1Q21 Investor Update

A TOP TIER MSO AT A MATERIAL DISCOUNT Est 2022 EBITDA ($ millions) $700 $600 $500 $400 $300 $200 $100 $0 13.5x $623 Curaleaf $580 5.6x Verano $588 9.2x Trulieve 13.5x $448 GTI Average MSO EV/EBITDA Mult = 9.5x 9.4x $385 Cresco Source: EV priced as of 10/4/2021 estimates for all MSO based on 2022 CapIQ consensus. 6.7x 2022 Est. EBITDA $291 9.5x $200 Ayr Pro-forma TerrAscend ◆EV/2022 Est. EBITDA 8.2x $217 Ascend 8.3x $214 Columbia Care 84x $117 Jushi 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 2022 EV/EBITDA ayr CSE:AYR.A, OTC:AYRWF 14

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