#1TERRASCEND#2Forward-Looking Information This presentation contains "forward-looking information" within the meaning of applicable securities laws, including the safe harbor provisions for forward- looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information contained in this presentation may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits. Examples of forward-looking information contained in this presentation include statements regarding the impacts of the listing on the Toronto Stock Exchange; guidance for fiscal year 2023; the Company's strategic plans, objectives and roadmap; the estimated addressable market opportunity; and expectations for other economic, business, and/or competitive factors. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, our recent growth, which may not be indicative of our future growth; current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR+ at www.sedarplus.ca and in the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the "SEC") on March 16, 2023, the Company's Annual Report on Form 10-K/A for the year ended December 31, 2022 filed with the SEC on May 4, 2023 and its subsequently filed quarterly reports on Form 10-Q. The statements included in this presentation are made as of the date of this presentation. TerrAscend disclaims any intent or obligation to update any forward- looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. TERRASCEND TSX: TSND | OTCQX: TSNDF p.2#3TERRASCEND Jason Wild, Executive Chairman#4Jason Wild Executive Chairman Experienced Leadership Team Ziad Ghanem Chief Executive Officer BJ Carretta SVP Marketing TERRASCEND (TSX: TSND OTCQX: TSNDF) Coaste Keith Stauffer Chief Financial Officer Chantelle Elsner President, Northeast Mary Turon President, Michigan Lynn Gefen Chief Legal Officer p. 4#5STA TERRASCEND Presenters Jason Wild Executive Chairman Keith Stauffer Chief Financial Officer Chantelle Elsner President Northeast BJ Carretta SVP Marketing Ziad Ghanem Chief Executive Officer Lynn Gefen Chief Legal Officer Mary Turon President Midwest Nancy Whiteman CEO, Wana Brands Tim Seymour Moderator, CNBC INVESTOR DAY Agenda 9:00 AM - 9:30 AM Welcome & Registration 9:30 AM - 9:35 AM Opening Remarks Jason Wild, Executive Chairman 9:35 AM - 9:55 AM Fireside Chat With Tim Seymour Jason Wild, Executive Chairman Lynn Gefen, Chief Legal Officer 9:55 AM - 10:00 AM Company Overview Ziad Ghanem, Chief Executive Officer 10:00 AM - 10:30 AM State-By-State & Marketing Strategy BJ Carretta, Mary Turon and Chantelle Elsner 10:30 AM 10:50 AM Fireside Chat With Tim Seymour Ziad Ghanem, Chief Executive Officer BJ Carretta, SVP Marketing Nancy Whiteman, CEO of Wana Brands 10:50 AM - 11:00 AM Financial Overview Keith Stauffer, Chief Financial Officer 11:00 AM - 12:00 PM Q&A With Terrascend Team Company Presenters 10.13.23 12:00 PM Lunch#6Tim Seymour Moderator, CNBC TERRASCEND (TSX: TSND OTCQX: TSNDF) Fireside Chat Jason Wild Executive Chairman Lynn Gefen Chief Legal Officer P. 6#7TERRASCEND Ziad Ghanem, Chief Executive Officer#82017 Founded * Launched as Canadian LP Initial investment of $52.5M by Canopy Growth and JW Asset Management II ‒‒‒ JW ASSET MANAGEMENT CANOPY GROWTH CORPORATION 2018 Pivoted Operations to the US Market Awarded NJ Vertically Integrated License NJ TERRASCEND (TSX: TSND OTCQX: TSNDF) CA Our Journey PA THE APOTHECARIUM DISPENSARY 2019 Acquired The Apothecarium in CA Acquired llera in PA ILERA HEALTHCARE 2021 Acquired 3 Operating Dispensaries in PA Acquired HMS Grower / Processor in Maryland MD 2022 Acquired Gage in MI Acquired 5 Dispensaries in MI GAGE CANNABIS CO MI 2023 Acquired 4 Dispensaries in MD MD Begins AU on July 1, 2023 MD Commenced Trading on the TSX p. 8#9CALIFORNIA Super Premium Flower & 5 Dispensaries Population 40Mil Operations in 5 Highly Attractive U.S. Markets MICHIGAN Million Population 10 Million NEW JERSEY Top 2 Player - Scaled Vertical Operation with 3 Dispensaries Population 9 Million (TSX: TSND OTCQX: TSNDF) Scaled vertical operations including cultivation, manufacturing, industry leading retail with 19 locations, and exclusive brand partnerships 1 of 7 Adult-Use Operators PENNSYLVANIA Population 13 Million MARYLAND Population 5 Million ww Scaled vertical operation with large scale cultivation and manufacturing, and 6 medical dispensaries Vertically integrated operation with state-of-the-art cultivation and manufacturing facility in Hagerstown and 4 Dispensaries#10TSXV METALLA ROYALTY [M.A.V] 0.00 TMX A THE FUTURE IS YOURS TO SEE. WUBWA TECHNOLGY INBVA.VI 17/ INTRNE PETROLEUM UPCO.TOT CNC LES UT INET V 5.000.00 S&P-TSX COMPOSITE INDEX 20,180.28 A TERRASCEND 17 TERRASCEND THE MARKET IS OPEN TERRASCEND TMX Group welcomes. TerrAscend Corp to Toronto Stock Exchange TSX:TSND THE MARKET IS OPEN ZA TON TMXB TMX TO SEE. IVANHOE MINS LTD [IVN.TO] 12.35 A 0.01 NW FOUND GLD ORD [MFG.V] 6.59-A QF00 U. JAMIESON W NERVGN PHRM 1.64 A 9:30:02 AM Tuesday Jul 4, 2023 TMX MA mark#11State-By-State & Marketing Strategy BJ Carretta SVP Marketing TERRASCEND (TSX: TSND OTCQX: TSNDF) Chantelle Elsner President, Northeast Mary Turon President, Michigan p. 11#12New Jersey 140K sq ft state-of-the-art cultivation & manufacturing facility producing an extensive menu of high-quality company and partnered brands ● New Jersey patients and customers love our products! Ascended to #2 overall market share in August ● ● ● ● Driving quality and efficiencies Missed the #1 spot by only 1 market share point, but we will not be denied! #3 edibles with significant momentum driven by the recent Wana brand launch Cultivation yields have increased ~50% since January Further significant capacity increase scheduled to come online in 2024 Opportunity to add 7 additional retail doors under The Apothecarium banner Will drive additional scale and profitability to our high- performing retail operations in the state Kind Tree GAGE LEGEND -VALHALLA. CANNADIS CO EVERYONE'S FAVORITE TREE WHOLE CANNABIS FLOWER TERRASCEND (TSX: TSND OTCQX: TSNDF) Cookies wana #2 Market Share 1. Source: BDSA Retail Sales Tracking Q2 2022 #1 Flower Boonton (Cultivation/Processing) n: Lodi (Dispensary) #1 Vape Type: Populatio 9 Million Size¹: Maplewood (Dispensary) Phillipsburg (Dispensary) #1 Extracts Medical and Adult Use (AU Began 4/21/2022) $818 Million Run-Rate¹ $2.5 Billion/year - 2027¹ p. 12#13Maryland Entered the state with a purchase of a small cultivation facility in 2021 with plans to build a new facility ● ● ● ● Rapid market penetration going from 0 to 4 dispensary cap in time for Adult Use launch Introduced an extensive portfolio of owned and partnered brands Thoughtfully expanding cultivation capacity to satisfy market demand with additional capacity coming online in early 2024 With similar margins and market structure to New Jersey, Maryland is driving significant positive cash flow Further upside expected from verticalization due to growing wholesale demand for our products Kind Tree GAGE LEGEND Cookies EVERYONE'S FAVORITE TREE CANNADES CO WHILE CANNABIS FLOWER TERRASCEND (TSX: TSND OTCQX: TSNDF) wana AMMD (Dispensary)- Populatio 5 Million 1. Source: 8th Edition, The State of the Legal Cannabis Markets, Arcview Market Research (Published May 5, 2020) 2. Following closing of previously announced acquisitions in Maryland n: Type: Size¹: Hagerstown (Cultivation / Processing) Medical and Adult Use (AU Began 7/1/2023) $820 Million/year - Current¹ $1.3 Billion/year - 2027¹ Herbiculture (Dispensary) Blue Ridge (Dispensary) Peninsula (Dispensary) p. 13#14Pennsylvania With 13M people and the largest cultivation footprint, Pennsylvania should be TerrAscend's #1 state upon Adult Use launch ● ● Currently profitable despite being underutilized Prepared to meet Adult Use market demand with substantial available capacity ready to go Sales at our 6 Apothecarium stores stabilized and recently grew 6% sequentially and 8% year over year A well-established retail and brand presence Kind Tree GAGE LEGEND -VALHALLA. CANNABIS.CO EVERYONE'S FAVORITE TREE WHOLE CANNABIS TER TERRASCEND (TSX: TSND OTCQX: TSNDF) Cookies Allentown (Dispensary) Waterfall (Cultivation/Processing) Lancaster (Dispensary) 1. Source: September 2021, PCC Month in Review, Pennsylvania Cannabis Coalition 2. Source: 8th Edition, The State of the Legal Cannabis Markets, Arcview Market Research (Published May 5, 2020) Population: 13 Million Type: Size¹: Medical $1.1 Billion/year - Current¹ $1.8 Billion/year - 2027² Stroudsburg (Dispensary) Bethlehem (Dispensary) Plymouth Meeting (Dispensary) Thorndale (Dispensary) p. 14#15Michigan Largest US market per capita at nearly $3 Billion+ run rate sales ● ● ● ● Acquired Gage in April '22, company; took decisive action to improve cost structure in a challenging environment Stabilization of pricing since early '23 driven by favorable regulatory change and decreased statewide cultivation capacity Growing wholesale business with a proper product portfolio Gross margin improvement of 1800 basis points eclipsing 40% year over year driven by: ● ● Increased verticality Reduction of cultivation and manufacturing costs Fully operationalizing state-of-the-art lab Expanded product portfolio On track for a positive EBITDA by the end of 2023 Evaluating multiple opportunities to expand our retail footprint due to Michigan's unlimited license structure ● Kind Tree GAGE LEGEND Cookies EVERYONE'S FAVORITE TREE WILLE CANNABIS POWER CO TERRASCEND (TSX: TSND OTCQX: TSNDF) Traverse City (Dispensary) Grand Rapids (Dispensary) Battle Creek. (Dispensary) Kalamazoe (Dispensary) Population: 10 Million Type: 1. Source: 8th Edition, The State of the Legal Cannabis Markets, Arcview Market Research (Published May 5, 2020) Size¹: Cookies Cookies Ann Arbor Kalamazoo (Dispensary) (Dispensary) Medical and Adult Use (AU Began 12/1/2019) $2.9 Billion/year - Current¹ $3.8 Billion/year - 2027¹ Harrison (Cultivation / Processing & Distribution) Monitor (Cultivation / Processing) Lansing (Dispensary) Burton (Dispensary) Cookies Detroit (Dispensary) Warren Adrian (Dispensary) (Cultivation) Ferndale (Dispensary) p. 15#16TERRASCEND 2 Marketing Strategy terrascend.com#17Operate As One SOPs will work nationwide with a cohesive creative strategy One TerrAscend Marketing Our Approach TERRASCEND (TSX: TSND OTCQX: TSNDF) Unify All Brands Brand Unification Across All Markets Service Entire Org Cohesive Creative Touchpoints Grow Consumer Base Brand Awareness & Great Customer Experience p. 17#18TERRASCEND 2 Grow Consumer Base terrascend.com#19Leveraging our Data through One Platform TERRASCEND (TSX: TSND OTCQX: TSNDF) SMS Email O POS 8 Loyalty Program 1A0A0A0/ eComm W App p. 19#20TERRASCEND 2 Brand Portfolio terrascend.com#21TERRASCEND (TSX: TSND OTCQX: TSNDF) STATE FLOWER -VALHALLA Brand Portfolio VALHALLA Kind Tree GARY PAYTON Cookies Kind Tive TERRASCEND GAGE wana LEGEND LEGEND FLOWES p. 21#22Brand Map Value LEGEND WHOLE CANNABIS FLOWER VALHALLA.. TERRASCEND (TSX: TSND OTCQX: TSNDF) Connoisseur Kind Tree Newbie STATE FLOWER GAGE CANNABIS CO C Cookies wana Premium p. 22#23Brand Map LEGEND WHOLE CANNABIS FLOWER Price Savvy VALHALLA.. TERRASCEND (TSX: TSND OTCQX: TSNDF) Kind Tree STATE FLOWER GAGE CANNABIS CO C Cookies Premium wana p. 23#24LEGEND FLOWER LEGEND FLOWER TERRASCEND (TSX: TSND OTCQX: TSNDF) LEGEND WHOLE CANNABIS FLOWER LEGEND VAPE CARTRIDGE Fairly priced, highly shareable formats. LEGEND DISTILLATE SYRINGE p. 24#25Exact Dosing Our products are precisely dosed, so you know what to expect. TERRASCEND (TSX: TSND OTCQX: TSNDF) •VALHALLA 11 VALHALLA. WATERMELON TROCHES VALHALLA BLUE RASPBERRY 4 Smoke-Free Consumption Enjoy the effects without any vapor. -VALHALLA ORANGE TROCHES Discrete and Portable No obvious smells or accessories make it easy to consume on the go. p. 25#26RESEALABLE Kind Tree EVERYONE'S FAVORITE TREE TERRASCEND (TSX: TSND OTCQX: TSNDF) Kind Tree EVERYONE'S FAVORITE TREE Kind Tree Cannabis aims to be the brand of choice for consumers seeking quality products with a focus on positive experiences, kindness, and inclusivity. We embody the lighthearted essence of "Everyone's Favorite Tree," which echoes our dedication to serving all cannabis enthusiasts, regardless of their experience level, and our mission to spread kindness and positivity. p. 26#27GAGE GAGE GAGE GAGE GAGE GAGE GAGE is itself a household name revered for its high-quality cannabis flower and concentrates. TERRASCEND (TSX: TSND OTCQX: TSNDF) Premium cannabis. Grows world class genetics. Sells top shelf cannabis products. Is a community leader p. 27#28STATE FLOWER FIVE PACK PREROLL JOINTS STATE FLOWER Met Wt. 0.12308 3.30 TERRASCEND (TSX: TSND OTCQX: TSNDF) STATE FLOWER SAN FRANCISCO, CA STATE FLOWER HALF OUNCE SMALL BATCH CANNABIS STATE FLOWER TEN PACK PREROLL JOINTS STATE FLOWER Waasset I SUSTAINABLY GROWN p. 28#29North America's most trusted edibles brand wana#30NV WANA'S MARKETS AZ MT CO NM TX OK CURRENT MARKETS MN MO AR MS MI OH ONBOARDING PA FL VT NY NJ MD MA RI CT CANADA PUERTO RICO IN DISCUSSIONS wana#31MD #3 in MoM growth of edibles brand, 67% distribution, +203% in overall sales MoM, at Adult Use launch wana -SATIVA- chews THC MARYLAND Mango NET WT: 45g wana -INDICA- chews THC MARYLAND Blueberry NET WT: 45g wana QUICK THC wana -HYBRID- chews /THC MARYLAND sativa ORCHARD PEACH chews Watermelon NET WT: 45% NET WT. 45 wana QUICK hybrid ITALIAN LEMON CREAM THC chews MARYLAND wana CBD/THC Chews hybric THC MARYLAND NET WT:45 1:1 Strawberry Lemonade NET WT:45g wana QUICK THC wana CBD/THC chews hubrid THC MARYLAND indica ISLAND PUNCH chews NET WT: 45g 2:1 Exotic Yuzu NET WT:45g wana QUICK THC wana -SATIVA- chews THC 1:1 CBD/THC STRAWBERRY LIME chews HIGH DOSE NET WT: 45g Blood Orange NET WT: 45g wana optimals CHEWS THCA NET WT: 450 wana -HYBRID- chews THC HIGH DOSE midnight berry Green Apple NET WT: 45g M wana optimals CHEWS THC NET WT: 455 wana -INDICA- chews THC MARYLAND DOSE dream berry Raspberry Limeade NET WT: 45g HIGH DOSE wana CBD/THC chews THC 1:1 Strawberry Lemonade NET WT: 45g wana#32NJ Rapidly took 12% share and on track to increase above 16% wana -SATIVA- Mango ING EFFECTS OF THIS PRODUCT BY TWO OR MORE HOURS. NET WT: 45g wana QUICK wana -INDICA- Blueberry THE INTOXICATING EFF MAY BE DELAYED BY TWO OR MORE HOURS. NET WT: 45g indica ISLAND 5-15 PUNCH ONSET fast-acting ENTERCATING BREECTS O NET WT: 90% IG EFFECTS OF THIS PRODUCT wana QUICK wana -HYBRID- Watermelon THE END OF THIS PRODUCT BY TWO OR MORE HOURS. NET WT:45g sativa PEACH 5-15 BELLINI ONET fast-acting bis NET WE 90% wana QUICK wana CBD/THC 1:1 Strawberry Lemonade THE INTOXICATING EFFECTS OF THIS PRODUCT MAY BE DELAYED BY TWO OR MORE HOURS. NET WT: 45g hybrid 5-15 LIMONCELLO ONS fast-acting NET WT: 90 wana QUICK wana CBD/THC 2:1 Exotic Yuzu THE BONDED T 1:1 CBD/THC A STRAWBERRY 5-15 MARGARITA ONSET fast-acting D NET WT 90% NET WT:45g wana optimals Dream Berry SOFT CHEWS wana CBD/THC 5:1 Pomegranate Blueberry Açai a sleep NET WT: 45 NET WT: 90 wana \ optimals, wana CBD/THC20:1 Blood Orange THE INTOXICATING EFFECTS OF THIS PRODUCT MAY BE DELAYED BY TWO OR MORE HOURS. NET WT: 45g stars asleep Dream Berry SOFT CHEWS NET WT 45 wana#33C INFUSED C PRE ROLL JO PRE ROLL JOINT PRE RO WITH DIAMO WITH DIAMOND WITH D & COATED IN & COATED IN KIL & COATE GARY PAY ADIOS 時間 MOTHER F*CKER Cookies 20 NET WT 2.5 802) 5-45 NET WT 2.5g (0.008 02) 5-8.5 NET WT 2.5g 088 02) WSP-17 WELLS 05 2-82 Cookiez ECKEN WOLLH CEREAL À LA Coorges yrva INFUSED PRE ROLL JOINT- WITH DIAMONDS & COATED IN KIEF APPLES BANANA 4A INDIVIDUALLY W NET WT 2.5 (1.388 02) 5-8.5 PRE ROLL WEL AL 526805) - BOT NUMARATH стил M C INFUS PRE ROLL WITH DIAN & COATED STRIPUA SCOO NET WT 2.5 (0.08802) WEL MAL 5005) SCOO PACK A C INFUSED PRE ROLL JOINT WITH DIAMONDS & COATED IN KIEF HADA BUTTER 5 PACK NET WT 2.5 (0.008 0.2) 5-1.5g PRE ROLL JOINTS 2-12² HOT YOU ALLIEN LVCK 2