1Q22 Investor Update

FIRST QUARTER 2022 STATE HIGHLIGHTS Top 5 Markets by Revenue: California, Colorado, Massachusetts, Pennsylvania, Virginia Top 5 Markets by Adjusted EBITDA: Colorado, Maryland, Massachusetts, Pennsylvania, Virginia Market California Colorado Florida Illinois Massachusetts New Jersey Commentary Manufacturing focus on AMBER Live Resin, Triple Seven and Seed & Strain vapes DTLA upgrades complete to increase yield and efficiency Improvement in useable flower realized during the quarter: 10% growth QoQ in g/sqft 55% QOQ increase in EBITDA; sequential wholesale revenue decline resulting from tough comparison to Q4 with record outdoor harvest Cultivation upgrades complete for Steele facility; first crops have seen significantly greater yield - increased useable flower per sqft 52% YoY Reduction of SKUs in effort to focus production on high demand/margin products and increase throughput Optimized inventory in stores; dispensary sales steadily increasing and more product varieties available Focus on expanding CO₂ product lines, increasing edibles and other manufactured products YOY Gross Margin improvement of ~1,200bps Integration of Alachua greenhouse site, expecting Q2 2022 turnover Production improvement resulting in >30% THC products and strong terpene profiles Focus on automation in manufacturing facilities Focus on dispensary partnerships to increase transactions Implemented institutionalization of wholesale supply chain, automation, Cannabist rebranding and adult-use ramp in Boston Gross Margin increased ~200bps sequentially in Q1 2022 Streamlining kitchen products to supply adult-use and medical menus and wholesale; automation implemented Adult-use implemented at two existing Cannabist dispensaries on April 21, 2022 Manufacturing approval expected in Q3 2022; more internal products to market Some wholesale product held back in Q1 2022 in preparation for launch of Adult Use sales in April 17 Columbia Care

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