Leef Brands Inc · CSE:LEEF
Leef Brands — Investor Day (October 2026)
15 slides from Leef Brands's investor day presentation, Oct 22, 2026
Slide 1: Why we built Salisbury Canyon Ranch.
LEEF INVESTOR DAY | OCTOBER 22, 2026 Why we built Salisbury Canyon Ranch. LEEF Investor Day | Cuyama Buckhorn | October 22, 2026 THE STORY OF SALISBURY CANYON RANCH The problem. The search. The platform. The opportunity. 01
Slide 2: We had a problem we could not ignore.
LEEF INVESTOR DAY | OCTOBER 22, 2026 We had a problem we could not ignore. The reason we started looking for our own source of cannabis biomass. THE PROBLEM 50%+ Concentrating cannabis can concentrate contaminants. of third-party biomass tested by LEEF failed after If we wanted reliable clean concen
Slide 3: The search brought us right here.
LEEF INVESTOR DAY | OCTOBER 22, 2026 The search brought us right here. Looking for scale and control in Santa Barbara County led Micah to the Buckhorn and the ranch. WHY THE BUCKHORN MATTERS This is where I first learned about the property. This afternoon, you will see what that search became. 03
Slide 4: Salisbury Canyon Ranch: Built for Scale.
LEEF INVESTOR DAY | OCTOBER 22, 2026 Salisbury Canyon Ranch: Built for Scale. 1,900 acres owned • 180-acre cannabis cultivation permit • ~100 acres planted today 1,900 ACRES OWNED 180 ACRES PERMITTED FOR CANNABIS ~100 ACRES IN GROUND 04
Slide 5: Owning the supply chain changes the margin profile
LEEF INVESTOR DAY | OCTOBER 22, 2026 Owning the supply chain changes the margin profile SCR-supplied quarters: 46.5% average gross margin | Third-party quarters: 26.3% Harvest 1 Harvest 2 Harvest 3 (lands Q3 26) 49% 45% 45.5% 33% 22% 24% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 THIRD PARTY THIRD PARTY SC
Slide 6: $14.5M raised. Now in the ground and in the plant
LEEF INVESTOR DAY | OCTOBER 22, 2026 $14.5M raised. Now in the ground and in the plant What we said we would fund is funded, built or being built, and the first full crop year is planned. 01 COMPLETE 02 COMPLETE 03 UNDER WAY RAISED BUILDING PRODUCING US$14.5M 180 acres 1.3M lbs May 2026: US$9.3M, ov
Slide 7: California is our proving ground and our base business.
LEEF INVESTOR DAY | OCTOBER 22, 2026 California is our proving ground and our base business. Concentrates already power a majority of cannabis retail categories in the state. CATEGORY EXPOSURE 54% “The lab behind the labels” Of California cannabis sales are products using concentrates. LEEF’s inputs
Slide 8: Multiple Product Categories. One Integrated Platform.
LEEF INVESTOR DAY | OCTOBER 22, 2026 Multiple Product Categories. One Integrated Platform. LEEF serves leading California brands with a broad portfolio of concentrates while building its own consumer brands. CORE ENGINE CULTIVATION B2B EXTRACTS OWNED BRANDS FARM FLOWER A repeatable business: three V
Slide 9: Our brands: Double in California, then expand.
LEEF INVESTOR DAY | OCTOBER 22, 2026 Our brands: Double in California, then expand. Himalaya, Highrise and LEEF Organics follow a proven playbook: win the home state, then roll out. PROVEN PLAYBOOK: turn $8M → $40M “Double it. Then go multi-state.” Took turn from California to 4 states in 3 years. W
Slide 10: Profitable growth requires commercial discipline.
LEEF INVESTOR DAY | OCTOBER 22, 2026 Profitable growth requires commercial discipline. How we grow B2B in California, protect margins and earn the right to expand. 01 02 03 GROW B2B IN CA PROTECT MARGINS BUILD THE PLATFORM Three-tier account approach Curated menu: more depth, Finish the farm and Cal
Slide 11: California is the beginning, not the ceiling.
LEEF INVESTOR DAY | OCTOBER 22, 2026 California is the beginning, not the ceiling. Our long-term market opportunity may extend well beyond the state line. TODAY FUTURE OPTIONALITY CALIFORNIA INTERSTATE + EXPORT Existing licensed production, extraction and Contingent on applicable legal pathways, app
Slide 12: The pricing gap suggests a much larger opportunity.
LEEF INVESTOR DAY | OCTOBER 22, 2026 The pricing gap suggests a much larger opportunity. Illustrative wholesale oil prices vary meaningfully across markets, presenting opportunities to expand revenue and margins. CALIFORNIA UNITED KINGDOM GERMANY $1.00/g $3.00/g $4.50/g NEW YORK NEW JERSEY VIRGINIA
Slide 13: Build the foundation for international expansion.
LEEF INVESTOR DAY | OCTOBER 22, 2026 Build the foundation for international expansion. 01 02 03 REGULATORY ACCESS INTERNATIONAL STANDARDS COMMERCIAL PARTNERSHIPS DEA authorizations and GACP cultivation standards and Major operators and distributors; required import/export GMP-compliant manufacturing
Slide 14: Strategic partnerships can unlock the next phase of growth.
LEEF INVESTOR DAY | OCTOBER 22, 2026 Strategic partnerships can unlock the next phase of growth. LEEF can align cultivation expansion with committed customer demand TODAY EXPANSION CONCEPT COMMERCIAL MOEDEL 180 ACRES 100+ ACRES SUPPLY AGREEMENTS Permitted ranch land-use footprint; Additional acres p
Slide 15: Built in California. Ready for the World.
LEEF Built in California. Ready for the World. Clean is the differentiation. Scale makes it commercially important. Let’s go see the ranch!