Green Thumb Industries Inc. · CSE:GTII
Green Thumb Industries — Investor Presentation (September 2026)
30 slides from Green Thumb Industries's investor presentation, September 2026
Slide 1: America's THC Company
AMERICA’S THC COMPANY INVESTOR PRESENTATION | SEPTEMBER 2026
Slide 2: oo —EST® 2016 —
of oo —EST® 2016 — + CANNABIS. PRE-ROLLS
Slide 3: Cautionary statement
Cautionary statement ON FORWARD-LOOKING STATEMENTS: This presentation includes information, HISTORICAL INFORMATION: Historical statements contained in this document USE OF NON-GAAP MEASURES: In addition to disclosing financial results that statements, beliefs and opinions which are forward-looking,
Slide 4: Presentation overview
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
Slide 5: THC is a mainstream consumer category
THE BIG PICTURE THC is a mainstream consumer category 5
Slide 6: THC is a mainstream consumer category
THC is a mainstream consumer category $100B Category expectations are Americans now choose THC comparable with bev-alcohol over Alcohol on a daily basis2 U.S. MARKET SIZE 1 DAILY THC USERS VS. ALCOHOL 20 $ 115B $ 110B 18 18.2 MILLION $ 100B 16 $ 95B 14 12 $ 13.9 MILLION 80B 10 Cannabis 8 Tobacco 6 S
Slide 7: Alcohol has a drinking problem.
Alcohol has a drinking % Americans who believe~ 12% Alcohol is “Bad for You”2 problem. 18 to 34 35 to 54 55 and older 70% 60% 50% U.S. Alcohol use has hit historic lows.1 40% And negative attitudes of alcohol are 30% accelerating across generations. 20% 10% 0% 2001 2003 2005 2007 2011 2015 2016 2018
Slide 8: Generational preference shift for THC is a tailwind.
Generational preference shift % Daily/Near-Daily Consumers of THC or Alcohol by Age1 THC Alcohol for THC is a tailwind. 12% 10% The new consumer 8% chooses THC 3x more than Alcohol on a daily near daily basis1 6% Fewer calories 4% Hangover free Innovation in mainstream formats (ie beverages) 2
Slide 9: Green Thumb is the category leader
Green Thumb is the category leader1 CONSUMER FINANCIAL TENURED LEADERSHIP LEADERSHIP LEADERSHIP TEAM Industry-leading profitability Allocate capital like Leading Brands & owners, because we Retail Franchise Strong balance are. sheet 1BDS FY2025 Green Thumb #1 dollar share nationally; Public earning
Slide 10: Green Thumb has built a platform with high quality consumer fundamentals.
Green Thumb has built a platform with high quality Profitability & Operating Quality HIGH consumer fundamentals. Institutionally Owned Consumer Brand & Retail Leaders Profitable Scaled Institutional Cash Generative Accessibility Valued on LIMITED Fundamentals BROAD Traditional Cannabis Universe Cust
Slide 11: Decades of stalemate. Months of progress.
Decades of stalemate. Months of progress. 2026 FEDERAL POLICY MOMENTUM The most consequential APRIL 2026 JUNE 29 – JULY 15, 2026 NOV 2026 cannabis policy Federal Rescheduling DEA Hearing on Adult Federal Hemp of Medical Cannabis Use Rescheduling Farm Bill developments since Loopholes Closed prohibit
Slide 12: Policy change is removing structural barriers.
Policy change is removing structural barriers. ASYMMETRIC OPPORTUNITY Proven Ownership Federal actions are normalizing Business Constraints industry treatment: $1.2B Revenue Federal Illegality Institutional ownership eligibility Normalized tax treatment Banking access 31% Normalized Consumer p
Slide 13: Different since Day 1.
GREEN THUMB OVERVIEW Different since Day 1. 13
Slide 14: Green Thumb at a glance
Green Thumb at a glance Founded in 2014 BRAND DISTRIBUTION 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:
Slide 15: Financial strength through 10-year industry cycle
Financial strength through 10-year industry cycle A real business that generates GREEN THUMB REVENUE AND CASHFLOW FROM OPERATIONS1 cash Revenue Cashflow • Cashflow positive since 2020 $1,380 • $295M of cashflow from $1,179 operations in 2025 $1,180 $1,137 $1,055 $1,017 Delivered strong 2025 results
Slide 16: Strong brands drive consumer loyalty, retail velocity, and pricing power
Strong brands drive consumer loyalty, retail velocity, and pricing power 16
Slide 17: A portfolio built for distinct occasions, consumers, and price points
A portfolio built for distinct occasions, consumers, and price points Category-leading brands anchor a diversified portfolio1 #1 Flower #1 Pre-Roll #1 Chocolate Fastest brand brand in GTI brand nationally Growing nationally markets Flower brand in 2025 Wellness & Premium Core Social & Novelty Best V
Slide 18: RYTHM: America's leading cannabis brand
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, 18 infused pre-rollss)
Slide 19: RYTHM, Inc.'s THC beverage portfolio and distribution adds upside
RYTHM, Inc.’s THC beverage portfolio and distribution adds upside Beverage brands Senorita and RYTHM distributed in 7000+ retail outlets1, including: 3 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. 3
Slide 20: A high-performance retail franchise
is a high-performance retail franchise Direct relationship with consumers 120+ open stores 1.8M Loyalty members powerfully complements CPG business. Consumer Relationship Vertical Integration & Omnichannel scale drives margin Retail Consumer Continuous improvement as regulatory Growth Data changes a
Slide 21: Long-tenured leadership team, executing since 2014
Long-tenured leadership team, executing since 2014 We allocate capital like owners, because we are Significant founding team ownership ~5,000 team members nationwide Go-to-market expertise from blue- chip consumer leaders 21
Slide 22: Why GTI now?
OPPORTUNITY OUTLOOK Why GTI now? 22
Slide 23: Multiple independent growth catalysts
Multiple independent growth catalysts GROWTH ALGORITHM POTENTIAL Organic Medical Adult New Market Regulatory THC Beverage Growth Revenue Use Conversion Expansion Shifts Optionality • Existing stores • Loyalty growth • Product • Virginia (July 2027) • Pennsylvania • Texas • Consumer access • Capita
Slide 24: Potential market-driven growth catalyst overview
Potential market-driven growth catalyst overview VIRGINIA PENNSYLVANIA TEXAS Market Catalyst Adult Use Conversion Adult Use Conversion New Market Expansion July 2027 On horizon Recently won Operating profitable conditional Green Thumb medical business; Large profitable medical license for Position h
Slide 25: Green Thumb wins where industry challenges hinder competitors
Green Thumb wins where industry challenges hinder competitors Industry Challenge Price Compression Winning Brands Cashflow Machine Capital Scarcity (vertical integration) Regulatory Complexity 14-State Operating Expertise Fragmentation National Scale Federal delays Self-funded growth Leadership Foun
Slide 26: The Green Thumb Opportunity
The Green Thumb Opportunity Consumer Material Financial Proven Growth Regulatory Leadership Leadership Management Catalysts Catalysts Winning the Industry-leading Founder-led team, Multiple visible NYSE / NASDAQ access Consumer through profitability and disciplined revenue drivers with would unlock
Slide 27: Capitalization table
Capitalization table Share Class (As of 6/30/2026) Fully Diluted Share Count Subordinate Voting Shares 195,147,381 Multiple Voting Shares 3,747,200 Super Voting Shares 19,669,000 TOTAL Basic Shares Outstanding 218,563,581 Employee Share Incentive Plan 16,894,397 Warrants 243,303 TOTAL Fully Diluted
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Slide 29: America's THC Company
AMERICA’S THC COMPANY CONTACT: INVESTORRELATIONS@GTIGROWS.COM
Slide 30: Year end Non-GAAP supplemental information
Year end Non-GAAP supplemental information Net Income to Normalized EBTIDA Reconciliation Twelve Months Ended December 31 (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
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