#1CANOPY GROWTH UNLEASHING THE POWER OF CANNABIS INVESTOR PRESENTATION NOVEMBER 2023#2DISCLAIMERS AND CAUTIONARY STATEMENTS Forward-Looking Information This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries, this "Presentation") contains "forward-looking statements" within the meaning of applicable securities laws, which involve certain known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Canopy Growth Corporation ("Canopy," the "Company,” “we,” “us” or “our”) 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 Presentation. To the extent any forward-looking statements in this Presentation constitutes "financial outlooks" within the meaning of applicable Canadian securities laws, 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 financial outlooks. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "strategy," "estimate," "expect," "project," "projections," "forecasts," "plans," "seeks," "anticipates," "potential," "proposed," "will," "should," "could," "would," "may," "likely," "designed to," "foreseeable future," "believe," "scheduled" and other similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Examples of such statements and uncertainties include, but are not limited to, statements regarding the Company's ability to achieve its anticipated market opportunity by 2027 and improve adaptability to market demands; the long-term trajectory of the cannabis industry in Canada, the United States and internationally; the Company's ability to achieve its anticipated cost reduction targets; expectations regarding international demand for quality Canadian cannabis; the Company's ability to capitalize on growth opportunities in Canada, the United States and internationally; the anticipated benefits associated with the Company's new product launches; expectations regarding the potential success of, and the costs and benefits associated with Canopy USA, LLC ("Canopy USA"); consolidation of assets upon federal permissibility to drive additional growth; expected size of the Canadian, U.S. and international cannabis markets; segment and business focuses for FY2024, including delivering positive Adjusted EBITDA across business units exiting FY2024; and expectations regarding our future financial performance and other economic, business and/or competitive factors. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. 2#3DISCLAIMERS AND CAUTIONARY STATEMENTS By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking statements in this Presentation and other reports we file with, or furnish to, the Securities and Exchange Commission (the "SEC") and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, risks related to our ability to remediate the material weaknesses in our internal control over financial reporting, or inability to otherwise maintain an effective system of internal control; the risk that our recent restatement could negatively affect investor confidence and raise reputation risks; our ability to continue as a going concern; our limited operating history; risks that we may be required to write down intangible assets, including goodwill, due to impairment; the diversion of management time on issues related to Canopy USA; the ability of parties to certain transactions to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court and shareholder approvals; the risks related to Acreage Holdings, Inc.'s ("Acreage") financial statements expressing doubt about its ability to continue as a going concern; the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); volatility in and/or degradation of general economic, market, industry or business conditions; risks relating to our current and future operations in emerging markets; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to vaping and the use of cannabis and U.S. hemp products in vaping devices; risks and uncertainty regarding future product development; changes in regulatory requirements in relation to our business and products; our reliance on licenses issued by and contractual arrangements with various federal, state and provincial governmental authorities; inherent uncertainty associated with projections; future levels of revenues and the impact of increasing levels of competition; third-party manufacturing risks; third-party transportation risks; inflation risks; our exposure to risks related to an agricultural business, including wholesale price volatility and variable product quality; changes in laws, regulations and guidelines and our compliance with such laws, regulations and guidelines; risks relating to inventory write downs; risks relating to our ability to refinance debt as and when required on terms favorable to us and to comply with covenants contained in our debt facilities and debt instruments; risks associated with jointly owned investments; our ability to manage disruptions in credit markets or changes to our credit ratings; the success or timing of completion of ongoing or anticipated capital or maintenance projects; risks related to the integration of acquired businesses; the timing and manner of the legalization of cannabis in the United States; business strategies, growth opportunities and expected investment; counterparty risks and liquidity risks that may impact our ability to obtain loans and other credit facilities on favorable terms; 3#4DISCLAIMERS AND CAUTIONARY STATEMENTS the potential effects of judicial, regulatory or other proceedings, litigation or threatened litigation or proceedings, or reviews or investigations, on our business, financial condition, results of operations and cash flows; risks associated with divestment and restructuring; the anticipated effects of actions of third parties such as competitors, activist investors or federal, state, provincial, territorial or local regulatory authorities, self-regulatory organizations, plaintiffs in litigation or persons threatening litigation; consumer demand for cannabis and U.S. hemp products; the risks that the Canadian Transformative Plan will not result in the expected cost- savings, efficiencies and other benefits or will result in greater than anticipated turnover in personnel; the implementation and effectiveness of key personnel changes; risks related to stock exchange restrictions; risks related to the protection and enforcement of our intellectual property rights; the risk that cost savings and any other synergies from the investment in us from Constellation Brands, Inc. and its affiliates may not be fully realized or may take longer to realize than expected; future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; risks relating to the long term macroeconomic effects of the COVID-19 pandemic and any future pandemic or epidemic; the proceedings commenced by BioSteel Sports Nutrition Inc. ("BioSteel Canada") under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (the "CCAA Proceedings") and the recognition of that proceeding under Chapter 15 of the United States Bankruptcy Code to give full force and effect to orders made in the CCAA Proceedings in the United States, including a stay of proceedings will require a significant amount of time and cost; adverse publicity related to the CCAA Proceedings may affect the Company's business; the CCAA Proceedings may not improve the financial condition of the Company; unless we are able to deconsolidate Canopy USA upon its acquisition of Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC (collectively, "Wana"), Lemurian, Inc. ("Jetty") or the issued and outstanding Class E subordinate voting shares of Acreage, Canopy USA's acquisition of these assets may be delayed; and the factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2023 and in Item 1A of Part II of the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 filed with the SEC on November 9, 2023 (the "Form 10-Q"). Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that the forward-looking statements may not be appropriate for any other purpose. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law. The forward-looking statements contained in this Presentation and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements. looking statements.#5NON-GAAP MEASURES Adjusted EBITDA is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Adjusted EBITDA is calculated as the reported net income (loss), adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; restructuring costs recorded in cost of goods sold; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition, divestiture, and other costs. Asset impairments related to periodic changes to the Company's supply chain processes are not excluded from Adjusted EBITDA given their occurrence through the normal course of core operational activities. The Adjusted EBITDA reconciliation is presented within this Presentation and explained in the Form 10-Q. Free Cash Flow is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. This measure is calculated as net cash provided by (used in) operating activities less purchases of and deposits on property, plant and equipment. The Free Cash Flow reconciliation is presented within this Presentation and explained in the Form 10-Q. Adjusted Gross Margin and Adjusted Gross Margin Percentage are non-GAAP measures used by management that are not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Adjusted Gross Margin is calculated as gross margin excluding restructuring and other charges recorded in cost of goods sold, and charges related to the flow-through of inventory step-up on business combinations. Adjusted Gross Margin Percentage is calculated as Adjusted Gross Margin divided by net revenue. The Adjusted Gross Margin and Adjusted Gross Margin Percentage reconciliation is presented within this Presentation and explained in the Form 10-Q. 5#6CANOPY GROWTH: POSITIONED FOR SUSTAINABLE CANNABIS MARKET LEADERSHIP CANNABIS CENTERED CO Dedication to unleashing the power of cannabis in key markets Volcane 180 BRAND & CONSUMER-LED Industry-leading brands and products rooted in consumer preferences GLOBAL REACH WITH NORTH AMERICA FOCUS A $65B market opportunity by 20271 ASSET-LIGHT Improving adaptability to market demands, Industry leading CMO partnerships Tweed Tweed FIZZ CHERRY DEE ICED TEA LEMON 5 mg TI DEER PACE g THC THE CHAN Tweed QUICKIES TIGER CAKE 10 x 0.35 g Pre-Rolled Joints HIGH THO INDICA SEASONED LEADERS Blending professional credentials with a passion for the cannabis sector FED SPACE Tweed LEMONADE 7.5mg THC 28g Hi Way Tweed SLOW LANE INDICA HIGH T DRIED CANKANS FLO KUSH MINTS HIGH THC HYBRID Whole Flower wana SOUR GUMMIES STRAWBERRY LEMONADE wana SOUR GUMMIES ASSORTED FLAVORS THE wana SOUR GUMMIES TWEA DO JA Ultra Sour Ckanagan Grown 1 Represents Adult-Use and Medical market forecasts for U.S., Canada, Germany; and Medical forecasts for Australia, Poland and Czech Republic. Forecasts and estimates are subject to risk factors described in the Disclaimers and Cautionary Statements section of this Presentation. 2 Source(s): Canada: Internal Proprietary TAM Estimate & Market Model; U.S. and International Markets: BDSA Market Forecasts as of Nov 6th, 2023. In $CAD - 1.32 Currency conversion $USD to $CAD. 7ACRES 6#7CANNABIS CENTERED: DELIVERING THE BENEFITS OF CANNABIS TO CONSUMERS AND PATIENTS GLOBALLY Canopy is dedicated to being a leader in the cannabis sector with disciplined and measured investment in emerging markets ANCHOR MARKET: Canada Core INTERNATIONAL: Storz & Bickel + Medical Cannabis LEADING INVESTMENT STRUCTURE: Canopy USA1 90% 7 ACRES Canopy Medical" Tweed DOJA Vert DEED Way SPACE wana Enhance Your Life SpectrumTherapeutics™ STORZ & BICKEL SpectrumTherapeutics™ of Total Revenue from core cannabis and cannabis adjacent activities² wana Enhance Your Life Acreage A TERRASCEND JETTY 1 Canopy USA holds the U.S. THC investments that were previously held by Canopy, which is expected to enable Canopy USA to exercise rights to acquire Wana, Acreage and Jetty and acquire common shares of TerrAscend; however, prior to such exercise or acquisition, Canopy must, among other things, obtain regulatory approval of its proxy statement and obtain requisite shareholder approval for the creation of a new class of non-voting, non-participating exchangeable shares. See risk factors described in the Disclaimers and Cautionary Statements section of this Presentation. 2 Based on Q2 FY2024 Net Revenue excluding ThisWorks 7#8GLOBAL OPPORTUNITY: A $65B CANNABIS MARKET OPPORTUNITY BY 20271 (+) 5.4 CANADA ADULT-USE + MEDICAL CANNABIS MARKET SIZE (2023 TO 2027), $CAD BB³ 5.7 5.9 6.1 6.3 INTERNATIONAL CANNABIS MARKET SIZE (2023 TO 2027), $CAD BB² 0.8 0.8 0.6 1.0 1.2 U.S. ADULT-USE + MEDICAL CANNABIS MARKET SIZE (2023 TO 2027), $CAD BB² 57.2 52.8 48.1 42.7 39.0 2023 2024 2025 2026 2027 2023 2024 Germany (AU+Med) Poland (Med) 2025 2026 Australia (Med) 2027 2023 2024 2025 2026 2027 Czech Republic (Med) 1. $CAD; combined forecasts 2 Source: BDSA Market Forecasts as of Nov 6th, 2023; 1.32 Currency conversion $USD to $CAD 3 Source: Internal CGC Proprietary TAM Estimates & Market Model 8#9BUSINESS TRANSFORMATION: DROVE SIGNIFICANT IMPROVEMENT IN GROSS MARGINS AND REDUCED CASH BURN IN Q2 FY2024 Actions Taken Completed structural transformation to cannabis-focused, asset-light business • Eliminated significant cash burn and further focused on cannabis operations by ceasing funding of BioSteel business • . Delivered additional cost reduction of $54 MM in Q2 FY2024, bringing the total cost reduction to $226 MM since the beginning of FY2023 Management is tightening its previously announced cost reduction target to $270 MM - $300 MM. Reduced overall debt by $364 MM to $681 MM in Q2 FY2024; Total debt reduction of approximately $1 BN delivered since the beginning of Fiscal 2023. Results Achieved ~$80M Cost of Goods Sold ("COGS") reduction since beginning of FY2023 40% 30% 20% 10% 0% Canadian Cannabis Gross Margin 36% ~80% Q2 FY2024 year-over-year Adjusted EBITDA loss reduced Consolidated Adjusted EBITDA¹ ($CAD'MM) (12) (10) (20) (30) (40) (50) -15% (60) -20% (56) Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 -10% Management reaffirms expectation to achieve positive Adjusted EBITDA in all business units exiting FY2024 1 Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP measure section in the Disclaimers and Cautionary Statements section of this Presentation.. 9#10CANADIAN CANNABIS: IMPROVED PRODUCT PORTFOLIO DRIVING PROFITABLE GROWTH • • Cultivation enhancements have enabled the Company to consistently produce new high-quality cannabis flower products New products have improved the Company's competitive position in the Canadian cannabis market Company became a top 3 supplier of cannabis flower to British Columbia cannabis stores during Q2 FY2024, up from 11th in Q2 FY20231 • Tweed Kush Mints was nominated for a 2023 Karma Cup award in the Hybrid Flower category Executing a plan to re-introduce the Wana brand in the Canadian adult-use cannabis market. Wana gummies are available to registered medical cannabis patients in Canada through the Spectrum web site. GO 2023 HYBRID YELLOW TWEED KUSH MINTS FINALIST gummies DED PACK wana CBD/THC gummies hybrid 2:1 Japanese Citrus Yuzu 7ACRES BURNERS Slower Burn & Smoother Smoke This communication is intended for adults only and should not be shared with minors For information on cannabis health effects, search online Health Canada-connobis health effects THC and CBD ranges may vary. Terpene amounts may vary an aper for basis due to the natural stability of cannabis plants Info pertains to lot f 00001996 See product packaging for accurate levels. 1 Unless otherwise indicated, market share data disclosed in this presentation are calculated using the Company's internal proprietary market share tool that utilizes point of sales data supplied by third-party data providers and government agencies. 10#11INTERNATIONAL MEDICAL: DEMAND FOR QUALITY CANADIAN CANNABIS IS EXPECTED TO DRIVE GROWTH OPPORTUNITIES • . • Recognition of Canadian cannabis product quality is spurring demand from International medical markets Leveraging strong demand, the Company started shipping 5 new SKUs to international medical markets in Q3 FY2024; Additional product SKUs are expected to be launched over the coming months Focus on growing Australian medical cannabis market; Australia generated 10th straight quarter of revenue growth in Q2 FY2024 Refining our business processes to capitalize on growth opportunities that we see in other markets including Germany, Poland and the Czech Republic EU-GMP certification of the Kincardine, Ontario cultivation facility strengthens ability to supply International medical markets 11#12STORZ & BICKEL: EXPANDED PRODUCT PORTFOLIO WITH INTRODUCTION OF NEW VENTY PORTABLE VAPORIZER Sets industry standard for portable vaporizer performance and features, including: Adjustable airflow up to an industry leading 20 liters per minute maximum Short 20 second heat up time _ Precise single degree temperature control from 40C to 210C Fast USB-C charging Venty STORZ & BICKEL Verity 180 Venty 180 GO WITH YOUR FLOW. 12#13CANOPY USA1: STRATEGY CONTINUES TO ADVANCE, U.S. THC PLATFORM DEMONSTRATES ASSET-LIGHT GROWTH CAPABILITIES ACREAGE4 - MSO WANA² - GUMMIES An innovative North American cannabis edibles brand JETTY3 - EXTRACTS Authentic vape experience and award-winning technology WITH ICE AND Vertical integration from cultivation to retail TERRASCEND5-MSO Vertical integration in in PA, NJ, MI & CA, licensed operations in MD шара Enhance Diverse edibles portfolio including fast-acting and targeting specific need-states Active in 16 states, Puerto Rico and Canada MADE WITH ICE AND JETJETPUETT SOLVENTLE FRUIT SALAD INDICA SOLVENTLES FRUIT SALAD Leading solventless vape brand in California6 Additional products include Pre- Rolls, Concentrates and Edibles Recently expanded to CO and NY Acreage Operates under The Botanist retail banner Brands include Superflux, The Botanist and Prime Wellness Active in NY, NJ, OH, PA and IL TERRASCEND Operates under The Apothecarium and Gage retail banners Brands include owned and licensed brands across multiple categories Canopy owns -17% minority stake 1. Canopy USA holds the U.S. THC investments that were previously held by Canopy, which is expected to enable Canopy USA to exercise rights to acquire Acreage, Wana and Jetty and evaluate all options with respect to its conditional ownership of TerrAscend. However, prior to such exercise or acquisition, Canopy must, among other things, obtain regulatory approval of its proxy statement and requisite shareholder approval for the creation of a new class of non-voting, non-participating exchangeable shares (the "Non-Voting Shares"). Canopy holds the Non-Voting Share until such time as Canopy converts the Non-Voting Shares into common shares of Canopy USA. Canopy will have no economic or voting interest in Canopy USA, Acreage, Wana, Jetty or TerrAscend and these entities will continue to operate independently of Canopy. See risk factors described in the Disclaimers and Cautionary Statements section of this Presentation. 2. Until such time as Canopy USA elects to exercise its rights to acquire Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC, Canopy USA will have no direct or indirect economic or voting interests in Wana, Canopy USA will not directly or indirectly control Wana, and Canopy USA, on the one hand, and Wana, on the other hand, will continue to operate independently of one another. 3. 4. Until such time as Canopy USA elects to exercise its rights to acquire Lemurian, Inc., Canopy USA will have no direct or indirect economic or voting interests in Jetty, Canopy USA will not directly or indirectly control Jetty, and Canopy USA, on the one hand, and Jetty, on the other hand, will continue to operate independently of one another. Until such time as Canopy exercises its right to acquire the Class E subordinate voting shares of Acreage and Canopy USA acquires the Class D subordinate voting shares of Acreage, neither the Company nor Canopy USA will have any direct or indirect economic or voting interests in Acreage, neither the Company nor Canopy USA will directly or indirectly control Acreage, and each of the Company, Canopy USA and Acreage will continue to operate independently of one another. 5. Canopy USA currently holds certain exchangeable shares, options, and warrants in TerrAscend, and holds a conditional ownership position, assuming conversion of its exchangeable shares, but excluding the exercise of its warrants, of 17.47% in TerrAscend at June 30, 2023 6. Based on August 2023 BDSA data for dollars sold for all product categories. 13#14FY2024 BUSINESS OUTLOOK Second Half of FY2024 Focus and Priorities: Complete execution of business transformation initiatives and deliver positive Adjusted EBITDA in all business units exiting FY2024 • Accelerate revenue growth in core businesses: . Canadian cannabis: Deliver stable to improved performance in priority market segments, execute against growth opportunities . Storz & Bickel: Support launch of new Venty portable vaporizer, expand U.S. distribution • Rest of World cannabis: Capitalize on growth opportunities in Australia, Poland and Czech; enhance product and commercial capabilities in Germany Improve cash flow, continue to reduce debt and strengthen the balance sheet. LONG-TERM OUTLOOK Long-term Outlook • • Consolidation and stabilization in Canadian cannabis as industry matures U.S. federal permissibility opening the world's largest cannabis market, with Canopy USA platform poised to capitalize International Platforms for growth established in Europe (based in Germany) and Oceania (based in Australia) to capitalize on further medical and adult-use legalization Global reach of Storz & Bickel to capitalize on new legalized markets as a strategic adjacency to cannabis operations Capital markets access via dual-listing in Canada and U.S. 1 Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP measure section in the Disclaimers and Cautionary Statements section of this Presentation... 14#15Q2 FY2024 FINANCIAL RESULTS 15#16Q2 FY2024 KEY FINANCIAL HIGHLIGHTS Q2 FY2023 (As Restated) Q2 FY2023 Q2 (CDN in millions) FY2024 Net Revenue $69.6 $87.9 VS. (21%) Gross Margin 34% (1)% 3500 bps Adjusted EBITDA $(11.9) ($56.4) 79% Free Cash Flow¹ $(67) $(99) 32% Net Revenue decreased 21%. Adjusting for divestiture of Canadian national retail operations, organic net revenue in Q2 FY2024 decreased 7% year-over-year. The decrease in organic net revenue is primarily due to lower Canadian adult-use B2B, international medical cannabis and Storz & Bickel revenue partially offset by an increase in Canadian medical cannabis revenue. Gross margin improvement is due primarily to realized benefit of our cost saving program, a decrease in write-downs of excess inventory and gross margin improvement in Rest-of-world cannabis and ThisWorks segments. Free Cash Flow improved due to lower cash used in operating activities partly driven by the exclusion of BioSteel negative cash flows. Cash used during the quarter includes $28MM in cash interest payments made during Q2 Fiscal 2024 as well as cash restructuring and facility hold costs. Cash/Marketable Secs. $270 $1,143 (76)% 1 Adjusted EBITDA and Free Cash Flow are Non-GAAP measure. See Non-GAAP measure section in the Disclaimers and Cautionary Statements section of this Presentation.. 16#17REVENUE PERFORMANCE BY CHANNEL (in millions of Canadian dollars, unaudited) Q2 FY2024 Q2 FY2023 (As Restated) VS. Q2 FY2024 Canadian Recreational Cannabis Net Revenue Business-to-business¹ $24.0 $25.3 (5)% Business-to-consumer $ - $12.8 (100)% $24.0 $38.1 (37)% Canadian Medical Cannabis Net Revenue² $15.0 $14.2 6% $39.0 $52.3 (25)% Rest-of-world cannabis³ $9.0 $10.5 (14)% Storz & Bickel $12.0 $13.5 (11%) This Works $7.1 $6.9 3% Other $2.5 $4.7 (47)% Net Revenue $69.6 $87.9 (21%) 1 For Q2 FY2024, amount is net of excise taxes of $10.8 MM and other revenue adjustments of $0.5 MM (Q2 FY2023 - $11.4 MM and $0.4 MM, respectively). 2 For Q2 FY2024, amount is net of excise taxes of $1.7 MM (Q2 FY2023 - $1.1 MM). 3 For Q2 FY2024, amount reflects other revenue adjustments of $0.1 MM (Q2 FY2023 - $0.5 MM). 17#18GROSS MARGIN PERFORMANCE Gross Margin Year-over-Year Change By Reported Segment Consolidated Gross Margin 50% 40% 30% 20% 10% 0% Canadian Cannabis Gross Margin 50% 40% 34% 36% 30% 20% 10% 0% -1% -10% -10% -20% -20% -15% Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Rest-of-World Cannabis Gross Margin Storz & Bickel Gross Margin 50% 40% 30% 20% 10% 50% 44% 40% 30% 30% 20% 10% 33% 0% 0% -10% -10% -13% -20% -20% Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Drivers of Q2 FY2024 Consolidated Gross Margin Performance (+) Improvement in our Canada cannabis segment, primarily attributable to: (i) the realized benefit of our cost savings program and strategic changes to our business; (ii) a year-over-year decrease in write- downs of excess inventory; and (iii) opportunistic utilization of lower cost inputs (+) Year-over-year decrease in restructuring charges, (+) Improvement in our Rest-of-world cannabis and This Works segments, primarily due to lower excess and obsolete inventory charges in the second quarter of fiscal 2024. 18#19FREE CASH FLOW AND DEBT (20) (40) (60) (80) (100) (120) Free Cash Flow ($CAD'MM) (99) Q2 FY23 Total Debt Balance ($CAD'MM) 1,600 1,400 1,354 1,307 1,206 1,200 1,000 800 (67) 600 Q2 FY24 400 200 1,045 681 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Free Cash Flow from continuing operations was an outflow of $67 MM comprised of cash from operations, which included $28 MM of cash interest payment, and capital expenditure of $1 MM in Q2 FY2024. Reduced overall debt by $364 MM to $681 MM in Q2 FY2024; Total debt reduction of approximately $1 BN delivered since the beginning of FY2023. 19#20APPENDIX 20#21ADJUSTED GROSS MARGIN¹ (NON-GAAP) RECONCILIATION Adjusted Gross Margin¹ Reconciliation (Non-GAAP Measure) Three months ended September 30, (in thousands of Canadian dollars except where indicated; unaudited) Net revenue 2023 $ 2022 69,595 $ 87,941 Gross margin, as reported 23,426 (611) Adjustments to gross margin: Restructuring costs recorded in cost of goods sold (689) 4,822 Adjusted gross margin¹ $ 22,737 $ 4,211 Adjusted gross margin percentage¹ 33% 5% 1 Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures. See "Non-GAAP Measures". 21 21#22ADJUSTED EBITDA¹ (NON-GAAP) RECONCILIATION Adjusted EBITDA¹ Reconciliation (Non-GAAP Measure) (in thousands of Canadian dollars, unaudited) Net loss from continuing operations Income tax expense Other (income) expense, net Share-based compensation Acquisition, divestiture, and other costs Depreciation and amortization² Three months ended September 30, 2023 2022 $ (148,162) $ (196,466) 12,821 8,220 128,334 39,074 2,717 9,573 10,488 14,006 12,530 20,427 (Gain)/loss on asset impairment and restructuring (29,895) 43,968 Restructuring costs recorded in cost of goods sold (689) 4,822 Adjusted EBITDA¹ $ (11,856) $ (56,376) ¹Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures". 2 From Consolidated Statements of Cash Flows. 22#23FREE CASH FLOW¹ (NON-GAAP) RECONCILIATION Free Cash Flow¹ Reconciliation (Non-GAAP Measure) (in thousands of Canadian dollars, unaudited) Three months September 30, 2023 2022 Net cash used in operating activities - continuing operations Purchases of and deposits on property, $ (66,393) $ (96,832) plant and equipment - continuing operations Free cash flow¹ - continuing operations $ (690) (67,083) $ (2,015) (98,847) 'Free cash flow is a non-GAAP measure. See "Non-GAAP Measures". 23#24THANK YOU 24