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CRESCOLABS ™ GOOD NEWS FLORAC THE PREMIER CANNABIS OPERATOR , POSITIONED TO RE - RATE FLORACAL FARMS VEGAS MINT CHOCOLATE HIGH SUPPLY Hybrid Flower 14g CSE : CL OTCQX : CRLBF AUGUST 2026 wonder focus Smg THC Smg CBG MINDY'S MIK Glazed Clement 5- CRESCO CARAMELIZED CHOCOLATE MARSHMALL GRA LOW THE SUR Remedi HIGH SUPPLY Sativa Flower 149 FLORACAL FARMS EROSIN UMMIES INDICA Wild Berry CRESCO LIQUID LIVE RESIN prickley pear hybrid gummies . ++ CRESCO FAST ACTING Created by Sunnyside LIQUID LIVE RESIN Remedi GOOD NEWS FAST ASLEEP SOUR BLUEBERRY INDICA + CBN ONE HELL OF A HIGH LOUD CANNABIS FLOWER 4.29 WHOLE GOOD NEWS FRIYAY MELON sleep minis CRESCO 28.0 MIN TEE TIME TEE TIME
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· I nvestor Presentation · August 2026 2 I M P O R T A N T I N F O R M A T I O N FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES Forward-Looking Information and Statements This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the control of Cresco Labs Inc. (“Cresco Labs”), including statements regarding Cresco Labs’ expected financial performance, the current and projected market and growth opportunities for the company, and the timing and completion of announced acquisitions, including all required conditions thereto. Often, but not always, such forward-looking information or forward looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cresco Labs or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks contained in the public filings of Cresco Labs filed with Canadian securities regulators and available under Cresco Labs’ profile on SEDAR at www.sedar.com, including the information under the heading “Risk Factors” in Cresco Labs’ annual information form for the year ended December 31, 2025, and with the United States Securities and Exchange Commission (the “SEC”) through EDGAR at www.sec.gov/edgar, including Cresco Labs’ annual report on Form 40-F for the year ended December 31, 2025; and other factors, many of which are beyond the control of Cresco Labs. In respect of the forward-looking statements, Cresco Labs has provided certain statements and information in reliance on certain assumptions that it believes reasonable at this time. Although Cresco Labs believes that the assumptions and factors used in preparing the forward-looking information or statements in this presentation are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Should one or more of the foregoing risks or uncertainties materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Cresco Labs has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The forward-looking information and forward-looking statements included in this presentation are made as of the date of this presentation and Cresco Labs does not undertake any obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Non-GAAP Financial Measures This presentation reports its financial results in accordance with U.S. GAAP and includes certain non-GAAP financial measures that do not have standardized definitions under U.S. GAAP. The non-GAAP measures include: Earnings before interest, taxes, depreciation and amortization (“EBITDA”); Adjusted EBITDA; Adjusted EBITDA margin; Adjusted gross profit; Adjusted gross profit margin; Adjusted selling, general and administrative expenses (“Adjusted SG&A”), Adjusted SG&A margin; and Free Cash Flow are non-GAAP financial measures and do not have standardized definitions under U.S. GAAP. The Company defines these non-GAAP financial measures as follows: EBITDA as net loss (income) before interest, taxes, depreciation and amortization; Adjusted EBITDA as EBITDA less other (expense) income, net, fair value mark-up for acquired inventory, adjustments for acquisition and non-core costs, impairment and share-based compensation; Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues, net; Adjusted gross profit as gross profit less fair value mark-up for acquired inventory and adjustments for acquisition and non-core costs; Adjusted gross profit margin as Adjusted gross profit divided by revenues, net; Adjusted SG&A as SG&A less adjustments for acquisition and non-core costs; Adjusted SG&A margin as Adjusted SG&A divided by revenues, net; and Free Cash Flow as Net cash provided by operating activities less purchases of property and equipment and proceeds from tenant improvement allowances. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with U.S. GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with U.S. GAAP and may not be comparable to similar measures presented by other issuers. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the U.S. GAAP financial measures presented herein. Accordingly, the Company has included below reconciliations of the supplemental non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
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· I nvestor Presentation · August 2026 3 T H E T H E S I S A PROFITABLE CANNABIS LEADER AT A TURNING POINT Consumer-quality margins, at a cannabis-era price: Cresco is a profitable, top-tier U.S. cannabis company. Federal rules that held the whole sector's valuation down are now lifting OPERATING ENGINE grows the earnings Revenue growth Operating leverage on a fixed cost base Tax relief + a lower cost of capital Free cash flow grows fastest RE -RATING ENGINE grows the multiple Rescheduling removes 280E Exchange listing + index eligibility A broader, structurally larger buyer base The multiple re-rates toward consumer peers
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· I nvestor Presentation · August 2026 4 C O M P A N Y O V E R V I E W CRESCO LABS AT A GLANCE Vertically integrated multi-state operator with one of America's leading wholesale brand portfolios, plus a highly productive retail network $651M LTM Q2 2026 net revenue $331M LTM Q2 2026 Adj. gross profit $153M LTM Q2 2026 Adj. EBITDA $43M LTM Q2 2026 Operating Cash Flow WHOLESALE $215M LTM Q2 revenue Leading branded house: High Supply, Cresco, FloraCal, Good News, Mindy's #1 branded share in multiple billion-dollar markets 13 production sites; exclusive genetics, technology and automation RETAIL $436 ·LTM Q2 revenue 89* Sunnyside dispensaries ~30% more productive than the average store in-footprint $5.4M annual revenue per dispensary Q2 2026 results as of June 30, 2026. Revenue split, store count and margins per Company disclosure; retail productivity per Hoodie Analytics. Dispensary count both owned and partner managed stores as of July 2026. Annual revenue per dispensary is based on Q2 annualized.
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· I nvestor Presentation · August 2026 5 W H Y N O W A GENERATIONAL POLICY INFLECTION IS UNDERWAY Each catalyst that lands lowers risk and lifts the multiple NOV 2025 DEC 2025 APR 2026 AUG 2026 AHEAD Hemp loophole closes Congress bans intoxicating hemp- derived THC in the federal funding bill. Takes effect Nov 2026 Executive order President directs DOJ to complete rescheduling to Schedule III expeditiously. Medical Schedule III Medical cannabis moves to Schedule III; 280E relief is live for medical operators. WE ARE HERE · LIVE NOW Waiting on final ruling DEA administrative hearing on rescheduling all cannabis, including adult-use. Adult-use normalizes Broad Schedule III would extend 280E relief to adult-use and allow uplisting, ease banking and capital access. Hemp provisions enacted November 12, 2025 (H.R. 5371); effective November 12, 2026, subject to legislative revision before the effective date. DOJ/DEA Final Order effective April 2026; DEA administrative hearings began June 29, 2026. Forward steps are subject to legal process.
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· I nvestor Presentation · August 2026 6 W H Y C R E S C O A CATEGORY LEADER BUILT FOR THE RE-RATE A top-tier consumer category, a leading operator and the sector’s biggest catalysts now in motion Emerging Consumer Category A ~$200B global consumer category, still mostly untapped by legal channels Leading Branded Market Share #1 branded market share in multiple billion-dollar markets Unparalleled Retail Capabilities $5.4M annual revenue per dispensary, 30% more productive than the average store in our footprint Growth and Operating Leverage Ahead New states, adult-use conversions and a largely fixed cost base that converts growth at high incremental margins 01 02 03 04 Regulation Drives Cash Flow Flywheel Realized or near-term regulatory catalysts are driving tax savings and lower cost of capital resulting in better net income, cash flow and a stronger balance sheet05
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I nvestor Presentation · August 2026 S E C T I O N 1 I N D U S T R Y & W H Y N O W AN INFLECTION POINT IN FEDERAL CANNABIS POLICY After three decades of state-by-state liberalization, the federal penalties that hold the sector down are finally beginning to lift
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· I nvestor Presentation · August 2026 8 T H E I S S U E FEDERAL STRUCTURE LIMITS ACCESS TO CAPITAL AND GROWTH Reform maintains high barriers to entry through state legality and licensing, while removing punitive taxes and reduces cost of capital Federally illegal · legal in 40 states and growing No interstate commerce Each state is a closed market. Operators rebuild the full supply chain in every state they enter. IRC Sec. 280E Tax calculated at gross profit, not net income. It is a cash tax, owed even at a GAAP loss. No U.S. exchange listing Off the NYSE and Nasdaq and out of the major indices, creating a structural valuation discount. High cost of capital No access to traditional banking, inhibiting growth and consolidation. B a r r i e r t o E n t r y P e n a l i z i n g
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· I nvestor Presentation · August 2026 9 $28 $75 $110 $123 $32 $62 US craft beer US cannabis (legal + illicit) US wine US nicotine US spirits Global cannabis (legal + illicit) $100 $250 T H E I N D U S T R Y T O D A Y A TOP-TIER CONSUMER CATEGORY TODAY — WITH ROOM TO GROW US legal cannabis rivals craft beer among consumer categories. It sits within a ~$250B global demand pool that is mostly still illicit 2025E MARKET SIZE, CONSUMER CATEGORIES (US$B) AK ME VT NH WA ID MT ND MN WI MI NY MA RI OR NV WY SD IA IL IN OH PA NJ CT CA UT CO NE MO KY WV VA MD DE AZ NM KS AR TN NC SC DC OK LA MS AL GA HI TX FL Adult-use · 24 states + DC Limited / not yet legal Medical only · 16 states Cresco market · 8 states U.S. CANNABIS LEGALITY BY STATE Sources: BDSA Global Cannabis Forecast (Apr 2026) & Whitney Economics legal + illicit cannabis sales. Craft beer: Brewers Association (2025). US wine: Grandview Research (2026) US nicotine: Future Market insights (2026) US spirits: Mordor Intelligence (2026).
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· I nvestor Presentation · August 2026 10 T H E O P P O R T U N I T Y US CANNABIS GROWTH STORY US legal sales grow at a 6% CAGR through 2028 on state legalization, mix shift into legal channels and rising penetration U S L E G A L C A N N A B I S S A L E S ( U S $ B ) W H A T D R I V E S T H E G R O W T H 1 Mix shift to legal channels As more states legalize, consumption that already exists is captured in legal markets as they mature. 2 New customer penetration More consumers are comfortable using cannabis as legalization matures and stigma recedes. 3 Per capita consumption Users consume more with ease of access, a growing range of products, access to credit cards and greater social acceptance of use. Source: BDSA U.S. Market Forecast (June 2026), management-adjusted for select state assumptions (incl. TX, GA). U S L E G A L C A N N A B I S S A L E S ( U S $ B ) CAGR ‘22–‘28 Total 6% · Adult use 9% · Medical -2% Adult use Medical $25 2022 $28 2023 $30 2024 $31 2025 $32 2026 $33 2027 $36 2028 21% 79%
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I nvestor Presentation · August 2026 S E C T I O N 2 T H E O P E R A T I N G E N G I N E LEADING CAPABILITIES IN CANNABIS A branded portfolio and retail network that outperforms industry, run with discipline across eight states
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· I nvestor Presentation · August 2026 12 T H E O P E R A T I N G M O D E L WE DO IT ALL Vertical integration controls quality and captures margin at every step inside each closed state 1 Cultivation of cultivation and production capacity across 8 states 2 Manufacturing of oil produced in 2025, plus 70M+ edibles 3 Wholesale delivered to more than 1,000 dispensaries in 2025 4 Retail across Sunnyside dispensaries in 2025 1M+ SQ. FT 125M+ GRAMS 20M+ PRODUCTS 5M+ TRANSACTIONS
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· I nvestor Presentation · August 2026 13 A W H O L E S A L E L E A D E R WINNING WHOLESALE CAPABILITIES Wholesale is a full commercial capability, not a channel: production facilities that fuel a market-leading house of brands, backed by manufacturing depth, distribution reach, and a product pipeline built to stay ahead House of Brands Market-leading portfolio spanning value, core and premium tiers Contract Manufacturing Formulation and production expertise other brands rely on Distribution & Sales Market-leading sales force and retail relationships nationwide Product Dev & IP An innovation pipeline that keeps our brands ahead of the category 01 02 03 04
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· I nvestor Presentation · August 2026 14 T H E B R A N D E D P O R T F O L I O WE WIN ON INDEPENDENT SHELVES ACROSS OUR MARKETS From value to premium, Cresco fields a brand at every tier across flower, vape, concentrate and edible THE PORTFOLIO · VALUE → PREMIUM PREMIUM CORE VALUE MEDICAL Dedicated medical & wellness line DISTRIBUTION % of Total State Doors Sold Into (Q2’26) IL 86% 236 of 273 doors #1 · 15.0% PA 86% 168 of 195 doors #1 · 16.0% OH 66% 137 of 209 doors #4 · 5.0% MA 51%1 218 of 426 doors #1 · 3.9% In doors Headroom (growth) BRAND SHARE (Q2’26) 1) MA penetration reflect purposeful choices and disciplined AR management; we do not sell into distressed operators.
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· I nvestor Presentation · August 2026 15 H I G H L Y P R O D U C T I V E R E T A I L E R UNPARALLELED RETAIL CAPABILITIES Sunnyside pairs physical retail dominance with a proprietary tech platform and a scalable model built to license into new markets Physical Store Outperformance Sunnyside stores consistently out-produce the market on traffic, basket size and repeat visits. Retail Tech & eCommerce Sunnyside.shop — a proprietary platform powers online ordering, loyalty and in-store pickup — no third party required. Managed Service & Franchise A scalable operating platform, ready to license the Sunnyside playbook into new and adjacent markets. 01 02 03
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· I nvestor Presentation · August 2026 16 O U T P E R F O R M I N G T H E I N D U S T R Y WE OUT-EXECUTE IN NEARLY EVERY MARKET Cresco's stores consistently win more than their fair share 75% Online orders Of transactions originated through Sunnyside.shop, Cresco Labs’ proprietary ecommerce platform. 30% Retail outperformance Stores are ~30% more productive than the average dispensary across our footprint. 65% Repeat demand QoQ Of customers return quarter over quarter, with ~500K loyalty members and a ~75% digital mix. Market-share and retail productivity per Hoodie Analytics; loyalty metrics per Company internal data, as of June 30, 2026.
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· I nvestor Presentation · August 2026 17 F I N A N C I A L T R A J E C T O R Y BUILT TO SCALE, OPERATING LEVERAGE IS AHEAD OF US Adjusted EBITDA margin runs in the low to mid-20s. The platform is largely built, so incremental revenue carries high incremental margin NET REVENUE (bars, US$M) ADJ. EBITDA MARGIN (line, %) $166 $164 $165 $162 $151 $173 21.9% 25.0% 24.1% 25.0% 21.7% 22.8% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Incremental revenue carries high margin. On a largely fixed cost base, organic growth and maturing acquired stores convert to EBITDA at high incremental rates. T H E N E A R- T E R M We are deliberately adding owned retail, expanding branded shelf space and capturing vertical margin. Adjusted EBITDA margin is a non-GAAP measure.
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I nvestor Presentation · August 2026 S E C T I O N 3 T H E G R O W T H P I P E L I N E MORE WHITESPACE, HIGHER MARGINS Disciplined capital allocation, with more high-margin growth whitespace than any other Tier 1 operator
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· I nvestor Presentation · August 2026 19 W H E R E W E I N V E S T N E X T CAPITAL DRIVES CONSOLIDATION, DEMAND, AND SCALE LEADERSHIP Near-term growth comes from disciplined capital allocation: expand the core, drive demand, build capabilities that compound • Expand our core into new states (CT, MD, NJ, VA) • Drive greater consolidation and scale in our current markets • Enter Europe and new markets via targeted M&A Capabilities that strengthen future performance P R I O R I T Y 3 • Invest in demand generation and loyalty programs across our markets • Build brand awareness through traditional marketing, expanding further as federal deregulation advances P R I O R I T Y 2 Market penetration & demand generation P R I O R I T Y 1 Market expansion & consolidation • Strengthen distribution and sales force to defend and grow shelf space • Advance retail technology and data/loyalty platforms that deepen customer relationships • Build product IP and proprietary formulations that differentiate our brands
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· I nvestor Presentation · August 2026 20 N E W S T A T E S A N D C O N V E R S I O N S NEW MARKETS, AND MEDICAL STATES SET TO CONVERT Kentucky launches a new market, while three large medical states carry adult-use conversion upside on top of the operating base 2026E: $12.6B total addressable market across Cresco's footprint today. Florida, Pennsylvania, and Kentucky carry adult-use conversion upside on top of the operating base. MI $3.0B OPERATING NY $2.1B BUILD MA $1.8B OPERATING IL $1.5B OPERATING OH $1.3B OPERATING FL $1.7B MEDICAL ONLY, AU UPSIDE PA $1.2B MEDICAL ONLY, AU UPSIDE KY launching BUILD C o r e F o u r • H i g h e s t M a r g i n C o n t r i b u t o r s Market sizes: BDSA Estimates. AU = Adult-Use. TX pending BUILD 2029E: $15.1B
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· I nvestor Presentation · August 2026 21 G O I N G D E E P E R I N T H E M A R K E T S W E L E A D CONSOLIDATOR OF CHOICE: DENSIFY WHERE WE ALREADY WIN Demonstrated M&A execution: ability to deploy capital at accretive margins Pennsylvania · Sunnyside + acquired network ● Sunnyside (18) ● Acquired (+9) 27 pro forma retail locations #1 retailer in Pennsylvania +9 stores via acquisition densifying the network we already lead #1 branded share held while adding the #1 retail position <1x sales multiple immediately accretive
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I nvestor Presentation · August 2026 S E C T I O N 4 T H E R E- R A T I N G E N G I N E WHAT EXPANDS THE MULTIPLE The same dollars, taxed and financed normally, on a multiple that re-rates toward the consumer categories Cresco already resembles
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· I nvestor Presentation · August 2026 23 T H E E Q U I T Y T H E S I S A COMPELLING RE-RATE OPPORTUNITY A profitable, cash-generative operator is still priced for a Schedule I world. Three levers close that gap L E V E R 1 Tax normalization Removing 280E can cut the effective tax rate from ~70%+ toward a normal corporate rate, dollars that fall straight to cash flow / eliminate UTP liability growing. Access to traditional, lower-cost debt refinances expensive cannabis-era borrowings, compounding the free-cash- flow benefit. A broader investor base and durable growth can lift the multiple toward consumer and CPG peers, from depressed sector levels. Illustrative of value drivers, not a forecast or price target. Effective tax-rate figures reflect industry estimates for 280E-impacted operators. L E V E R 2 Cost of capital L E V E R 3 Demand & re-rating
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· I nvestor Presentation · August 2026 24 T H E R E - R A T I N G E N G I N E THE COST OF CAPITAL IS ALREADY FALLING Each step down flows straight to interest expense and free cash flow H I S T O R I C A L · P R I V A T E C A P I T A L ~12.5%* financed like a plant-touching operator R E A L I Z E D · C O M M E R C I A L B A N K 7.99% Needham revolver, secured today F U T U R E · T R A D I T I O N A L F I N A N C I N G ? fully legal, exchange-listed and debt rated *Headline coupon. Effective cost was higher with fees, covenants and structure. W H A T T H E R A T E S T E P I S W O R T H ( C A S H F L O W V S F Y 2 0 2 5 O C F ) ~$429M notes payable at ~11% weighted coupon ~$4.3M annual interest per 100bps of rate reduction ~$13M / yr saved refinancing at ~8% level +18% of FY2025 operating cash flow ($72.9M) Source: Based on full year 2025 financials. Interest saving illustrative, assumes full refinancing at the realized commercial bank level. Cash-flow impact measured against FY2025 operating cash flow ($72.9M actual). Illustrative, not guidance.
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· I nvestor Presentation · August 2026 25 T H E C O M P O U N D I N G M E C H A N I S M THE CASH FLOW FLYWHEEL Federal normalization is not just a tax story. It sets off a self-reinforcing cycle that compounds free cash flow with every turn 1 280E removed 2 Lower cash taxes 3 Refinance at lower cost 4 Interest expense falls 5 Free cash flow rises 6 Deleverage & reinvest EVERY TURN COMPOUNDS: more cash → less debt → lower risk → more capital to reinvest → higher earnings that fund a bigger next turn. Conceptual framework. Realization depends on the scope and timing of federal reform and the Company's execution; not a forecast.
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· I nvestor Presentation · August 2026 26 Outsized equity gains Rising enterprise value Disciplined operating engine Generating more free cashflow Re-rating engine The multiple the market awards T H E T H E S I S OWN THE QUALITY PLATFORM BEFORE THE GATE OPENS E A C H S T E P W I D E N S T H E B U Y E R B A S E
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I nvestor Presentation · August 2026 S E C T I O N 5 A P P E N D I X SUPPORTING DETAIL Capitalization, non-GAAP reconciliations, the state-by-state footprint, and new-venture pilots
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· I nvestor Presentation · August 2026 28 F I N A N C I A L H I G H L I G H T S · C A P I T A L I Z A T I O N S U M M A R Y CAPITALIZATION SUMMARY SHARES OUTSTANDING NET DEBT Share Class (# in millions) as of 06/30/2026 Super Voting Shares 0.5 Redeemable Units 84.3 Subordinated Voting Shares 355.6 Proportionate Voting Shares (as converted) 16.3 Dilutive Securities (including all Options, RSUs) 17.2 Total Fully Diluted Shares Outstanding 473.9 Balance ($ in Millions) as of 06/30/2026 Debt Outstanding (ST) $11.3 Debt Outstanding (LT) 419.6 Long-term Leases 146.7 Total Debt $577.6 Cash and Equivalents (incl. restricted cash) 67.4 Net Debt $510.2 Tables may not add due to rounding. Fully diluted shares outstanding do not include Super Voting Shares. Cash and Equivalents (incl. restricted cash includes cash of $3.3M in other non-current assets)
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· I nvestor Presentation · August 2026 29 F I N A N C I A L H I G H L I G H T S · R E C O N C I L I A T I O N O F N O N- G A A P M E A S U R E S RECONCILIATION: ADJUSTED GROSS PROFIT AND ADJUSTED EBITDA ADJUSTED GROSS PROFIT ADJUSTED EBITDA For the Three Months Ending March 31 ($ in Millions) Q2 2026 Q2 2025 Revenues, net $173.3 $163.6 Cost of goods sold (COGS) 86.4 80.4 Gross profit 86.9 83.3 Fair value mark-up for acquired inventory 1.3 0.0 COGS adjustments for acquisition and other non-core costs 1.2 (0.5) Adjusted gross profit (Non-GAAP) $89.5 $82.7 Adjusted gross profit % (Non-GAAP) 51.6% 50.6% For the Three Months Ending March 31 ($ in Millions) Q2 2026 Q2 2025 Net income (loss) $15.4 ($13.9) Depreciation and amortization 12.7 12.2 Interest expense, net 15.1 13.0 Income tax (benefit) expense ($19.0) 16.6 EBITDA (Non-GAAP) $24.2 $28.0 Other expense (income), net 1.9 0.4 Fair value mark-up for acquired inventory 1.3 0.0 Adj. for acquisitions and other non-core costs 8.4 0.7 Impairment loss 0.0 9.3 Share-based compensation 3.8 2.5 Adjusted EBITDA (Non-GAAP) $39.5 $40.8 Adjusted EBITDA % 22.8% 25.0% Tables may not add due to rounding.
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· I nvestor Presentation · August 2026 30 F I N A N C I A L H I G H L I G H T S · R E C O N C I L I A T I O N O F N O N- G A A P M E A S U R E S RECONCILIATION: ADJUSTED SG&A AND FREE CASH FLOW ADJUSTED SG&A FREE CASH FLOW For the Three Months Ending March 31 ($ in Millions) Q2 2026 Q2 2025 Selling, general and administrative $63.2 $51.4 Adjustments for acquisition and other non- core costs 7.8 1.9 Adjusted SG&A (Non-GAAP) $55.4 $49.5 Adjusted SG&A % (Non-GAAP) 32.0% 30.3% For the Three Months Ending June 30 ($ in Millions) Q2 2026 Q2 2025 Net cash provided by (used in) operating activities $15.4 ($5.6) Purchases of property and equipment (9.3) (7.6) Proceeds from tenant improvement allowances 0.4 0.1 Free Cash Flow (Non-GAAP) $6. ($13.2) Tables may not add due to rounding. Other & non-core adjustments combine other expense (income), net and acquisition / non-core cost adjustments.
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· I nvestor Presentation · August 2026 31 F O O T P R I N T D E T A I L STATE-BY-STATE ASSET SUMMARY As of June 30, 2026 FL IL KY MA MI NY OH PA TOTAL Population #M 23.8 12.8 4.6 7.2 10.1 19.9 11.9 13.1 103.4 Legal Status AU / M M Both M Both Both Both1 Both M 8 | AU+M 3 | M 2026E Market Size $B $1.7 $1.5 $0.0 $1.8 $3.0 $2.1 $1.3 $1.2 $12.6 Operational Dispensaries # 312 103 -- 4 -- 3 8 274 833 Source: Company Reports, BDSA, U.S. Census 1Adult-Use Cannabis Approved; However, Company AU Sales Have Not Commenced; 2Unlimited Licenses; 3Does not include stores under support services agreements; 4Includes nine acquired dispensaries under a managed services agreement, pending regulatory approval.
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I nvestor Presentation · August 2026 THANK YOU Investor Relations investors@crescolabs.com Media press@crescolabs.com General inquiries info@crescolabs.com