Investor Presentaiton
APPENDIX
Pennsylvania market overview
• Pennsylvania's medical cannabis program has exploded in popularity
since the state Department of Health added anxiety disorders to the
list of qualifying conditions in July 20191
More than 230,000 Pennsylvanians are enrolled in the medical
cannabis program²
• With 103 open dispensaries and a population of just under 13 million,
Pennsylvania represents a medical market opportunity of more than
$182,3
• Adult-use is expected to be legalized in 2022, strengthened by
Governor Tom Wolf's ask of the state legislature in the fall of 2020 to
legalize it to help assist with COVID-19-related budget shortfalls4
>$400M
IN SALES
JAN - AUG 2020²
PENNSYLVANIA MEDICAL CANNABIS LEGAL SPENDING³,4
($USD in billions)
1.2
0.9
0.6
ACTIVE PATIENT COUNT GROWTH 1,2
+35% CAGR
3.6
3.8
3.4
2.0
230,000
175,000
125,000
102,000
2019
2020
2021
2022
2023
2024
2025
APRIL '19
SEPTEMBER '19 DECEMBER '19
AUGUST '20
1. February 2020 Cowen equity research report, "Charting Cannabis: A U.S. State Level Deep Dive". 2. Pennsylvania Department of Health, August 2020 and January 2021. 3. Brightfield Group, Company estimates. 4. See "Forward-Looking Statements" disclaimer
on pages 3-4 and financial assumptions on pages 57-58.
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