#1OGI INVESTOR PRESENTATION ORGANIGRAM NASDAQ (OGI) TSX (OGI)#22 Cautionary Statement This document is current as of January 12,2020 except where otherwise stated. The information contained in this presentation is provided by Organigram ("OGI" or the "Company") for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of OGI or other financial products. No part of this presentation shall form the basis or be relied upon in connection with any contract, commitment or investment decisions in relation thereto. The information contained herein is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. No securities commission or similar regulatory authority in Canada has reviewed this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. This presentation is not meant to provide a complete or comprehensive analysis of OGI's financial or business prospects. To the maximum extent permitted by law, none of OGI nor its directors, officers, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. Certain of the information in this presentation contains certain "forward-looking information" within the meaning of applicable securities laws ("forward-looking information"). Forward-looking information, in general, can be identified by words such as "outlook", "objective", "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "continue", "budget", "schedule" or "forecast" and other similar words, or statements that certain events or conditions "may", "could", "would", "might" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in forward-looking information, including, among others, OGI's crop yields, product liability, government regulation, legislative and regulatory developments (including in relation to cannabis from Health Canada), OGI's expansion plans, as well as those risk factors identified in OGI's most recent MD&A, AIF and other disclosure documents available on SEDAR at www.sedar.com and www.sec.gov/edgar.shtml under OGI's issuer profile. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and OGI undertakes no obligation to update forward-looking information to reflect material developments which may occur after the date this presentation was prepared or if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. The financial information in this document contains certain financial performance measures that are not defined by and do not have any standardized meaning under IFRS and are used by management to assess the financial and operational performance of the Company. These include cost of cultivation, adjusted EBITDA and adjusted EBITDA.as a percentage of net revenue. The Company believes that these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and prospects in a similar manner to the Company's management. As there are no standardized methods of calculating these non-IFRS measures, the Company's approach may differ from those used by other issuers, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information regarding these non-IFRS measures, including definitions, a quantitative reconciliation to the most directly comparable IFRS measure, see the final slides in this presentation. Readers are cautioned against comparing cost of cultivation per gram harvested with cost of sales for the same period for at least two reasons. 1. Cost of sales includes packaging costs which "cost of cultivation" does not. 2. There is a delay between when product is harvested and when it is sold and cost of cultivation does not include indirect production costs. This presentation does not constitute an offer of shares for sale in the United States or to any person that is, or is acting for the account or benefit of, any U.S. person as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") ("U.S. Person"), or in any other jurisdiction in which such an offer would be illegal. OGI's shares have not been and will not be registered under the Securities Act. We seek safe harbour. This document may not be reproduced, further distributed or published in whole or in part by any other person. This document may only be disseminated or transmitted into any jurisdiction in compliance with, and subject to, applicable securities laws. Readers are required to ensure their compliance with applicable securities laws. ORGANIGRAM#33 Organigram at a Glance Leading licensed producer of indoor, high quality product for medical & adult- use recreational markets • Indoor production facility with 3 level growing technology in Moncton, New Brunswick Sales in all Canadian 10 provinces Strong execution reflected in fiscal 2019 operating and financial results ORGANIGRAM#44 • Fiscal 2019 Financial Results NET REVENUE GROSS MARGIN before FV CHANGES to BIO ASSETS & INVENTORIES POSITIVE ADJUSTED EBITDA² NET INCOME (LOSS)4 2019 net revenue grew over 6 times or 547% from 2018 on the legalization of adult-use recreational cannabis in Canada Gross margin before fair value changes to bio assets and inventory increased 575% to 47% from 2018 2019 positive adjusted EBITDA margin² of 25% as a percentage of net revenue 2019 SG&A³ at 41% of net revenue 2019 net loss of $9.5M or $0.07 per share (fully diluted) largely due to fair value changes to bio assets and inventory ($M) ($M and %) ($M) 47% ($M) 37.9 80.4 22.1 45% 19.9 (1.0) 12.4 5.6 (9.5) FY-2018 FY-2019 FY-2018 FY-2019 FY-2018 1 Based on the Company's analysis of available data including, but not limited to, market share data from select provinces and various public data 2 Adjusted EBITDA is a non-IFRS measures with no standardized meaning under IFRS. See Company's Q4 2019 MD&A. 234 Sales & Marketing and General & Administrative excluding share-based compensation From continuing operations FY-2019 FY-2018 FY-2019 ORGANIGRAM#5. Q1 Fiscal 2020 Highlights As guided by management, improved key metrics from Q4 2019: ✓ Net revenue grew to $25.2M ✓ Gross margin (before FV changes to bio assets and inventories sold) increased to 37% Cash and "all-in" cost of cultivation declined to $0.61 and $0.87 per gram¹ of dried flower harvested ✓ SG&A as a % of net revenue declined to 37% • Returned to positive adjusted EBITDA -generated $4.9M¹ or 19% of net revenue . . As planned, shipped first of Rec 2.0 products, Trailblazer Torch vape cartridges in December 2019 ⚫ Further improved financial flexibility with at-the-market program (ATM program) established in Dec. 2019 ✓ Cash and short term investments of $34.1M at quarter-end Raised $22.9M in gross proceeds under ATM program after Q1 2020 & $32.1M in current remaining capacity ✓ $$30M in current available capacity on term loan up to $25M revolver available to be drawn against receivables² ✓ Option to increase credit facility from $140M to $175M³ Adjusted EBITDA and cost of cultivation are non-IFRS measures - see Company's Q1 2020 MD&A for definition and a reconciliation to IFRS To be drawn against specified receivables 1 5 2 3 Subject to agreement from lenders and certain legal and business conditions ORGANIGRAM#6Q1 Fiscal 2020 Financial Results NET REVENUE Q1 2020 net revenue almost doubled from Q1 2019 as Q1 2020 included a full quarter of adult-use rec sales (legalized in October 2018) GROSS MARGIN before FV CHANGES to BIO ASSETS & INVENTORIES SOLD Lower Q1 2020 gross margin % vs Q1 2019 largely due to higher cost of sales from increased staffing for more cultivation/post-harvest capacity without the benefit of full economies of scale (as consumer demand impacted by inadequate retail store network in Canada) POSITIVE ADJUSTED EBITDA¹ Q1 2020 positive adjusted EBITDA margin¹ of 19% as a percentage of net revenue Q1 2020 SG&A² at 37% of net revenue, similar to Q1 2019, with higher net revenue and continued focus on prudent spending and cost control NET INCOME (LOSS)³ Q1 2020 net loss of $0.9 million or $(0.006) per share on a diluted basis compared to Q1 2019 net income of $29.5 million or $0.195 per share largely due to non-cash fair value changes to biological assets and inventories sold ($M) 25.2 12.4 Q1 2019 Q1 2020 ($M and %) 71% 37% ($M) 8.8 9.3 Q1 2019 Q1 2020 ($M) 6.8 29.5 4.9 (0.9) Q1 2019 Q1 2020 Q1 2019 Q1 2020 1 Adjusted EBITDA is a non-IFRS measures with no standardized meaning under IFRS. See.the Company's Q1 2020 MD&A for definitions and a reconciliation to IFRS. 6 2 Sales & Marketing and General & Administrative excluding share-based compensation 3 Net income (loss) from continuing operations ORGANIGRAM#7Three Level Indoor Cultivation Technology • 3 level growing optimizes footprint • Control critical facets of environment with state-of-the-art technology and innovation . Data driven decisions 7#8Phase 4 Expansion of Moncton Campus • Current licensed production capacity of 89,000kg/yr¹, with all Phase 4A and Phase 4B rooms licensed Delayed completion of Phase 4C until more clarity on longer term consumer demand and to: • Prioritize and effectively manage cash flow; and • Potentially use portions of Phase 4C space for other strategic purposes Management believes it can complete remaining construction on Phase 4C in a relatively short timeframe to respond to increased consumer demand TARGET PRODUCTION CAPACITY¹ CURRENT LICENSED CAPACITY 89,000 kg/yr 113,000 kg/yr² DELAYED PHASE 4C COMPLETION DUE TO MARKET CONDITIONS PHASE 4A & 4B COMPLETE W/PHASE 4C 1 Target production capacity once licensed and fully operational; several factors can cause actual capacity and costs to differ from estimates. See "Risk Factors" in the Company's Q1 2020 MD&A. 8 2 113,000 kg/yr is total target production capacity if and when the Company decides to finish Phase 4C as designed ORGANIGRAM 8#99 ENGLISH DRIVE Phase 5 - Refurbishment for Edibles and Derivative Products 4C 4B 4A ST. GEORGE BLVD. Electrical Substation EDINBURGH DRIVE 5 ⚫ 56,000 square feet within existing Moncton Campus facility being refurbished and designed under EU GMP standards for: . • An edibles and derivative production facility; and Additional extraction capacity (CO2 and hydrocarbon) • Received licensing for site perimeter for Phase 5 edibles facility and our chocolate processing and packaging rooms ~ • Estimated remaining spend of $20M as at end of Q1 Fiscal 2020 of total capex estimate of ~$65M¹ 1 Several factors can cause actual capacity and costs to differ from estimates. See "Risk Factors" in the Company's Q1 2020 MD&A. ORGANIGRAM#1010 Well-positioned for Edibles and Derivatives THE GREEN SOLUTION Valens GroWorks Exclusive agreement with The Green Solution, a proven market leader in the US for consulting services re: product processing and development as well as market segmentation and trends Immediate increased extraction capacity from Valens GroWorks agreement and Phase 5 refurbishment underway for additional in- house extraction capacity ORGANIGRAM#11Well-positioned for Edibles and Derivatives Initial OGI focus on two largest segments based on US state sales data in the edibles and derivative market - vaporizer pens and edibles, including beverages, representing 23% and 13%, respectively of total US recreational cannabis state sales¹ Edibles 13% Other* Vape Pens 5% Pre-rolls 23% 7% Concentrates 9% Dried Flower 43% *Tinctures & sublingual, topicals, and capsules. 11 1 QUICK TAKE - Cannabis - Cowen's THC Tracker: U.S. Brands - Cowen and Company, March 29, 2019 ORGANIGRAM#12EDISON RIO BRAVO EDISON ။ EDISON EDISON CANNABIS CO LOLA MONTES LA STRADA EDISON EDISON EDISON RIO BRAVO LA LOLA MONTES STRADA TRAIL BLAZER TRAIL BLAZER TRAIL BLAZER feather EDISON + PAX ERA CANNABIS CO TORCH by Trailblazer . OGI Vaporizer Pen Portfolio • As planned, began shipping Trailblazer Torch vape cartridges in December 2019 ⚫ Selected as one of the Canadian partners for PAX ERA, the premium closed loop vaporizer system created by PAX Labs, Inc. . • PAX Labs, Inc. - a leader in the design and development of premium app-controlled vape technologies for cannabis . Selected as exclusive Canadian supplier of Feather Company's industrial design-patented vaporizer hardware and technology Expect to launch Edison + Feather ready-to-go distillate pens and Edison + PAX ERA distillate cartridges in January 2020 and Q2 calendar 2020, respectively 12 GLOW FLICKER SPARK ORGANIGRAM#1313 Premium Cannabis-infused Chocolates . ~$15M investment in high-speed, high-capacity, fully- automated production line that includes advanced engineering, robotics, high-speed labeling, automated carton packing ⚫ OGI product development and production team has more than deep chocolate expertise • Installation of the production line completed Received licensing approval in December 2019 Expect to launch cannabis-infused chocolate in Q1 calendar 2020 ORGANIGRAM#14100 200 EDISON CANNABIS CO 14 Proprietary Nano-Emulsification Technology Dissolvable Powder Product Proprietary nano-emulsion technology, developed by internal R&D team An expected initial absorption of cannabinoids in 10-15 minutes once ingested by adding to a liquid • Anticipated stability to temperature variations, mechanical disturbance, salinity, pH and sweeteners as well as being shelf stable, water-compatible, and unflavoured ⚫ Offers consumers a measured dose of cannabinoids to add to a beverage of their choice while also offering discretion, portability and shelf life of a dry powder Expect to launch dissolvable powder product in Q2 calendar 2020 ORGANIGRAM#1515 Award-winning Products and Brands Won Top Product Award in the High THC Bottled Oil Category for our medical product, Rossignol Runner-up for medical High THC Bottled Oil Banook and recognized in 7 other categories & Top High THC Top Balanced Top High THC Bottled Oil FINALIST 2019 Bottled Oil WINNER 2019 ORGANIGRAM ROSSIGNOL AWARDS First runner up: ORGANIGRAM BANOOK Oil FINALIST 2019 First runner up: ORGANIGRAM UTOPIA Top Hybrid Dominant Pre-roll FINALIST 2019 First runner up: EDISON CANNABIS CO. CITY LIGHTS PRE-ROLL Brand of the Year FINALIST © 2019 First runner up: EDISON CANNABIS CO. Employer Top High CBD of the Year FINALIST 2019 Finalist: ORGANIGRAM Bottled Oil FINALIST 2019 First runner up: ORGANIGRAM SHUBIE Top Hybrid Flower FINALIST 2019 Top Sativa Dominant Pre-roll FINALIST 2019 First runner up: EDISON CANNABIS CO. EL DORADO First runner up: TRAILBLAZER FLASH STIX ORGANIGRAM#16hyasynth 16 . Investment in Disruptive Technology-Biosynthesis Investment in Hyasynth, a biotech company and leader in the field of cannabinoid science and biosynthesis Hyasynth using a disruptive technology - biosynthesis - to naturally produce cannabinoids without growing cannabis plants • Process has the potential to create a scalable supply of pure cannabinoids at a fraction of the cost of traditional cultivation Process begins by inserting genes into the yeast's natural metabolism causing the production of cannabinoid precursors by the yeast Hyasynth has developed patent-pending enzymes that allow for the production of CBG, CBD and THC from the precursor molecules ORGANIGRAM#17Global CBD Market $22B in 2022¹ Seizing the Significant Hemp-CBD Opportunity • • CBD increasingly being used in a number of health and wellness products worldwide Agreement with 1812 Hemp, an industrial hemp research company, to secure supply and support R&D on the genetic improvement of hemp to maximize yields and reduce costs ⚫ OGI has access to as much as 60,000kg of secure supply with significant levels of CBD (4% to 8%) and right-of-first refusal on future hemp harvests 17 1 The Brightfield Group - note estimate includes markets where medical and /or recreational use of cannabis is not currently legally permitted, such as the U.S 2 Regulations complex and still to be formalized ORGANIGRAM#18Liquidity and Capital . . . Cash and short-term investments of $34.1M as at end of Q1 Fiscal 2020 Generated positive adjusted EBITDA of $4.9M¹ in Q1 Fiscal 2020 $30M in undrawn capacity on total term loan of $115M as of January 14, 2019 A revolver available of up to $25M to be drawn against specified receivables ⚫ Credit facility includes an option to increase to $175M² from $140M In December 2019, established an at-the-market equity program for further financing flexibility and has issued ~7.3M common shares for gross proceeds of ~$22.9M as of Jan 12, 2019 ⚫ Allows for the issuance of up to C$55M³ of common shares from treasury • Remaining capacity of $32.1M available as at Jan 12, 2019 • Volume and timing of issuance of common shares at the sole discretion of the Company 1 Adjusted EBITDA is a non-IFRS measure - see Company's Q1 2020 MD&A for definition and a reconciliation to IFRS 18 2 Subject to agreement from lenders and certain legal and business conditions 3 Or US$ equivalent ORGANIGRAM#19Investment Thesis ✓ One of the lowest costs of cultivation¹ among Canadian licensed producers ✓ Sales in all 10 provinces ✓ Strong execution, cost management culture reflected in operating and financial results ✓ Positioned well for Rec 2.0 -edibles and derivative products launch: ■ 2.0 portfolio initially focused on 2 most popular form factors, vape pens and edibles ■ As planned, began shipping vape cartridges in December 2019 ✓ Invested in biosynthesis to produce cannabinoids at a fraction of traditional cultivation costs ✓ Sufficient capital resources to fund operating and capital expenditure plans ✓ Attractive market valuation relative to Canadian LP peers ✓ Disciplined capital allocation focused on maximizing return on investment for shareholders 1 19 Cost of cultivation per gram is a non-IFRS measure with no standardized meaning under IFRS. See the Company's Q1 2020 MD&A for definition and reconciliation to IFRS. ORGANIGRAM#20Appendix ORGANIGRAM#21APPENDIX ORGAN RAMRGANIGRAM#22Select Key Q1 Fiscal 2020 Financial and Operating Metrics (in 000s) unless indicated Gross revenue Q1 2020 Q1 2019 % CHANGE 28,448 14,479 96% Excise taxes (3,295) (2,040) 62% Net revenue 25,153 12,439 102% Cost of sales 15,811 3,618 337% Gross margin (GM) before FV changes to bio assets & inventories sold 9,342 8,821 6% GM before FV changes as % of net revenue 37% 71% -34% FV changes to bio assets & inventories sold 1,852 42,925 -96% Gross margin SG&A' SG&A as a % of net revenue Net income (loss) from continuing ops Adjusted EBITDA² Adjusted EBITDA as a % of net revenue² 11,194 51,746 -78% 9,418 4,528 108% 37% 36% 1% (863) 29,517 -103% 4,867 6,839 -29% 19% 55% -36% Cash cost of cultivation per gram harvested² "All-in" cost of cultivation per gram harvested² Kilograms harvested 0.61 0.56 5% 0.87 0.74 13% 12,759 8,042 59% 5,501 2,126 159% Kilograms sold-DFE equivalents³ 22 1 2 3 Sales and marketing and general and administrative expenses (excludes noncash share based compensation and impairment loss) Adjusted EBITDA, adjusted EBITDA as a % of net revenue, all-in and cash cost of cultivation are nonIFRS measure- please see Company's Q1 2020 MD&A for definition and reconciliation to IFRS. Dried flower equivalent, or DFE, is a non-IFRS measure, and is based on the conversion of oil sales to an equivalent measure at a standard rate of 9.0 mL/g for recreational oil and 4.5 mL/g for medical oil. ORGANIGRAM#2323 Select Q1 Fiscal 2020 Key Balance Sheet Metrics (in 000s) Q1 2020 Q4 2019 % CHANGE Cash & Short-Term Investments Biological Assets & Inventories Other Current Assets 33,956 47,555 -29% 125,206 113,796 10% 32,427 34,550 -6% Accounts Payable and Other Current Liabilities 48,972 43,864 12% Working Capital 142,793 152,417 -6% Property, Plant & Equipment 261,083 218,470 20% Long-Term Debt 78,418 46,067 70% Total Assets 469,484 428,525 10% Total Liabilities 140,663 101,519 39% Shareholders' Equity 328,821 327,006 1% ORGANIGRAM#24Select Key Fiscal 2019 Financial Metrics (in 000s) unless indicated FISCAL 2019 FISCAL 2018 % CHANGE Gross revenue Excise taxes 97,547 12,429 685% (17,134) n/m Net revenue 80,413 12,429 547% Cost of sales (incl. indirect production) 42,521 6,814 524% Gross margin (GM) before FV changes 37,892 5,615 575% FV changes to bio assets & inventories 10,577 46,018 (77)% Gross margin 48,469 51,633 (6)% SG&A¹ 33,218 10,989 202% Net income (loss) from continuing ops (9,504) 22, 124 n/m Select Non-IFRS Metrics GM before FV changes as % of net revenue 47% 45% 2% SG&A as a % of net revenue 41% 88% Adjusted EBITDA² 19,900 (1,003) (47)% n/m Adjusted EBITDA as a % of net revenue² 25% n/m n/m 1 24 2 Sales and marketing and general and administrative expenses (excludes noncash share based compensation and impairment loss) Adjusted EBITDA is a nonIFRS measure -please see Company's Q4 2019 MD&A. ORGANIGRAM#2525 Select Key Fiscal 2019 Balance Sheet Metrics (in 000s) FISCAL 2019 FISCAL 2018 % CHANGE Cash & Short-Term Investments Biological Assets & Inventories Other Current Assets 47,935 130,064 (63%) 113,796 64,827 76% 34,550 8,323 315% Accounts Payable and Other Current Liabilities 43,864 11,250 290% Working Capital 152,417 191,964 (21)% Property, Plant & Equipment 218,470 98,639 122% Long-Term Debt 46,067 98,473 (53)% Total Assets 428,525 302,567 42% Total Liabilities 101,519 117,973 (14)% Shareholders' Equity 327,006 184,594 77% ORGANIGRAM