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Green Thumb AMERICA'S THC COMPANY INVESTOR PRESENTATION | AUGUST 2026 * MRYTHM incredibles CANNABIS PRE - ROLLS + DOGWALKERS + BEBOE SEÑORITA GUPP THC MARGARITAS GREEN Shine Doctor Solomon's
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ON FORWARD-LOOKING STATEMENTS: This presentation includes information, statements, beliefs and opinions which are forward -looking, and which reflect current estimates, expectations and projections about future events, referred to herein as “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or “forward-looking information” under applicable securities laws. Statements containing words such as “believe”, “expect”, “continue”, “could”, “potential”, “predict”, “would”, “intend”, “should”, “seek”, “anticipate”, “will”, “opportunity,” “positioned”, “poised,” “project”, “risk”, “plan”, “may”, “estimate” or, in each case, their negative and words or expressions of similar meaning are intended to identify forward-looking statements. By their nature, forward-looking statements involve a number of known and unknown risks, uncertainties and assumptions concerning, among other things, general and specific economic conditions, the Company’s anticipated business strategies, anticipated trends in the Company’s business, the Company’s anticipated market share and changes in the Company's regulatory environment, that are difficult to predict and that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could cause the Company’s actual results, performance or achievements to be materially and adversely different from any projected results, performance or achievements expressed or implied by the forward- looking statements. In addition, even if the outcome and financial effects of the plans and events described herein are consistent with the forward- looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward -looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Forward -looking statements contained in this presentation are based on the Company’s current estimates, expectations and projections, which the management of the Company believes are reasonable as of the current date. The Company can give no assurance that these estimates, expectations and projections will prove to have been correct. You should not place undue reliance on forward-looking statements, which are based on the information available as of the date of this document. Forward-looking statements contained in this document are made of the date of this presentation and, except as required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. HISTORICAL INFORMATION:Historical statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company. In particular,historical results should not be taken as a representation that such trends will be replicated in the future. No statement in this document is intended to be nor may be construed as a profit forecast. ON FUTURE-ORIENTED FINANCIAL INFORMATION: To the extent any for- ward-looking information in this presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial informationand financial outlooks, as with forward-looking statements generally,are, without limitation, based on the assumptions and subject to the risks set out above under the heading “Cautionary Statement On Forward-Looking Statements.” The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses may differ materially from the revenue and expenses profiles provided in this presentation. Such information is presented for illustrative purposes only and may not be an indication of the Company’s actual financial position or results of operations. MORE INFORMATION: For a discussion of some of the important factors that could cause Company’s results to differ materially from those ex- pressed in, or implied by, the forward-looking statements included in this presentation, investors should refer to the disclosures contained under the headings “Risk Factors” and “Disclosure Regarding Forward-Looking Statements” in the Company’s most recent Annual Report on Form 10-K and elsewhere in the Company’s public filings, all of which are available on the Investor Relations section of the Company’s website at https://investors.gtigrows.com, the U.S. Securities and Exchange Commission’s (SEC) website at www.sec.gov and Canada’s System for Electronic Document Analysis and Retrieval Plus (SEDAR+) at www.sedarplus.ca. USE OF NON-GAAP MEASURES: In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company also discloses in this presentation certain non-GAAP financial information, as defined by the SEC, including EBITDA, adjusted EBITDA and normalized EBITDA. EBITDA means earnings before interest, taxes, depreciation and amortization and is a measurement of financial performance without having to factor in financing decisions, accounting decisions or tax environments. Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, adjusted for other income, non- cash share-based compensation, one-time transaction related expenses,or other non-operating costs. Normalized EBITDA means earnings before interest, taxes, depreciation and amortization, adjusted for licensing fees recorded in conjunction with its licensing agreement with RYTHM, Inc. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules within this presentation are included on slide 30. Non-GAAP information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP. Cautionary statement RYTHM, INC. BRANDS: Green Thumb has a significant holding in RYTHM, INC. (NASDAQ: RYM) and shared services agreements to support RYTHM, Inc. Green Thumb licenses certain consumer packaged goods brands intellectual property from RYTHM, Inc., including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green. Señorita and RYTHM Beverage are products of RYTHM, Inc. Images and mentions of these brands throughout this deck are used with permission of RYTHM, Inc. where applicable. On August 10, 2026, the stockholders of RYTHM, Inc. approved a proposal that permits Green Thumb and other securities holders to exercise warrants, convertible notes, and receive payments under the shared services agreements that would increase its ownership of RYTHM, Inc. to over 49.99% of the outstanding common stock. As a result, Green Thumb will begin consolidating RYTHM, Inc. into its financial results as of October 10, 2026. 3
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Presentation overview I. THC is a mainstream consumer category • Green Thumb is the category leader1 • Historic consumer and regulatory change legitimizes industry II. Green Thumb – Different since Day 1 • Winning brands and retail franchise • Financial strength through 10-yr industry cycle III. Why GTI now • Multiple independent growth catalysts • Green Thumb wins where industry challenges remain 1BDS FY2025 Green Thumb #1 dollar share nationally; Public earning release 1Q2026 largest revenue among U.S. peers. 4
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THE BIG PICTURE 5 THC is a mainstream consumer category
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THC is a mainstream consumer category U.S. MARKET SIZE 1 $115B $110B $ 100 B $95 B 1 Data reflects estimated 2025 market sizes, except Cannabis category which reflects 2030 projections from industry analyst. Sources: Statista;GrandView; Brewers Association. Estimates can vary up to ~20%. Tobacco includes nicotine and smokeless tobacco products. $ 80B Beer Tobacco Cannabis Spirits Wine $100B Category expectations are comparable with bev-alcohol 0 2 4 6 8 10 12 14 16 18 20 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 Americans now choose THC over Alcohol on a daily basis 2 DAILY THC USERS VS. ALCOHOL 18.2 MILLION 13.9 MILLION 2 Caulkins, “Changes in self-reported cannabis use in the United States from 1979-2023” 6
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~ 12% Alcohol has a drinking problem. U.S. Alcohol use has hit historic lows.1 And negative attitudes of alcohol are accelerating across generations. 0% 10% 20% 30% 40% 50% 60% 70% 2001 2003 2005 2007 2011 2015 2016 2018 2023 2024 2025 % Americans who believe Alcohol is “Bad for You” 2 18 to 34 35 to 54 55 and older 2Gallup August 20251Gallup August 2025 Americans’ Use of Alcohol Beverages 1939-1925 hits lowest percentage at 54% in 90 years of tracking. 7
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0% 2% 4% 6% 8% 10% 12% THC Alcohol % Daily/Near-Daily Consumers of THC or Alcohol by Age1 Age 19-30 35-50 55-65 Age 19-30 35-50 55-65 Generational preference shift for THC is a tailwind. Fewer calories Hangover free Innovation in mainstream formats (ie beverages) Expanding retail accessibility The new consumer chooses THC 3x more than Alcohol on a daily near daily basis1 1 NIH April 2025: daily or near-daily cannabis and alcohol use by adults in the United States: A comparison across age groups 8
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CONSUMER LEADERSHIP Leading Brands & Retail Franchise Industry-leading profitability Strong balance sheet Allocate capital like owners, because we are. FINANCIAL LEADERSHIP TENURED LEADERSHIP TEAM Green Thumb is the category leader1 9 1BDS FY2025 Green Thumb #1 dollar share nationally; Public earning release 1Q2026 largest revenue among U.S. peers.
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Green Thumb has built a platform with high quality consumer fundamentals. Institutional Accessibility Traditional Cannabis Universe Institutionally Owned Consumer Brand & Retail Leaders Profitability & Operating Quality Custody Barriers Limited institutional ownership Limited research coverage Capital constrained Lower profitability Regulatory uncertainty Profitable Scaled Cash Generative Valued on Fundamentals HIGH LOW LIMITED BROAD 10
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Federal Rescheduling of Medical Cannabis APRIL 2026 JUNE 29 – JULY 15, 2026 DEA Hearing on Adult Use Rescheduling NOV 2026 Rescheduling to Schedule 3 makes State-licensed Medical Cannabis Business legal under Federal law Process for companies to register with the DEA Government argues PRO Adult Use Re- Schedule Rescheduling would remove 280E tax burden on all State-licensed cannabis businesses going forward Over $3B in 280E tax liability accumulated by Industry as of Q4 2025 U.S. MSO public filings Federal Hemp Farm Bill Loopholes Closed Anticipate tailwind to State-regulated markets as hemp market restrictions take place 2026 FEDERAL POLICY MOMENTUM Decades of stalemate. Months of progress. The most consequential cannabis policy developments since prohibition began in 1970. 11
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$1.2B Revenue 31% Normalized EBITDA Margin Proven Business $284M Cash fortress Federal Illegality OTC Traded Ownership Constraints Custody Barriers $200M buybacks Limited Coverage ASSYMETRIC OPPORTUNITY Policy change is removing structural barriers. All actively changing Federal actions are normalizing industry treatment: Institutional ownership eligibility Normalized tax treatment Banking access Consumer payment solutions Employee benefit programs Airplane travel 12
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GREEN THUMB OVERVIEW Different since Day 1. 13
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© GeoNames, Microsoft, TomTom Powered by Bing BEVERAGE DISTRIBUTION STATE LICENSED THC PROGRAMS BRAND DISTRIBUTION Green Thumb at a glance Founded in 2014 Headquartered in Chicago 2015: First production facility 2016: Opened first retail store 2018: IPO on the Canadian Securities Exchange (CSE: GTII) 2020: Cashflow positive 2021-2023: Large CAPEX cycle 2022: First time $1B annual revenue 2024: RYTHM, Inc. investment 14 1BDS FY2025 Green Thumb #1 dollar share nationally; Public earning release 1Q2026 largest revenue among U.S. peers. 1Q 2026: Largest U.S. Cannabis Operator1 Oct. 10, 2026: RYTHM, Inc. results consolidated
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$62 $216 $557 $894 $1,017 $1,055 $1,137 $1,179 -$20 $180 $380 $580 $780 $980 $1,180 $1,380 2018 2019 2020 2021 2022 2023 2024 2025 Revenue Cashflow A real business that generates cash • Cashflow positive since 2020 • $295M of cashflow from operations in 2025 Financial strength through 10 -year industry cycle 1 Company internal data (2018-2025) Delivered strong 2025 results • $1.2B Revenue • 31% EBITDA Margin Well-capitalized Balance Sheet • $284M cash (6/30/2026) Return Equity to Shareholders • $200M+ buybacks since 2023 (~13% of Company) 15 GREEN THUMB REVENUE AND CASHFLOW FROM OPERATIONS 1
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Strong brands drive consumer loyalty, retail velocity, and pricing power 16
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Premium Core A portfolio built for distinct occasions, consumers, and price points Premium Core Social & Novelty Wellness & Lifestyle Best Value High Quality Flower and Vape Fast-growing and focused New consumers Everyday occasion 1 BDS FY2025 #1 Chocolate brand nationally #1 Flower brand nationally #1 Pre-Roll brand in GTI markets Fastest Growing Flower brand in 2025 Category-leading brands anchor a diversified portfolio1 17
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RYTHM: America’s leading cannabis brand1 1BDS FY2025 Total U.S. $ Sales P12M: Flower (3.5g/7g flower, rosin dabs, rosin vape, liquid live resin vape, infused pre-rollss) 18
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RYTHM, Inc.’s THC beverage portfolio and distribution adds upside 1 in 3 Gen Z and Millennial consumers substitute Alcohol with THC Beverages2 1 Company internal data 2 Drug Rehab USA After-Work Substance Trends. Beverage brands Senorita and RYTHM distributed in 7000+ retail outlets1, including: 3 Beverage Awards Include: NY International Spirits Winners: RYTHM, Inc. Individual THC Producer of the Year; RYTHM THC Beverages Kush Mango Pineapple 10mg (Gold), Sativa Mandarin Orange 10mg (Bronze); Senorita 1777 THC Agave Spirit (Double Gold), Grapefruit Paloma 5mg (Silver), Lime Jalapeno 5mg (Silver), Mango 5mg (Gold), Ranch Water 5mg (Silver); LA High Spirits Award Winners: Senorita Paloma (Gold), Lime Jalapeno (Silver), Mango (Silver), Ranch Water (Bronze), RYTHM Kush (Gold), Sativa (Silver); America’s Best Beverage 2025 Hemp: RYTHM Kush (Double Gold NJ), Sativa (Silver Northeast), Senorita Lime (Double Gold NJ); Senorita Mango, Paloma, & Ranch Water (all Gold Northeast); 3 19
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is a high-performance retail franchise open stores120+ 1.8M Loyalty members Core Flower and Vape products drive basket volume: $68 average spend1 Continuous improvement as regulatory changes allow: e.g. delivery, credit cards Vertical Integration & Omnichannel scale drives margin Consumer Relationship Consumer Data Product Development Brand Success Retail Growth Direct relationship with consumers powerfully complements CPG business. Flower Vape Edible Pre-Roll Concentrate Other 0% 20% 40% 60% 80% 100% 1 Company internal data (2Q 2026: average daily transaction size in dollars; dollar category share) 20
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Long-tenured leadership team, executing since 2014 Significant founding team ownership We allocate capital like owners, because we are ~5,000 team members nationwide Go-to-market expertise from blue- chip consumer leaders 21
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OPPORTUNITY OUTLOOK Why GTI now? 22
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Multiple independent growth catalysts = Revenue Cashflow Growth GROWTH ALGORITHM POTENTIAL Organic Growth • Existing stores • Loyalty growth • Product innovation Medical Adult Use Conversion • Virginia (July 2027) • Pennsylvania (TBD) New Market Expansion • Texas • Consumer access • Capital access • 280E tax clarity THC Beverage Optionality Regulatory Shifts • Incremental upside • Brand awareness 23
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Potential market -driven growth catalyst overview Market Catalyst Green Thumb Position Outlook VIRGINIA PENNSYLVANIA TEXAS Adult Use Conversion July 2027 Operating profitable medical business; have executed 9+ medical to adult use conversions Revenue and EBITDA growth driver Adult Use Conversion On horizon Large profitable footprint statewide Incremental revenue with minimal incremental CAPEX New Market Expansion Recently won conditional medical license for operational buildout in strong barrier to entry market Strong Southwest flag sets up like Florida market with unlimited store potential 24
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Green Thumb wins where industry challenges hinder competitors (vertical integration) Price Compression Capital Scarcity Regulatory Complexity Fragmentation Federal delays Winning Brands Cashflow Machine 14-State Operating Expertise National Scale Self-funded growth Founding Management Team Industry Challenge 25 Leadership Turnover
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The Green Thumb Opportunity Consumer Leadership Winning the Consumer through $1B+ Brand & Retail Loyalty Financial Leadership Industry-leading profitability and cash generation Proven Management Founder-led team, disciplined execution since 2014 Growth Catalysts Multiple visible revenue drivers with cashflow expansion Material Regulatory Catalysts NYSE / NASDAQ access would unlock potential for new institutional investor base 26
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Capitalization table SubordinateVoting Shares Multiple Voting Shares Super Voting Shares 195,147,381 3,747,200 19,669,000 TOTALBasic Shares Outstanding 218,563,581 Employee Share Incentive Plan Warrants 16,894,397 243,303 TOTALFully Diluted Shares 235,701,281 Share Class (As of 6/30/2026) Fully Diluted Share Count 27
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AMERICA’S THC COMPANY CONTACT: INVESTORRELATIONS@GTIGROWS.COM
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Year end Non-GAAP supplemental information Net Income to Normalized EBTIDA Reconciliation Twelve Months Ended December 31 30Supplemental Information (Unaudited); EBITDA defined as earnings before interest, taxes, depreciation, and amortization; Adjusted EBITDA defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs. (USD $000s) 2025 2024 2023 2022 2021 2020 2019 2018 Net Income Before Non-Controlling Interest 116,053 73,851 37,419 13,655 80,363 19,078 (59,547) 22,568 Interest Income (11,377) (9,074) (6,697) (4,070) (1,432) (114) (1,466) (1,953) Interest Expense (net) 20,018 24,266 19,073 21,201 21,976 18,667 13,659 2,279 Provision for Income Taxes 147,302 126,288 118,630 94,777 124,612 83,853 9.344 7,184 Other (Income) Expense (net) (134,296) 9,094 16,207 (4,499) (10,677) (15,377) 10,319 (56,417) Depreciation and Amortization 145,449 113,210 100,790 96,664 68,458 52,506 31,153 5,184 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure) 283,149 337,635 285,422 217,728 283,300 158,613 3,462 (21,155) Stock-based Compensation (non-cash) 44,933 33,312 28,189 27,140 19,600 19,337 18,285 12,148 Goodwill Impairment Charges and Write-off of Trade Names ---- ---- ---- 88,503 ---- ---- ---- ---- Acquisition, Transaction and Other Non-operating (Income) Costs 13,507 371 12,228 (21,893) 4,934 1,635 6,015 ---- Adjusted EBITDA (non-GAAP measure) 341,589 371,318 325,839 311,478 307,834 179,585 27,762 (9,007) License Fee recorded in Cost of Sales 6,801 ---- ---- ---- ---- ---- ---- ---- Normalized EBITDA (non-GAAP measure) 348,390 371,318 325,839 311,478 307,834 179,585 27,762 (9,007)