sndl Investor Presentation

Revenue ($'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

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