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Investor Presentaiton

Market size and license consolidation • There is an emerging consensus among licensed entities in Rhode Island's cannabis market that supply of and demand for regulated cannabis products may be out of alignment. • It may be the case that there are too many licensed cultivators in Rhode Island's market at present and that some number of these may consolidate or wind-up operations absent a significant and sustained increase in consumer demand for regulated cannabis products in Rhode Island. . This is related to retail licensing considerations. At present, we have licensed seven retailers for both medical and adult-use sales; we expect this number to grow to nine by the end of this calendar year. The Rhode Island Cannabis Act, notably, would nearly quadruple the number of retail licenses in Rhode Island - to 34 total. . The market may not bear this number of retail outlets under the current demand conditions. • Moreover, issuance of the social equity and worker-owned cooperative licenses may be delayed due to the complex regulatory and program considerations laid out in the Act. RHODE 24 ISLAND
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