CORPORATE PRESENTATION | SEPTEMBER 2021

LEADING OPERATOR CSE: CHAL | OTCQB: CHALF DISCLAIMER

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation includes forward-looking information and forward-looking statements within the meaning of Canadian and United States securities laws. Statements containing the words “believe”, “expect”, “intend”, “should”, “seek”, “anticipate”, “will”, “positioned”, “project”, “risk”, “plan”, “may”, “estimate”, “historical”, “expected performance” or, in each case, their negative and words of similar meaning are intended to identify forward-looking information. Forward-looking information involves risks and uncertainties including, but not limited to, the Company’s anticipated business strategies, anticipated trends in the Company’s business and anticipated market share, general business, economic and competitive uncertainties, regulatory risks including risks related to the market risks, risks associated with acquisitions, risks inherent in manufacturing operations, other general risks of the cannabis industry as well as those risk factors disclosed elsewhere in Chalice Brand’s public disclosure, including but not limited to, the Company’s Management’s Discussion & Analysis of Financial Condition and Results of Operations for the twelve Months Ended December 31, 2020 and the three months ended March 31, 2021 that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties, contingencies and other factors. Many assumptions are based on factors and events that are not within the control of Chalice Brands. Actual future results may differ materially from historical results or current expectations. Slides herein titled “Milestones” contain forecasts which include forward looking information which is subject a variety of risks and uncertainties.

These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. In addition, even if the outcome and financial effects of the plans and events described herein are consistent with the forward-looking information contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. Although Chalice Brands has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Forward-looking information contained in this presentation is based on the Company’s current estimates, expectations and projections, which the Company believes are reasonable as of the current date. The Company can give no assurance that these estimates, expectations and projections will prove to have been correct. You should not place undue reliance on forward-looking information, which is based on the information available as of the date of this presentation. Forward-looking information contained in this presentation is as of the date of this presentation and, except as require by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. Historical statements should not be taken as a representation that such trends will be replicated in the future. No statement in this presentation is intended to be nor may be construed as a profit forecast.

Objectives risks and assumptions: Objectives assume no material change in selling prices of the Company’s products. If the price of the company’s primary input materials were to materially change, there is a risk that the company could not realize the revenues and expenses currently assumed. Objectives assume the Company completes the previously announced acquisition of retail stores in February 2021 and can complete further acquisitions during 2021. The Company is largely relying on raising external capital in order to acquire additional retail dispensaries. If the Company is unable to raise additional capital on reasonable terms, its ability to achieve the expansion implied its Objectives may be limited. Current competitive landscape in Oregon remains largely consistent throughout 2021 and 2022. The Oregon market size growth may accelerate to a degree which limits the Company’s ability to achieve market share objectives.

EBITDA and Adjusted EBITDA are non‐IFRS financial measure and do not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers.

Adjusted EBITDA is a supplemental, non-GAAP financial measure. EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. In addition, Adjusted EBITDA as presented excludes impairment charges, all other non-cash items and one-time transaction fees. Management believes providing Adjusted EBITDA is useful to investors’ understanding and assessment of the Company’s ongoing continuing operations and prospects for the future and it is a used by the financial community to evaluate the market value of companies considered to be in similar businesses. Since Adjusted EBITDA is not a measure of performance calculated in accordance with IFRS, it should not be considered in isolation of, or as a substitute for, measures of performance prepared in accordance with IFRS. Adjusted EBITDA, as calculated in the table above, may not be comparable to similarly titled measures employed by other companies. In addition, Adjusted EBITDA is not necessarily a measure of our ability to fund our cash needs.

CURRENCY: All references to $ in this presentation are references to United States dollars, unless otherwise indicated.

Risk Factors Investing in the securities of the Company involves a high degree of risk. Before investing in the securities, prospective purchasers of the securities should carefully consider the other information contained in this presentation and the risks disclosed in the Company’s public disclosure available under Chalice Brand’s SEDAR profile at www.sedar.com, including but not limited to, the Company’s Management’s Discussion & Analysis of Financial Condition and Results of Operations for the Three Months Ended March 31, 2021 (the “MD&A”). If any such risks occur, the Company’s business could be materially harmed. The risks and uncertainties described in the MD&A are not the only ones that the Company faces. Additional risks and uncertainties, including those of which the Company is currently unaware or that the Company deems immaterial, may also adversely affect its business.

CSE: CHAL | OTCQB: CHALF 02 COMPANY OVERVIEW Best-in-class Cannabis Operator in Oregon led by Chalice Brands Ltd.

Chalice Brands Ltd. is a cash-flow positive U.S. operator in the most competitive, innovative and mature cannabis market in North America.

Leaders in retail, marketing and craft cultivation supported by fully integrated processing and distribution. Flagship Store

CSE: CHAL | OTCQB: CHALF 03 BRANDS: Why they matter (and always will)

The Company is committed to developing a dynamic brand portfolio with a focus on health and wellness.

EXPLORE CHALICE FARMS EXPLORE ELYSIUM FIELDS EXPLORE RXO EXPLORE FIFTH & ROOT

CSE: CHAL | OTCQB: CHALF 04 #1 IN CONSUMER ENGAGEMENT

According to Pioneer Intelligence, the homegrown Oregon company that’s #1 for consumer engagement – July 2021.

“At Chalice Farms, our consumer engagement strategy revolves around three key elements: community, events, and content. The foundation of consumer engagement is all about the experience we offer our customers in our stores, and we are completely committed to having the most knowledgeable and compassionate team in the industry.” – Jeff Yapp, President & CEO

CSE: CHAL | OTCQB: CHALF 05 A TOTALLY AMERICAN EXPERIENCE Celebrate Spring and Summer with products from a company shaping the cannabis industry.

It is deeply ironic that the is still a question in our country. The truth is, in our early days as a nation, many of our founders were actively growing the plant. President Thomas Je!erson, George Washington, and James Madison all farmed hemp1. While serving in the Mexican-American war, Franklin Pierce discussed in a letter that smoking was the only good part SELECT ELITE of being in combat2. Further, James Monroe, while working as an ambassador to France, was a notorious smoker3. And in a Delivering an activated, John F Kennedy documentary, JFK claimed to use marijuana while in broad-spectrum oil with the 4 the White House to help cope with a back injury he endured in WWII . highest THC levels possible, As we get closer and closer to today, we know more and more about this best-selling vape cartridge our presidents and their cannabis use. Pretty sure almost every- is popular for a reason. one has seen the iconic images of our forty-fifth president, Barack Obama, smoking while he was in college. It seems the free world leaders, whether they admit it or not, have all either participated in cannabis or have at least been exposed to it in some regards. They are humans, after all. Regardless of what it has been depicted as in culture and media, cannabis is a medicine that is not all about getting high and being a stoner when used correctly.

In honor of 2021, a pivotal year for cannabis legality, we have selected products that warrant praise and attention. When we were RATIO DROPS brainstorming what products to feature, we recognized that Select’s There are options for everyone in their products were the obvious choice because they’re on a journey to create the most accessible cannabis products in the nation. One of ratio drops line and, therefore, allow the most well-known brands in the country, Select has THC products them to choose what they need to per- sold at more than 900 retailers making it the leading cannabis brand sonalize their wellness routines. From in California, Arizona, Oregon, and Nevada. Committed to innovation 100% THC to equal parts CBD: THC to and sourcing consistency, Select is always looking for ways to inno- CBD dominate, their drops come in vate and push the cannabis industry forward. Select is the future of CHEWS WISELY cannabis and is worth celebrating. various options.

Do not operate a vehicle or machinery under the influence of this drug. For use only 1 https://www.hu!post.com/entry/this-presidents-day-remem_b_162088 CHOOSE CHALICE by adults twenty-one years of age and older. Keep out of the reach of children. The 2 https://www.civilized.life/articles/presidents-who-used-marijuana/ statements in this publication are solely those of Chalice Farms and not Select. Laws 3 https://www.wweek.com/cannabis/2016/05/03/which-presidents-smoked-weed/ governing the legality, availability and use of marijuana vary by state. 4 https://getfluent.com/potus-and-cannabis/

Chalice Farms Magazine | 33 06 CANNABIS PICKUP OR DELIVERY

CHALICEFARMS.COM 07 08 NEW TO CHALICE FARMS 09 CANNABIS PLATFORM

We specialize in brand creation and immersive storytelling married with best-in-class technology. Our cannabis platform places brands at the forefront of innovation with multiple consumer touch points to and audience reach of +1.5M.

CSE: CHAL | OTCQB: CHALF 10 WHERE WE COME FROM

+40years +20years of combined of combined cannabis cannabis experience supply chain experience

+40years +75years of Fortune 25 of combined experience retail experience

CSE: CHAL | OTCQB: CHALF 11 EXECUTIVE MANAGEMENT

JEFF YAPP JOHN VARGHESE ANDREW MARCHINGTON JOHN FORD MEGHAN MILLER President & CEO Executive Chairman Chief Financial Officer Chief Revenue Officer Chief Cultivation Officer

KAREN MORGAN GINGER MOLLO JANE SULLIVAN JOEL KLOBAS BEN ALLMAND Chief Marketing Officer Chief Integration Officer Chief People Officer VP of Production VP of Business Development GM- Fifth & Root & Compliance CSE: CHAL | OTCQB: CHALF 12 BOARD OF DIRECTORS

JOHN VARGHESE, Executive Chairman RICK MILLER, Lead Director Professional experience ranges from private equity, venture Seventh-generation Oregonian with a prominent local presence capital and investment banking to senior management and board as an entrepreneur, highlighted by his co-founding of Rogue of director roles in various industries in both public and private Venture Partners. He was the founder and serves as CEO of the companies. He has served on over 20 boards, acting as Chairman Avamere Group. Currently serves on the boards of Diabetomics, on 9 of those, as well as chairing multiple compensation Invivo Biosystems, Enviral Tech, Oregon Healthcare Association committees and participating on numerous audit committees. and is the Lead Director of the Corporation.

BOB McKNIGHT, Director LARRY MARTIN, Director Co-founded Quiksilver, Inc. in 1976 and has served as the Successful CEO and entrepreneur, with a unique background corporation's President, CEO and Chairman of the board of which includes over 39 years of domestic (i.e., United States) directors from its inception until 2015. Today, Mr. McKnight serves and international business experience in more than 11 different as a consultant and ambassador to the Corporation and manages industries, including outdoor hospitality lifestyle, consumer the Boardriders Foundation. branding, real estate and the medical industry.

SCOTT SECORD, Director JEFF YAPP, Director A lifelong entrepreneur, has been a founder, executive, advisor Accomplished corporate executive and entrepreneur with an and board member of multiple successful startups leading to extensive retail, entertainment, and marketing background, he various liquidity events. Currently serves as Managing Partner of has been committed to bringing innovation and growth to the Shore Capital Sports & Entertainment. He also continues to serve corporate environment including Microsoft, Kraft Foods, PepsiCo, as a director on a number of public and private company boards. Newscorp/20th Century Fox, and Viacom/MTV. He has applied his strategic marketing and consulting skills with various clients, including Microsoft, Vice Media, XBOX, and Windows.

CSE: CHAL | OTCQB: CHALF 13 CRAWL WALK RUN “The crawl phase validates, the walk phase starts to invest in acceleration and run is to invest in margin” – Jeff Yapp, President & CEO

Crawl Walk Run Growth Opportunities

Phase Phase Phase Outsourced In-sourced Vertically integrated manufacturing, sales. retail, distribution, distribution Outsourced processing and and sales distribution cultivation

*Example Investment *Example Investment *Example Investment $250,000 $1,000,000 $5,000,000 *Example Margin *Example Margin *Example Margin 5% - 15% 20% - 30% 30% - 60% *Example Investment and Example Margin are illustrative only and differ based on jurisdiction economics and other factors

CSE: CHAL | OTCQB: CHALF 14 MARKET LEADER IN OREGON Proven track record of success in the most competitive cannabis market in the U.S.

Why Oregon matters

• First state to decriminalize small amounts of marijuana. In 1998, Oregon legalized medical marijuana along with Washington, Arizona, and Nevada • Mature & Competitive market #1 in retail stores per capita (16.5 dispensaries per 100,000 residents) with a stable cultivation & supply chain • Billion $ market - 3rd largest market in per capita consumption with $275 annual cannabis spend per capita • Optimal climate for growing best in class cannabis globally • Leading Federal legalization effort - OR Senator Ron Wyden and OR Congressman Earl Blumenaur are leading the federal legalization efforts in WA

CSE: CHAL | OTCQB: CHALF 15 RETAIL

Seven Chalice Farms stores in the Portland, OR Metro Area. Existing footprint.

TIGARD HAPPY VALLEY DOWNTOWN

AIRPORT WAY LCC DUNDEE POWELL

CSE: CHAL | OTCQB: CHALF 16 MARKETING It’s all about collaboration!

We specialize in brand creation and immersive storytelling married with best-in-class technology

View Our Monthly Update

Partnerships

Community is at the heart of everything we do

CSE: CHAL | OTCQB: CHALF 17 WORLD CLASS GROW Sustainable & Organic Farm

Award winning director of cultivation with over 15+ years of cannabis experience

Genetics Lab

Breeding facility with unmatched legacy

CSE: CHAL | OTCQB: CHALF 18 PRODUCTION & SUPPLY CHAIN Future State

Future State GMP Certification

Streamlined Process

48 – hour turn from delivery to store

CSE: CHAL | OTCQB: CHALF 19 OBJECTIVES

2020 2021 2022

✓ Q1 ✓ Q1 Q1 • Leadership team in place • Recapitalized balance sheet • Optimized Oregon Vertical ✓ Q2 • Raised equity of C$13.5 integration • Record growth of 40% YoY Million Q2 in Oregon ✓ Q2 • “Run Phase” launch of ✓ Q3 • Expand retail footprint in California retail stores. • Surpassed total fiscal 2019 Oregon by 75% • Expansion to crawl in revenues by end of Q3 • Corporate name change additional west coast • First ever cash-flow positive • Share consolidation market quarter Q3 Q3 ✓ Q4 • Add scalable next generation • Another new market • Adjusted EBITDA positive e-commerce platform (4 total markets) Q4 Q4 • Full year EBITDA positive • 10% market share in and 5% Oregon market share Oregon

CSE: CHAL | OTCQB: CHALF 20 FINANCIAL HIGHLIGHTS Key Focus: Strong growth, improved working capital discipline, and improved financial performance

• Record annual revenues of $21.9M in 2020, increase of 39% from 2019 with a 20% decrease in operating costs. Accomplished in-spite of all headwinds faced during 2020.

• 2020 Q4 revenue of $5.5M – a 53% year-over-year increase compared to 2019.

• First Adjusted EBITDA positive quarter in company history accomplished as a combination of increased revenues and decreased cost structure.

• Positive cash-flow from operations for the last two quarters of $420k for the first time in company history.

• Full year cash flow from operations at -$1.5M in 2020, compared to -$8.0M in 2019, an improvement of $6.7M.

CSE: CHAL | OTCQB: CHALF 21 2021 HIGHLIGHTS

Key Focus: Adjusted EBITDA positive, contained operating costs, disciplined capital allocation, and strategic acquisitions. • Recorded Q1 revenues of $5.5M, increase of 18% from 2020 with a 21% decrease in operating costs. Gross profit margin of 45% compared to 37% in Q1 2020. Sustained positive Adjusted EBITDA of $370,000.

• 6.5% of all retail sales (12% of category) were internally-cultivated flower, compared to ~0% in Q1 2020.

• Further cleaned up the Company’s balance sheet by restructuring convertible debentures due to mature November 16, 2021 to extend the term one year to November 16, 2022 and to reprice the conversion features from C$0.30 to US$0.06.

• Recapitalized the balance sheet with a focus on footprint growth in the Oregon market by completing two private placement transactions for total gross proceeds of US$10.5 million in non-brokered private placement transaction.

CSE: CHAL | OTCQB: CHALF 22 2021 HIGHLIGHTS (continued)

• On April 8, 2021 the Company announced its 80% acquisition of CBD skincare brand Fifth & Root with a national presence in over 400 retail outlets across the United States.

• A record 412 million shares voted at the Company’s annual general meeting held on May 10th, 2021, with over 95% approving the Company’s name change to Chalice Brands Ltd. along with the share consolidation effective as of May 25, 2021.

• On May 19th, 2021 the Company closed the purchase of 100% ownership in Homegrown Oregon, a chain of five retail dispensaries located in Portland, Salem and Albany, Oregon, for total consideration of approximately US$9.75 million. Retail footprint increased from 7 to 12 stores. Chalice branded products in Homegrown have risen from 3% pre- acquisition to a high of 28% in August. In Chalice retail stores, Chalice limited products reached a high of over 50%.

• Continued optimization of the Bald Peak grow facility resulting in ongoing output of 250lbs per month beginning Q2 2021.

CSE: CHAL | OTCQB: CHALF 23 2021 HIGHLIGHTS (continued)

• Record second quarter 2021 revenues of $6.9M, a 26% year-over-year increase compared to $5.5 million for the same period in 2020. Gross profit grew 131% year-over-year to $3.1 million. Gross margin almost doubled from 23% in Q2 2020 to 45% in Q2 2021.

• Continued the positive Adjusted EBITDA trend of approximately $250,000, compared with a loss of $750,000 for Q2 2020, continuing the positive trend since fourth quarter 2020.

• Enacted the consolidation of its common shares on the basis of one (1) post- consolidation common share for every twenty-three (23) pre-consolidation common shares effective as of May 25, 2021.

• Appointed Ginger Mollo as Chief Integration Officer of Chalice Brands, and General Manager of Fifth & Root; a nationally recognized CBD skincare brand based in California.

CSE: CHAL | OTCQB: CHALF 24 INTRODUCTION TO HOMEGROWN 5-Store retail chain anchored in Salem, Oregon. Well-run, profitable, turn-key and accretive.

• Run rate of $11 million in first quarter 2021 with 49% gross margin and Adjusted EBITDA1 of $2 million based on unaudited results.

• All locations are easily accessible from Chalice HQ in Portland, with no overlapping markets.

• Further leverages the Chalice flower supply from Bald Peak, allowing for further penetration of the strain selection produced at Bald Peak.

• On a pro-forma basis, had Homegrown been included, first quarter 2021 revenues for GLH would have been US$8.2 million with a 47% gross margin and Adjusted EBITDA1 of approximately US$722,000.

CSE: CHAL | OTCQB: CHALF 25 INVESTMENT HIGHLIGHTS

Market Focus Disciplined Growth Integration Production, processing, wholesale A leader in one of the most Growth and scale in home market distribution, and retail. competitive, innovative and mature accretive to EBITDA at run phase. markets in North America with a New markets follow crawl, walk, run growing presence in the largest path until proven viable. cannabis market in the world: California.

Competitive Advantage Competencies Brand Identity

Consolidated and efficient retail, Retail Excellence, Brand Awareness, Trademarked and recognized distribution and branding presence Scale, Regulatory Expertise, brands include Chalice Farms, in fragmented saturated industry. Network Benefits, and Technology. Elysium Fields, Private Stash, RXO, and Fifth & Root.

CSE: CHAL | OTCQB: CHALF 26 CONTACT US

Chalice Brands Ltd.

Address 13315 NE Airport Way, Unit 700 Portland, OR 97230

Email [email protected]

Phone 971.371.2685

LEADING CANNABIS OPERATOR CSE: CHAL | OTCQB: CHALF