Cresco Labs, Inc. · CSE:CL
Cresco Labs — Investor Presentation (August 2026)
32 slides from Cresco Labs's investor presentation, August 2026
Slide 1: The Premier Cannabis Operator, Positioned to Re-Rate
THE PREMIER CANNABIS OPERATOR, POSITIONED TO RE-RATE CSE: CL OTCQX: CRLBF AU G U S T 2 0 2 6 · I n ve s t o r P r e s e n ta ti o n · Au gu s t 2 0 2 6 1
Slide 2: Forward-Looking Statements & Non-GAAP Measures
IMPORTANT INFORMATION 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
Slide 3: A Profitable Cannabis Leader at a Turning Point
THE THESIS 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 RE-RATING ENGINE grows t
Slide 4: Cresco Labs at a Glance
COMPANY OVERVIEW 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 $331M $153M $43M LTM Q2 2026 net revenue LTM Q2 2026 Adj. gross profit LTM Q2 2026 Adj. EBITDA LTM Q2 2026 Opera
Slide 5: A Generational Policy Inflection Is Underway
WHY NOW 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 Executive order Medical Schedule WE ARE HERE · LIVE Adult-use closes III NOW normalizes Waiting on final ruling Congress bans Presi
Slide 6: A Category Leader Built for the Re-Rate
WHY CRESCO 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 01 Emerging Consumer Category A ~$200B global consumer category, still mostly untapped by legal channels 02 Leading Branded Market Share #1 branded mar
Slide 7: An Inflection Point in Federal Cannabis Policy
SECTION 1 INDUSTRY & WHY NOW 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 I n ve s t o r P r e s e n t a t i o n · Au gu s t 2 0 2 6
Slide 8: Federal Structure Limits Access to Capital and Growth
THE ISSUE 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 Barrier to Entry Penalizing No interstate commerc
Slide 9: A Top-Tier Consumer Category Today, With Room to Grow
THE INDUSTRY TODAY 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) U.S. CANNABIS LEGALITY BY STATE $250 AK ME VT
Slide 10: US Cannabis Growth Story
THE OPPORTUNITY US CANNABIS GROWTH STORY US legal sales grow at a 6% CAGR through 2028 on state legalization, mix shift into legal channels and rising penetration US LEGAL CANNABIS SALES (US$B) WHAT DRIVES THE GROWTH CAGR ‘22–‘28 Total 6% · Adult use 9% · Medical -2% 1 Mix shift to legal channels Ad
Slide 11: Leading Capabilities in Cannabis
SECTION 2 THE OPERATING ENGINE LEADING CAPABILITIES IN CANNABIS A branded portfolio and retail network that outperforms industry, run with discipline across eight states I n ve s t o r P r e s e n t a t i o n · Au gu s t 2 0 2 6
Slide 12: We Do It All
THE OPERATING MODEL WE DO IT ALL Vertical integration controls quality and captures margin at every step inside each closed state 1 2 3 4 Cultivation Manufacturing Wholesale Retail 1M+SQ. FT 125M+ GRAMS 20M+ PRODUCTS 5M+ TRANSACTIONS of cultivation and production of oil produced in 2025, delivered t
Slide 13: Winning Wholesale Capabilities
A WHOLESALE LEADER 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 01 House of Brands Market-leadin
Slide 14: We Win on Independent Shelves Across Our Markets
THE BRANDED PORTFOLIO 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 DISTRIBUTION BRAND SHARE % of Total State Doors Sold Into (Q2’26) (Q2’26) PREMIUM IL 86% #1 ·
Slide 15: Unparalleled Retail Capabilities
HIGHLY PRODUCTIVE RETAILER 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 01 Sunnyside stores consistently out-produce the market on traffic, basket size
Slide 16: We Out-Execute in Nearly Every Market
OUTPERFORMING THE INDUSTRY WE OUT-EXECUTE IN NEARLY EVERY MARKET Cresco's stores consistently win more than their fair share Online orders 75% Of transactions originated through Sunnyside.shop, Cresco Labs’ proprietary ecommerce platform. Retail outperformance 30% Stores are ~30% more productive tha
Slide 17: Built to Scale, Operating Leverage Is Ahead of Us
FINANCIAL TRAJECTORY 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, %) $173 Incremental revenue carries high
Slide 18: More Whitespace, Higher Margins
SECTION 3 THE GROWTH PIPELINE MORE WHITESPACE, HIGHER MARGINS Disciplined capital allocation, with more high-margin growth whitespace than any other Tier 1 operator I n ve s t o r P r e s e n t a t i o n · Au gu s t 2 0 2 6
Slide 19: Capital Drives Consolidation, Demand, and Scale Leadership
WHERE WE INVEST NEXT CAPITAL DRIVES CONSOLIDATION, DEMAND, AND SCALE LEADERSHIP Near-term growth comes from disciplined capital allocation: expand the core, drive demand, build capabilities that compound PRIORITY 1 PRIORITY 2 PRIORITY 3 Market expansion & Market penetration & Capabilities that stren
Slide 20: New Markets, and Medical States Set to Convert
NEW STATES AND CONVERSIONS 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 Core Four • Highest Margin Contributors MI MA IL OH FL PA NY KY TX $3.0B $1.8B $1.5B $1.3B $1.7B $
Slide 21: Consolidator of Choice: Densify Where We Already Win
GOING DEEPER IN THE MARKETS WE LEAD CONSOLIDATOR OF CHOICE: DENSIFY WHERE WE ALREADY WIN Demonstrated M&A execution: ability to deploy capital at accretive margins 27 pro forma retail locations #1 retailer in Pennsylvania +9 stores via acquisition densifying the network we already lead #1 branded sh
Slide 22: What Expands the Multiple
SECTION 4 THE RE-RATING ENGINE WHAT EXPANDS THE MULTIPLE The same dollars, taxed and financed normally, on a multiple that re-rates toward the consumer categories Cresco already resembles I n ve s t o r P r e s e n t a t i o n · Au gu s t 2 0 2 6
Slide 23: A Compelling Re-Rate Opportunity
THE EQUITY THESIS A COMPELLING RE-RATE OPPORTUNITY A profitable, cash-generative operator is still priced for a Schedule I world. Three levers close that gap LEVER 1 LEVER 2 LEVER 3 Tax normalization Cost of capital Demand & re-rating Removing 280E can cut the effective Access to traditional, lower-
Slide 24: The Cost of Capital Is Already Falling
THE RE-RATING ENGINE THE COST OF CAPITAL IS ALREADY FALLING Each step down flows straight to interest expense and free cash flow HISTORICAL · PRIVATE CAPITAL REALIZED · COMMERCIAL BANK FUTURE · TRADITIONAL FINANCING ~12.5%* 7.99% ? financed like a plant-touching operator Needham revolver, secured to
Slide 25: The Cash Flow Flywheel
THE COMPOUNDING MECHANISM 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
Slide 26: Own the Quality Platform Before the Gate Opens
THE THESIS OWN THE QUALITY PLATFORM BEFORE THE GATE OPENS Disciplined operating engine Re-rating engine Generating more free cashflow The multiple the market awards Rising enterprise value Outsized equity gains · I n ve s t o r P r e s e n ta ti o n · Au gu s t 2 0 2 6 26
Slide 27: Supporting Detail
SECTION 5 APPENDIX SUPPORTING DETAIL Capitalization, non-GAAP reconciliations, the state-by-state footprint, and new-venture pilots I n ve s t o r P r e s e n t a t i o n · Au gu s t 2 0 2 6
Slide 28: Capitalization Summary
FINANCIAL HIGHLIGHTS · CAPITALIZATION SUMMARY CAPITALIZATION SUMMARY SHARES OUTSTANDING NET DEBT Share Class (# in millions) as of 06/30/2026 Balance ($ in Millions) as of 06/30/2026 Super Voting Shares 0.5 Debt Outstanding (ST) $11.3 Redeemable Units 84.3 Debt Outstanding (LT) 419.6 Subordinated Vo
Slide 29: Reconciliation: Adjusted Gross Profit and Adjusted EBITDA
FINANCIAL HIGHLIGHTS · RECONCILIATION OF NON-GAAP MEASURES RECONCILIATION: ADJUSTED GROSS PROFIT AND ADJUSTED EBITDA ADJUSTED GROSS PROFIT ADJUSTED EBITDA For the Three Months Ending March 31 ($ in For the Three Months Ending March 31 ($ in Q2 2026 Q2 2025 Q2 2026 Q2 2025 Millions) Millions) Revenue
Slide 30: Reconciliation: Adjusted SG&A and Free Cash Flow
FINANCIAL HIGHLIGHTS · RECONCILIATION OF NON-GAAP MEASURES RECONCILIATION: ADJUSTED SG&A AND FREE CASH FLOW ADJUSTED SG&A FREE CASH FLOW For the Three Months Ending March 31 For the Three Months Ending June 30 Q2 2026 Q2 2025 Q2 2026 Q2 2025 ($ in Millions) ($ in Millions) Net cash provided by (used
Slide 31: State-by-State Asset Summary
FOOTPRINT DETAIL 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 8 | AU+M Legal Status AU / M M Both M Both Both Both1 Both 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 Di
Slide 32: Thank You
THANK YOU Investor Relations investors@crescolabs.com Media press@crescolabs.com General inquiries info@crescolabs.com I n ve s t o r P r e s e n t a t i o n · Au gu s t 2 0 2 6