Terrascend Corp. · TSX:TSND
Terrascend — Investor Presentation (September 2026)
35 slides from Terrascend's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
Investor Presentation September 2026 Terrascend.com TSX: TSND | OTCQX: TSNDF
Slide 2: Disclaimer: Forward-Looking Information and Statements
Disclaimer Forward-Looking Information and Statements This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of th
Slide 3: Disclaimer: Definition and Reconciliation of Non-GAAP Measures
Disclaimer Definition and Reconciliation of Non-GAAP Measures In addition to reporting the financial results in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company reports certain non-GAAP financial measures, including EBITDA from continuing operations
Slide 4: U.S. Cannabis Market
U.S. Cannabis Market terrascend.com
Slide 5: U.S. Cannabis Industry
U.S. Cannabis Industry Total U.S. Cannabis Retail Sales Estimates1 Number of U.S. States Legalized3 * $56.9 (in billions U.S.) $53.5 $49.7 $44.3 $38.4 $33.6 $30.0 42 15 8 2022 2023 2024 2025 2026 2027 2028 2000 2010 2024 % of Americans in Favor of Legalization2 Potential Regulatory Catalysts Re-sche
Slide 6: U.S. Cannabis Market Outlook
U.S. Cannabis Market Outlook Total U.S. Cannabis Consumers1 (in million of consumers) 122 • With over 50% of the U.S. population now 103 112 living in states that have legalized, the total 84 93 U.S. cannabis user population is projected to 65 74 continue growing to 122 million consumers by 54 2028.
Slide 7: Company Overview
Company Overview terrascend.com
Slide 8: Experienced Leadership Team
Experienced Leadership Team Jason Wild Ziad Ghanem Eric Jackson Executive Chairman Chief Executive Officer Chief Financial Officer Lynn Gefen David Wheeler BJ Carretta Zach Fleming Chief People and Legal Officer Chief Information Officer Chief Marketing Officer EVP, Commercial Operations & Corporate
Slide 9: Our Journey
Our Journey 2017 2018 2019 2021 2022 2023 2024 2025 2026 Founded Entered OH through acquisition Federal rescheduling of of Ratio Cannabis medical cannabis marked Acquired 3 dispensary a historic milestone for Dispensaries in PA Commenced adult- Acquired 4 Completed $140M the U.S. cannabis industry P
Slide 10: Company Strategy
Company Strategy Driving Revenue and Market Share Growth Through Depth in Attractive States, Winning Brands and Operational Excellence combined with Expansion Through Greenfield Opportunities Operational Depth & Scale in Ample Greenfield Excellence & Attractive Markets Opportunity for Financial Disc
Slide 11: Our Business
Our Business A leading, vertically-integrated, North American Operator 2017 20 $67.1 M $7.4M Year Founded Operating Dispensaries Q2 2026 Net Revenue from Q2 2026 Net Cash Continuing Operations Provided by Operations - Continuing Operations ~1,015 10 54.0% Q2 2026 Represented Total Employees Premium
Slide 12: Business Overview
Business Overview terrascend.com
Slide 13: Footprint
Footprint Northeast California Midwest PA NJ MD CA OH CA MD MD NEW JERSEY: Leading Market Share CALIFORNIA: • Population: 9 Million • Population: 40 Million • Scaled vertical operation with 4 dispensaries. • Super premium flower and 4 dispensaries. • Operating 3 of the top 15 dispensaries in the Sta
Slide 14: Cultivation and Retail Overview
Cultivation and Retail Overview Cultivation/Processing Retail Cultivation/ Facility Square Location Processing Dispensaries Feet Facilities New Jersey 1 140,000 4 Maryland 1 198,000 4 Pennsylvania 1 150,000 6 Ohio - - 1 California 1 21,000 4 Toronto (Canada) - - 1 Total 4 509,000 20 p. 14
Slide 15: TerrAscend holds #3 market share position in the Northeast
TerrAscend holds #3 market share position in the Northeast*and generates the highest revenue per store Q2 2025 Top 5 Market Share Q2 2026 4.8% 11.8% 5.2% TerrAscend 6.3% 7.8% 6.3% 6.1% Retail 27 27 14 26 18 Stores Competitor 1 Competitor 2 TerrAscend Competitor 3 Competitor 4 *Combined PA, NJ, MD *S
Slide 16: New Jersey
New Jersey Leading Market 2Q ’26 Highlights Share • Revenue +1.7% sequentially, led by continued strength in retail business, wholesale revenue remained essentially flat QoQ. • Gross margins of 58.4%, reflecting the benefits of Lodi vertically integrated operating model. (Dispensary) • All 3 Apothec
Slide 17: Maryland
Maryland 2Q ’26 Highlights • Revenue and gross margin improved sequentially. • Gross margins exceeded 60%. • 2 of 4 Apothecarium stores rank in the top 10 statewide*. Burtonsville • Kind Tree, Legend, Valhalla and Tyson 2.0 (Dispensary) contributing to growth in the quarter**. Nottingham Cumberland
Slide 18: Pennsylvania
Pennsylvania 2Q ’26 Highlights • Revenue increased 3.8% sequentially, driven by growth across both our retail and wholesale businesses. • Marked third consecutive quarter of sequential revenue growth and made Pennsylvania the Company’s fastest- growing core market during the quarter. • 5 of 6 Apothe
Slide 19: Ohio
Ohio 2Q ’26 Highlights • Ratio Cannabis is fully integrated in existing operations and performing well. • Goal in Ohio is to assemble a leading retail footprint by acquiring high-quality stores at the right price, as we did in Maryland. New Philadelphia (Dispensary) p. 19
Slide 20: California
California • Market Overview • Population of 39.5 million • Medical and adult-use market size is Valhalla (Edibles Manufacturing) currently $4.3 billion and expected to reach $5.7 billion by 20251 • Operations Berkeley • Focused on San Francisco / Bay area with 4 retail dispensaries open ) • State f
Slide 21: Brand Portfolio
STATE FLOWER ‘VALHALLA: ae Brand Portfolio Kind Tree AN TERRASCEND Geokies LEGEND a Wana TERRASCEND
Slide 22: Elevated Retail Experiences
Elevated Retail Experiences 20 Dispensaries Across Maryland, Pennsylvania, New Jersey, Ohio, California and Canada • 10 years of operating retail experience in San Francisco, CA • Designed to provide enhanced patient and customer experiences Insert photo with • Highly trained staff to provide Apothe
Slide 23: Financial Overview
Financial Overview * The following financial measures are reported as results from continuing operations unless otherwise noted, due to the Company’s previously stated intention to sell all of its Michigan assets, which are reported as discontinued operations effective as of the second quarter ended
Slide 24: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights $67.1 M 54.0% $7.4 M Net Revenue from Gross Profit Margin Positive Net Cash Provided continuing operations from Continuing Operations Representing 16th Consecutive Positive Quarter $17.7 M +120 Adjusted EBITDA from Basis Points QoQ continuing operations* $5.7 M Positive
Slide 25: Second Quarter 2026 Net Revenue
Second Quarter 2026 Net Revenue Net Revenue from continuing operations (in millions, US$) Wholesale Retail $67.1 • Revenue: $67.1 million compared to $65.5 million $65.5 in Q1 2026. $19.1 $20.2 • Retail and wholesale revenue both increased sequentially, reflecting broad-based demand across core Nort
Slide 26: Second Quarter 2026 Gross Profit Margin
Second Quarter 2026 Gross Profit Margin Gross Profit Margin • Gross Profit Margin: Increased to 54.0% versus 52.8% in Q1 2026. +120 bps 54.0% QoQ • Quarter-over-quarter, gross profit improved by 120 basis-points. 52.8% Q1 2026 Q2 2026 p. 26
Slide 27: Second Quarter 2026 General & Administrative Expenses
Second GeneralQuarter 2026 GeneralExpenses* & Administrative & Administrative IF (G&A) Expenses General & Administrative Expenses (in millions, US$) • G&A expenses for Q2 2026, $22.9 million, compared to $21.5 million in Q1 2026. $22.9 • G&A as a % of net revenue for Q2 2026, 34.0%, $21.5 compared t
Slide 28: Second Quarter 2026 Net Loss and Adjusted EBITDA
Second Quarter 2026 Net Loss and Adjusted EBITDA* GAAP Net Loss Adj EBITDA* from continuing operations (in millions, US$) from continuing operations (in millions, US$) -$6.4 -$6.8 -$10.1 $17.7 $17.4 $16.0 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 24.6% 26.5% 26.3% of Revenue of Revenue of Reve
Slide 29: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow • Cash and cash equivalents: Net Cash Provided by Continuing • $42.0 million (6/30/26). Operations & Free Cash Flow* • Net cash provided by continuing operations: $10.0 • $7.4 million for Q2 2026. $9.0 • Operating Cash Flow Yield of 12.5%**. $8.0 • 16th consecutive quarter
Slide 30: Third Quarter 2026 Expectations
Third Quarter 2026 Expectations • Similar to Q2, we expect Q3 year-over-year revenue growth of 2% to 3%. • We also expect consistent strong gross margin performance. p. 30
Slide 31: Let's Grow Together
LET’S GROW TOGETHER p. 31
Slide 32: Share Count Detail
Share Count Detail Fully Diluted Shares Outstanding Total Shares (As of June 30, 2026) (in Millions) Total Common Shares* 309 Preferred Shares 11 Exchangeable Non-voting Shares (Canopy USA) 63 Total Basic Shares Outstanding 383 Warrants and Options (weighted average price of $4.18) 23 Total Shares O
Slide 33: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles net loss from continuing operations to EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarters ended June 30, 2026, March 31, 2026, and June 30, 2025. For the Three Months Ended June 3
Slide 34: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles Net cash provided by operating activities - continuing operations to Free Cash Flow for the quarters ended June 30, 2026, March 31, 2026, and June 30, 2025. For the Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025
Slide 35: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles Net cash provided by operating activities to Free Cash Flow Yield for trailing twelve months ended June 30, 2026. Trailing Twelve Months Ended June 30, 2026 Net cash provided by operating activities $ 31,484 Capital expenditur