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THE CANNABIST COMPANY INVESTOR PRESENTATION November 2025 Cboe CN: CBST OTCQB: CBSTF
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2 Disclaimer and Forward-Looking Statements Disclaimer The Cannabist Company Holdings Inc. (the “Company” or “The Cannabist Company”) derives a substantial portion of its revenues from the cannabis industry in certain U.S. states, which industry is illegal under U.S. federal Law. The Cannabist Company is directly involved in both the adult-use and medical cannabis industry in the states of California, Colorado, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York and Ohio, and in the medical cannabis industry in the states of Pennsylvania, Virginia, and West Virginia, which states have regulated such industries. The cultivation, processing, sale and use of cannabis are illegal under federal law pursuant to the U.S. Controlled Substance Act of 1970 (the “CSA”). Under the CSA, the policies and regulations of the United States federal government and its agencies are that cannabis has no medical benefit and a range of activities, including cultivation and the personal use of cannabis, are prohibited. The Supremacy Clause of the United States Constitution establishes that the United States Constitution and federal laws made pursuant to it are paramount and in case of conflict between federal and state law, the federal law shall apply. Until 2018, the federal government provided guidance to federal law enforcement agencies and banking institutions through a series of United States Department of Justice (“DOJ”) memoranda. The most recent such memorandum was drafted by former Deputy Attorney General James Cole in 2013 (the “Cole Memo”). On January 4, 2018, former U.S. Attorney General Jeff Sessions issued a memorandum to U.S. district attorneys that rescinded previous guidance from the U.S. Department of Justice specific to cannabis enforcement in the United States, including the Cole Memo (as defined herein). The former Attorneys General who succeeded former Attorney General Sessions following his resignation did not provide a clear policy directive for the United States as it pertains to state-legal marijuana-related activities. There is no guarantee that state laws legalizing and regulating the sale and use of marijuana will not be repealed or overturned, or that local governmental authorities will not limit the applicability of state laws within their respective jurisdictions. Unless and until the United States Congress amends the CSA with respect to marijuana (and as to the timing or scope of any such potential amendments there can be no assurance), there is a risk that federal authorities may enforce current U.S. federal law. Currently, in the absence of uniform federal guidance, as had been established by the Cole Memo, enforcement priorities are determined by respective United States Attorneys. The Cannabist Company makes no medical or treatment claims about our products, implied or otherwise, and each patient or customer should consult their treating physician, explore all options, and discuss their personal health to determine whether he or she may be a potential candidate for medical marijuana or other cannabis-derived products. Our products have not been evaluated by the Food and Drug Administration (“FDA”). In addition, our products have not been approved by the FDA to diagnose, treat, cure, or prevent any disease. In addition, we have not conducted clinical trials for the use of our products. Any references to quality, consistency, efficacy and safety of our products are not intended to imply that such claims have been verified in clinical trials. Non-GAAP Financial Measures In this presentation, The Cannabist Company may refer to certain non-GAAP financial measures, including, without limitation, EBITDA, Adjusted EBITDA and Adjusted Gross Margin. These measures do not have any standardized meaning in accordance with U.S. GAAP and may not be comparable to similar measures presented by other companies. The Cannabist Company considers certain non-GAAP measures to be meaningful indicators of the performance of its business. A reconciliation of such non-GAAP financial measures to their nearest comparable GAAP measure is included in this presentation and a further discussion of some of these items is contained in the Company’s Form 10-K for the twelve months ended December 31, 2024, and in subsequent filings. All amounts are in USD. Cautionary Note Regarding Securities Laws This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of The Cannabist Company, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Risk Factors For a detailed description of risk factors associated with The Cannabist Company, refer to the “Risk Factors” section in The Cannabist Company’s Form 10-K for the year ended December 31, 2024, and in subsequent filings, which will be available on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca.
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3 Disclaimer and Forward-Looking Statements Caution Concerning Forward-Looking Statements This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning The Cannabist Company’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of The Cannabist Company are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would”, “could”, “should”, “continue”, “plan”, “goal”, “objective”, and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Certain material factors and assumptions were applied in providing these forward-looking statements. Forward-looking information involves numerous assumptions, including assumptions on the fact that marijuana remains illegal under federal law; the application of anti-money laundering laws and regulations to the Company; legal, regulatory or political change to the cannabis industry; access to the services of banks; access to public and private capital for the Company; unfavorable publicity or consumer perception of the cannabis industry; expansion into the adult-use markets; the impact of laws, regulations and guidelines; the impact of Section 280E of the Internal Revenue Code; the impact of state laws pertaining to the cannabis industry; the Company’s reliance on key inputs, suppliers and skilled labor; the difficulty of forecasting the Company’s sales; constraints on marketing products; potential cyber-attacks and security breaches; net operating loss and other tax attribute limitations; the impact of changes in tax laws; the volatility of the market price of the Company’s common shares; reliance on management; litigation; future results and financial projections; liquidity; the Company’s ability to execute on divestitures, and the impact of global financial conditions and disease outbreaks; as well as those risk factors discussed under “Risk Factors” in The Cannabist Company’s Form 10-K for the year ended December 31, 2024, filed with the applicable securities regulatory authorities and described from time to time in other documents filed by the Company with U.S. and Canadian securities regulatory authorities. The purpose of forward-looking statements is to provide the reader with a description of management's expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this presentation as well as statements regarding the Company's objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. No undue reliance should be placed on forward-looking statements contained in this presentation. Such forward-looking statements are made as of the date of this presentation. The Cannabist Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. This presentation may contain future-oriented financial information and financial outlook information (collectively, "FOFI") about The Cannabist Company’s revenue, gross margins and adjusted EBITDA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about The Cannabist Company’s future business operations. The Cannabist Company disclaims any intention or obligation to update or revise any FOFI contained in this document, whether because of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein.
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The Cannabist Company Cultivating a Higher Experience The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with operations in 12 US jurisdictions. The Company operates 77 facilities including 61 dispensaries and 16 cultivation and manufacturing facilities, including those under development. The Cannabist Company is one of the original multi-state providers of cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets.
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1) Includes retail facilities under development 2) Total capacity under existing licenses - additional development may be required to achieve full capacity 3) Adjusted EBITDA is a Non-GAAP measure Company Overview By the Numbers 12 US Jurisdictions 16 Cultivation & Manufacturing Facilities (1) ~1.8M Sqft Cultivation & Production Capacity(2) 61 Retail Locations(1) $80M Q3 2025 Revenue $3M Q3 2025 Adjusted EBITDA(3)
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A More Focused Strategic Footprint CALIFORNIA 1 COLORADO 19 PENNSYLVANIA OHIO 8 NEW JERSEY 3 DELAWARE 3 MARYLAND 4 VIRGINIA 6 MASSACHUSETTS 2 WEST VIRGINIA NEW YORK 8 5 2 1 2 2 1 1 2 1 2 1 *Open or under development; as of November 10, 2025. 11 Wholesale Distribution Markets16 Cultivation & Manufacturing Facilities*61 Retail Locations* (52 Active / 9 In Development) ILLINOIS 21
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Optimizing the Retail Portfolio 52 active retail locations across 12 markets Note: As of November 2025 In 2024: March: Sold 1 location in Utah June: Closed 2 retail locations in New York, 1 in Colorado and 1 in Washington, DC; Opened Cannabist Richmond, Virginia August: Sold 6 locations in Eastern Virginia & 2 in Arizona October: Closed 1 location in Massachusetts November: Sold 14 locations in Florida December: Sold 1 location in California; Opened Cannabist Mays Landing, New Jersey In 2025: February: Closed 3 locations in Colorado April: Sold 2 locations in California August: Sold 3 locations in Pennsylvania September: Opened Cannabist Norwalk, Ohio October: Opened Cannabist St. Clairsville, Ohio Additional locations in development in 2025: 1 in Virginia 1 in Ohio Cannabist Deptford, NJ
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2025 Mandate Simplification & Optimization 02.Lorem Ipsum Maintain liquidity, utilize runway to improve margins and drive cash flow generation Right-Size Financials Cannabist Carytown, VA Complete divestitures, reduce operating and overhead costs to align with more focused footprint Finalize Simplification of Portfolio Refine inventory assortment, limited CAPEX spend prioritizing retail locations in key markets Continued Optimization of Assets
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Multiple Catalysts In Key Growth Markets Optimization of canopy capacity in Vineland with wholesale growth & 3 adult-use retail locations in New Jersey to reach state maximum Leveraging scale in New York to accelerate margin expansion and scale adult-use market share via wholesale growth and partnerships 1 additional retail location to open in Virginia in 2025, adding to 5 already located in Richmond, VA HSA; transition to adult-use anticipated Maryland market growth expected to continue following transition to adult-use; licensed for 1 additional retail location Tier-1 cultivation assets and 7 active retail locations for medical & adult-use, with 1 additional retail locations in development in Ohio Operate 3 of 12 retail locations in Delaware’s limited license market that launched adult-use on August 1, 2025 5 retail locations in medical market of West Virginia, growing presence in wholesale market Leveraging scaled cultivation capacity & continued growth of product distribution in wholesale channels via restructured wholesale operation
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Embedded Upside in Transitioning Growth Markets Delaware Market Updates • Regulations remove all penalties for use or possession of up to 1 ounce of cannabis and cannabis accessories for adults 21 or older • Regulations authorize the operation of 30 retail locations, 60 cultivator licenses, 30 manufacturing licenses and 5 testing licenses • Adult use launched on August 1, 2025 at all 3 retail locations Delaware Footprint 3 Retail Locations (3 Active) ~20k sqft Existing Cultivation & Production Capacity Ohio Market Updates • In November 2023, voters approved Issue 2, paving the way for adult-use sales, which began August 6, 2024 • Adult use sales began at all five retail locations in August 2024 • In process of developing 3 additional adult-use retail locations, for a total of 8; Norwalk, OH location expected to open in Q3 2025 Ohio Footprint 8 Retail Locations (7 Active, 1 In Development) ~63k sqft Existing Cultivation & Production Capacity Maryland Market Updates • Adult-use sales began July 2023 • Company is licensed for 1 additional retail location • Partnerships and increasing wholesale opportunity is expected to enhance facility utilization Maryland Footprint 4 Retail Locations (3 Active, 1 In Development) ~59k sqft Existing Cultivation & Production Capacity Virginia Market Updates • New regulations in effect July 2022 that greatly expanded access to medical program; registration no longer required • Awaiting final adult-use legislation with an official start date and legal framework for adult-use, anticipated in 2026 • Company has 1 additional retail location in development Virginia Footprint 6 Retail Locations (5 Active, 1 In Development) ~82k sqft Existing Cultivation & Production Capacity 1) Estimated Sales figures from BDSA Market Forecast as of May 2024, broker research, Company estimates $200M+ Projected TAM(1) $2B+ Projected TAM(1) $3B+ Projected TAM(1) $1B+ Projected TAM(1)
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Market Facility Count Total Size (sqft) Status Colorado 2 87,932 Operational Delaware 1 20,000 Operational Illinois 1 32,802 Operational Maryland 2 59,040 Operational Massachusetts 1 38,890 Operational New Jersey 2 320,724 Operational New York 2 148,346 650,000 Operational Under development Ohio 2 63,059 Operational Pennsylvania 1 274,000 Operational Virginia 1 82,000 Operational West Virginia 1 39,293 Operational Total 16 1,816,086 Scaled Cultivation & Manufacturing Footprint
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Financial Results Q3 2025
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Top Performing Markets Third Quarter 2025 $ Delaware Maryland New Jersey Ohio Virginia % Colorado Delaware Maryland Ohio Virginia $ Colorado Maryland New Jersey Ohio Virginia Note: Adjusted EBITDA and Adjusted Gross Margin are non-GAAP measures. Market listed alphabetically. Revenue Adj. Gross Margin Adj. EBITDA 78% Of Total Q3 2025 Revenue Adj. EBITDA Margin % Delaware Maryland New Jersey Ohio Virginia 43% Avg. Q3 2025 Adj. Gross Margin 90% Of Q3 2025 Positive Market Adj. EBITDA 29% Avg. Q3 2025 Adj. EBITDA Margin Adj. EBITDA Margin
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14 14 Title Here Financial Performance Third Quarter 2025 Note: Results are unaudited and reported in US GAAP 1) Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Financial Measures” for more information (in US$ thousands) FY 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 P&L / Cash Flow Revenue 458,722 96,138 87,440 86,350 79,912 Adjusted EBITDA 54,711 7,054 7,054 8,483 3,041 Interest Expense 37,978 9,484 9,154 14,685 8,285 Capital Expenditure 5,831 1,684 2,045 1,811 245 Balance Sheet Cash 33,607 33,607 18,936 15,456 17,761 PP&E 228,396 228,396 218,459 212,442 209,043 Total Assets 696,173 696,173 648,779 563,838 536,509 Total Liabilities 726,232 726,232 710,752 702,684 689,458 Shareholder's Equity (30,059) (30,059) (61,973) (138,846) (152,949)
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15 15 Note: Results are reported in US GAAP Title Here Financial Results Third Quarter 2025 Sept 30, 2025 June 30, 2025 Sept 30, 2024 Revenue 79,912$ 86,350$ 114,783$ Cost of sales (57,001) (69,197) (70,973) Gross profit 22,911 17,153 43,810 Selling, general and administrative expenses (34,941) (32,990) (49,557) Profit (loss) from operations (12,030) (15,837) (5,626) Other income (expense), net 3,709 (18,328) 25,701 Income tax benefit (expense) (6,334) (43,221) (21,838) Net income (loss) (14,655) (77,386) (1,763) Net income (loss) attributable to non-controlling interests (394) 495 97 Net income (loss) attributable to Cannabist Company shareholders (14,261)$ (77,881)$ (1,860)$ Weighted average common shares outstanding - basic and diluted 499,218,628 484,713,110 470,552,039 Earnings per common share attributable to Cannabist Company shareholders - basic and diluted (0.03)$ (0.16)$ (0.00)$ TABLE 1 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in US $ thousands, except share and per share figures, unaudited) Three Months Ended
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16 16 Note: Results are reported in US GAAP Title Here Financial Results Third Quarter 2025 Sept 30, 2025 June 30, 2025 March 31, 2025 Cash 17,761$ 15,456$ 33,607$ Total current assets 144,733 168,693 194,997 Property and equipment, net 209,043 212,442 228,396 Right of use assets 117,948 120,689 150,254 Total assets 536,509 563,838 696,173 Total current liabilities 162,129 179,007 228,710 Total liabilities 689,458 702,684 726,232 Total equity (152,949) (138,846) (30,059) Total liabilities and equity 536,509$ 563,838$ 696,173$ Sept 30, 2025 June 30, 2025 March 31, 2025 Net cash provided by (used in) operating activities (5,244)$ (10,549)$ (19,873)$ Net cash provided by (used in) investing activities 10,170 17,846 7,443 Net cash provided by (used in) financing activities (2,621)$ (10,777)$ (3,429)$ TABLE 2 - CONDENSED CONSOLIDATED BALANCE SHEET (SELECT ITEMS) (in US $ thousands, unaudited) TABLE 3 - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in US $ thousands, unaudited) Three Months Ended Three Months Ended
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17 17 Note: Results are reported in US GAAP 1) Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Financial Measures” for more information Title Here Financial Results Third Quarter 2025 Sept 30, 2025 June 30, 2025 Sept 30, 2024 Net income (loss) (14,655)$ (77,386)$ (1,763)$ Income tax (benefit) expense 6,334 43,221 21,838 Depreciation and amortization 8,055 8,205 11,767 Net interest and debt amortization 11,598 18,029 13,127 EBITDA (Non-GAAP) 11,332$ (7,931)$ 44,969$ Share-based compensation 552$ 643$ 2,374$ Goodwill and intangible impairment - - - Adjustments for other acquisition and non-core costs (2,127) 14,699 (36,723) Gain on remeasurement of contingent consideration, net - - - Fair value changes on investments and derivative liabilities (6,716) 1,072 4,195 Adjusted EBITDA (Non-GAAP) 3,041$ 8,483$ 14,815$ TABLE 4 - RECONCILIATION OF US GAAP TO NON-GAAP MEASURES (in US $ thousands, unaudited) Three Months Ended
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Brands & Innovation
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• FPO Optimized house brand strategy delivering targeted consumer solutions through a simplified portfolio of flower, pre-rolls, concentrates, vapes, edibles and tinctures. Our House Brands
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STASH CASH — Loyalty Program (Non-Sweed Markets) • One loyalty program for earning and redeeming rewards across our stores. • Simple earn: 1 point per $1; 100 points = $5 off. • Customers shop, track points, and view daily offers in one place. • Continues in markets that have not yet moved to the Sweed platform. STASH CASH+ — Enhanced Experience (Sweed Markets) • Same loyalty program, upgraded app experience. • Points migrate from Stash Cash to Stash Cash+ so customers keep existing rewards. • In-app shopping (no redirects) with in-app reward visibility and redemption. • Real-time order status and personalized promotions to drive repeat visits. • New referral rewards: both customers receive $ off — reduces acquisition costs. • Currently live: MD, NJ, WV; expanding as markets move to Sweed. • Early results show improved conversation and higher average basket size. Stash Cash & Stash Cash+: Unified Shopping + Loyalty One loyalty program, delivered through two app experiences depending on market platform.
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Thank You