sndl Investor Presentation

Tilray Brands, Inc. Cronos Group Inc. Canopy Growth Corporation Aurora Cannabis Inc. OrganiGram Holdings Inc. Village Farms International, Inc. Average Median SNDL Inc.¹ Balance Sheet COMPARABLE VALUATION ANALYSIS Share Share Mkt Total Price Price Cap Debt Cash US$ /sh C$/sh C$mm C$mm US$1.43 C$1.98 $536 EV² C$mm C$mm US$1.67 C$2.31 $1,731 $706 $404 US$2.07 C$2.86 $1,112 $2,064 $1,161 ($69) $1,146 US$0.52 C$0.72 $608 $724 $270 US$0.47 C$0.65 $320 $56 $215 $256 US$1.24 C$1.72 $140 $0 $53 $93 US$0.66 C$0.91 $101 $73 $49 $147 $202 $526 Net Cash / (Debt) + 30D Avg. Daily Total Cash / Investments per FD S/O Value Traded³ C$ /sh ($0.40) $2.99 ($0.54) $0.32 $0.19 ($0.22) $2.90 C$mm $43 $5 $34 $8 $4 $0 SNDL has a best-in-class balance sheet and is one of the few peers with positive EBITDA on an LQA basis $16 $6 $5 LQA Cash Flow Use In Ops Years 4.7 1,172.9 0.9 1.7 2.4 nmf 236.5 2.4 nmf NOTES Exchange rate of 1.383 as of November 10, 2023; shares outstanding based on most recent quarterly financials and adjusted for share issuance transactions and other significant publicly disclosed transactions; figures presented on a fully diluted basis (TSM method); nmf = not meaningful; n/a = not applicable; estimates based on analyst consensus; CAD/USD exchange rate of 1.383 used for the FX conversion; (1) SNDL's total cash balance includes cash and marketable securities; SNDL's net cash / (debt) + securities per share includes cash, marketable securities, SunStream and other credit investments; (2) Includes lease liabilities and cash-settled compensation/plan; (3) Includes values traded on both the U.S. and the Canadian exchanges SOURCES Company Filings, Press Releases, S&P Capital IQ, Bloomberg Overview 26

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