Retail Update and Investment Thesis

VALUATION DISPARITY Company and Industry poised for re-rate Consensus Adjusted EBITDA Growth 13% 6% 67% 12.9x 80% EV/ Adjusted EBITDA Multiples 6.2x 38% 35% S&P 500 All MSOS 8.2x 5.0x S&P 500 All MSOS AAWH ■Adj EBITDA Growth 22E/21A ■Adj EBITDA Growth 23E/22E I EV/2022 E Adj EBITDA EV/2023 E Adj EBITDA 8.0x 4.5x AAWH All MSOs includes Tier 1 and Tier 2. Tier 1 includes Curaleaf, Green Thumb, Cresco, Trulieve. Tier 2 includes AWH, Ayr, Jushi, Terrascend, Verano, and Columbia Care. Multiples based on factset data as of 5/4/2022. AWH 16

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