Relief You Can Rely On

Relief you can rely on

Investor Presentation | November 2020 Forward Looking Statement

Certain statements in this presentation constitute forward-looking statements within the meaning of applicable Canadian and United States securities legislation (collectively herein referred to as “forward-looking statements”), which can often be identified by words such as “will”, “may”, “estimate”, “expect”, “plan”, “project”, “intend”, “anticipate” and other words indicating that the statements are forward-looking. Such forward-looking statements are expectations only and are subject to known and unknown risks, uncertainties and other important factors, including, but not limited to, risk factors included in this presentation, that could cause the actual results, performance or achievements of Trulieve Cannabis Corp. (The “Company” or “Trulieve”) or industry results to differ materially from any future results, performance or achievements implied by such forward-looking statements. Such risks and uncertainties include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses; engaging in activities which currently are illegal under United States federal law and the uncertainty of existing protection from United States federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including United States state-law legalization, particularly in Florida, due to inconsistent public opinion, perception of the medical-use and adult-use cannabis industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward- looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law. Historical statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company. In particular historical results of the Company should not be taken as a representation that such trends will be replicated in the future. No statement in this document is intended to be nor may be construed as a profit forecast. For further details on the forward-looking statements included in this presentation, see “Forward-Looking Information” in the supplement to the final base shelf prospectus of the Company dated September 17, 2020 (the “Prospectus Supplement” to the “Final Base Shelf Prospectus” dated May 14, 2019) and available on the Company’s SEDAR profile at www.sedar.com. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. Investors should read the Company’s public filings and consult their own professional advisors to ascertain and assess the income tax, legal, risk factors and other aspects of their investment in any securities of the Company. Forward-looking statements made in this document are made only as of the date of their initial publication, and the Company undertakes no obligation to publicly update any of these forward-looking statements as actual events unfold.

Founded in 2015 MISSION and ~4000* employees VISION Our mission is to provide the 6 states (FL, CA, MA, CT, PA, WV) highest level of cannabis products and customer experiences * 72 stores (FL, CA, CT, PA) through authentic and reciprocal ~ 1.9M sq. ft. cultivation in FL relationships.

Profitable since 2017

2015 2017 2019 2021 Won the First Achieved First to sell Expected organic Medical Marijuana profitability smokable flower growth and Application in and have in Florida expansion Florida 2016 remained 2018 2020 through M&A and CT Acquisition Opened first profitable RTO on CSE First to sell Application dispensary and Edibles in the since 2017 MA Acquisition Processes served first state of Florida patient CA Acquisition PA Acquisition

Building out our hub strategy in Northeast and Southeast Current Reach: States* 6 WASHINGTON MONTANA NORTH MAINE DAKOTA OREGON MINNESOTA VERMONT NEW HAMPSHIRE IDAHO WYOMING SOUTH DAKOTA WISCONSIN NEW YORK MASSACHUSETTS Operational MICHIGAN RHODE ISLAND IOWA CONNECTICUT NEVADA NEBRASKA PENNSYLVANIA NEW JERSEY Dispensaries: UTAH ILLINOIS OHIO DELAWARE 72 COLORADO INDIANA WEST MARYLAND KANSAS VIRGINIA VIRGINIA CALIFORNIA KENTUCKY MISSOURI NORTH TENNESSEE CAROLINA ARIZONA NEW ARKANSAS MEXICO OKLAHOMA SOUTH GEORGIA CAROLINA ALABAMA MISSISSIPPI Market Size: TEXAS $12.5B LOUISIANA FLORIDA By 2025 According to Arcview/BDSA ** Operations Florida Under Construction Pending California Massachusetts Applications – Connecticut WV just approved

* WV medical market to come online in 2021 Pennsylvania ** Does5 │not © contemplate2020 Trulieve change. All Rights to adult Reserved.-use 5 │ © 2020 Trulieve. All Rights Reserved. Trulieve – Model, Growth, and Market

Seed-to-sale ~52% Vertically integrated Market Share operations of Florida Florida | Massachusetts Medical Cannabis Market Acquisitions Massachusetts 399,883 California Dedicated & growing Connecticut Florida consumer base Pennsylvania October 2020 (Expected Close Q4’20)

SEP 2018 Entered public ~2800 markets 4 week average CSE: TRUL of new Floridian patients OTCQX: TCNNF November 2020

One of the Largest US Cultivation Footprints – 1,876,408 sq. ft. of cultivation capacity in FL (as of 10/31/20) • Can produce 86,072 kg annually • 736,408 Indoor Cultivation – maximum estimate turns of 5 • 1,140,000 Greenhouse – maximum estimate turns of 2 High-End Extraction & Branded Product Development – Private label, medical grade cannabis consumer products – Super-critical ethanol and CO2 extraction and distillation processes to produce concentrates • Infrastructure ready to support BHO extraction methods Dispensary Market Leader – 67 Florida retail locations plus a statewide delivery program – Continuing to grow in 2020 to maintain lead in Florida – 204,775 sf retail space (as of 10/31/20)

7 │ © 2020 Trulieve. All Rights Reserved. 7 │ © 2020 Trulieve. All Rights Reserved. Go-to-Market Strategy Providing the highest quality products, premier national brands, cherished local brands and the best consumer experience

Large & growing product line 500+ SKUs with multiple concentration ratios and strains Powerful brand name partnerships Helping our market grow faster with national brand names Building trust with local brands Local brands build community support Wholesale distribution Extend our Trulieve brand in approved states. PA wholesales to 100% of market Massachusetts* Pennsylvania*

• Edibles – DOH approval August 2020, launched September 2020 – Trulieve Branded edibles: TruGels, TruChocolates, and TruNanoGels – Partner Brands: Love’s Oven -- cookies, brownies Binske -- Peruvian chocolates • R&D team delivering new offerings – TruPowder, TruTincture Drops, TruWax, TruKief and CBN • Expanded flower offerings – Ground flower and minis added to expand value product lineup • Partner brands with continuous launches throughout the year – Blue River, Binske, Slang releases in Florida – Local partners – Bellamy Brothers and Black Tuna • Ready for hydrocarbon extraction in Florida when DOH approves – Ability to produce “Live Resin” from freshly harvested/flash frozen material – High quality concentrates products – for dabbing or vaporization

67* dispensaries in Florida

Fernandina Beach Pensacola x2 Jacksonville x2 Tallahassee Tallahassee Orange Park Ft. Walton St. Augustine Destin Panama City Gainesville Palm Coast Ocala Daytona Beach Lady Lake Edgewater Longwood Brooksville Orlando x4 Wesley Chapel Titusville New Port Richey Palm Harbor Clearwater Largo Lakeland Melbourne Tarpon Springs Tampa x3 St. Petersburg x2 Brandon According to Englewood Bradenton Vero Beach Sarasota Ft Pierce Arcview/BDSA, FL Cape Coral Venice Port St Lucy Stuart Cape Coral West Palm cannabis sales are Port Charlotte Boynton Delray Beach COVID Punta Gorda Ft. Myers Deerfield expected to reach Bonita Springs x2 Ft. Lauderdale Dania Beach Patient Access Behavior Miami $2.6B by 2025, a Miami Walk-in 44%, Pickup 50% CAGR of 25.3% from Dadeland and Delivery 6% (as of 10/1/20) 2019 Key West

~ $7M -$8M Average Sales Volume per Location Forecasted in 2020

Q320 Customer Retention Rate 79% (Q3 Earnings Call)

Same Store Sales increase of 19% 29 stores open for the full quarter in Q3 2019 and Q3 2020 (Q3 Earnings Call)

Active Patients visited 2.9/mo Basket average of $108/visit (Q3 Earnings Call)

Avg $ per sq ft run rate of ~$2300 across 44 stores in 2019 (updated annually) Annual Patient Spend in Q419 was $3900 vs $2800 in Q418 – an increase of $1100 (updated annually)

No Ask Return policy generates <1% returns (updated annually)

• 84.97 acres of land purchased in 2019 in Jefferson County • Land approved for Future ~ 1M sq ft of state- 337K sq ft Construction of-the-art indoor building growing facilities • 24K sq ft modular buildings support approximately 2-3 stores • 337,000 sq ft 24K sq ft building will come online in 2021 buildings

12 │ © 2020 Trulieve. All Rights Reserved. 12 │ © 2020 Trulieve. All Rights Reserved. PublicFinancial Offerings Strength & inFinancial Capital DealsMarkets to Fuel Our Growth One of the few financially strong cannabis companies that is profitable and able to raise funds

Announced two public debt offerings in 2019 and an equity deal in 2020 October 2019: $60M debt offering June 2019: $70M debt offering September 2020: ~$87M equity offering

From our Shelf Prospectus, net proceeds are fueling strategic plans, capital expenditures and general corporate purposes

October 2019 Debt Offering Terms: an aggregate principal amount of US$60,000,000 of 9.75% senior secured notes maturing in 2024 (the "Notes") and an aggregate amount of 1,560,000 subordinate voting share purchase warrants (the "Warrants") of the Company. Each Unit will consist of one Note and 26 Warrants. Each Warrant will be exercisable until June 18, 2022 to purchase one subordinate voting share of the Company (a "Subordinate Voting Share") at an exercise price of C$17.25 per share, subject to adjustment in certain events June 2019 Debt Offering Terms: An aggregate principal amount of US$70,000,000 of 9.75% senior secured notes maturing in 2024 (the "Notes") and an aggregate amount of 1,470,000 subordinate voting share warrants (the "Warrants"). Company will issue an aggregate of 70,000 Units at a price of US$980 per Unit for gross proceeds of US$68,600,000. Each Unit will consist of one Note and 21 Warrants. Each Warrant will be exercisable for three years to purchase one subordinate voting share of the Company ("Subordinate Voting Share") at an exercise price of C$17.25 per share, subject to adjustment in certain events. September 2020 Equity Offering Terms: we concluded the offer and sale of 4,715,000 Subordinate Voting Shares at a price of $18.61 per share. After paying the underwriting commission of $3.9 million, the Company received aggregate consideration of approximately $83.8 million. Two sale-leaseback deals to fund MA buildout and FL growth July 2019: Holyoke, MA property of up to $43.5M October 2019: Quincy, FL property for $17M

Trulieve expands presence into Pennsylvania with acquisition of Solevo Wellness and PurePenn Transaction expands dispensary and cultivation footprint, launches wholesale, and broadens the Trulieve brand into a 5th state

Acquisition Terms: Solevo Expands Trulieve’s national footprint, Upfront payment of $20M, comprised of $10M cash/$10M stock, and entering the 5th largest market with 13M earn out potential of $15M (4.6x EBITDA, less the upfront payment) people, and propels us into a strong leadership position with 3 operational PurePenn dispensaries, servicing 25,000+ patients and Upfront payment of $46M, comprised of $19M cash/$27M stock, and a cultivation footprint of 35,000 sf with a earn out potential of $60M (4.5x EBITDA less the upfront payment) buildout to 90,000 sf expected to be Shares valued on a 10-day VWAP prior to deal announcement completed in Q1 2020.

State-of-the art Expands our MSO Broad retail product cultivation and footprint, positioning offering of both in- extraction facilities us strongly in our target house and 3rd party expanding to meet PA northeast market products available supply demands

Experienced Strong leadership Dispensary operations management teams position as we prepare outperform the with expertise in all for future growth in Pennsylvania market areas of the cannabis the state value chain

• PurePenn* – Started in 2018 by founders Gabe Perlow and Ray Boyer – 35K sq. ft. state-of-the-art cultivation & extraction facilities, expanding to 90K sq. ft. (expected Q1 2021) to meet market demand – Contiguous land available for expansion – Wholesales PurePenn and Moxie brands to 92 stores – 100% of the Pennsylvania market

According to Arcview/BDS Analytics, the Pennsylvania market is forecasted at $770 million by the end of 2025, a CAGR of 10.6% from 2019 PurePenn 16 │ ©Cultivation 2020 Trulieve. All &Rights Processing Reserved. 16 │ © 2020 Trulieve. All Rights Reserved. *Expected to close in Q4 2020 + Pennsylvania

• Solevo Wellness* – Started in 2018 by founders Bob Capretto and Sam Britz – 3 dispensaries in Pittsburgh area • ~15,800K sq. ft. of retail space – Strong patient base - dispensaries outperform PA market • September patient database: 25,000+ • Last 3 Mo Avg Ticket price: $161 – Database of 25K+ medical patients – Carries over 400 SKUs

• 100% acquisition of Life Essence, Inc. • Provisional licenses to build & operate: – 3 medical/3 recreational marijuana dispensaries • 140,000 sq foot facility in Holyoke, MA under construction – Currently building out Phase 1 cultivation and processing • Expected inspections by year end – operational by end of Q1 2021

According to Arcview/BDS Analytics, the Massachusetts market will reach $1.46 Billion in 2025, a CAGR of 16.4% from 2019. Holyoke, MA 18Cultivation│ © 2020 Trulieve. &All RightsProcessing Reserved. 18 │ © 2020 Trulieve. All Rights Reserved. + Connecticut & California

• Connecticut – Acquisition of The Healing Corner, rebranded to Trulieve Q1 20 – Opened in 2014, it’s 1 of 18 dispensaries in the state – The dispensary carries over 260 SKUs – Serves approximately 10% of CT medical patient population • California – Acquisition of Leef Industries • Licensed medical/adult-use cannabis dispensary in Palm Springs – Opened in May 2018 and has over 200 SKUs – Re-Branding of store underway According to Arcview/BDSA, CT According to Arcview/BDSA, cannabis sales are expected to total CA sales are expected to reach over $355M by 2025, a be over $7.4B by 2025, a CAGR CAGR of 22.7% from 2019 of 16.7% from 2019 Bristol, CT Dispensary 19 │ © 2020 Trulieve. All Rights Reserved. 19 │ © 2020 Trulieve. All Rights Reserved. + Financial Highlights

Year Ended 3 Mo Ended 3 Mo Ended 3 Mo Ended QoQ Dec 31 2019 Mar 31 2020 June 30 2020 Sept 30 2020 % change

Total Revenue $252.8 $96.1 120.8 $136.3 13%

Revenue less production expenses and cost of goods purchased2 $163.0 $67.1 $91.1 $102.2 12%

Revenue less production expenses and cost of goods purchased % 64% 70% 75% 75% --

Operating Expenses $68.0 $28.3 $33.1 $37.9 15%

Operating Expenses % 27% 29% 27% 28% -- Adj. EBITDA $132.5 $49.4 $60.5 $67.5 12%

Q3 2020 HIGHLIGHTS

REVENUE GROWTH ADJUSTED EBITDA1,2 INCREASE $136.3 million in Q3 2020 $67.5 million in Q3 2020 from $120.8 million in Q2 2020 from $60.5 million in Q2 2020

1. Adjusted EBITDA is a non-IFRS financial measure. While Trulieve believes that these measures are useful for the evaluation and assessment of its performance, they do not have any standard meaning prescribed by IFRS, are unlikely to be comparable to similar measures presented by other issuers, and should not be considered as an alternative to comparable measures determined in accordance with IFRS. 2. Adjusted EBITDA and Gross margin do not include net effect of change in fair value of biological assets (i.e. gain on biological assets). 21 │ © 2020 Trulieve. All Rights Reserved. 3. Please refer to “RECONCILIATIONS OF NON-IFRS FINANCIAL AND PERFORMANCE MEASURES” of the Company’s Q1 2020 MD&A for Adjusted EBITDA calculations. Strong Growth and Margin Profile

(As of August 12, 2020) REVENUE EBITDA & MARGIN1,2 FY2020 in US$ millions Incorporates our expansion into in US$ millions Massachusetts as well as continued $465-$485 growth in Florida, Connecticut, and EBITDA EBITDA Margin California. Targeting 68 Stores by year end. Based on these markets, current regulations, and foreseeable store 52.0% 44 - 46% growth, we have provided guidance of: $252.8 44.4% • $465M to $485M in revenue 205-225 • Generating $205M to $225M in 132.5 adjusted EBITDA $102.8 51.2 Guidance does not include revenue $19.8 4% from : 0.8 • Massachusetts 2017A 2018A 2019A 2020E 2017A 2018A 2019A 2020E

• Edibles in Florida, or 1 FY2017 figures include adjustments to the fair value of biological assets. • Pennsylvania transaction set to 2 Non-IFRS measure, see “Use of non-IFRS measures” Source: Management estimates close in Q4 2020

Regulatory Opportunities • SAFE Banking Act has passed House 3x and Expansion still in current stimulus bill. Passing would: o Offer traditional banking loans/mortgages • Strategic opportunities through M&A pipeline o Potential for credit cards • Federal legalization -- MORE Act/STATES Act • Explore attractive state license application processes o If legalized, or moved to a schedule III or lower, 280E taxes would change, reducing tax payments and increasing Execution net income and free cash flows o Potential access to US Exchanges • Maintaining market leadership in Florida State Opportunities Florida – Potential for Adult-Use ballot in 2022 • Implementing efficiencies and automation • 130M Tourists in Florida in 2019 • Capitalizing on growth opportunities Pennsylvania/Connecticut – Northeast markets are well-positioned and anticipating adult-use Momentum Massachusetts – Wholesale allowed • Building strong foundation for next regulatory catalyst • Leading profitability offers significant foundation & capacity for growth

KIM RIVERS VALDA CORYAT ALEX D’AMICO KYLE LANDRUM Chief Executive Chief Marketing Chief Financial Officer Chief Production Officer Officer Officer 20 years of accounting 10 years of multi-site 20 years of CPG and finance experience operations management and agricultural in technology, and successfully led marketing healthcare large teams to achieve leadership. entertainment and company goals. advertising. 15 years of experience running successful businesses from real TIM MOREY JASON. PERNELL ERIC POWERS estate to finance. Legal Chief Sales Officer Chief Information General Counsel background in M&A and Officer securities law. Rivers serves as 20 years of of retail 25 years of broad legal second vice chair for the National leadership and 18 years of business experience with a Cannabis Roundtable. She operations experience. background in received her Bachelor’s degree in experience Accomplished west corporate and tax law, Multinational Business and coast medical cannabis both in-house and Political Science from Florida business owner. private practice. State University, and her Juris Doctorate from the University of Florida.

KIM RIVERS, Chief Executive Officer THAD BESHEARS, Director 12 years of experience running successful businesses. Several years in private practice as a Co-Owner/President of Simpson Nurseries of FL and TN where he develops and implements lawyer specializing in mergers, acquisitions, and securities for multi-million dollar companies. strategic vision while monitoring the market for opportunities for growth and expansion. Bachelor’s in Multinational Business and Political Science, Juris Doctorate from the University Responsible for all sales operations, production, and inventory tracking. Under his guidance and of Florida. oversight, the company has more than doubled their annual sales.

THOMAS MILLNER, Director MICHAEL J. O’DONNELL SR., Director Strong combination of executive leadership, merchandising and multichannel operational skills, Former Executive Director of the Office of Innovation and Entrepreneurship at the University of and a philanthropic background. Central Florida. Served as CEO of Cabela's, a direct marketer and specialty retailer of outdoor recreation Principal in MOD Ventures, which invests in new ventures in various sectors. Co-founder of several merchandise, for nearly a decade. Prior to Cabela's, Milner spent 14 years as president and cannabis companies, including Trulieve, SACS, and 3Jays. Master of Science in Management from CEO of North Carolina's Remington Arms Company. the University of Central Florida.

SUSAN THRONSON, Director RICHARD MAY, Director Experienced independent director with global digital, ecommerce and loyalty marketing President and Co-Owner of May Nursery, Inc. where he has 18 years of growing and managing experience experience. Thronson was Senior Vice President of Global Marketing for Marriott International, leading He has served on several agricultural and civic boards including the Southern Nursery Association Marriott's worldwide integrated marketing strategy and execution for its 15 hotel brands. and the Gadsden County Chamber of Commerce. May is a founding member of Trulieve.

PETER T. HEALY , Director GEORGE HACKNEY, Director Attorney with a focus on capital markets, M&A, & private equity transactions. Clients have President and Owner of Hackney Nursery Company in Quincy, FL. Has presided over all aspects of included corporate issuers, Wall Street underwriters, and private equity firms. the operations of the company. Substantial experience representing issuers and underwriters in public offerings and private Served on several agricultural industry associations’ boards and earned many honors for his placements, private equity firms and sovereign wealth funds in their investment activities, commitment to the industry. Hackney Is a founding member of Trulieve and has also served on and corporate boards in governance matters and strategic transactions. many community boards. 26 │ © 2020 Trulieve. All Rights Reserved. Questions?