Terrascend Investor Presentation

Michigan Largest US market per capita at nearly $3 Billion+ run rate sales ● ● ● ● Acquired Gage in April '22, company; took decisive action to improve cost structure in a challenging environment Stabilization of pricing since early '23 driven by favorable regulatory change and decreased statewide cultivation capacity Growing wholesale business with a proper product portfolio Gross margin improvement of 1800 basis points eclipsing 40% year over year driven by: ● ● Increased verticality Reduction of cultivation and manufacturing costs Fully operationalizing state-of-the-art lab Expanded product portfolio On track for a positive EBITDA by the end of 2023 Evaluating multiple opportunities to expand our retail footprint due to Michigan's unlimited license structure ● Kind Tree GAGE LEGEND Cookies EVERYONE'S FAVORITE TREE WILLE CANNABIS POWER CO TERRASCEND (TSX: TSND OTCQX: TSNDF) Traverse City (Dispensary) Grand Rapids (Dispensary) Battle Creek. (Dispensary) Kalamazoe (Dispensary) Population: 10 Million Type: 1. Source: 8th Edition, The State of the Legal Cannabis Markets, Arcview Market Research (Published May 5, 2020) Size¹: Cookies Cookies Ann Arbor Kalamazoo (Dispensary) (Dispensary) Medical and Adult Use (AU Began 12/1/2019) $2.9 Billion/year - Current¹ $3.8 Billion/year - 2027¹ Harrison (Cultivation / Processing & Distribution) Monitor (Cultivation / Processing) Lansing (Dispensary) Burton (Dispensary) Cookies Detroit (Dispensary) Warren Adrian (Dispensary) (Cultivation) Ferndale (Dispensary) p. 15

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