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PAGE 1 Not for distribution to Retail Clients Week ending August 27, 2021 COMPANY COMMENTARY SHARE PRICE PERFORMANCE Canadian Cannabis Producers Canadian Extraction Companies Canadian Cannabis Retailers 48North announced that it has obtained a final court order from the Ontario Canadian Other Other North American Cannabis Companies Supreme Court of Justice approving the plan of arrangement, pursuant to which International Cannabis Companies Ancillary Cannabis Companies Indices HEXO will acquire all of 48North’s issued and outstanding common shares YTD Since Last Week Acreage announced the appointment of Bryan Murray, former Global Avant Brands 519% Aleafia 15% Operations Lead for Public Affairs at Pfizer, as its Executive Vice President Decibel 321% Auxly 12% of Government Relations Cannara 113% Avant Brands 10% OrganiGram 95% Sundial 9% AFC Gamma announced that it has provided a credit facility of US$19.75 mm to Tilray 62% OrganiGram 9% DMA Holdings MA, a single-state Massachusetts operator Sundial 61% Aurora 6% TGOD 13% Village Farms 6% Aleafia Health announced the closing of a C$10 mm senior secured term credit Auxly 10% HEXO 5% facility Entourage Health (4%) Tilray 5% Village Farms (6%) Rubicon Organics 4% Aurora and Ethypharm announced that they have delivered their initial shipment Cronos (7%) Cronos 4% of cannabis to the French medical cannabis pilot program, set to begin serving Aurora (14%) TGOD 2% patients in the coming weeks Delta 9 (19%) Canopy 1% Aleafia (28%) Cannara -- Avant Brands announced that its joint venture, 3PL Ventures, has been issued Canopy (31%) Entourage Health -- Standard Cultivation, Standard Processing and Medical Sales Licenses; Avant HEXO (34%) Delta 9 (3%) Brands also announced that it has been added to the Global X Cannabis ETF Rubicon Organics (38%) Flowr (5%) (NASDAQ: POTX) Flowr (68%) Decibel (16%) Valens 88% Nextleaf -- Avicanna announced that its RHO Phyto and Pura Earth branded topicals have Nextleaf 18% MediPharm Labs (1%) attained initial listing and commenced sales in the Canadian province of Alberta; Radient (24%) Valens (2%) MediPharm Labs (38%) Radient (7%) Avicanna also announced that, through its majority-owned Colombian subsidiary High Tide 135% Fire & Flower 3% Santa Marta Golden Hemp, it has completed its first commercial export of 20 kg Nova 26% Nova 1% of high CBD full spectrum psychoactive cannabis extracts to Brazil Fire & Flower 8% High Tide (2%) RIV Capital 30% Neptune 15% Ayr Wellness announced the opening of Liberty Health Sciences Boynton Avicanna (17%) Willow Biosciences 4% Beach, its 40th operating dispensary in Florida; Ayr Wellness also announced that Namaste (20%) Avicanna -- its Board has authorized, effective immediately, the repurchase of up to 5% of its Willow Biosciences (36%) Namaste -- Neptune (55%) RIV Capital (2%) Subordinate Voting Shares over the next 12 months pursuant to a normal course MedMen 122% C21 11% issuer bid; Ayr Wellness also announced the launch of its Origyn Extracts MariMed 103% cbdMD 7% premium concentrates line in Arizona, its first national brand portfolio to launch in Harvest Health 36% Curaleaf 6% Arizona Ascend Wellness 31% Planet 13 4% Gage 30% Cansortium 4% Canopy Growth subsidiary Tokyo Smoke announced a partnership with Green Thumb 22% Green Thumb 4% Cadillac Fairview Partners to open multiple mall store locations 4Front 20% Columbia Care 3% Verano 14% 4Front 2% Cansortium announced that its wholly-owned subsidiary, Fluent by Ayr Wellness 2% MariMed 2% Cansortium, received approval from the Florida Department of Health to Cresco 0% Cresco 2% Curaleaf 0% Trulieve 1% commence operation of a new 43,000 sq. ft. greenhouse cultivation facility in Cansortium (1%) TerrAscend 1% Homestead, Florida and the 40,000 sq. ft. greenhouse expansion at its Goodness Growth (4%) Ascend Wellness -- Sweetwater, FL cultivation facility; Cansortium also announced FQ2 ’21 revenue Acreage (9%) Harvest Health (1%) of US$16.5 mm (improved 9% q/q) and adj. EBITDA of US$5.2 mm (improved Planet 13 (11%) Goodness Growth (1%) Trulieve (15%) The Parent Company (2%) 18% q/q) Jushi (21%) Jushi (2%) Charlotte's Web (26%) Verano Cresco Labs is reportedly investing US$40 mm to expand a cannabis cultivation (4%) TerrAscend (28%) Gage (5%) and processing facility in Ohio, which will nearly triple the size of its facility in cbdMD (28%) Acreage (7%) Yellow Springs Columbia Care (33%) Ayr Wellness (8%) C21 (44%) Charlotte's Web (8%) Cronos Group and Ginkgo Bioworks announced the achievement of the first The Parent Company (63%) MedMen (10%) target productivity equity milestone in their partnership to produce eight cultured Flora Growth 87% Little Green Pharma 4% cannabinoids Little Green Pharma 27% IM Cannabis 3% Intercure 22% MedLab 3% Curaleaf announced the opening of a Curaleaf dispensary in Bordentown, New Clever Leaves 11% Intercure 2% Jersey, marking its 109th dispensary nationwide; Curaleaf also announced the MedLab (23%) Cann Group -- launch of its Select brand in New Jersey, expanding the Select brand’s reach to Khiron (25%) Clever Leaves (2%) Panaxia 19 states (42%) Panaxia (3%) PharmaCielo (43%) PharmaCielo (5%) Decibel announced a bought deal for 45.0 mm units (share + half a warrant @ Cann Group (51%) Khiron (12%) C$0.40) at a price of C$0.29 per unit for gross proceeds of ~C$13.05 mm IM Cannabis (53%) Flora Growth (26%) TILT 59% Greenlane 18% Delta 9 announced the grand opening of its thirteenth Delta 9 Cannabis retail IIPR 31% Hydrofarm 14% store, and tenth cannabis store in the Province of Manitoba Zynerba 26% Zynerba 11% AFC Gamma 12% GrowGeneration 6% Weedmaps 5% AFC Gamma 6% Hydrofarm (6%) IIPR 3% GrowGeneration (23%) TILT 2% Greenlane (34%) Weedmaps 1% Source: Public filings, Bloomberg, FactSet S&P 500 20% MJ ETF 4% Note: Includes select cannabis companies. Share price performance based on share S&P / TSX 18% NASDAQ Composite 3% price appreciation only. NASDAQ Composite 17% S&P 500 2% Dow Jones Industrial 16% Dow Jones Industrial 1% MJ ETF 16% S&P / TSX 1% PAGE 2 COMPANY COMMENTARY (CONT’D) Fire & Flower and its wholly-owned subsidiary, Hifyre, announced the proposed acquisition of PotGuide for total consideration of ~US$8.5 mm, consisting of US$4.0 mm in cash and ~6.0 mm common shares Flora Growth announced that it has closed the previously announced €2.0 mm investment in Hoshi International, while also increasing its fully-diluted ownership in Hoshi through a securities swap Gage Growth announced FQ2 ’21 revenue of US$26.4 mm (improved 50% q/q) and adj. EBITDA loss of US$1.9 mm (improved 50% q/q); Gage Growth also announced that it entered into an amended and new licensing agreement with Cookies extending their partnership from 2024 to 2026 Greenlane and KushCo both announced that they have received stockholders approved for the proposed merger of both companies Greenway announced that it has entered into an agreement with Agro-Green Natural Products, whereby Greenway will supply 200 kg of cannabis biomass per month as inputs to support the Shelter Wildfire Preroll brand across Canada and through Shelter Market GrowGeneration announced the acquisition of Hoagtech Hydroponics, a hydroponic equipment and indoor gardening store, serving the Bellingham, Washington area, marking its 59th hydroponic garden center nationwide; GrowGeneration announced its acquisition of Commercial Grow Supply, a hydroponic superstore located in Santa Clarita, California, with annual revenues approaching US$10 mm, bringing the number of GrowGen locations in California to 22 Halo announced that it has entered into a definitive agreement to acquire Food Concepts, the master tenant of a ~55,000 sq. ft. indoor cannabis cultivation, processing, and wholesaling facility in Portland, Oregon operated under the Pistil Point name and the related licenses issued by the Oregon Liquor Control Commission (OLCC) and other operating assets owned by the entities doing business as Pistil Point; Halo will acquire Food Concepts for US$8.2 mm, payable in ~258.2 mm Halo common shares, and will acquire the OLCC licenses and Pistil Points other assets for US$4.0 mm, payable in ~125.9 mm Halo common shares Harvest One announced that its Dream Water brand launched a new line for sleep gummies in the American market, which is expected to hit its distributors and retailers in September HEXO announced that the previously announced transfer of its stock exchange listing to the Nasdaq from the NYSE is complete; HEXO also announced the closing of its previously announced underwritten public offering for gross proceeds of ~US$144.8 mm at a price of US$2.95 per unit (share + half warrant @ US$3.45), including 1.6 mm units sold pursuant to the partial exercise of the over-allotment option; HEXO also announced that its shareholders showed overwhelming support for the previously announced acquisition of Redecan; HEXO also announced appointment of Guillaume Jouet as its Chief People & Culture Officer High Tide announced that all outstanding convertible debentures originally issued by Meta Growth have now been converted into common shares of High Tide, more than one year prior to maturity iAnthus announced that it is in receipt of a purported notice from the Lenders and the Consenting Debenture Holders to unilaterally extend the outside date for closing the recapitalization transaction beyond the existing outside date of August 31, 2021 Indiva announced FQ2 ’21 net revenue of C$9.1 mm (improved 46% q/q) and adj. EBITDA of C$0.5 mm (improved 204% q/q) Jane Technologies announced