#1Disclaimer Forward-looking statements Certain statements contained in this presentation may constitute forward-looking information and statements. All statements in this presentation, other than statements of historical fact, that address events or developments concerning SNDL Inc. ("SNDL" or the "Company") that SNDL expects to occur are "forward-looking information and statements". Forward-looking information and statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "propose", "potential", "targeting", "intend", "could", "might", "should", "believe", "budgeted", "scheduled" and "forecasts", and similar expressions and variations (including negative variations). In particular, but without limiting the foregoing, this presentation contains forward-looking information and statements pertaining to the following: SNDL's ability to raise future capital through debt or equity financing transactions, and our ability to efficiently deploy the capital raised through such transactions; our ability to successfully implement our cost and asset optimization initiatives; the continued development and growth of the demand and markets for medical and adult-use cannabis; the competitive conditions of the industry and the expected number of customers using our products; the maintenance of our existing licences and the ability to obtain additional licences as required; our ability to establish and market our brands within our targeted markets and compete successfully; our ability to produce and market additional products as regulations permit; the number of flowering rooms and combined production capacity therefrom that we expect to have; our growth strategies, including plans to sell edibles and other forms of cannabis; the timing and the amount of capital expenditures related to the maintenance and any expansion of our facilities; the outcome of medical research by our partners and the acceptance of such findings in the medical community; our ability to attract and retain key employees; our ability to manage growth in our business; our ability to identify, successfully execute, manage and realize a return on strategic partnerships, joint ventures, strategic alliances, debt and equity investments as well as the costs and benefits associated with such initiatives, including the expected return on any investments; and the volatility in the price of our common shares. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this presentation. Forward-looking statements are 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 projected in the forward-looking statements. Such risks and uncertainties may be discussed in the Company's materials filed with the Canadian and U.S. securities regulatory authorities from time to time. All of the forward-looking information and statements contained in this presentation are qualified by these cautionary statements. The reader of this presentation is cautioned not to place undue reliance on any forward-looking information and statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. Non-IFRS Measures Certain financial measures in this presentation, including system-wide retail sales, adjusted EBITDA from continuing operations and gross margin before fair value adjustments, are non-IFRS measures. These terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These non-IFRS financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. Important Information Concerning this Presentation Under no circumstances should the information contained herein be considered an offer to sell or a solicitation of an offer to buy any security of the Company or any other entity in the United States or in any other jurisdiction. The contents of this presentation have not been approved or disapproved by any securities or regulatory authority in Canada, the United States or any other jurisdiction. In addition, certain information contained in this presentation is based upon information from press releases, independent industry sources and other publications and websites. None of these sources have provided any form of consultation, advice or counsel regarding any aspect of, or is in any way whatsoever associated with, SNDL. Actual outcomes may vary materially from those forecast in such press releases, reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. While SNDL believes this data and information to be reliable, such data and information is subject to variations and cannot be verified with complete certainty. SNDL has not independently verified any of the data or information from third party sources referred to in this presentation or ascertained the underlying assumptions relied upon by such sources. SNDL cannot and does not provide any assurance as to the accuracy or completeness of such information. This document is being supplied to you solely for r information and may not be reproduced or forwarded to any other person or published (in whole or in part) for any purpose. All financial information in this press release is reported in millions of Canadian dollars unless otherwise indicated.#2November 2023 22 sndl Corporate Presentation NASDAQ: SNDL#3Our PURPOSE Bringing people together through exceptional products and experiences. le W 414 AUBIN DOMAINE BOUCKA BEAUNE DU CH $39.99 LAINE & BEAUNE BOUC Overview 3 sndl#4BRAI BRAI 356 Retail Stores (Liquor + Cannabis Retail) ¹ $950MM Latest Quarter Annualized Net Revenue² -2600 Employees¹ $516MM Market Cap¹ $16.5MM Positive Free Cash Flow² $nil Debt 11. ¹As at November 10, 2023. 2As at September 30, 2023. See Specified Financial Measures in the SNDL Press Release - Free Cash Flow Overview sndl#5Liquor Retail ● Operating Segments Canada's largest private sector liquor retailer Diverse retail footprint from convenience to large format destination locations Operational excellence and scalable corporate services in competitive and regulated retail environment PHO Cannabis Retail ● ● Canada's largest cannabis retail footprint Diverse retail stores from everyday low cost to premium retail experiences Own the customer relationship with robust analytics and insights Key driver of SNDL's vertical integration strategy in cannabis Cannabis ● ● Robust innovation capabilities through low- cost biomass sourcing, premium indoor cultivation and low-cost manufacturing facilities Diverse brand portfolio from value to Jm Trusted B2B production partner Key enabler of SNDL's vertical integration strategy Investments ● Emphasis on cannabis credit and select M&A focused equity investments SunStream Bancorp Inc. vehicle for the deployment of debt ge US- capital to based MSOs and other operators CH Overview sndl#6The SNDL Advantage Strong Balance Sheet SNDL has one of the strongest balance sheets in the regulated products industry with significant cash reserves. Vertically Integrated Cannabis Vertical integration generates economic value, competitive differentiation and predictability in SNDL's cannabis supply chain. Retail Scale & Experience SNDL's profitable liquor retail segment provides substantial operational expertise and scale for corporate services, which benefits all our operating segments. Strategic Cannabis Investments SNDL's investment portfolio generates positive cashflows and gives SNDL greater optionality and strategic alternatives for M&A activities. Overview sndl#7Q3 2023 Financial and Operational Highlights NOTES 1. Data as at September 30, 2023. Total Net Revenue $237.6MM Increase of 3% YOY Cannabis Retail Net Revenue $75.5MM Valu Increase of 14% YOY Gross Margin $48.6MM Liquor Retail Net Revenue $151.8MM Stable increase YOY Cannabis Operations Net Revenue $21.0MM Increase of 77% YOY Adjusted EBITDA $16.1MM Q2 Highlights 7 sndl#8Third Quarter 2023 Financial Performance Stable performance compared to the third quarter of 2022 NOTES 1. For the definition of free cash flow, please see the coordinating press release and MD&A. 300,000 250,000 200,000 150,000 100,000 50,000 O 50,000 O -50,000 -100,000 -150,000 -200,000 Revenue Growth ($000s) 2021 Q1 3% Increase YOY 2021 2022 Q2 Q3 Q4 Income Loss from Operations ($000s) 2022 2023 Q1 Q2 Q3 Q4 2023 60,000 50,000 40,000 30,000 20,000 10,000 (10,000) 50,000 0 -50,000 -100,000 - 150,000 -200,000 -250,000 -300,000 -350,000 Margin Growth ($000s) 3% Decrease YOY H 2021 2022 ■Q1 Q2 Q3 Q4 2021 Free Cash Flow ($000s) 2022 2023 Q1 Q2 Q3 Q4 2023 Consolidated Financial Results 8 sndl#9CASK Liquor Retail BENROMA Mood TILO sndl#10The SNDL Advantage Operational Scale & Efficiency Operational scale creates meaningful efficiencies for corporate services including HR, Finance and Business Technology. Buying Power Drives Margin Trade areas, store footprints and warehousing infrastructure are leveraged to enable strategic buying decisions that drive margin and competitive pricing. Diversified Retail Footprint Broad range of liquor customers with a diversified retail footprint from convenience to large format destination locations. Liquor Retail O 10 sndl#11Canada's Largest Private Sector Liquor Retailer SNDL's Liquor Retail segment has substantial experience and scale operating in competitive & regulated retail environments and generates consistent revenue and earnings. NOTES ¹Data as at September 30, 2023. 2Percentage represents the revenue market share based on retail statistics provided by Stats Canada for July and August 2023. 3Data from Q3 2023. 170 Retail locations in Alberta and British Columbia¹ 17.6% Market share in Alberta² $39.34 Average Basket Size³ 3.8MM Customer transactions in Q3 20233 Liquor Retail 11 sndl#12Q3 2023 Liquor Retail Results NOTES ¹Excluding corporate cost allocation. Net Revenue $151.8MM Adjusted EBITDA¹ $19.2MM Gross Margin $37.3MM Latest Quarter Annualized Average Revenue Per Store $3.6MM Liquor Retail 12 sndl#13Cannabis Retail धै sndl#14The SNDL Advantage Regulatory Compliant Structure A vertically integrated retail operation that works within current regulations to build competitive offerings with industry partners. Diversified Banner Strategy Targeting distinct consumer segments and experiences to maximize market penetration through a multi experiential banner portfolio. Robust Data & Consumer Insights Leverage extensive transactional data, to create targeted merchandising, margin accretive assortment strategies and relevant in-store experiences. Disciplined Retail Operations Emphasis on effective and cost-efficient operations over a nationwide retail footprint. * Cannabis Retail 14 sndl#15Canada's Largest Private Sector Cannabis Retailer With our Value Buds, Spiritleaf, Superette and Firesale Cannabis banners combined, SNDL has the largest cannabis retail footprint in Canada and gains significant operational efficiency and scale. NOTES ¹As of November 10, 2023. 2Percentage represents revenue market share in the privatized provincial markets including Alberta, British Columbia, Manitoba, Newfoundland, Ontario and Saskatchewan in July and August, 2023. ³Data from Q3 2023. 186 Retail Locations in AB, BC, MB, ON and SK¹ 9.1% Market Share of Privatized Store² $38.47 Average Basket Size³ 2.6MM Customer Transactions³ * Cannabis Retail 15 sndl#16Q3 2023 Cannabis Retail Results NOTES ¹Excludes Corporate Cost. 2Based on store-level revenue for corporately-owned stores. Comparisons are from the third quarter of 2022. Net Revenue $75.5MM Adjusted EBITDA¹ $8.0MM Gross Margin $20.0MM Latest Quarter Annualized Average Revenue Per Store² $2.4MM (*) Cannabis Retail 16 sndl#17Cannabis Operations T sndl#18The SNDL Advantage Cost- Effective Cultivation Evolving cultivation operations tailored to SNDL's diverse brand portfolio from value to premium. Innovation Pipeline Leveraging low-cost biomass procurement, high-quality cultivation and industry insights to deliver exceptional consumer value. Consumer & Flexible Customer Centric Vertical Integration enables a more agile and responsive supply chain for the dynamic needs of cannabis consumers and customers. Manufacturing Tailor production to market demand through scalable operations and automation. Cannabis Operations 18 sndl#19Q3 2023 Cannabis Operations Results NOTES ¹Excludes Corporate Cost Comparison are from the third quarter of 2022. Net Revenue $21.0MM Adjusted EBITDA¹ ($4.0MM) CANNABIS Cost of Sales $21.0MM Gross Margin ($8.7MM) Cannabis Operations 19 sndl#20Q3 2023 Cannabis Operations Highlights NOTES ¹Data from Q3 2023. 25% Average THC Potency CANNABIS Increase in pre-roll production in the last quarter. Launched 41 SKUs including large format flower, vapes and pre- rolls under the Palmetto and Versus brands. 124% 105g/ft² Cultivation Yield at the SNDL Atholville Facility ¹ 1 Cannabis Operations 20 sndl#21Investments CH sndl#22Q3 2023 Investments Results NOTES ¹Share of profit of equity accounted investees includes non-cash fair market value adjustments. Comparisons are from the third quarter of 2022. Capital deployed in credit and equity investments $583MM Investment Revenue $0.09MM Share of the profit of equity- accounted investees $6.6MM Interest and Fee Revenue $3.3MM Investments 22 sndl#23Strategically deployed capital for the cannabis industry SunStream's investment portfolio can be bifurcated into (i) performing credits and (ii) equitization opportunities, and includes some of the largest multi- state and single state operators in the US. NOTES ¹As of September 30, 2023. $583MM Fair value of all cannabis industry investments¹ 5 SunStream credit portfolio investments¹ $551 MM $33MM Fair value of SunStream Portfolio¹ Fair value of Canadian credit and equity investments¹ Investments 23 sndl#24Revenue ($'mm) $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Total Cannabis Retail Stores (3) Potential SunStream USA Compared to US MSO's SSB Equitization Opportunities Annualized Revenue vs US MSO's ($'mm) (¹) $1,361 $1,077 Curaleaf Trulieve 150 188 $1,029 sndl + Sunstream Potential Equitized Portfolio (2) 85 I Green I SNDL + Thumb i Sunstream I USA 256 $969 I $962 Verano 135 $735 Cresco 71 $546 Ascend Wellness 31 $525 $481 94 $331 85 Sunstream 38 In USD Unless Otherwise Noted Sunstream Potential Equitized Portfolio(2) Cannabist Ayr Wellness TerrAscend Sunstreami Jushi USA $276 71 I $269 I 34 (1) Source: Bloomberg Q3/23 consensus estimates annualized; Sunstream USA annualized revenue as of public disclosures Oct 3, 2023 and Sep 22, 2023 (2) Subject to final listing compliance and transaction approvals, documentation, and close; go-forward revenue likely to be impacted by legal proceedings and license transfers (3) Source: Company public disclosures and materials; Sunstream USA retail store count as of public disclosures Oct 3, 2023 and Sep 22, 2023; Sunstream USA go-forward retail store count subject to certain legal proceedings and license transfers; SNDL store count as of November 10, 2023. Investments 26 sndl#25SunStream Overview Why was SunStream launched? Sunstream In USD unless otherwise noted To earn attractive risk- adjusted returns through secured debt, hybrid securities, and distressed debt / equity. To leverage the financial and operational knowledge of SNDL and SAF Group to exploit asymmetric risk-return opportunities in the cannabis industry. To deploy capital into cannabis investments including US opportunities to comply with NASDAQ requirements. To provide SNDL exposure to the US cannabis market in a senior position in the capital structure at attractive attachment levels. Investments 25 sndl#26Tilray Brands, Inc. Cronos Group Inc. Canopy Growth Corporation Aurora Cannabis Inc. OrganiGram Holdings Inc. Village Farms International, Inc. Average Median SNDL Inc.¹ Balance Sheet COMPARABLE VALUATION ANALYSIS Share Share Mkt Total Price Price Cap Debt Cash US$ /sh C$/sh C$mm C$mm US$1.43 C$1.98 $536 EV² C$mm C$mm US$1.67 C$2.31 $1,731 $706 $404 US$2.07 C$2.86 $1,112 $2,064 $1,161 ($69) $1,146 US$0.52 C$0.72 $608 $724 $270 US$0.47 C$0.65 $320 $56 $215 $256 US$1.24 C$1.72 $140 $0 $53 $93 US$0.66 C$0.91 $101 $73 $49 $147 $202 $526 Net Cash / (Debt) + 30D Avg. Daily Total Cash / Investments per FD S/O Value Traded³ C$ /sh ($0.40) $2.99 ($0.54) $0.32 $0.19 ($0.22) $2.90 C$mm $43 $5 $34 $8 $4 $0 SNDL has a best-in-class balance sheet and is one of the few peers with positive EBITDA on an LQA basis $16 $6 $5 LQA Cash Flow Use In Ops Years 4.7 1,172.9 0.9 1.7 2.4 nmf 236.5 2.4 nmf NOTES Exchange rate of 1.383 as of November 10, 2023; shares outstanding based on most recent quarterly financials and adjusted for share issuance transactions and other significant publicly disclosed transactions; figures presented on a fully diluted basis (TSM method); nmf = not meaningful; n/a = not applicable; estimates based on analyst consensus; CAD/USD exchange rate of 1.383 used for the FX conversion; (1) SNDL's total cash balance includes cash and marketable securities; SNDL's net cash / (debt) + securities per share includes cash, marketable securities, SunStream and other credit investments; (2) Includes lease liabilities and cash-settled compensation/plan; (3) Includes values traded on both the U.S. and the Canadian exchanges SOURCES Company Filings, Press Releases, S&P Capital IQ, Bloomberg Overview 26#27Income Statement COMPARABLE VALUATION ANALYSIS Tilray Brands, Inc. Cronos Group Inc. Canopy Growth Corporation Aurora Cannabis Inc. OrganiGram Holdings Inc. Village Farms International, Inc. Average Median ● Revenue EBITDA EV / Revenue CY23E CY24E CY25E CY23E CY24E CY25E CY23E CY24E CY25E C$mm C$mm C$mm C$mm C$mm_ C$mm $971 $1,233 $1,320 $85 $127 $120 $343 $266 $152 $388 $407 $477 SNDL Inc. $968 SNDL's revenues are largely driven by retail operations SNDL has over $920mm in tax pools available to shelter future taxable income $191 $143 $162 ($83) ($39) ($34) $315 $365 ($176) ($12) $277 $293 $9 $170 $216 $5 ($46) $25 $48 $19 $30 $15 $20 $34 n/a n/a SOURCES Company Filings, Press Releases, S&P Capital IQ (consensus estimates) $29 n/a 2.1x nmf 3.3x 1.0x 0.6x 0.4x 1.5x 1.0x 1.7x 1.6x 24.2x 16.2x nmf nmf nmf nmf 3.6x 3.1x nmf nmf 0.9x 0.9x 27.1x 10.4x 0.5x 0.4x 17.2x 4.9x 0.4x 0.3x 7.5x 9.7x 19.6x 9.8x 1.4x 1.3x 0.9x 0.9x 20.7x 9.0x n/a 0.5x n/a n/a Current EBITDA is derived from both a sustainable liquor business and credit investment performance EV / EBITDA CY23E CY24E CY25E 18.4x n/a 10.8x nmf nmf 5.4x 3.1x 4.3x 5.9x 4.9x n/a NOTES Exchange rate of 1.383 as of November 10, 2023; shares outstanding based on most recent quarterly financials and adjusted for share issuance transactions and other significant publicly disclosed transactions; figures presented on a fully diluted basis (TSM method); nmf = not meaningful; n/a = not applicable; estimates based on analyst consensus Overview 27#28Denoted in C$/sh $0.75 Cash and Cash Equivalents SNDL Valuation NET ASSET VALUE WATERFALL C$2.90/sh (US$2.09/sh) $0.12 Strategic CDN Investments $2.03 SunStream and Other Credit Investments SIGNIFICANT UPSIDE POTENTIAL 1 ($0.92) Implied Residual Value for: 170 Liquor Stores 22 Corporate Stores 65 Franchise Stores 92 Value Buds Stores (63% Ownership) 380,000 sq.ft. Atholville Facility 108,000 sq.ft. Valens Facilities Implied Residual Value $1.98 (US$1.43) Current Share Price $4.80 (US$3.47) Net Asset Value SNDL is currently trading $249mm ($0.92/sh) below NAV of its cash, strategic investments, and credit portfolio implying negative value for liquor and cannabis operations NOTES As of November 10, 2023, using exchange rate of 1.383; Share count calculated on a fully diluted shares basis; SunStream and other credit investments based on most recent financials for period ending September 30, 2023 SOURCES Company Filings Overview 28#29Analyst Coverage Frederico Gomes ATB Financial Matt Bottomley Canaccord Genuity Sophie Pilon Investor Relations and Communications [email protected] sndl#30Appendices 1952 1947 Ba DALMORE DALMORE [il BENROMA Looo 1 sndl#31Coast-to-Coast Retail and Production Footprint 6 *0 1 96 169 5 SNDL National Footprint as at November 10, 2023. 5 75 CORPORATE OFFICES CANNABIS CULTIVATION, PRODUCTION OR MANUFACTURING FACILITIES CANNABIS RETAIL LIQUOR RETAIL Overview 31 sndl#32WINE AND BEYOND SPIRITS BEER & MORE. Wine and Beyond is Western Canada's largest liquor stores. We pride ourselves on having a selection of over 6,000 wines, 2,500 spirits and 2,200 beers. Our 12 locations are known for their incredible selection, unique product offerings, and staff with excellent product knowledge and service levels creating a customer-centric experiences. Brand Portfolio Ordepot Liquor Depot is a convenience retail liquor outlet with over 20 locations in Alberta. LIQUOR We are your one-stop-shop for beer, wine, spirits, mixes and more in trusted neighbourhood locations. We stock the items you need for the moments in life you need them! O ACE LIQUOR > DISCOUNTER Ace Liquor Discounter has more than 138 locations in Alberta where you'll find a great selection, better prices, and friendly, knowledgeable staff. We stock wines from around the world, local and international beers and specialty spirits at everyday low prices. Liquor Retail 32 sndl#33Brand Portfolio SPIRITLEAF Spiritleaf aims to be the most knowledgeable and trusted source of recreational cannabis, offering a premium consumer experience. We have created a modern retail model that offers legitimacy, reputability, professionalism and a feeling of confidence. Value Buds Value Buds has a simple mission: deliver compelling value to cannabis consumers. Our goal is to attract, grow, and retain a loyal customer base by offering high-quality cannabis products in convenient locations and every-day low prices. Superette Superette is a retail brand that makes buying cannabis as enjoyable as consuming it. Every thoughtful detail of our brand, whether in-store or online, is all about creating moments of delight at every step of the way. fireşale Firesale is our solution to the sustainability challenges facing the cannabis industry. Our cannabis liquidation pop-ups help licensed producers sell aged inventory at deeply discounted prices, with the aim of providing the most affordable cannabis products in Canada. 1) Cannabis Retail 33 sndl