Retail Update and Investment Thesis

4 OF TOP REC MARKETS AND 2 OF TOP MEDICAL MARKETS 2020E Legal plus AWH State Population (2021 in Millions)(1) Total Number of Dispensaries (2021)(2,3) Population Per Dispensary State Rank(4) Illicit Sales ($U.S. Billions) (4) RECREATIONAL Illinois 12.7 111 115,000 4 $3.2 Michigan 10.1 448 22,500 5 $2.8 New Jersey 9.3 23 620,000 7 $2.2 Massachusetts 7.0 130 54,000 9 $1.9 New York(5) 19.5 38 513,000 2 $5.4 MEDICAL Ohio 11.8 53 223,000 3 $2.7 Pennsylvania 13.0 136 103,000 2 $2.9 4. "Initiate on US Cannabis: Generational Wealth Opportunity, Avg. Upside >100%", Jefferies, July 7, 2021. Rank based on 2020E legal and illicit sales by the state in each respective categories (medical vs recreational). 5. Adult use legislation passed but recreational sales have not yet started. 1. 2021 Census. U.S. Census Bureau's Vintage 2021 national and state population estimates. 2. Grown In Cannabis fact Sheet, January 2022; medical and recreational dispensaries. 3. Pennsylvania DOH, Medical Marijuana Dispensaries in Pennsylvania, as of February 2022. 6

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