EX-99.1 2 d205958dex991.htm EX-99.1 EX-99.1

Exhibit 99.1 Live without Investor Presentation limits. August 2021Exhibit 99.1 Live without Investor Presentation limits. August 2021


Forward Looking Statements and Industry and Market Data Unless the context otherwise requires, the terms “Trulieve,” “we,” “us” and “our” in this prospectus refer to Trulieve Cannabis Corp. and its subsidiaries. Certain statements in this presentation constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian 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 Company’s actual results, performance or achievements 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. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Unless otherwise noted, the forecasted industry and market data contained herein are based upon management estimates and industry and market publications and surveys. The information from industry and market publications has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. The Company has not independently verified any of the data from third-party sources, nor has the Company ascertained the underlying economic assumptions relied upon therein. While such information is believed to be reliable for the purposes used herein, the Company makes no representation or warranty with respect to the accuracy of such information. PLEASE NOTE: MARIJUANA IS ILLEGAL UNDER U.S. FEDERAL LAW, INCLUDING ITS CONSUMPTION, POSSESSION, CULTIVATION, DISTRIBUTION, MANUFACTURING, DISPENSING, AND POSSESSION WITH INTENT TO DISTRIBUTE. 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. TRULIEVE IR PRESENTATION| AUGUST 2021 2


Management’s Use of Non-GAAP Financial Measures Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non- GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. Adjusted EBITDA is a financial measure that is not defined under GAAP. Our management uses this non-GAAP financial measure and believes it enhances an investor’s understanding of our financial and operating performance from period to period because it excludes certain material non-cash items and certain other adjustments management believes are not reflective of our ongoing operations and performance. Adjusted EBITDA excludes from net income as reported interest, share-based compensation, tax, depreciation, amortization, acquisition and transaction costs, fair value step-up of inventory from acquisitions, non-cash expenses and other income. The financial measures noted above are metrics that have been adjusted from the GAAP net income measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the GAAP net income measure. As noted above, our Adjusted EBITDA is not prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP. Because of these limitations, we consider, and you should consider, Adjusted EBITDA together with other operating and financial performance measures presented in accordance with GAAP. A reconciliation of Adjusted EBITDA from net income, the most directly comparable financial measure calculated in accordance with GAAP, has been included at the end of this presentation. TRULIEVE IR PRESENTATION | AUGUST 2021 3Management’s Use of Non-GAAP Financial Measures Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non- GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. Adjusted EBITDA is a financial measure that is not defined under GAAP. Our management uses this non-GAAP financial measure and believes it enhances an investor’s understanding of our financial and operating performance from period to period because it excludes certain material non-cash items and certain other adjustments management believes are not reflective of our ongoing operations and performance. Adjusted EBITDA excludes from net income as reported interest, share-based compensation, tax, depreciation, amortization, acquisition and transaction costs, fair value step-up of inventory from acquisitions, non-cash expenses and other income. The financial measures noted above are metrics that have been adjusted from the GAAP net income measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the GAAP net income measure. As noted above, our Adjusted EBITDA is not prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP. Because of these limitations, we consider, and you should consider, Adjusted EBITDA together with other operating and financial performance measures presented in accordance with GAAP. A reconciliation of Adjusted EBITDA from net income, the most directly comparable financial measure calculated in accordance with GAAP, has been included at the end of this presentation. TRULIEVE IR PRESENTATION | AUGUST 2021 3


98 7 Dispensaries States (as of August 15, 2021) (including GA Notice of Intent to Award Class 1 Production License) 14 2.2Msq ft Consecutive Cultivation quarters in US profitability (as of June 30, 2021) (through June 30, 2021)98 7 Dispensaries States (as of August 15, 2021) (including GA Notice of Intent to Award Class 1 Production License) 14 2.2Msq ft Consecutive Cultivation quarters in US profitability (as of June 30, 2021) (through June 30, 2021)


Trulieve Timeline – A History of Firsts 2015 2017 2019 2021 Expected organic growth and Won the First First to sell Filed for expansion through M&A and Medical smokable flower (and won) application processes Marijuana in Florida ability to 2016 2018 2020 Application in grandfather in WV Acquisitions CT Acquisition Opened first Profitable since 2018 First to sell Florida 14 stores PA Acquisition dispensary and Edibles in the above the RTO on CSE served first state of Florida Florida cap Harvest Acquisition* MA Acquisition patient PA Acquisition GA License** CA Acquisition WV License *Pending acquisition ** Notice of Intent to Award Class 1 Production License TRULIEVE IR PRESENTATION | AUGUST 2021 5Trulieve Timeline – A History of Firsts 2015 2017 2019 2021 Expected organic growth and Won the First First to sell Filed for expansion through M&A and Medical smokable flower (and won) application processes Marijuana in Florida ability to 2016 2018 2020 Application in grandfather in WV Acquisitions CT Acquisition Opened first Profitable since 2018 First to sell Florida 14 stores PA Acquisition dispensary and Edibles in the above the RTO on CSE served first state of Florida Florida cap Harvest Acquisition* MA Acquisition patient PA Acquisition GA License** CA Acquisition WV License *Pending acquisition ** Notice of Intent to Award Class 1 Production License TRULIEVE IR PRESENTATION | AUGUST 2021 5


Harvest Health & Recreation Acquisition We believe the Trulieve and Harvest combination will expand our regional hub strategy and provide leading market positions in the most attractive markets. The combination will allow us to accelerate our national expansion strategy and go deeper in the markets we operate to support our vision of increasing access to cannabis through industry- leading retail stores, innovative high-quality products and brands and delivering optimal Cultivate customer experiences. Your PotentialHarvest Health & Recreation Acquisition We believe the Trulieve and Harvest combination will expand our regional hub strategy and provide leading market positions in the most attractive markets. The combination will allow us to accelerate our national expansion strategy and go deeper in the markets we operate to support our vision of increasing access to cannabis through industry- leading retail stores, innovative high-quality products and brands and delivering optimal Cultivate customer experiences. Your Potential


A Top Performing Multi-State Operator Operations Today Building our Hub Strategy – Combined Footprint with Harvest Florida California Connecticut PA MA NORTHEAST 22 stores Pennsylvania 330K sq. ft. Massachusetts cultivation & MA production CT WV PA CT NV Under Construction CO CA MD WV MD West Virginia CA AZ AZ AZ Georgia SOUTHWEST GA 21 stores 375K sq. ft. Expansion Coming GA cultivation & via Harvest M&A FL production CO NV FL Arizona SOUTHEAST 99 stores Colorado 2.4 M sq. ft. Maryland cultivation & + production Combined Nevada 142 Stores 3.1M sq ft Cultivation & Processing As of August 15, 2021 TRULIEVE IR PRESENTATION | AUGUST 2021 7A Top Performing Multi-State Operator Operations Today Building our Hub Strategy – Combined Footprint with Harvest Florida California Connecticut PA MA NORTHEAST 22 stores Pennsylvania 330K sq. ft. Massachusetts cultivation & MA production CT WV PA CT NV Under Construction CO CA MD WV MD West Virginia CA AZ AZ AZ Georgia SOUTHWEST GA 21 stores 375K sq. ft. Expansion Coming GA cultivation & via Harvest M&A FL production CO NV FL Arizona SOUTHEAST 99 stores Colorado 2.4 M sq. ft. Maryland cultivation & + production Combined Nevada 142 Stores 3.1M sq ft Cultivation & Processing As of August 15, 2021 TRULIEVE IR PRESENTATION | AUGUST 2021 7


States Where we operate today 8 TRULIEVE IR PRESENTATION | AUGUST 2021States Where we operate today 8 TRULIEVE IR PRESENTATION | AUGUST 2021


SE HUB: Florida Original application state. Leader with number of firsts in the state. • 88 stores supported by ~2M sq ft cultivation as of August 15, 2021 • Outperform with 24% stores and 46% of market share at end Q2 2021 • Over 550,000 patients, or 94% of registered patients have visited a Trulieve store • State patient count grew 12% in Q2 to ~583,000 MJBiz estimates 2022 FL sales to be $1.2B - $1.4B TRULIEVE IR PRESENTATION | AUGUST 2021 9SE HUB: Florida Original application state. Leader with number of firsts in the state. • 88 stores supported by ~2M sq ft cultivation as of August 15, 2021 • Outperform with 24% stores and 46% of market share at end Q2 2021 • Over 550,000 patients, or 94% of registered patients have visited a Trulieve store • State patient count grew 12% in Q2 to ~583,000 MJBiz estimates 2022 FL sales to be $1.2B - $1.4B TRULIEVE IR PRESENTATION | AUGUST 2021 9


SE HUB: Georgia Won application and notified of intent to award one of two top Class I Production licenses in the state. • Plan to open a cultivation and production facility in Adel, GA • Will be allowed 5 dispensaries with the license • 16 qualifying conditions • Approximately 18,000 patients registered in the state MJBiz estimates 2022 GA sales to be $110M-$135M TRULIEVE IR PRESENTATION| AUGUST 2021 10


NE HUB: Pennsylvania th Entered the 5 most populated and limited license state via acquisitions of cultivation facility and dispensary portfolios. • Cultivation operations in Pittsburgh — State-of-the-art cultivation & extraction facilities, expanding to meet market demand • Contiguous land available for expansion — Wholesales to 100% of the PA market • 6 Stores located in two of the highest populated metro areas of Philadelphia and Pittsburgh. • State patient count grew ~7% in Q2 to ~550,000 MJBiz estimates 2022 PA sales to be $1.2B - $1.4B TRULIEVE IR PRESENTATION| AUGUST 2021 11NE HUB: Pennsylvania th Entered the 5 most populated and limited license state via acquisitions of cultivation facility and dispensary portfolios. • Cultivation operations in Pittsburgh — State-of-the-art cultivation & extraction facilities, expanding to meet market demand • Contiguous land available for expansion — Wholesales to 100% of the PA market • 6 Stores located in two of the highest populated metro areas of Philadelphia and Pittsburgh. • State patient count grew ~7% in Q2 to ~550,000 MJBiz estimates 2022 PA sales to be $1.2B - $1.4B TRULIEVE IR PRESENTATION| AUGUST 2021 11


NE HUB: Massachusetts Launched operations for medical and adult use at the end of Q2 2021. • 140K sq ft cultivation and production facility in Holyoke, MA • 78K sq ft of cultivation and production • Opened first store in June 2021 and second store in August • Launching pad for new Trulieve brands • Wholesale to start in 2H21 • Estimates of ~94K patients and 1.3 -1.6M consumers in the state MJBiz estimates 2022 MA Sales to be $1.4B-$1.7B TRULIEVE IR PRESENTATION| AUGUST 2021 12NE HUB: Massachusetts Launched operations for medical and adult use at the end of Q2 2021. • 140K sq ft cultivation and production facility in Holyoke, MA • 78K sq ft of cultivation and production • Opened first store in June 2021 and second store in August • Launching pad for new Trulieve brands • Wholesale to start in 2H21 • Estimates of ~94K patients and 1.3 -1.6M consumers in the state MJBiz estimates 2022 MA Sales to be $1.4B-$1.7B TRULIEVE IR PRESENTATION| AUGUST 2021 12


NE HUB: Connecticut Latest state to approve adult use with plans to roll out in 2022. • Acquisition of The Healing Corner in Bristol, CT in 2019 • Rebranded to Trulieve Q1 2020 • Outperforms as one of 18 dispensaries in the state, yet serves approximately 9% of medical patient population • State registry grew ~4% in Q2 to ~54,000 patients MJBiz estimates 2022 CT sales to be $170M-$210M (Estimate prior to legalization in June 2021) TRULIEVE IR PRESENTATION| AUGUST 2021 13NE HUB: Connecticut Latest state to approve adult use with plans to roll out in 2022. • Acquisition of The Healing Corner in Bristol, CT in 2019 • Rebranded to Trulieve Q1 2020 • Outperforms as one of 18 dispensaries in the state, yet serves approximately 9% of medical patient population • State registry grew ~4% in Q2 to ~54,000 patients MJBiz estimates 2022 CT sales to be $170M-$210M (Estimate prior to legalization in June 2021) TRULIEVE IR PRESENTATION| AUGUST 2021 13


NE HUB: West Virginia Entered state through processor and dispensary application wins. • Broadened reach in the state and created a vertical with the acquisition of cultivation and dispensaries licenses • First to commence operations in the state and get plants in ground in July 2020 • Creates a vertical operation in a well-located, low-cost state ready for future developments • 2,300 registered patients as of June 2021 MJBiz estimates 2022 WV sales to be $5M-$6M TRULIEVE IR PRESENTATION| AUGUST 2021 14NE HUB: West Virginia Entered state through processor and dispensary application wins. • Broadened reach in the state and created a vertical with the acquisition of cultivation and dispensaries licenses • First to commence operations in the state and get plants in ground in July 2020 • Creates a vertical operation in a well-located, low-cost state ready for future developments • 2,300 registered patients as of June 2021 MJBiz estimates 2022 WV sales to be $5M-$6M TRULIEVE IR PRESENTATION| AUGUST 2021 14


SW HUB: California This location is used for research & development to gain insights into west coast brands. • Acquisition of Leef Industries • Dispensary in Palm Springs, California • Opened in May 2018 • Licensed medical/adult-use cannabis dispensary • Estimates of 6-7M consumers in the state MJBiz estimates 2022 CA sales to be $5.3B-$6.2B TRULIEVE IR PRESENTATION| AUGUST 2021 15SW HUB: California This location is used for research & development to gain insights into west coast brands. • Acquisition of Leef Industries • Dispensary in Palm Springs, California • Opened in May 2018 • Licensed medical/adult-use cannabis dispensary • Estimates of 6-7M consumers in the state MJBiz estimates 2022 CA sales to be $5.3B-$6.2B TRULIEVE IR PRESENTATION| AUGUST 2021 15


Brands Opportunity for all consumers to live their best life Brands Opportunity for all consumers to live their best life


Our new brand portfolio In addition to our Trulieve branded portfolio, we recently launched a new family of products: Cultivar Muse Sweet Talk Momenta Collection You know you Unlock what Empower your Crafted for an Elevated want some is within wellness journey Experience Craveable confections The Muse product line Committed to doing the A premium group of small- infused with high-quality awakens creativity, giving best by your body each batch, top-shelf cannabis. cannabis, the taste of you permission to let go and every day, to Each unique strain is hand- Sweet Talk is the treat and inspiring you to empower your personal grown and carefully bred unlock what is within. that's sure to leave a big progress and contribute to deliver undeniably rich smile on your face. to your overall well-being. flavor and potent terpenes. TRULIEVE IR PRESENTATION| AUGUST 2021Our new brand portfolio In addition to our Trulieve branded portfolio, we recently launched a new family of products: Cultivar Muse Sweet Talk Momenta Collection You know you Unlock what Empower your Crafted for an Elevated want some is within wellness journey Experience Craveable confections The Muse product line Committed to doing the A premium group of small- infused with high-quality awakens creativity, giving best by your body each batch, top-shelf cannabis. cannabis, the taste of you permission to let go and every day, to Each unique strain is hand- Sweet Talk is the treat and inspiring you to empower your personal grown and carefully bred unlock what is within. that's sure to leave a big progress and contribute to deliver undeniably rich smile on your face. to your overall well-being. flavor and potent terpenes. TRULIEVE IR PRESENTATION| AUGUST 2021


Bringing New Innovations to Market Designed to provide a growing variety of offerings for patients and consumers. • R&D teams and an Innovation Lab to explore and deliver new product offerings • National brand partnerships • Carefully curated local partners • Future-focused and ready as market offerings change — Such as high-end extraction, hydrocarbon offerings in FL TRULIEVE IR PRESENTATION | AUGUST 2021 18Bringing New Innovations to Market Designed to provide a growing variety of offerings for patients and consumers. • R&D teams and an Innovation Lab to explore and deliver new product offerings • National brand partnerships • Carefully curated local partners • Future-focused and ready as market offerings change — Such as high-end extraction, hydrocarbon offerings in FL TRULIEVE IR PRESENTATION | AUGUST 2021 18


Go-to-Market Strategy Providing the highest quality products, premier national brands, cherished local brands and the best consumer experience. Large & growing product line 700+ SKUs with multiple concentration ratios and strains Powerful brand name partnerships Helping markets grow faster with national brand names Building trust with local brands Local brands build community support Wholesale distribution Extend brands in approved states. PA wholesales to 100% of market. MA wholesale Massachusetts Pennsylvania launch in 2H 2021. TRULIEVE IR PRESENTATION| AUGUST 2021 19Go-to-Market Strategy Providing the highest quality products, premier national brands, cherished local brands and the best consumer experience. Large & growing product line 700+ SKUs with multiple concentration ratios and strains Powerful brand name partnerships Helping markets grow faster with national brand names Building trust with local brands Local brands build community support Wholesale distribution Extend brands in approved states. PA wholesales to 100% of market. MA wholesale Massachusetts Pennsylvania launch in 2H 2021. TRULIEVE IR PRESENTATION| AUGUST 2021 19


Financial Highlights As of Q2 2021 TRULIEVE IR PRESENTATION | AUGUST 2021 20Financial Highlights As of Q2 2021 TRULIEVE IR PRESENTATION | AUGUST 2021 20


Q2 2021 Results REVENUE Highlights QoQ % Change Year 3 Mo 3 Mo 11% Ended Ended Ended YoY % Change Dec 31 Mar 31 June 30 2020 2021 2021 In millions 78% Total Revenue $521.5 $193.8 $215.1 Gross Profit $386.4 $135.3 $144.5 Adj. EBITDA Operating $155.5 $57.3 $61.5 Expenses QoQ % Change Net Income $63.0 $30.1 $40.9 4% 1 Adj. EBITDA $251.0 $90.8 $94.9 YoY % Change 55% 1. Adjusted EBITDA is a non-GAAP financial measure. See slide 3 for disclosure regarding management’s use of non-GAAP financial measures and slide 27 for a reconciliation to GAAP. TRULIEVE IR PRESENTATION| AUGUST 2021Q2 2021 Results REVENUE Highlights QoQ % Change Year 3 Mo 3 Mo 11% Ended Ended Ended YoY % Change Dec 31 Mar 31 June 30 2020 2021 2021 In millions 78% Total Revenue $521.5 $193.8 $215.1 Gross Profit $386.4 $135.3 $144.5 Adj. EBITDA Operating $155.5 $57.3 $61.5 Expenses QoQ % Change Net Income $63.0 $30.1 $40.9 4% 1 Adj. EBITDA $251.0 $90.8 $94.9 YoY % Change 55% 1. Adjusted EBITDA is a non-GAAP financial measure. See slide 3 for disclosure regarding management’s use of non-GAAP financial measures and slide 27 for a reconciliation to GAAP. TRULIEVE IR PRESENTATION| AUGUST 2021


Strong Growth and Margin Profile FY2021 Guidance GUIDANCE: Incorporates our expansion $815-$850 into Massachusetts and $521.5 West Virginia as well as REVENUE in US$ millions continued growth in $252.8 Florida, Pennsylvania, Connecticut, and $102.8 California. Targeting 114 Stores by year end. 2021E Based on these markets, current regulations, and 2020A GUIDANCE: foreseeable store growth, 44% $355 - $375 2019A we have provided 48% $251.0 guidance of: 2018A aEBITDA in US$ millions $815M to $850M in revenue $126.4 50% Generating $355M to 44% $51.2 $375M in adjusted EBITDA Source: Management estimates TRULIEVE IR PRESENTATION| AUGUST 2021 22Strong Growth and Margin Profile FY2021 Guidance GUIDANCE: Incorporates our expansion $815-$850 into Massachusetts and $521.5 West Virginia as well as REVENUE in US$ millions continued growth in $252.8 Florida, Pennsylvania, Connecticut, and $102.8 California. Targeting 114 Stores by year end. 2021E Based on these markets, current regulations, and 2020A GUIDANCE: foreseeable store growth, 44% $355 - $375 2019A we have provided 48% $251.0 guidance of: 2018A aEBITDA in US$ millions $815M to $850M in revenue $126.4 50% Generating $355M to 44% $51.2 $375M in adjusted EBITDA Source: Management estimates TRULIEVE IR PRESENTATION| AUGUST 2021 22


Significant Opportunity for Value Creation Regulatory Opportunities Expansion ▪ SAFE Banking Act passing would: o Offer traditional banking • Strategic opportunities through M&A pipeline loans/mortgages ▪ Federal legalization -- MORE • Explore attractive state license application processes Act/STATES/CAOA Act o If legalized, or moved to a schedule III or lower, 280E taxes Execution would change, reducing tax payments • Maintaining market leadership in Florida o Potential access to US Exchanges • Implementing efficiencies and automation State Opportunities • Capitalizing on M&A and other growth opportunities FL– Potential for Adult-Use -- 130M Tourists in Florida in 2019, 80M in 2020 during COVID Momentum CT– Adult-use approved – 2022 PA – Northeast markets are well- • Building strong foundation for next regulatory catalyst positioned and anticipating adult-use MA– Wholesale allowed • Leading profitability offers significant foundation and GA/WV– Early market entrant capacity for growth TRULIEVE IR PRESENTATION | AUGUST 2021 23Significant Opportunity for Value Creation Regulatory Opportunities Expansion ▪ SAFE Banking Act passing would: o Offer traditional banking • Strategic opportunities through M&A pipeline loans/mortgages ▪ Federal legalization -- MORE • Explore attractive state license application processes Act/STATES/CAOA Act o If legalized, or moved to a schedule III or lower, 280E taxes Execution would change, reducing tax payments • Maintaining market leadership in Florida o Potential access to US Exchanges • Implementing efficiencies and automation State Opportunities • Capitalizing on M&A and other growth opportunities FL– Potential for Adult-Use -- 130M Tourists in Florida in 2019, 80M in 2020 during COVID Momentum CT– Adult-use approved – 2022 PA – Northeast markets are well- • Building strong foundation for next regulatory catalyst positioned and anticipating adult-use MA– Wholesale allowed • Leading profitability offers significant foundation and GA/WV– Early market entrant capacity for growth TRULIEVE IR PRESENTATION | AUGUST 2021 23


Relax APPENDIX Revive RelateRelax APPENDIX Revive Relate


Executive Management Team ALEX D’AMICO KYLE LANDRUM KIM RIVERS Chief Financial Officer Chief Production Officer Chief Executive 20 years of accounting 10 years of multi-site Officer and finance experience operations management in technology, and successfully led healthcare large teams to achieve entertainment and company goals. advertising. . TIM MOREY ERIC POWERS 15 years of experience running successful Chief Sales Officer Chief Legal Officer businesses from real estate to finance. Legal background in M&A and securities law. Rivers 20 years of of retail 25 years of broad legal serves as second vice chair for the National leadership and experience with a Cannabis Roundtable. She received her Bachelor’s operations background in degree in Multinational Business and Political experience corporate and tax law, Science from Florida State University, and her Juris both in-house and Doctorate from the University of Florida. private practice. TRULIEVE IR PRESENTATION | AUGUST 2021 25Executive Management Team ALEX D’AMICO KYLE LANDRUM KIM RIVERS Chief Financial Officer Chief Production Officer Chief Executive 20 years of accounting 10 years of multi-site Officer and finance experience operations management in technology, and successfully led healthcare large teams to achieve entertainment and company goals. advertising. . TIM MOREY ERIC POWERS 15 years of experience running successful Chief Sales Officer Chief Legal Officer businesses from real estate to finance. Legal background in M&A and securities law. Rivers 20 years of of retail 25 years of broad legal serves as second vice chair for the National leadership and experience with a Cannabis Roundtable. She received her Bachelor’s operations background in degree in Multinational Business and Political experience corporate and tax law, Science from Florida State University, and her Juris both in-house and Doctorate from the University of Florida. private practice. TRULIEVE IR PRESENTATION | AUGUST 2021 25


Board of Directors KIM RIVERS, Chief Executive Officer PETER T. HEALY , Lead Director Experienced entrepreneur running a number of successful businesses. Several years in Attorney with a focus on capital markets, M&A, & private equity transactions. Clients have included corporate issuers, Wall Street underwriters, and private equity firms. private practice as a lawyer specializing in mergers, acquisitions, and securities for multi- million dollar companies. Substantial experience representing issuers and underwriters in public offerings and private placements, private equity firms and sovereign wealth funds in their investment Bachelor’s in Multinational Business and Political Science, Juris Doctorate from the activities, and corporate boards in governance matters and strategic transactions. University of Florida. GIANNELLA ALVAREZ, Director THAD BESHEARS, Director Experience in strategic planning, branding, innovation, consumer insights, technology, and Co-Owner/President of Simpson Nurseries of FL and TN where he develops and implements scaling and leading multi-billion dollar businesses. strategic vision while monitoring the market for opportunities for growth and expansion. Previously CEO of Beanitos, Inc., a privately held snack food company, and Harmless Responsible for all sales operations, production, and inventory tracking. Under his guidance Harvest, Inc., a privately held organic food and beverage company. Her experience and oversight, the company has more than doubled their annual sales. includes senior global leadership roles at The Coca-Cola Company, The Procter and THOMAS MILLNER, Director Gamble Co. and Kimberly Clark. Strong combination of executive leadership, merchandising and multichannel operational RICHARD MAY, Director skills, and a philanthropic background. President and Co-Owner of May Nursery, Inc. where he has 18 years of growing and Served as CEO of Cabela's, a direct marketer and specialty retailer of outdoor recreation managing experience. merchandise, for nearly a decade. Prior to Cabela's, Milner spent 14 years as president and He has served on several agricultural and civic boards including the Southern Nursery CEO of North Carolina's Remington Arms Company. Association and the Gadsden County Chamber of Commerce. May is a founding member SUSAN THRONSON, Director of Trulieve. Experienced independent director with global digital, ecommerce and loyalty marketing JANE MORREAU, Director experience Seasoned global finance executive with a broad skillset and expertise Thronson was Senior Vice President of Global Marketing for Marriott International, leading Experience includes supply chain management, manufacturing operations, information Marriott's worldwide integrated marketing strategy and execution for its 15 hotel brands. 26 technology, retail operations, mergers and acquisitions and corporate strategy. Morreau is currently employed as the Executive Vice President and Chief Financial Officer of Brown- Forman Corporation, a position she has held since 2014.Board of Directors KIM RIVERS, Chief Executive Officer PETER T. HEALY , Lead Director Experienced entrepreneur running a number of successful businesses. Several years in Attorney with a focus on capital markets, M&A, & private equity transactions. Clients have included corporate issuers, Wall Street underwriters, and private equity firms. private practice as a lawyer specializing in mergers, acquisitions, and securities for multi- million dollar companies. Substantial experience representing issuers and underwriters in public offerings and private placements, private equity firms and sovereign wealth funds in their investment Bachelor’s in Multinational Business and Political Science, Juris Doctorate from the activities, and corporate boards in governance matters and strategic transactions. University of Florida. GIANNELLA ALVAREZ, Director THAD BESHEARS, Director Experience in strategic planning, branding, innovation, consumer insights, technology, and Co-Owner/President of Simpson Nurseries of FL and TN where he develops and implements scaling and leading multi-billion dollar businesses. strategic vision while monitoring the market for opportunities for growth and expansion. Previously CEO of Beanitos, Inc., a privately held snack food company, and Harmless Responsible for all sales operations, production, and inventory tracking. Under his guidance Harvest, Inc., a privately held organic food and beverage company. Her experience and oversight, the company has more than doubled their annual sales. includes senior global leadership roles at The Coca-Cola Company, The Procter and THOMAS MILLNER, Director Gamble Co. and Kimberly Clark. Strong combination of executive leadership, merchandising and multichannel operational RICHARD MAY, Director skills, and a philanthropic background. President and Co-Owner of May Nursery, Inc. where he has 18 years of growing and Served as CEO of Cabela's, a direct marketer and specialty retailer of outdoor recreation managing experience. merchandise, for nearly a decade. Prior to Cabela's, Milner spent 14 years as president and He has served on several agricultural and civic boards including the Southern Nursery CEO of North Carolina's Remington Arms Company. Association and the Gadsden County Chamber of Commerce. May is a founding member SUSAN THRONSON, Director of Trulieve. Experienced independent director with global digital, ecommerce and loyalty marketing JANE MORREAU, Director experience Seasoned global finance executive with a broad skillset and expertise Thronson was Senior Vice President of Global Marketing for Marriott International, leading Experience includes supply chain management, manufacturing operations, information Marriott's worldwide integrated marketing strategy and execution for its 15 hotel brands. 26 technology, retail operations, mergers and acquisitions and corporate strategy. Morreau is currently employed as the Executive Vice President and Chief Financial Officer of Brown- Forman Corporation, a position she has held since 2014.


Reconciliation of Non-GAAP Adjusted EBITDA Reconciliation of Non-GAAP Adjusted For the Three Months Ended For the Six Months Ended For the Three Months Ended, EBITDA June, June, (Figures in millions and % change based on June 30, March 31, % change 2021 2020 % change 2021 2020 % change these figures) 2021 2021 Net Income (GAAP) 4 0.9 30.1 36% $ 40.9 $ 18.9 116% $ 71.0 $ 42.5 67% Add (Deduct) Impact of: Depreciation and Amortization 6.7 5.4 23% $ 6 .7 $ 3 .1 115% $ 12.1 $ 5 .3 128% Depreciation included in Cost of Goods Sold 5.0 3.7 37% $ 5.0 $ 2.4 110% $ 8 .7 $ 4 .9 0% Interest Expense, Net 6.6 7.9 -16% $ 6 .6 $ 5.3 25% $ 14.5 $ 11.2 30% Share-Based Compensation 0.7 0.7 1% $ 0 .7 $ 0.5 61% $ 1.5 $ 1.7 -12% Other Expense (Income), Net (0.3) 0.0 -1000% $ ( 0.3) $ 5.0 -107% $ (0.3) $ 0 .0 -4314% Provision for Income Taxes 29.1 34.5 -16% $ 29.1 $ 23.3 25% $ 63.7 $ 41.2 55% Acquisition and Transaction Costs 4.5 2.0 118% $ 4 .5 $ - $ 6 .5 $ - Covid Related Expenses 1.7 3.8 -56% $ 1 .7 $ 3.0 -43% $ 5 .5 $ 3 .1 79% Inventory Step up, Fair Value - 2.5 -100% $ - $ - $ 2 .5 $ - Total Adjustments 5 4.0 60.7 -11% $ 54.0 $ 42.5 27% $ 114.7 $ 67.3 70% Adjusted EBITDA 9 4.9 90.8 4% $ 94.9 $ 61.4 55% $ 185.7 $ 109.9 69% TRULIEVE IR PRESENTATION | AUGUST 2021 27Reconciliation of Non-GAAP Adjusted EBITDA Reconciliation of Non-GAAP Adjusted For the Three Months Ended For the Six Months Ended For the Three Months Ended, EBITDA June, June, (Figures in millions and % change based on June 30, March 31, % change 2021 2020 % change 2021 2020 % change these figures) 2021 2021 Net Income (GAAP) 4 0.9 30.1 36% $ 40.9 $ 18.9 116% $ 71.0 $ 42.5 67% Add (Deduct) Impact of: Depreciation and Amortization 6.7 5.4 23% $ 6 .7 $ 3 .1 115% $ 12.1 $ 5 .3 128% Depreciation included in Cost of Goods Sold 5.0 3.7 37% $ 5.0 $ 2.4 110% $ 8 .7 $ 4 .9 0% Interest Expense, Net 6.6 7.9 -16% $ 6 .6 $ 5.3 25% $ 14.5 $ 11.2 30% Share-Based Compensation 0.7 0.7 1% $ 0 .7 $ 0.5 61% $ 1.5 $ 1.7 -12% Other Expense (Income), Net (0.3) 0.0 -1000% $ ( 0.3) $ 5.0 -107% $ (0.3) $ 0 .0 -4314% Provision for Income Taxes 29.1 34.5 -16% $ 29.1 $ 23.3 25% $ 63.7 $ 41.2 55% Acquisition and Transaction Costs 4.5 2.0 118% $ 4 .5 $ - $ 6 .5 $ - Covid Related Expenses 1.7 3.8 -56% $ 1 .7 $ 3.0 -43% $ 5 .5 $ 3 .1 79% Inventory Step up, Fair Value - 2.5 -100% $ - $ - $ 2 .5 $ - Total Adjustments 5 4.0 60.7 -11% $ 54.0 $ 42.5 27% $ 114.7 $ 67.3 70% Adjusted EBITDA 9 4.9 90.8 4% $ 94.9 $ 61.4 55% $ 185.7 $ 109.9 69% TRULIEVE IR PRESENTATION | AUGUST 2021 27