TerrAscend (TER) Investor presentation summary

U.S. cannabis market trends

• U.S. cannabis retail sales projected to reach $56.9 billion by 2028, with 54 states and territories legalized by 2024.

• 70% of Americans support legalization as of 2023, up from 31% in 2000.

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

• Legal cannabis sales reached $31.4 billion in 2024, growing 9.14% year-over-year.

• Regulatory catalysts include rescheduling to Schedule III and the SAFER Banking Act gaining bipartisan support.

Company overview and strategy

• Operates 20 dispensaries across five U.S. states and Canada, with ~1,015 employees and 10 premium brands.

• Focuses on depth in attractive markets, operational excellence, and greenfield expansion opportunities.

• Vertically integrated operations maximize quality and profitability, supported by a culture of compliance.

• Leadership team brings experience from pharmaceuticals, retail, and consumer brands.

• 15 consecutive quarters of positive cash flow from operations and 11 consecutive quarters of positive free cash flow.

Market footprint and operations

• Major presence in New Jersey, Pennsylvania, Maryland, Ohio, and California, with vertically integrated cultivation and retail.

• New Jersey: 4 dispensaries, leading market share, and improved gross margins in Q1 2026.

• Maryland: $75 million run rate revenue, strong gross margins, and facility expansion boosting output.

• Pennsylvania: Four consecutive quarters of revenue growth, five of six dispensaries in state’s top 15.

• Ohio: Recent entry with a high-performing dispensary; Michigan exit completed, reducing liabilities.

• California: Four dispensaries in the Bay Area, 20K sq ft cultivation, and 110+ dispensaries carrying company brands.