1Q20 Investor Update

Q1 2020 Highlights Prudently pursuing profitable growth opportunities $25.9 M Q4 2019 MAY 2020 34% QoQ $34.8 M Q1 2019 -30% QoQ ~$45.0 M Q2 2020 Anticipated ● $(5.5) M Q4 2019 ● ($10.4 Million Adjusted EBITDA¹ $4.9 M Q1 2020 Establishing a solid foundation for growth • Strategically adding depth in high-quality markets ● Projects in Pennsylvania and New Jersey remain on track • Proactively responding to evolving COVID-19 situation ● 25% U.S Adjusted EBITDA¹ Margin • Successful Private Placement to fund U.S. expansion ● 1. EBITDA and Adjusted EBITDA are Non-IFRS measures. Please see the Q1 2020 MD&A for a reconciliation of Non-IFRS measures. 4 TERRASCEND p. 3

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