128,634 $ 100,530 $ 491,929 $ 304,169 Adjusted Operating EBITDA¹ $ 76,013 $ 65,447 $ 307,834 $ 179,585 Net Income $ 22,806 $ 22,464 $ 75,436 $ 14,993 Net Income Per Share Basic and diluted $ 0.10 $ 0.11 $ 0.33 $ 0.07 SSSS Summary Balance Sheet (USD $000s) Cash Debt² As of Dec 31, 2021 $230,420 $239,934 1Adjusted Operating EBITDA defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs. 2Debt is $239,934 thousand, which includes $783 thousand of short-term debt due within one year; amount carried on the balance sheet is recorded net of debt discounts of $21,406 thousand as of December 31, 2021. 24#25Fully Diluted Capitalization Table SHARE CLASS (AS OF 1/31/2022) Share Class Subordinate Voting Shares Fully Diluted Share Count 202,318,322 3,853,100 Multiple Voting Shares Super Voting Shares 28,503,100 TOTAL Basic Shares Outstanding 234,674,522 Employee Stock Ownership Plan Exchangeable Receipts 5,806,962 777,966 Warrants 3,701,456 TOTAL Fully Diluted Shares 244,960,906 Current Float of Shares Outstanding 80%+ 25#26spections process allergens +DOGWALKERS CANNABIS PRE-ROLLS A study that looked at state registry data [for 20 states and D.C.] to determine what conditions qualify for medical cannabis treatment found that 62.2% of registered medical cannabis patients use it to treat their chronic pain. [Source: Health Affairs Journal 2.19] RISE Cannabis is Essential C Make a well-being check today. THE CREDIBLE EDIBLE incredibles Co. Cit 01 4.20 CA CA NИ Rise NИ CA .NИ RYTHM SATIVA DOMINANT Jack Herer REGISTER to VOTE Green Thumb T Thank You. CONTACT Investor [email protected] Women & Cannabis A HISTORY SUMMER PEACH BEBOE PISE RISE 100 APLAGE FOR SATIVA BLEND BEBOE FINEST CANNABIS FULL SPECTRUM CANNABINOIDS STRAIN SPECIFIC TERPENES FOR YOUR TRUE TO PLANT EXPERIENCE BYTHM HYBRID RYTHM RW YA What you water, grows. Cultivate hope. Doctor Solomons RISE Rise BEBOE Swati Mylavarapu NEW BOARD DIRECTOR As of January 2021, there are 321,000 full-time equivalent (FTE) jobs supported by legal cannabis... (Source: Leafly 2021 Job Market Report] FACINABIS INDICA DOMINANT BROWNIE SCOUT 1865 JUNETEENTH#27Supplemental Information NET INCOME TO ADJUSTED OPERATING EBITDA RECONCILIATION 3 Months Ended Dec. 31 12 Months Ended Dec. 31 (USD $000s) 2021 2020 2021 2020 Net Income (Loss) Before Noncontrolling Interest (GAAP) $ 24,048 $ 23,852 $ 80,363 $ 19,078 Interest income $ (758) $ (4) $ (1,432) $ (114) Interest expense $ 5,557 $ 4,430 $ 21,976 $ 18,667 Income taxes $ 26,409 $ 26,889 $ 124,612 $ 83,853 Other income $ (872) $ (7,875) $ (10,677) $ (15,377) Depreciation + amortization $ 21,218 $ 14,027 $ 68,458 $ 52,506 EBITDA¹ (non-GAAP measure) $ 75,602 $ 61,319 $ 283,300 $ 158,613 Share-based compensation, non-cash $ 4,902 $ 4,128 $ 19,600 $ 19,337 Acquisition, transaction + other non-operating costs Adjusted Operating EBITDA² (non-GAAP measure) $ (4,491) $ $ 4,934 $ 1,635 $ 76,013 $ 65,447 $ 307,834 $ 179,585 Supplemental Information (Unaudited); 1EBITDA defined as earnings before interest, taxes, depreciation, and amortization; 2Adjusted Operating EBITDA defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non- operating costs. 27#28Non-Management Board of Directors with Complementary Expertise • • Wendy Berger REAL ESTATE Principal of WBS Equities, LLC., specializing in ground- up construction, renovation, development, sale lease back transactions and acquisitions. Co-founder and COO of Neoglyphics Media Corporation, one of the country's first website development firms. Employee number 11 at Orbitz and served as Director of Strategic Enterprise Planning. • • William Gruver GOVERNANCE Former Chief Administrative Officer of the Equities Division of Goldman Sachs. Senior Fellow at the Open Discourse Coalition. Professor Emeritus at Bucknell University. Currently serves on the Audit Committee of Private Client Bank and Finance Committee of the Lee Health System Foundation. Decorated veteran; qualified officer of the deck in the nuclear submarine force of the United States Navy. Swati Mylavarapu COMPLIANCE Founder and Managing Partner of Incite.org, a hybrid incubator and investment fund that combines venture capital, philanthropy, and civic advocacy to accelerate bold ideas and solve some of the world's most pressing challenges. Built the early international efforts for the financial services and digital payments company Square. Currently serves on the board of directors of Vote.org and is a trustee for the Rhodes Trust. • Served as National Investment Chair for Pete Buttigieg's 2019- • Glen Senk BRAND Chairman and CEO of Front Row Partners. Former CEO and director of Urban Outfitters, Inc. Currently serves on the board of directors of Aritzia (TSE: ATZ) and Boden. Dorri C. McWhorter AUDIT President and Chief Executive Officer of YMCA of Metropolitan Chicago. Former Chief Executive Officer of the YWCA Metropolitan Chicago. Currently serves on the board of directors of Lifeway Foods, William Blair Funds and Skyway Concession Company (Chicago Skyway). Led efforts to develop an exchange traded fund for women's empowerment (NYSE: WOMN) in partnership with Impact Shares. 2020 Presidential bid. In addition, CEO Ben Kovler is the Chairman and CFO Anthony Georgiadis is a Director. 28