Curaleaf : 3Q23 Investor Presentation

The world's leading cannabis company

Investor Presentation

TSX: CURA / OTCQX: CURLF

December 2023

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Investment Highlights

3Q '23 Financial and

International Highlights

Strategy and Differentiation

Track Record

The Cannabis Industry Opportunity

Investment Highlights

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INVESTMENT HIGLIGHTS

Investment Highlights

1. • The legal cannabis industry is a generational wealth opportunity, expected to grow from $26 billion in 2022 to $43 billion by 2027, a CAGR of 11%(1)
   • Our diverse US and international footprint position us as the global industry leader
   • We have a world-classmanagement team with decades of experience building businesses
   • We are committed to developing highly formulated products backed by science
   • We have one of the strongest balance sheets in the industry with a 1.9x Debt (2) to Trailing Twelve Months Adj. EBITDA(3,4) ratio
   • Attractive financial model - Year-over-Year revenue growth of 2% and 3Q Adj. EBITDA(3) of $75 million
   • Multiple levers to expand profitability & increase cash generation
   • Expecting a ~50% reduction in 2023 CapEx as our US footprint is largely built out
2. BDSA Analytics, October 2023.
3. Outstanding debt, which represents total notes payable.
4. Adjusted EBITDA is a non-GAAP financial measure, without a standardized definition under GAAP and which may not be comparable to similar measures used by other issuers. See "Non-GAAP Financial Measures" and

	"Reconciliation of Non-GAAP financial measures" at the end of this presentation for definitions and more information regarding Curaleaf's use of non-GAAP financial measures and non-GAAP financial ratios, and a reconciliation	4
	of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures.
4.	Cumulative reported AEBITDA for 4Q2022 - 3Q2023.

3Q '23 Financial &

International Highlights

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2 3Q '23 Financial and Operating Highlights

Presence in	21(1)	$75m
17	(1)	states
	cultivation sites	adj. EBITDA(3)

255m(2)	≈1.4m(1)	23%
addressable	sq. ft. cultivation	adj. EBITDA margin
population	capacity	%(3)
147(1) retail	$333m	82/18%
locations	revenue	retail / wholesale
		revenue mix
900+	2%	$118m
wholesale	YoY revenue	cash
partner accounts	growth	balance

1. As of 12.1.2023, includes licensed brand in OR, excludes discontinued operations in KY, MI, and ME adult-use.
2. Per BDSA, estimated adult population for FY 2023 as of 10.30.23.

3. Adjusted EBITDA is a non-GAAP financial measure, without a standardized definition under GAAP and which may not be comparable to similar measures used by other issuers. See "Non-GAAP Financial Measures" and "Reconciliation of Non- 6 GAAP financial measures" at the end of this presentation for definitions and more information regarding Curaleaf's use of non-GAAP financial measures and non-GAAP financial ratios, and a reconciliation of the non-GAAP financial measures used

in this presentation to the most directly comparable GAAP financial measures.

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3Q '23 INTERNATIONAL HIGHLIGHTS

3Q '23 - International Highlights

• Curaleaf International total revenue of $16 million, representing 120% Y-o-Y revenue growth
• In the burgeoning UK medical cannabis market, we continued growing our market leadership position through our enhanced technology platform

• 1. On August 1st, we launched sales of edibles in the UK
• The German government is proposing significant expansion of its medical market (Pillar 1) by removing cannabis from the narcotics list and allowing telemedicine, which could accelerate patient adoption by 3-5x or more
• 1. The legislation is expected to be passed in 1Q24
• Our investment in Four20 Pharma continues to flourish through its premium, high quality flower position affording us leading market share
• Curaleaf has started trading in the Swiss medical cannabis market and has also commenced sales into Poland
• In the Czech Republic a draft bill for legalization of recreational cannabis has been put forward for parliamentary debate

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3Q '23 INTERNATIONAL HIGHLIGHTS

Curaleaf International - Europe Expanding

Curaleaf is the first and only MSO to have an international presence with operations across Europe

• Europe has a potential addressable market of $248 billion(1) o 748 million people
  o In 2023, forecasted legal cannabis market of $1.2 billion(2)
• Germany

1. Pillar 1 proposal passed the German Cabinet on August 16th with a final Parliamentary vote in early 2024

1. Pillar 1 is expected to catalyze growth of the medical market by removing cannabis from the narcotics list and allowing telemedicine

1. Curaleaf is leveraging its Four20 Pharma cannabis brand to rapidly capture

growing demand

• 1. Estimated patient growth could be 3-5x the current ~200,000 patient count
• Curaleaf International has:
• 1. Three hectares of licensed cultivation (greenhouse and outdoor); ability to expand to 20 hectares

1. Import and distribution capabilities in the United Kingdom, Germany, Italy,

Poland, and Portugal

1. Acquired EU-GMP processing facility in Portugal to complement our cultivation assets

1. Pioneering research relationships with institutions across the continent

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1. BDSA Analytics, June 2023, derived $332 annual spend per capita in Colorado, $332 annual spend per capita x European population of 748m = $248B.
2. BDSA Analytics, June 2023.

Strategy and

Differentiation

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STRATEGY AND DIFFERENTIATION

Toronto Stock Exchange Uplist A Major Move Forward

• On December 14th, Curaleaf officially commenced trading on the Toronto Stock Exchange (TSX: CURA), marking a momentous moment for Curaleaf and the industry
• Trading on the TSX offers greater access to both U.S. and international institutional investors, increases the stock's long-term liquidity, and provides eligibility for inclusion into indices such as S&P/TSX Composite Index and MSCI

1. We expect U.S. financial institutions will offer prime brokerage and custody solutions to U.S. investors thus removing friction from the investment process that has limited capital flows into the space

• 1. Curaleaf has been assigned two market makers which should improve trading liquidity
• Uplisting to the TSX removes the "CSE venture exchange" barrier for large mutual funds that are prohibited from investing in "venture stocks"

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