TerrAscend (TER) Investor presentation summary

Industry overview and market outlook

• U.S. cannabis retail sales are projected to reach $56.9 billion by 2028, with 70% of Americans supporting legalization and over 50% of the population living in legalized states.

• The U.S. cannabis user population is expected to grow to 122 million by 2028, with legal sales forecasted to reach $87 billion by 2035.

• Regulatory catalysts include the DOJ's reclassification of medical marijuana to Schedule III and bipartisan support for the SAFER Banking Act.

Company overview and strategy

• Operates 20 dispensaries across five U.S. states and Canada, with a focus on vertical integration and premium brands.

• Holds the #3 market share position in the Northeast and aims to overtake #2, with strong retail presence in New Jersey, Pennsylvania, and Maryland.

• Strategy centers on operational excellence, expansion in attractive markets, and disciplined acquisition of high-quality retail assets.

• Recent moves include exiting Michigan, expanding in Ohio, and completing key acquisitions in New Jersey and Maryland.

Operational highlights by region

• New Jersey: Achieved highest grossing retailer status, with three stores in the top 20 and leading brand rankings.

• Maryland: Annual run rate of $75 million, gross margins near 60%, and two stores in the statewide top 10.

• Pennsylvania: 8% sequential net revenue growth, three stores in the state’s top 10, and strong brand performance.

• Ohio: Integrated new acquisition, targeting further retail expansion, and leveraging existing infrastructure for profitability.

• California: Four retail dispensaries in the Bay Area, 110+ wholesale accounts, and a focus on premium brands.