CSE: CURA | OTCQX: CURLF

LIVE I N V E S TO R P R E S E N TAT I O N
LIFE October 2019
WELL
 DISCLAIMER

Cautionary Note Regarding Forward-Looking Statements and Future-Oriented Financial Information

This presentation contains “forward-looking information” and “forward-looking statements” within the meaning of the Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based on management’s current beliefs, expectations or assumptions regarding the future of the business, future plans and strategies, operational results and other future conditions of Curaleaf Holdings, Inc. (the “Company”). In
addition, the Company may make or approve certain statements in future filings with Canadian securities regulatory authorities, in press releases, or in oral or written presentations by representatives of the Company that are not statements of historical fact and may also constitute forward-
looking statements. All statements, other than statements of historical fact, made by the Company that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements, including, but not limited to, statements
preceded by, followed by or that include words such as “may”, “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “anticipates”, “targeted”, “continues”, “outlook”, “objective”, “forecasts”, “designed”, “goal”, or the negative of those
words or other similar or comparable words and includes, among others, information regarding: ability of the Company to complete the transactions described herein and the anticipated benefits to the Company of the transactions described herein, including the expectations for the effects of
such transactions; statements relating to the business and future activities of, and developments related to, the Company after the date of this presentation, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s business, operations
and plans; expectations that planned acquisitions will be completed; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the
Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future. Forward-looking statements may relate to future financial conditions,
results of operations, plans, objectives, performance or business developments. These statements speak only as of and at the date they are made and are based on information currently available and on the then current expectations. Holders of securities of the Company are cautioned that
forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to, risks and uncertainties related to: the failure of
the Company to complete the transactions described herein; the ability of the Company to successfully integrate the business of Cura Partners, Inc. (“Select”) and GR Companies, Inc. (“Grassroots”) and their respective corporate cultures; the available funds of the Company and the anticipated
use of such funds; the availability of financing opportunities; legal and regulatory risks inherent in the cannabis industry; risks associated with economic conditions, dependence on management; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political
risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to contracts with third-party service providers; risks related to the enforceability of contracts; reliance on the
expertise and judgment of senior management of the Company, and ability to retain such senior management; risks related to proprietary intellectual property and potential infringement by third parties; the concentrated voting control of the Company’s Executive Chairman, Boris Jordan, and
the unpredictability caused by the capital structure; risks relating to the management of growth; increasing competition in the industry; risks inherent in an agricultural business; risks relating to energy costs; risks associated to cannabis products manufactured for human consumption including
potential product recalls; reliance on key inputs, suppliers and skilled labor; cybersecurity risks; ability and constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risks related to the economy generally; risk of litigation;
conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effecting service outside of Canada; risks related to future acquisitions or dispositions; sales by existing shareholders; limited research and data relating to cannabis; risks
related to sale of hemp-based CBD products; as well as those risk factors discussed under “Risk Factors” in the Company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended December 31, 2018 (“MD&A”) and other documents filed by
the Company with Canadian securities regulatory authorities. The purpose of forward-looking statements is to provide the reader with a description of management’s expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without
limiting the foregoing, disclosure in this presentation as well as statements regarding the Company’s objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.
A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. You should not place undue reliance on forward-looking statements contained in this presentation. Such forward-looking statements are made as
of the date of this presentation. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company’s forward-looking statements are expressly qualified in
their entirety by this cautionary statement.

Cannabis-Related Practices or Activities are Illegal Under U.S. Federal Laws

The focus of Curaleaf’s business is the cannabis industry. The concepts of “medical cannabis” and “adult-use cannabis” do not exist under U.S. federal law. The U.S. Federal Controlled Substances Act classifies “marihuana” as a Schedule I drug. Accordingly, cannabis-related practices or
activities, including without limitation, the manufacture, sale, importation, possession, use or distribution of cannabis and its derivatives are illegal under U.S. federal law and the enforcement of the relevant laws poses a significant risk. These laws and their enforcement are in flux and vary
dramatically from jurisdiction to jurisdiction. The enforcement of these laws and its effect on the Company and its business, employees, directors and shareholders are uncertain, and accordingly, involve considerable risk. Strict compliance with state laws with respect to cannabis will neither
absolve the Company of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. Any such proceedings brought against the Company may adversely affect the Company’s operations and financial performance. See
“Risk Factors – Cannabis is a Controlled Substance under the United States Federal Controlled Substances Act” in the MD&A.

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 DISCLAIMER

Cautionary Note to United States Investors

The securities of the Company have not been and will not be registered under any United States federal or state securities law and may not be offered and sold in the United States, except that securities may be offered and sold to an investor that is an “accredited investor” as defined in
Regulation D of Securities Act of 1933, as amended (the “U.S. Securities Act”), of the United States of America or to a limited number of Qualified Institutional Buyers (as defined in Rule 144A under the U.S. Securities Act. IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON
THEIR OWN EXAMINATION OF THE COMPANY, INCLUDING THE MERITS AND RISKS INVOLVED. THE COMPANY’S SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE SECURITIES COMMISSION OR
REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES OR ANY CANADIAN PROVINCIAL SECURITIES REGULATOR PASSED ON THE ACCURACY OR ADEQUACY OF THIS PRESENTATION. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. The
Company’s securities will not be and have not been registered under the U.S. Securities Act or the securities laws of any state of the United States, and if sold in the United States will be “restricted securities” within the meaning of Rule 144 under the U.S. Securities Act. The Company’s securities
may be resold, pledged or otherwise transferred only pursuant to an effective registration statement under the U.S. Securities Act or pursuant to an applicable exemption from the registration requirements of the U.S. Securities Act.

Cautionary Note to European Investors

European laws, regulations and their enforcement, particularly those pertaining to anti-money laundering, relating to making and/or holding investments in cannabis-related practices or activities are in flux and vary dramatically from jurisdiction to jurisdiction. The enforcement of these laws –
some of which carry criminal liability - and their effect on shareholders are uncertain and involve considerable risk. Accordingly, all potential investors located in Europe (including without limitation, the United Kingdom) should take their own, independent legal advice based on their own
circumstances prior to making any investment into the Company (whether directly or indirectly, or acting on an agency or principal basis).
No Company securities shall or will be admitted to trading on a regulated market situated or operating in the European Economic Area or be advertised, offered, sold, transferred or delivered to the public in the European Economic Area. If any Company securities shall only be advertised,
offered, sold, transferred or delivered to persons by making use of the exemption from the obligation to publish a securities prospectus with regard to the type of offer pursuant to Article 3(2) of the Prospectus Directive 2003/71/EG and amendments thereto, including the 2010 Prospectus
Directive Amending Directive 2012/73/EU, implemented in the Member State of the European Economic Area that has implemented the Prospectus Directive, including any relevant implementing measure in each Relevant Member State (the “Prospectus Directive”). The representatives of the
Company do not intend to target the European Economic Area market with regard to a public offering or an offering other than permitted by Article 3(2) of the Prospectus Directive.

Non-IFRS Financial Measures

In this presentation, Curaleaf refers to certain non-IFRS financial measures such as Pro Forma Revenue (“PF Revenue”), Managed Revenue, Gross Profit on Cannabis Sales and Adjusted EBITDA (“AEBITDA”). These measures do not have any standardized meaning prescribed by IFRS and may
not be comparable to similar measures presented by other issuers. Curaleaf defines Managed Revenue as total revenue plus revenue from entities for which the Company has a management contract but does not consolidate the financial results based on IFRS 10 – Consolidated Financial
Statements. Curaleaf defines PF Revenue as Managed Revenue plus revenue from operations of pending and closed acquisitions as if such acquisitions occurred on January 1 of the year presented. Pro Forma information for the Select and Grassroots acquisitions is based on information
provided by the target companies. Curaleaf defines Gross Profit on Cannabis Sales as retail and wholesale revenues less cost of goods sold. AEBITDA is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-
time charges related to acquisition and financing related costs. Curaleaf considers these measures to be an important indicator of the financial strength and performance of its business.

Currency
All financial information is in U.S. dollars, unless otherwise indicated.

Third Party Information

Certain of the forward-looking statements and other information contained herein concerning the cannabis industry, its medical, adult-use and hemp-based CBD markets, and the general expectations of the Company concerning the industry and the Company’s business and operations are
based on estimates prepared by the Company using data from publicly available governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. However, although
generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise and the Company has not independently verified any of the data from third-party sources referred to in this presentation, or analyzed or verified the underlying
reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. To the extent such information obtained from third party sources, there is a risk that the assumptions made and conclusions drawn by the Company based on such
representations are not accurate, and the cannabis industry involves risks and uncertainties that are subject to change based on various factors. The Company does not make any representation or warranty, express or implied as to, and no reliance should be placed on, the fairness,
completeness, correctness or accuracy of such information.

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COMPANY
OVERVIEW
 P I O N E E R I N G C A N N A B I S S I N C E 2 0 1 0 : C O M PA N Y M I L E S T O N E S

Nov 2018 – acquired

Oct 2015 – first dispensary sales Aug 2018 – awarded operating dispensary
processing license
NJ AZ Jan 2019 – provided convertible debt
Aug 2018 – raised $85M debt financing and secured option to purchase
CA
2015 facility/ Company name 2019 cultivation, process, dispensary licenses (3)
NJ 2016 changed to Curaleaf
Oct 2018 – MD
Apr 2018 – acquired completes RTO
MA vertical operation AZ and $400M equity Jan 2019 – awarded processing license
Q1 2016 – entered with 4 stores financing
into partnership OH
agreements
ME Feb 2019 – acquisition of vertical
2018
operator with largescale
Dec 2016 – dispensary operational greenhouse
CA
2010 license awarded
MD Dec 2017 – acquired Mar 2019 – announced acquisition of
MD processing license Acres Cannabis, the state’s largest
Company established as Dec 2016 – acquired 1 of 4
PalliaTech, Inc. a medical licensed cultivators and
NV cultivator, vertical operator(1)
device company processors in the state Oct 2017 – acquired
CT NV dispensary in Las Vegas May 2019 – announced acquisition
Dec 2016 – acquired 1 of 13 of Select for $949M(1),(2)
APPLIED vertically integrated licenses
FL May 2019 –
NJ MD NY CA OH NV Aug 2017 – acquired option to
acquired licensed purchase cultivation and OH
#1 #4 #7 #10 #12 cultivator processing licenses

ACQUIRED
2017 OR May 2019 – AZ
NY acquired operating dispensary AZ
Aug 2019 –
ME MA CT FL OR NV AZ announced positive
Jun 2017 – acquired June 2019 –
Oregon-based July 2019 – AEBITDA quarter
#2 #3 #5 #6 #8 #9 May 2017 – awarded 1 of 10 acquired two
#11 announced
manufacturer, Groen vertical licenses
vertically integrated licenses acquisition of
Grassroots for
(1) Pending regulatory approval. Refer to Company filings on SEDAR for complete deal terms and associated risks and uncertainties. $875M(1),(2)
(2) Refer to Slide 9 for details on Select and Grassroots acquisitions.
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 C L E A R I N D U S T RY L E A D E R

2,260,000+ 170,000+ 1,150+ 71

s q . f t o f c u lt ivat ion p a t ie n t s s e r ved a n d a c t ive wh o le sa le r e t a il lo c a t ion s

c a p a c it y g rowing d is p en sar y a c c o u n t s in o p e ra tion

19 177,100,000+ 26 21

s t a t e s wit h r e g u lat ed a d d r essab le p ro cess in g f a c ilit ies c u lt iva tion f a c ilit ies
s a le s p o p u lat ion in o p e ra tio n in o p e ra tion

Note: All figures presented are Pro Forma for combination of Curaleaf, Select, Grassroots and Acres Cannabis. State count assumes complete build out of licenses, please refer to Footnote (1) on Slide 11 and 12..
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 CONSIDERABLE MARKET GROWTH

L E G A L U . S . C A N N A B I S M A R K E T (1)
• While the U.S. legal cannabis industry is projected to total $12.8B(1) in
$12.8B $35.0
2019, total cannabis demand in the U.S. is estimated to total $75B-
in 2019 $30.1
$100B(2), including markets serviced by the illicit market $30.0 $26.8

$ IN BILLIONS
$25.0 $23.1
$19.2
$20.0
$16.0
• Today, 33 states, as well as the District of Columbia, Guam and $12.8
$15.0
33 Puerto Rico, have legalized medical cannabis $9.9
STATES $10.0
• 11 of the 33 states and the District of Columbia have legalized
cannabis for adult-use $5.0

$0.0
2018 2019 2020 2021 2022 2023 2024

• Nationally, more than 3 million patients have registered with

3M+ state medical cannabis programs A D D R E S S A B L E M A R K E T, U . S .
PATIENTS
• Over 220 million Americans live in states that permit the use
of medical cannabis(3)
Prescription Drugs, 2018
$485B(4)
• Expansion of regulated markets and conversion of illicit markets
GROWTH
DRIVERS • Growth of consumption per capita as new product forms such as
Total U.S. Cannabis Market (legal+ illicit)
edibles and vapes lead to proliferation of use
$75B-$100B(2)

Legal U.S. Cannabis Market, 2018

(1) Source: Arcview Market Research, State of Legal Cannabis Markets 7th Edition. $10B(1)
(2) Source: Canaccord’s September 2019 U.S. Cannabis and Multi-State Operators report.
(3) Source: Marijuana Policy Project; MPP.org as of September 2019.
(4) Source: IQVIA Institute for Human Data Science, Global Use of Medicines, January 2019.
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 T H E C U R A L E A F F O U N D AT I O N

NEW YORK MAINE

Vertically integrated Vertically integrated
1 of 10 licenses 2 of 8 licenses
Largest footprint of branded retail stores OREGON

in the U.S.(1) Vertically integrated

MASSACHUSETTS
ME
Vertically integrated
100K sq. ft. cultivation

Widely recognized wellness brand on the East OR PENNSYLVANIA

MA
Coast Applicant for clinical
registrant license NY

CT
Supply chain control from seed to sale, with NV
PA NJ
CONNECTICUT
1 of 4 producers
ongoing investment budgeted for cultivation OH MD
and processing assets CA
NEW JERSEY
MARYLAND Vertically integrated
OHIO Vertically integrated 35%+ market share(2)
Capital market access and prudent AZ 1 of 17 large grow
licenses
4 dispensary licenses 1 of 12 licenses

stewardship of financial resources CALIFORNIA

Vertically integrated
3 dispensary licenses ARIZONA FL
NEVADA
Vertically integrated Vertically integrated
FLORIDA
3 dispensary licenses 8 dispensary licenses
Vertically integrated

Unparalleled management pedigree Top 2 market share(3)

26 operational
dispensaries
CURALEAF
(1) Company information based on publicly available data.
(2) Source: New Jersey Department of Health Division of Medical Marijuana Biennial Report April 2019. LICENSES IN PROCESS
(3) Source: Florida Department of Health Office of Medical Marijuana Use Weekly Updates, September 2019.
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 P E N D I N G AC C R E T I V E T R A N S A C T I O N S P R E D O M I N A N T LY E Q U I T Y F I N A N C E D

SELECT GRASSROOTS

VA L U AT I O N : • $949 million(1) VA L U AT I O N : • $875 million(2)

• 95.6 million subordinate voting shares (“SVS”) • 108.8 million SVS

~14% of PF ownership ~16% of PF ownership
C O N S I D E R AT I O N : C O N S I D E R AT I O N :

• Up to $200 million earn out payable in SVS(3) • $75 million cash

• Management Continuity • Management Continuity

GOVERNANCE: GOVERNANCE:
• One Board Seat • One Board Seat
(1) (2)
EXPECTED CLOSING: • Late 2019 EXPECTED CLOSING: • 2020

• HSR • HSR
CLOSING HURDLES: CLOSING HURDLES:
• Various State Regulatory • Various State Regulatory

(1) Consideration for Select consists of approximately 95.6 million SVS (subject to certain adjustments), which based on Curaleaf's closing price of C$13.30 on April 30, 2019, the last trading day prior to announcement of the transaction, represents a total purchase price
of US$948.8 million. Refer to Company filings on SEDAR for complete terms and the Company’s MD&A for associated risks and uncertainties.
(2) Consideration for Grassroots consists of $75 million in cash and approximately 102.8 million SVS of Curaleaf, representing approximately $756 million based on the 30-day volume-weighted average price of C$9.72 as of July 16, 2019, the last trading day prior to
announcement of the proposed transaction; and $40 million in SVS priced at the 10-day volume-weighted average price prior to closing of the transaction and representing total purchase price of US$875 million. Refer to Company filings on SEDAR for complete terms
and the Company’s MD&A for associated risks and uncertainties.
(3) To be determined based on certain 2020 revenues. Refer to Company filings on SEDAR for complete terms.
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 B R A N D D I V E R S I F I C AT I O N W I T H S Y N E R G I E S

OREGON (2014)
Most recognized lifestyle brand on the West Coast
- #1 Market Share(1)
- 45K sq. ft. across 4 facilities MICHIGAN (2019)
- Entered market in mid 2019
OR MI
Diversification of Curaleaf revenue mix to include
wholesale capacity in key adult-use states
N E VA DA ( 2 0 1 8 )

- #1 Market Share(1)
NV - Non-280E Business on tribal
Value of strong brand in current markets lands CO

unlocked through national expansion CA

CALIFORNIA (2017)

Compelling synergies with Curaleaf supply chain - #1 Market Share(1) AZ

- 40K sq. ft. across 3 facilities ARIZONA (2018)
- #1 Market Share(1)

Leadership with strengths in product innovation,

sales and marketing, and retail channel access ACTIVE STATES

EXPANSION IN 2019

(1) Source: BDS Analytics as of July 2019.

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 U . S . E X PA N S I O N A N D M A R K E T D I V E R S I F I C AT I O N (1)

VERMONT
Vertically integrated
Curaleaf gains entry to highly populous, ND
Largest license holder in state
VT
vertically integrated markets in the Midwest
MICHIGAN
NORTH DAKOTA 4 dispensary licenses
1 of 2 cultivation licenses
MI CT
Strong retail presence in key limited-license states Vertically integrated
PA
OH
IL MD
NEVADA
Attractive vertically integrated asset mix NV
OHIO
7 dispensary licenses PENNSYLVANIA
ILLINOIS
with $120 million invested since inception Top 3 retail market share
2 dispensary licenses Top 3 retail market share
Vertically integrated Vertically integrated
Vertically integrated

Expertise in securing licenses through organic means AZ

OK
ARIZONA
1 dispensary license AR
ARKANSAS
Strong leadership team with outstanding track OKLAHOMA
1 dispensary license in
7 dispensary licenses largest city Little Rock
record in securing licenses through organic means
NEW CURALEAF PRESENCE OVERLAPPING PRESENCE

(1) Certain entities are subject to option agreements, service agreements, or similar contractual relationships which require state or local approval and licensing prior to close.
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 C O M B I N E D : S T R O N G P R E S E N C E N AT I O N W I D E W I T H S C A L E & D I V E R S I T Y

C O M B I N E D C O M PA N Y A N T I C I PAT E D T O H AV E A S T RO N G P R E S E N C E I N 1 9 S TAT E S I N 2 0 1 9 (1)

MAINE
OREGON MICHIGAN Vertically integrated
Vertically integrated VERMONT
Vertically integrated 2 of 8 licenses
NORTH DAKOTA 4 dispensary licenses Vertically integrated
#1 market share
Vertically integrated Largest license holder in state MASSACHUSETTS
37K sq. ft. cultivation
1 of 2 cultivation licenses ME Vertically integrated
ND NEW YORK VT 100K sq. ft. cultivation
Vertically integrated
OR
NEVADA 1 of 10 licenses
ILLINOIS NY CONNECTICUT
Vertically integrated
Vertically integrated MI 1 of 18 dispensary licenses
#1 market share
Top 3 retail market share 1 of 4 producers
10 dispensary licenses PA
279K sq. ft. cultivation
NV OH
IL NEW JERSEY
OKLAHOMA Vertically integrated
CA 7 dispensary licenses 35%+ market share
OHIO 1 of 12 licenses
Vertically integrated PENNSYLVANIA
2 dispensary licenses Vertically integrated
AZ OK MARYLAND
CALIFORNIA
AR Top 3 retail market share
Vertically integrated
Vertically integrated
Top 3 retail market share
#1 market share
110K sq. ft. cultivation
ARKANSAS
3 dispensary licenses ARIZONA
1 dispensary license in
Vertically integrated
largest city Little Rock FLORIDA
#1 market share FL Vertically integrated
NEW STATES 9 dispensary licenses
Top 2 market share
26 operational dispensaries
(1) Pro Forma for Select, Grassroots, and Acres Cannabis transactions. Certain entities are subject to option agreements, service agreements, or similar contractual relationships which may require state or local approval and licensing prior to close.
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 S T R AT E G Y S U M M A RY

FOCUS ON CORE, BRAND BUILDING INCREASED VERTICAL

S TA B L E , T H R O U G H C OA S T - T O - I N T E G R AT I O N
MEDICAL-USE C OA S T R O L L O U T O F T H RO U G H I N V E S T M E N T
REVENUE WELLNESS AND I N C U L T I VAT I O N A N D
G E N E R AT I O N L I F E S T Y L E P RO D U C T S P RO C E S S I N G

E X PA N D E D R E TA I L
E X PA N S I O N I N T O CHANNEL
ADULT-USE MARKETS OWNERSHIP AND
W H O L E S A L E AC C E S S

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 CORE, STABLE MEDICAL REVENUE PROFILE

MEDICAL REVENUES CONTINUE TO PROVIDE A

C U R A L E A F ’ S M E D I C A L C A N N A B I S BU S I N E S S F E AT U R E S S T R O N G,
STABLE BASE EVEN AFTER A STATE BEGINS
PREDICTABLE REVENUES
A D U L T- U S E S A L E S

Colorado Cannabis Sales(2)

$140.0
$120.0

P a t i e n t M e t r i c s ( M e d i c a l O n l y ) (1) $100.0
$80.0
$60.0
$40.0
$20.0
Adult-use
$0.0
Active Patients Visits /Month Spend/Visit Gross Revenue
Medical
JUNE 2019 68,283 x 2.21 x $94.35 = $14.2M
Nevada Cannabis Sales(2)
JUNE 2018 27,067 x 2.28 x $88.94 = $5.5M $60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$0.0

(1) Includes states with medical cannabis programs in which Curaleaf operates.
(2) Source: BDS Analytics September 2019.
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 R E TA I L C H A N N E L A N D W H O L E S A L E AC C E S S

CURALEAF & GRASSROOTS RETAIL SELECT PRODUCTS

71
STORES (1)
131
STORES (1) 1,000+ STORES
DISTRIBUTE TO
(1)

PLUG + PLAY GROWTH BOOST

(1) Pro Forma for Select, Grassroots, and Acres Cannabis transactions. Certain entities are subject to option agreements, service agreements, or similar contractual relationships which may require state or local approval and
licensing prior to close.
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 B R A N D S S PA N N I N G M E D I C A L A N D A D U L T - U S E S E G M E N T S

WELLNESS LIFESTYLE

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 C O N T I N U E D I N V E S T M E N T I N V E R T I C A L I N T E G R AT I O N U N L O C K S VA L U E

VERTICAL MODEL:
C U R A L E A F & G R A S S RO O T S + WHOLESALE MODEL:
SELECT
= I N T E G R AT E D M O D E L

OWNED DISTRIBUTION OWNED DISTRIBUTION

R E TA I L NETWORK R E TA I L NETWORK

PROCESS PROCESS PROCESS

C U L T I VAT I O N P U RC H A S E C U L T I VAT I O N

Supercharging Curaleaf’s advantages of vertical integration with extensive distribution network and sales team capability

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 MANAGEMENT EXPERTISE – CURALEAF & SELECT

Boris Jordan
Joseph Lusardi Neil Davidson Stuart Wilcox Katrina Yolen Cameron Forni Jason White
Executive Chairman
President & CEO CFO COO SVP, Marketing President of Select(1) CMO(1)
of the Board

Investor in cannabis Over 9 years Accomplished finance Over 25 years of Seasoned Founder of Select, the Over 20 years of
companies with developing and professional with over experience in marketing executive best-selling cannabis experience in business
extensive capital operating 20 years of experience global supply chain, with 20 years of brand on the West Coast management and
markets and operating medicinal cannabis including leading operations, experience with mid marketing, building
Honored as one of the
experience companies publicly-traded and acquisitions and and large and leading global
100 Most Influential
private equity owned new product consumers consumer brands
Founded Sputnik Group Over 20 years People in Cannabis by
businesses commercialization packaged goods
in 1999 experience in finance High Times Magazine,
companies
and private equity NCAA hockey champion

Note: logos representative of entire management senior executive suite, not just those shown above
(1) Subject to customary closing conditions including regulatory approval
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 MANAGEMENT EXPERTISE – GRASSROOTS

Lisa Hurwitz Andy Cohen Josh Joseph

Mitch Kahn Matt Darin Steven Weisman
Chief Marketing and Partner & Market Principal & Director,
Founder & CEO COO & CFO Chief Strategy Officer
Innovation Officer President, Maryland Real Estate

Co-founded Grassroots Co-founded Grassroots Co-founded Grassroots 15+ years of experience 25+ years of experience 25+ years of real estate
Cannabis in 2014 Cannabis in 2014 Cannabis in 2014 in the agency business in leadership, brand experience; closed over
building and financial $1.5 billion in transactions
Over 20 years of chief More than 15 years as Extensive entrepreneurial and Previously served as VP,
management across 40 states
executive experience in an entrepreneur and corporate governance Global Brand Design at
commercial real estate executive in the cannabis experience. Previously Kimberly-Clark; EVP at Previously founded and A Founder and Principal of
and commercial real counseled private equity Starcom Mediavest led specialty retailer Frontline Real Estate
estate industries sponsors and portfolio Group and Leo Burnett / Water Water Partners, a full-service
companies on M&A as an Arc; spent 7 years at Everywhere commercial real estate
attorney at Kirkland & Ellis LLP P&G firm

Note: logos representative of entire management senior executive suite, not just those shown above
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 WHY CURALEAF? WHY NOW?

Largest footprint of branded retail stores in the U.S. with a combined 71 operational
Scale dispensaries, 26 processing and 21 cultivation facilities, with the ability to grow to 131
dispensaries, 31 processing and 25 cultivation facilities

Vertically
Integrated Control the entire supply chain from seed to sale in most desirable, high population, states
Operations

Coast-to-coast footprint in densely populated states with proven ability to win licenses in
Geography
competitive state-run processes, presence in 11 of the 12 largest markets(1)

Product
Most trusted and reliable brands producing consistent and high-quality products with leading
Category
Leaders market share in a number of key states

Management Aligned management teams with similar core philosophies and strong track record of
Team execution who have deployed nearly $0.5 billion of combined cannabis capital to fuel growth

Uniquely positioned to capture market opportunities through our strong financial position,
Upside prudent use of capital, deal synergies and significant anticipated revenue upside from
Proven strategy continues to create
additional facilities build-out
significant value for shareholders
(1) By population for states with active medical and/or adult-use programs
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APPENDIX
 S E L E C T E D H I S T O R I C A L F I N A N C I A L D AT A : T R A C K R E C O R D O F G R O W T H

($ in millions)

Q3 2018 Q4 2018 Q1 2019 Q2 2019 FY 2017 FY 2018

Total Revenue $ 21.4 $ 32.0 $ 35.3 $ 48.5 $ 19.3 $ 77.1
Managed Revenue(1) 24.3 34.9 40.7 55.1 28.4 87.8
Gross Profit on Cannabis Sales(1) 9.1 11.8 10.6 15.3 1.5 26.4
AEBITDA(1) (2.8) (0.7) (3.7) 3.4 3.8 (9.9)
Capital Expenditures 8.8 19.8 18.4 24.6 10.6 45.6

Cash $ 48.1 $ 266.6 $ 172.6 $ 107.3 $ 21.0 $ 107.3

PP&E 48.9 67.0 82.5 103.8 23.5 103.8
Total Assets 253.1 569.8 601.2 655.1 151.6 655.1
Total Liabilities 200.0 134.2 174.7 223.8 46.8 223.8
Shareholder's Equity 53.1 435.6 426.5 431.2 151.6 431.2

(1) Managed Revenue, Gross Profit on Cannabis Sales and AEBITDA are certain non-IFRS financial measures. A reconciliation of non-IFRS financial measures is provided on Slide 23.
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 N O N - I F R S F I N A N C I A L M E A S U R E S R E C O N C I L I AT I O N

($ in millions)

Managed Revenue Q3 2018 Q4 2018 Q1 2019 Q2 2019 FY 2017 FY 2018

Total Revenue $ 21.4 $ 32.0 $ 35.3 $ 48.5 $ 19.3 $ 77.1
Revenue from Managed Entities 3.0 2.9 5.4 6.6 9.0 10.7
Managed Revenue $ 24.3 $ 34.9 $ 40.7 $ 55.1 $ 28.4 $ 87.8

Gross Profit on Cannabis Sales Q3 2018 Q4 2018 Q1 2019 Q2 2019 FY 2017 FY 2018
Retail and Wholesale Revenues $ 16.6 $ 23.7 $ 27.8 $ 37.7 $ 9.4 $ 57.5
Costs of Goods Sold 7.5 12.0 17.1 22.5 7.8 31.2
Gross Profit on Cannabis Sales $ 9.1 $ 11.8 $ 10.6 $ 15.3 $ 1.5 $ 26.4

AEBITDA Q3 2018 Q4 2018 Q1 2019 Q2 2019 FY 2017 FY 2018

Net Loss $ (35.6) $ (16.5) $ (10.8) $ (24.4) $ (5.0) $ (61.9)
Interest Expense, Net 1.0 2.7 2.6 2.9 (1.4) 2.5
Income Tax Recovery (Expense) 2.7 1.9 (1.4) 8.2 1.1 5.6
Depreciation and Amortization 1.3 3.6 4.9 7.2 3.2 7.4
Share-Based Compensation (0.0) 1.1 1.8 4.5 2.5 3.2
Other (Income) Expense 25.1 (0.0) 0.0 1.1 (1.2) 25.0
Change in Fair Value of Biological Assets 0.2 1.4 (2.2) (1.4) 4.1 0.4
One Time Charges 2.6 5.1 1.5 5.3 0.4 7.8
AEBITDA $ (2.8) $ (0.7) $ (3.7) $ 3.4 $ 3.8 $ (9.9)

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 S U M M I N G T H E PA R T S

S TAT E S 12 12 1 9 (1)

TOTAL
133.2M 4 3 . 9 M (3) 177.1M
P O P U L AT I O N (2)

2020 RETAIL $12.2B

$9.6B $ 2 . 6 B (3) REPRESENTS 76% OF TOTAL
C A N N A B I S M A R K E T (4) U.S. RETAIL MARKET

D I S P E N S A RY
70 61 131
LICENSES

AC TI V E 22
49 71
L O C AT I O N S

WHOLESALE
1,000 150 1,150
PA R T N E R S

CURRENT 1.4 MILLION SQUARE FEET

1.3 MILLION SQUARE FEET 119,000 SQUARE FEET EXPANDABLE TO 2.3 MILLION SQ. FT.
C U L T I VA T I O N

(1) Overlapping state presence in AZ, CT, MD, NV and OH.

(2) Source: US Census Bureau Statistics as of July 1, 2018 (published December 19, 2018).
(3) Excludes overlapping states: AZ, CT, MD, NV and OH.
(4) Source: Arcview Market Research, State of Legal Cannabis Markets 7th Edition.
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