#1GLASS HOUSE BRANDS NEO GLAS.A.U OTCQX: GLAS. F Q3 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 Q3 2023 Management's Discussion and Analysis and in the Company's Annual Information Form and other public filings on SEDAR+ at www.sedarplus.ca (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 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. 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 Q3 2023 MD&A at www.Sedarplus.ca. 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. ❖ Obtained and immediately drew down $50m senior secured loan from Whitehawk to fund capex for the Phase I retrofit of the SoCal Farm in December 2021. ❖ SoCal Farm licenses acquired in 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. Expanded from 3 Dispensaries to 10. Raised $31m in cash in 2H22 via our Series B and Series C Preferred Stock offerings. In 2H23, have raised $12.8 million from Series D Preferred Equity Fund Raise, expecting to close the round at $15 million soon. Through the first 3 quarters of 2023, Glass House has produced cumulative Adjusted EBITDA of $20 million and operating cash flow of $22 million. We began retrofitting SoCal Farm Greenhouse 5 in July with cultivation expected to begin in Q1 2024 and first sale expected in Q2 2024. When complete, it will expand annual capacity by 250,000 pounds, or more than 70%, to 600,000 pounds.1 GLASS HOUSE ACHIEVED 31 % TO GROW 2023 REVENUE TO THAN 75% GROWTH VERSUS REVENUE GROWTH IN 2022 AND EXPECTS $160 - $162 2022. MILLION, WHICH IS MORE 1. Assumes sufficient capital to complete the retrofit, 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 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 31 M ADULTS 1 > 275 M TOURISTS 2 ~ 5,250 CULTIVATORS 3 ~ 1,150 2 DISTRIBUTORS 3 1,700 RETAILERS 3 R ~ 660 2 BRANDS 4 1. Source: https://www.census.gov/quickfacts/CA, the number of adults over 18 years of age. 2. Source: https://industry.visitcalifornia.com/research/travel-forecast, Forecast for 2023 as of Mid-November. 3. Source: https://search.cannabis.ca.gov, as of October 31st, 2023. 4. Source: Headset, the number of brands selling flower, pre-rolls, edibles and/or vape products with sales greater than $30k during Q3 2023. Exact number is 662, down from 960 in June 2022 and 748 at the end of Q2 2022. 6#7CALIFORNIA: LARGEST SINGLE US CANNABIS MARKET MARKET IN I S MORE CALIFORNIA 2025e Market Size Projection (Legal, $B) 7.8 THE LEGAL 2022a Market Size $5.3B (Legal)* THAN TWICE THE SIZE OF THE NEXT BIGGEST MARKET; ALMOST A S LARGE A S THREE COMBINED THE NEXT STATES 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 1.7 1.6 1.6 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 California Florida New York Arizona Illinois Michigan Colorado Pennsylvania Washington Massachusetts Ohio New Jersey Oregon 1.4 1.3 1.3 1.1 Virginia Oklahoma Nevada 7#8THE VERTICAL ADVANTAGE Increased Cultivation Utilization Increased Wholesale CPG Increased Brand Sales DISPENSARIES Owned Stores 8#9UNMATCHED CAPACITY AND STRATEGIC 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 Our retail landscape consists of 10 stores strategically positioned across California, and includes The Farmacy, NHC and The Pottery • • • The Farmacy locations: Santa Barbara, Santa Ana, Berkeley, Isla Vista and Santa Ynez NHC locations: Grover Beach, Lemoore, Morro Bay and Turlock. The Pottery locations: Los Angeles PADARO: 350,000 sq. ft. CASITAS: 150,000 sq. ft. SOCAL: 5,500,000 sq. ft. 9#10DRAMATIC EXPANSION IN REVENUES ALREADY UNDERWAY GUIDING FOR 77% REVENUE GROWTH TO $161M OF ANNUAL REVENUE IN 20231 $M 45 40 35 30 1505052205 22 Retail Waterfall $M 30 13 26 25 20 20 2021A 2022A Incremental 2023E Incremental 15 10 5 CPG Waterfall -3 Wholesale Biomass Waterfall $M 120 100 80 -5 60 2021A 2022A Incremental 2023E Incremental 19 40 22 20 62 2021A 2022A Incremental 2023E Incremental Retail: Projecting $13m in additional 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 and an extremely competitive marketplace. direct CPG: In 2023, we switched to distribution for sales of GHB products to our own stores, which should result in $4m less revenue for the year. Also, a full year of PLUS and Allswell has been 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 have benefitted from higher wholesale pricing and from having SoCal Phase I production all year. 1. Based on the mid-point of Q4 Guidance and actual cumulative results from 1-3Q 2023, as found in our Q3 earnings release. Implied full-year 2023 guidance is: 1) Wholesale biomass sales of $103 million to $105 million; 2) Retail revenue of $39 million to $40 million; 3) Wholesale CPG revenue of $17 million to $18 million. Please see Forward-Looking Disclosures Statement on Slide 2. 10#11STRONG BRANDS ACROSS ALL SEGMENTS FISH SUPER SILVER SOUR DIESEL SATIVA GUSH MINTS 004 CBD INDICA allswell united by natule PEANUT BREATH EXISTING BRANDS COVER >70% OF CANNABIS CATEGORIES allswell Indica CALADE FLOW (1 GLASS HOUSE FARMS allswell ROPICAL BLAKE GLASS FARMS PRE-ROLL INDICA HOUS HOUSE SWEET FARMS GLASS HOUSE BIS FLOWER SOUR DUBBLE SATIVA PLUS 100 allswell allswell MAMA SUE by Sue Taylor Relief Relief 100 PLUS termelon 5mc PLUS Sleep Balance Id 5% 5 Sleep Sleep 5-CBN 5 1 1 FIELD F/ELD FIELD HYPE UP ENERGY + MOTIVATION (ff) FIELD FIELD TURN ON ZONE IN CHILL OUT INTIMACY + CONNECTION FOCUS PRODUCTIVITY SLEEP RELAXATION 11#12COMPETING IN THE CALIFORNIA FLOWER SEGMENT LAUNCHING ALLSWELL IN Q3 '22 HELPED GLASS HOUSE BRANDS QUICKLY ADAPT IN A HIGHLY COMPETITIVE CALIFORNIA FLOWER MARKET % Market Share 3.00% 2.50% of Flower Segment, by $ 2.00% 1.50% 1.00% 0.50% 0.00% #244 #57 #5 #4 #186 Q1'20 Q2 '20 Q3 '20 Q4'20 Q1'21 Q2'21 Q3 '21 Q4'21 Q1'22 Q2 '22 Q3'22 Q4'22 % Share GLASS HOUSE wwwwww FARMS % Share Combined allswell united by sature GLASS HOUSE BRANDS Q1'23 Q2'23 Q3 '23 #11 #25 ܀ The Retail and CPG markets are distressed and this chart requires granular descriptions to convey its true meaning. Many distressed retailers are not paying, reducing the reliability of 3rd party POS-based rankings, in our view. Flower is a supremely fragmented market with more than 650 brands competing for share. Currently, price drives demand. The share shown here for Glass House Farms and Allswell is paid demand. We have maintained a strategy of only selling to stores that pay, , which has reduced our target account list by roughly 50%. This approach has kept our accounts receivables risk low. To the extent that many other brands are taking more AR risk (which we believe to be the case), this may help their retail sales, but not cash flow, profit and balance sheet health. ܀ Our philosophy as an integrated producer who has the optionality of selling through our CPG channel or via wholesale is that we are not in business to give our biomass away. Over the past two years, demand has shifted to the 'value' segment as consumer demand has become more price sensitive. Allswell has not cannibalized Glass House Farms demand; rather it has been a rational and very successful adaptation to a highly competitive market situation. 12 Source: Headset Q1 2020 thru Q3 2023#13OPERATIONS: THE SOCAL GREENHOUSE FARM UNMATCHED CAPACITY & LOW-COST PRODUCTION • Q3 23 COST OF PRODUCTION HIT A RECORD LOW $118/LB PROJECTED COST OF PRODUCTION FOR 2H 23 IS $120/LB 5.5M SQ. FT. OF HIGH TECH, BEST IN CLASS, CONTROLLED ENVIRONMENT GREENHOUSES INDOOR QUALITY AT CLOSE TO OUTDOOR COSTS 13#14OPERATIONS: EXPANDING FOOTPRINT NEW, UNMATCHED CAPACITY • 165-acre property in Southern California (SoCAL) • Planned 5.5M sq ft of cultivation across 6 state-of-the-art greenhouses to be built out in 3 Phases. 1.5M dry pounds of cannabis per annum after full greenhouse conversion Phase 2: +1.0M SQ FT (1 greenhouse)1 Phase 1: +1.5M SQ FT (1 nursery and 1 greenhouse, retrofit completed in 2022) 1. Graphic components showing future potential is forward looking information and assumes sufficient capital for conversion, the availability of additional licenses, and supporting market conditions. The square foot measurement represents green house facility size. Please see Disclaimers on Slide 2. SOCAL 2023 SOCAL 2022 PADARO 2020 Q4 2020: 350,000 sq ft Q3 2020: 280,000 sq ft Q2 2020: 210,000 sq ft Q1 2020: 140,000 sq ft 3.0M SQ FT 600K Lbs. 2.0M SQ FT 350K Lbs. 500K SQ FT 100K Lbs. CASITAS 2017 Q4 2017: 150,0000 sq ft Q3 2017: 100,000 sq ft Q2 2017: 50,000 sq ft 150K SQ FT 30k Lbs. Cumulative SQ FT 14#15$ / Lb. OPERATIONS: UNMATCHED COST STRUCTURE PRO FORMA WHOLESALE BIOMASS ECONOMICS 1 Declining cost of production leads to improving gross margins Cost of Production² Cultivation Proforma Economics Q4 2023 Cost of Production assumes the Company delivers on its 2H 2023 guidance of $120/lb Weighted Average Selling Price 3,61 $300 $350 $188 $237 $204 $236 $290 $340 $336 $312 70% $300 $238 $250 68% 65% $250 50% 59% $196 $200 $200 $150 $159 $139 $134 $127 $122 $118 $100 $/ Lb. $150 46% 34% 32% 33% 3.0% $100 10% $238 $159 $134 $127 $196 $139 $118 $100 $100 $50 -10% $50 $- -27% $(50) -30% $- Q1 22 Q2 22 Q3 22 Q422 Q1 23 Q2 23 Q1 Q2 Q3 Q4 Long-Term Goal Q3 23 Long-Term Goal 4 5 2022 2023 I Cost of Production Proforma Gross Profit" Proforma Gross Margin % 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 & cultivation to curing & trimming at which point the product is ready for sale as wholesale cannabis or to be transferred to CPG. 2022 and Q1 Q2 & Q3 2023 costs are actual. Q4 23 cost assumes the Company delivers on its 2H 2023 guidance of $120/lb. 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 $312/lb. is used for proforma Gross Margin calculation for 'Long Term Goal'. Cost of production is typically highest in Q1 and Q2 due to a seasonal decline in pounds produced. We expect to produce about 353,000 to 355,000 pounds of wholesale biomass in 2023, with 43% in the first half and 57% in the second half, based on the midpoint of guidance. 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#16THE FARMACY THE FARMACY - SANTA BARBARA THE FARMACY - SANTA ANA THE FARMACY - BERKELEY 128 LASS HO FARMS SANTA BARBARAY CA EABBAC THE FARMACY ISLA VISTA THE FARMACY SANTA YNEZ FARMACY 16#17NATURAL HEALING CENTER & THE POTTERY NHC GROVER BEACH NHC LEMOORE ONE NHC - MORRO BAY NHC TURLOCK TEST THE POTTERY - LOS ANGELES 17#18ESG 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 2000 1500 1000 500 | 0 250 95% less CO2 200 emissions than 150 the average indoor grower 100 50 0 Avg. Indoor Avg. CA Greenhouse GHB Avg. Indoor 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 Avg. CA Greenhouse 95% less energy CANNABIS & TECH CH TODAY Ct PAWARDS DERWARD today SUSTAINABLE LE use than the average indoor grower GHB SUSTAINABLE LEADERSHIP AWARD WINNER 2020: Stewardship 2021: Energy 18#19MEET 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 VP Investor Relations VP Farm Operations VP Retail BEN VEGA General Counsel & Corporate Secretary WILL TU VP Corporate Controller JACQUELINE DE GINESTET VP Sales JOSHUA KARCHMER VP Marketing 19#20GLASS HOUSE BRANDS HISTORICAL FINANCIAL DATA#21REVENUE AND GROSS PROFIT Revenue (000's $) Retail (B2C) Q122 Q222 Q322 Q422 Q123 Q223 Q323 FY21 FY22 Wholesale CPG (B2B) Wholesale (Biomass (B2B) Total SASASALA $ 4,858 $ 4,839 $ $ $ $ 6,440 $ 10,593 $ 3,992 $ 4,945 $ 7,862 $ 5,989 $ 5,122 $ 6,689 $ 13,954 $ 15,607 $ 13,972 $ 16,473 $ 28,257 $ 32,189 $ 9,373 $ 10,073 $ 10,058 5,182 $ 3,954 $ 4,290 14,467 $ 30,639 $ 33,839 29,022 $ 44,665 $ 48,187 $ 21,734 $ 26,731 $ 25,543 $ 22,788 $ 22,169 $ 41,373 $ 69,447 $ 90,891 Sequential % Change Retail (B2C) -5% 0% 33% 64% -12% 7% 0% Wholesale CPG (B2B) -41% 24% 59% -24% -13% -24% 9% Wholesale (Biomass (B2B) -21% 31% 109% 12% -7% 112% 10% Total -24% 18% 72% 14% -10% 54% 8% % change to LY Retail (B2C) -3% -24% 23% 106% 93% 108% 56% 50% 23% Wholesale CPG (B2B) -31% -19% 13% -11% 30% -20% -45% 93% -11% Wholesale (Biomass (B2B) 14% 8% 180% 140% 182% 358% 142% 8% 87% Total -8% -12% 65% 75% 108% 171% 71% 44% 31% (000's $) Q122 0222 Q322 Gross Profit Q422 Q123 Q223 Q323 FY21 FY22 Retail (B2C) Wholesale CPG (B2B) Wholesale (Biomass (B2B) Total SASASASA $ 2,084 $ 2,037 $ 2,651 $ 4,482 $ $ 655 $ 89 $ 1,078 $ $ (400) $ (1,872) $ $ 2,339 $ 254 $ 5,011 $ 8,726 $ 4,871 $ (917) $ 921 $ 6,661 $ 6,165 $ 10,219 $ 11,956 $ 5,487 $ 5,594 239 $ 241 $ 5,174 $ 905 18,646 $ 20,176 1,427 $ 9,400 24,372 $ 26,011 SASSASA $ 9,419 $ 11,253 $ $ 16,019 $ 21,538 % of Revenue Retail (B2C) 43% 42% 41% 42% 52% 54% 56% 43% 42% Wholesale CPG (B2B) 16% 2% 14% -15% 18% 6% 6% 20% 4% Wholesale (Biomass (B2B) -8% -28% 36% 43% 43% 61% 60% 6% 23% Total 17% 2% 31% 32% 41% 55% 54% 23% 24% 21 21#22WHOLESALE BIOMASS METRICS Q122 Wholesale Biomass Production and Cost per Pound Q222 Q322 Q422 Q123 Q223 Q323 FY21 FY22 Equivalent Dry Pounds of Production % change to LY 16,729 7% 25,173 9% 74,624 164% 75,344 153% 48,099 188% 103,336 311% 101,825 36% 96,785 79% 191,870 98% Cost per Equivalent Dry Pounds $ 238 $ 159 $ 134 $ 127 $ 196 $ 139 $ 118 189 $ 143 of Production % change to LY -2% -18% -25% -24% -18% -12% -12% -14% -24% Ending Operational Canopy (000 sq. ft) 332 332 959 959 959 959 959 332 959 Equivalent Dry Pounds Sold % change to LY Average Selling price % change to LY Q222 Q322 Wholesale Biomass Sold and Average Selling Price per Pound Q122 Q422 Q123 Q223 Q323 FY21 FY22 17,894 19,859 41% 38% 68,512 265% 66,127 184% 49,923 179% 90,174 354% 100,661 47% 69,153 -11% 172,392 149% 188 $ 237 $ 204 $ 236 $ 290 $ 340 $ 336 233 $ 218 -29% -30% 7% 29% 54% 43% 65% -56% -6% Equivalent Dry Pounds Average Selling Price excludes the impact of cultivation tax. 22 22#23NET INCOME/(LOSS) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Revenues, net SA Cost of goods sold $ 13,972 11,633 $ 16,473 $ 16,219 $ 19,531 28,257 $ $ Gross profit +A 2,339 $ 17% 254 $ 2% SA 8,726 $ 31% 32,189 $ 21,969 10,219 $ 32% 29,022 $ 44,665 $ 48,187 $ 17,066 $ 20,293 $ 22,176 11,956 $ 41% 24,372 $ 55% 26,011 54% % of Net Sales Expenses: General and administrative Sales and marketing Professional fees Depreciation and Amortization Impairment Total expenses Gain (Loss) from Operations Interest Expense Other expense Total other expense Provision for income taxes Net income (loss) LA LA LA LA 9,423 $ 866 $ 10,875 $ 11,546 $ 13,912 898 $ 804 $ $ 859 $ 11,386 $ 13,054 $ 15,187 652 997 $ 555 2,571 2,670 $ 2,834 $ 1,876 $ 1,500 $ 2,200 $ 1,706 2,607 $ 2,837 $ 3,441 $ 3,416 $ 3,836 $ 3,569 $ 3,676 $ 23,007 $ 1,328 $ +A 15,467 $ 17,281 $ 18,626 $ 20,063 SA $ 40,382 $ 21,149 $ 21,124 (13,128) $ (17,028) $ (9,900) $ (9,843) $ (28,425) $ 3,223 $ 4,887 1,198 $ 1,571 $ 2,672 $ 2,168 $ 2,080 $ 2,547 $ 2,159 6,851 (6,139) $ (30,370) $ 3,006 $ 5,858 $ 20,336 (3,556) 8,049 $ (4,568) $ (27,698) $ 5,174 $ 7,938 $ 22,883 $ (1,397) (1,351) $ 1,733 $ 2,630 $ 1,729 $ 2,422 $ 5,246 $ 6,495 $ (19,826) $ (14,192) $ 15,169 $ (16,747) $ (38,785) $ (24,905) $ (210) 23#24ADJUSTED EBITDA Q1 2022 Q2 2022 Net income (loss) Interest Depreciation and amortization Taxes EBITDA (non-GAAP) $ (19,826) $ $ 1,198 $ (14,192) $ 1,571 $ Q3 2022 15,169 $ 2,672 $ Q4 2022 (16,747) $ 2,168 $ Q1 2023 Q2 2023 Q3 2023 $ 2,607 $ 2,837 $ 3,441 $ +A 3,416 $ $ (1,351) $ 1,733 $ 2,630 $ 1,729 $ $ (17,371) $ (8,052) $ 23,911 $ (9,433) $ (38,785) $ 2,080 $ 3,836 $ 2,422 $ (30,447) $ (24,905) $ (210) 2,547 $ 2,159 3,569 $ 3,676 5,246 $ 6,495 (13,544) $ 12,119 Share-based Compensation Expense $ 2,682 $ 3,491 $ 2,812 $ Stock Appreciation Rights Expense 69 $ 92 $ Loss on Equity Method Investments $ 354 (Gain) Loss on Change in Fair Value of Derivative Liabilities $ Loss on Impairment of Investments $ Loss on Extinguishment of Debt SASASSA $ 73 $ 871 $ $ 53 $ 25 $ $ $ $ $ SASASAALALALA $ 3,770 $ $ 1,631 $ 709 $ (48) $ 2,264 $ SASS $ 14 1,532 $ $ 2,565 86 (36) $ (91) (13) $ $ 23,007 $ $ $ A A 143 $ 1,328 $ 93 $ 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 $ 893 $ 6,481 $ SASA 99 $ (131) $ 319 $ $ $ (6,314) $ (31,122) $ 2,086 $ 3,410 $ 19,100 $ (4,024) $ $ $ $ $ $ $ Loan Amendment Fee Non-Operational Related Professional Fees Adjusted EBITDA (non-GAAP) LA SASA $ $ $ $ $ $ 1,000 $ $ 535 $ 792 $ $ (6,358) $ (9,766) $ 935 $ (2,699) $ $ $ $ (2,597) $ (149) $ 9,538 $ 10,748 24 14#25SELECT BALANCE SHEET INFORMATION Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Cash, Cash Equivalents and Restricted Cash Accounts receivable, net $ 24,833 $ 17,451 $ 17,536 $ 14,144 $ 16,368 $ 22,690 $ 37,893 2,518 3,652 6,787 5,653 3,681 3,589 4,199 Prepaid expenses and other current assets Inventory 7,610 5,327 7,590 8,347 4,627 4,317 4,735 7,599 12,252 12,749 12,058 14,681 16,699 12,838 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 Investments 6,943 6,869 4,492 4,246 1,982 47,295 12,212 2,018 $ 59,665 11,179 2,110 Property, plant and equipment, net 206,107 212,648 215,848 216,717 214,473 211,134 212,813 Intangible Assets, Net and Goodwill 10,509 34,975 68,548 70,460 47,036 46,797 52,297 Deferred Tax Asset 706 Other Assets Total Assets $ 3,308 273,150 $ 773 3,627 307,246 $ 736 3,671 348,851 $ 1,290 1,160 1,569 3,650 3,711 3,574 3,530 348,668 $ 319,584 $ 324,599 $ 341,593 Accounts payable and accrued liabilities $ 7,319 $ 11,918 $ 23,012 $ 22,334 $ 25,852 $ 28,032 $ 27,744 Income taxes payable 5,481 7,070 11,057 7,550 9,412 14,736 20,640 Contingent earnout liability 44,910 44,056 12,933 14,657 18,059 32,714 28,684 Shares payable 2,757 2,757 8,226 8,589 8,596 8,595 8,561 Current portion of operating and finance lease liabilities 286 561 1,194 1,078 1,123 1,506 1,875 Current portion of notes payable 39 9,490 70 40 48 49 50 Total current liabilities $ Operating and finance lease liabilities, net of current portion Other non-current liabilities 60,792 2,790 1,540 $ 75,852 3,085 1,631 $ 56,493 9,160 1,796 $ 54,247 9,859 $ 63,090 $ 85,632 $ 87,554 4,505 9,560 4,877 10,855 5,013 9,502 5,805 Deferred tax liabilities 3,830 Notes payable, net of current portion 45,068 61,886 62,407 62,619 Total Liabilities $ 110,191 $ 142,455 $ 129,856 $ 131,231 $ Preferred Equity Series B, C, and D 42,692 56,534 62,887 140,414 58,299 63,632 63,872 $ 165,132 $ 170,563 59,839 72,436 APIC, Accumulated Deficit and Non-Controlling Int. 162,959 164,791 176,303 160,904 120,871 99,629 98,594 Total Shareholders' Equity 162,959 164,791 218,995 217,438 179,170 159,468 171,031 Total Liabilities and Shareholders' Equity $ 273,150 $ 307,246 $ 348,851 $ 348,668 $ 319,584 $ 324,599 $ 341,593 25#26SELECT CASH FLOW INFORMATION Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Net Income (Loss) Share-based compensation Depreciation and amortization Other $ (19,826) $ (14,192) $ 15,169 $ (16,747) $ (38,785) $ (24,905) $ (210) 2,682 3,491 2,812 3,770 1,631 1,532 2,565 2,607 2,837 3,441 3,416 3,836 3,569 3,676 5,201 (5,683) (28,886) 2,929 29,246 22,261 (3,217) Cash From Net Income (Loss) (9,335) (13,547) (7,465) (6,632) (4,071) 2,456 2,814 Accounts receivable 295 Prepaid expenses and other current assets (2,047) 277 2,428 (3,295) 709 2,053 (924) (1,124) (1,781) (757) 3,720 310 (417) Inventory (1,003) (2,316) 1,155 628 (2,623) (1,768) 3,861 Other assets (968) (27) (66) (182) (48) (6) (48) Accounts payable and accrued liabilities (2,896) 3,671 629 (845) 3,432 2,800 (2,447) Income taxes payable 442 1,589 2,429 (3,747) 1,862 5,324 5,904 Other 33 149 165 1,505 133 73 518 Working Capital Impact (6,143) 5,770 (764) (2,689) 8,529 5,808 6,246 Operating Cash Flow $ (15,478) $ (7,777) $ (8,229) $ (9,321) $ 4,458 $ 8,265 $ 9,060 Purchases of property and equipment (12,876) (7,596) Other Net Investing Activities $ (100) (12,977) $ (3,744) (11,340) $ (3,206) 3,173 (33) $ (4,087) (764) (4,852) $ (1,090) (45) (1,135) $ (206) (4,938) (233) 55 (438) $ (4,882) Distributions to Preferred Shareholders Other (870) Net Financing Activities $ 91 (779) $ (860) 12,595 11,735 $ (1,136) 9,482 8,347 (1,135) 11,914 $ 10,779 $ (1,367) 269 (1,099) $ (1,376) (129) (1,647) 12,672 (1,505) $ 11,025 Cash Change (29,234) (7,381) 85 (3,393) 2,225 6,322 15,203 Cash and cash equivalents, beginning of period 54,067 24,833 17,451 17,536 14,144 16,368 22,690 Cash and Cash, Equivalents, End of Period $ 24,833 $ 17,451 $ 17,536 $ 14,144 $ 16,368 $ 22,690 $ 37,893 26#27EQUITY TABLE Comments 154 Plus Performance RSU's (1.3M), Exercise of RSU's and Convertible Notes (000's) Total Equity and Exchangeable Shares Total Warrants Series D Q3 23 Q2 23 Change 70,184 70,030 2,180 2,180 Series C Series B Series A SPAC 1,000 1,000 10,000 10,000 2,654 2,654 30,665 30,665 Total Warrants 46,499 44,319 2,180 Stock Options 1,436 1,436 RSU's 3,209 Total 4,645 1,663 3,099 Share Price at Quarter End $ 4.55 $ 3.30 $ 1.25 Convertible Debentures Series A $ 11,895 $ 11,895 $ Series B $ 4,111 $ 4,111 $ Total $ # of Shares if converted assuming share price at quarter end 16,006 $ 3,518 16,006 $ 4,161 (643) Exercise price of $5.00 with an expiration date of August 2027 Exercise price of $5.00 with an expiration date of August 2027 Exercise price of $10.00 with an expiration date of June 2024 Exercise price of $11.50 with an expiration date of June 2026 Exercise Price between $2.26 and $4.60 with expiration dates from October 2024 to October 2026 1,546 Up to 3-year vesting through 2026 1,546 8% semi annual interest, cash or shares, higher of 10 day VWAP 5 trading days prior to pay date or $4.08, Maturity 4/15/27 8% semi annual interest, cash or shares, lower of 10 day VWAP 5 trading days prior to pay date or $10.00, Maturity 4/15/27 27#28GLASS HOUSE BRANDS APPENDIX#29BOARD 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 HUMBLE LUKANGA GEORGE RAVELING . 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" . 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 29#30BOARD OF DIRECTORS JOCELYN ROSENWALD 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 JOHN A. PÉREZ Speaker Emeritus of the California Assembly and a Regent of the University of California As Speaker, he had ultimate responsibility for 1300 employees and a $156 million budget Crafted the California Jobs Budget, which included a ten-billion dollar private-sector job creation fund Grew up in the working-class communities of El Sereno and Highland Park Has been a longtime advocate of the LGBTQ Community, and was previously appointed by both President Bill Clinton and President George W. Bush to serve on the President's Commission on HIV/AIDS • • . 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 YELENA KATCHKO Attorney and founding partner of Katchko, Vitiello & Karikomi, PC, a well-regarded law firm located in Los Angeles, California with an authentic and deep-rooted presence in the local cannabis industry As leader of KVK's cannabis practice, Yelena handles transactional, commercial, licensing, and regulatory compliance matters within the cannabis sphere Began representing medicinal cannabis clients in the City of Los Angeles in 2010 and has become one of the industry's most recognized names. Serves as the Vice Chair of Programming for the LA County Bar Association - Cannabis Section and as affiliate counsel for the United Cannabis Business Association which was built by the leaders of the California cannabis industry 30#31GLASS HOUSE BRANDS NEO GLAS.A.U OTCQX: GLAS.F