TerrAscend (TER) Investor Presentation summary

Industry trends and market outlook

• U.S. cannabis retail sales projected to reach $56.9B by 2028, with 70% of Americans supporting legalization.

• Over 50% of the U.S. population lives in legalized states; user base expected to grow to 122M by 2028.

• Legal cannabis sales forecasted to hit $87B by 2030, with significant growth driven by regulatory catalysts like rescheduling and banking reforms.

• Rescheduling could save companies $2B in excess taxes annually.

Company overview and strategy

• Operates 40 dispensaries across six U.S. states and Canada, with 1,200+ employees and seven cultivation facilities.

• FY 2024 net revenue was $306.7M, with a 48.9% gross profit margin and $60.7M in adjusted EBITDA.

• Strategy focuses on depth in attractive states, operational excellence, vertical integration, and targeted M&A.

• Aggressively pursuing acquisitions, recently entering Ohio and expanding in New Jersey.

Market position and operational highlights

• Holds #3 market share in the Northeast, with momentum to overtake #2.

• Leading market share in New Jersey, with all retail locations ranking in the top 10 out of 200+ dispensaries.

• Maryland market share increased to 5.9%, with five consecutive quarters of revenue growth and expanded cultivation capacity.

• Fastest share gainer in Pennsylvania, increasing market share by 38% quarter-over-quarter.

• Michigan focus is on operational efficiency and margin improvement; Ohio entry aims to build a leading retail footprint.