Green Thumb Industries : Investor Presentation – December 2022

December 2022

Investor Presentation

Cautionary Statement

ON FORWARD-LOOKINGSTATEMENTS: 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 the words "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 and the Company's anticipated market share, 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

forward-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 information and 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 expressed 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 Annual Report on Form 10-K for the fiscal year-ended December 31, 2021, 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 Exchange Commission's (SEC) website at www.sec.gov and Canada's System for Electronic Document Analysis and Retrieval at www.sedar.com.

USE OF NON-GAAPMEASURES: 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 and adjusted operating 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 Operating 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. 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 - refer to slide

23. 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.

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CANNABIS MARKET LANDSCAPE

The Great American Growth Story.

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Projected U.S. Cannabis Market Opportunity Rivals Alcohol and Tobacco

Projected market size of cannabis comparable to current market size of well-established consumer products categories.

U.S. Market Size1

$121B

$104B ~$100B

$88B

Beer	Tobacco	Cannabis	Spirits	Wine
				$58B
Beer	Tobacco	Cannabis	Spirits	Wine

1Data reflects 2022 market sizes, except Cannabis category which reflects 2030 projections from industry analysts
Source: Statista	4

Massive Growth Expected in the Cannabis Industry Over the Next Decade

Projected Annual Growth Rate1

Growth fueled by consumer demand and increased access to distribution channels.

~12%

Cannabis

Wine

Spirits

Beer

Tobacco

Cannabis

Wine

Spirits

Beer

Tobacco

1Data reflects 2022 - 2025 CAGR, except Cannabis category which reflects 2027 CAGR from Cowen as of August 2022

Sources: New Frontier Data; Statista; Cowen

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