Relief you can rely on - Investors | Trulieve

Relief you can rely on

Investor Presentation | January 2021

│ © 2020 Trulieve. All Rights Reserved.2

Forward Looking Statement

Certain statements in this presentation constitute forward-looking statements within the meaning of applicable Canadian and United States securities legislation (collectively herein referred to as “forward-looking statements”), which can often be identified by words such as “will”, “may”, “estimate”, “expect”, “plan”, “project”, “intend”, “anticipate” and other words indicating that the statements are forward-looking. Such forward-looking statements are expectations only and are subject to known and unknown risks, uncertainties and other important factors, including, but not limited to, risk factors included in this presentation, that could cause the actual results, performance or achievements of Trulieve Cannabis Corp. (The “Company” or “Trulieve”) or industry results to differ materially from any future results, performance or achievements implied by such forward-looking statements. Such risks and uncertainties include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses; engaging in activities which currently are illegal under United States federal law and the uncertainty of existing protection from United States federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including United States state-law legalization, particularly in Florida, due to inconsistent public opinion, perception of the medical-use and adult-use cannabis industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.

Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

Historical statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company. In particular historical results of the Company should not be taken as a representation that such trends will be replicated in the future. No statement in this document is intended to be nor may be construed as a profit forecast. For further details on the forward-looking statements included in this presentation, see “Forward-Looking Information” in the supplement to the final base shelf prospectus of the Company dated September 17, 2020 (the “Prospectus Supplement” to the “Final Base Shelf Prospectus” dated May 14, 2019) and available on the Company’s SEDAR profile at www.sedar.com. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. Investors should read the Company’s public filings and consult their own professional advisors to ascertain and assess the income tax, legal, risk factors and other aspects of their investment in any securities of the Company.

Forward-looking statements made in this document are made only as of the date of their initial publication, and the Company undertakes no obligation to publicly update any of these forward-looking statements as actual events unfold.

│ © 2020 Trulieve. All Rights Reserved.3 │ © 2020 Trulieve. All Rights Reserved.3

Company Overview

MISSION and VISION

Our mission is to provide the

highest level of

cannabis products and

customer experiences

through authentic

and reciprocal

relationships.

Founded in 2015

~4700* employees

6 states (FL, CA, MA, CT, PA, WV)

*75 stores (FL, CA, CT, PA)

~ 1.9M sq. ft. cultivation

Profitable since 2017

*As of January 1, 2021


Trulieve Timeline – A History of Firsts

2015 2017 2019 2021

2016 2018 2020

Won the First

Medical Marijuana

Application in

Florida

Achieved

profitability

and have

remained

profitable

since 2017

First to sell

smokable flower

in Florida

CT AcquisitionFirst to sell

Edibles in the

state of Florida

PA Acquisition

WV License

RTO on CSE

MA Acquisition

CA Acquisition

Opened first

dispensary and

served first

patient

Expected organic

growth and

expansion

through M&A and

Application

Processes


A Top Performing Multi-State Operator

NEW JERSEY

CONNECTICUT

WASHINGTON

MONTANANORTH

DAKOTA

MINNESOTAOREGON

IDAHO

WYOMING

NEBRASKA

SOUTH DAKOTA WISCONSIN

MICHIGAN

NEW YORK

VERMONT

MAINE

NEW HAMPSHIRE

MASSACHUSETTSRHODE ISLAND

CALIFORNIA

NEVADA

UTAH

COLORADO

KANSAS

IOWA

ILLINOIS

MISSOURI

ARKANSASTENNESSEE

KENTUCKY

INDIANAOHIO

PENNSYLVANIA

ARIZONA NEWMEXICO

TEXASLOUISIANA

MISSISSIPPI

OKLAHOMA

GEORGIA

ALABAMA

FLORIDA

SOUTHCAROLINA

NORTHCAROLINA

VIRGINIAWEST

VIRGINIA

MARYLAND

DELAWARE

Operations

Florida

California

Connecticut

Pennsylvania

Under Construction

MassachusettsApplications

WV approved

Current Reach:

Market Size:

6 States*

$12.5BBy 2025 According

to Arcview/BDSA **

Operational Dispensaries: 75

* WV medical market to come online in 2021

Building out our hub strategy in the Northeast and Southeast


Trulieve’s Hub Expansion

Hub: Southeast Southwest Northeast

State: FL CA PA CT MA*

Dispensaries 70 1 3 1 N/A

Cultivation 1.9M 0 30,000 0 N/A

Processing 55,000 0 5,000 0 N/A

Patients/ Customers

423,000As of 1/7/21

N/A 26,000 as of Q3

4,800as of Q3

N/A

*MA = 140,000 sq ft cultivation and production building

plus three dispensaries coming online in 2021


Go-to-Market Strategy

Large & growing product line500+ SKUs with multiple concentration ratios and strains

Powerful brand name partnershipsHelping our market grow faster with national brand names

Building trust with local brandsLocal brands build community support

Wholesale distributionExtend our Trulieve brand in approved states. PA wholesales to 100% of market Massachusetts* Pennsylvania*

Providing the highest quality products, premier national brands, cherished local brands and the best consumer experience

* Upon completion and approval of buildout in MA and closing of announced acquisition in PA


One of the Largest US Cultivation Footprints– 1,900,808 sq. ft. of cultivation capacity in FL (as of 12/31/20)

• 760,808 Indoor Cultivation – approximate turns of 5

• 1,140,000 Greenhouse – approximate turns of 2

High-End Extraction & Branded Product Development– Private label, medical grade cannabis consumer products

– Super-critical ethanol and CO2 extraction and distillation processes to produce concentrates

• Infrastructure ready to support BHO extraction methods

Dispensary Market Leader– 70 Florida retail locations plus a statewide delivery program

– Continuing to grow in 2021 to maintain lead in Florida

– 241,565 sf retail space (as of 12/31/21)

Going Deep in Florida Provides Scale in Operations


• Edibles – DOH approval August 2020, launched September 2020

– Trulieve Branded edibles: TruGels, TruChocolates, and TruNanoGels

– Partner Brands: Love’s Oven -- cookies, brownies Binske -- Peruvian chocolates

• R&D team delivering new offerings

– TruPowder, TruTincture Drops, TruWax, TruKief, CBN & TruSpectrum

• Expanded flower offerings

– Ground flower and minis added to expand value product lineup

• Partner brands with continuous launches throughout the year

– Blue River, Binske, Slang releases in Florida

– Local partners – Bellamy Brothers and Black Tuna

• Ready for hydrocarbon extraction in Florida when DOH approves

– Ability to produce live resin from freshly harvested/flash frozen material

– High quality concentrates products – for dabbing or vaporization

Bringing New Innovations to Florida


FloridaFlorida

According to Arcview/BDSA, FL cannabis sales are expected to reach

$2.6B by 2025, a CAGR of 25.3% from 2019

COVIDPatient Access Behavior

Walk-in 47%, Pickup 47% and Delivery 6%

(as of 12/31/20)

70* dispensaries in Florida

Largo

Tampa x3

Lady Lake

Orlando x4

Pensacola x2Tallahassee

Jacksonville x2

Gainesville

Edgewater

St. Petersburg x2

Bradenton Vero Beach

Port Charlotte

Miami

New Port Richey

Palm Coast

Sarasota

Boynton

Dania Beach

Dadeland

West Palm

Deerfield

Venice

St. Augustine

Miami

Melbourne

Bonita Springs Ft. Lauderdale

Fernandina Beach

Destin

Ft. Myers x2

Cape Coral

Clearwater

Key West

Cape Coral

Panama City

Wesley Chapel

Orange Park

Lakeland

Ft. Walton

Stuart

Titusville

Daytona BeachOcala

Brooksville

Ft Pierce

Longwood

Englewood

Tarpon Springs

Port St Lucy

Palm Harbor

Delray BeachPunta Gorda

Brandon

Clermont

Seffner

Davenport

*As of January 1, 2021

423,009Dedicated & growing

Florida consumer base 12/2020

~31006 week average new

Floridian patients 1/2021

~52% Market Shareof Florida Medical Cannabis Market


Retail Sales Metrics

Annual Patient Spend in Q419 was $3900vs $2800 in Q418 – an increase of $1100

(updated annually)

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

(Q3 Earnings Call)

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

Avg $ per sq ft run rate of ~$2300 across 44 stores in 2019

(updated annually)

Q320 Customer Retention Rate 79%(Q3 Earnings Call)

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

~ $9 M Average Sales Volume per Location Forecasted in 2020

Strong Brand and Customer Experiences are Key


Jefferson County, FL

• 84.97 acres of land purchased in 2019 in Jefferson County

• Land approved for ~ 1M sq ft of state-of-the-art indoor growing facilities

• 24K sq ft buildings operational

• 337,000 sq ft building will come online in 2021 24K sq ft

buildings

337K sq ftbuilding

Future Construction


Pennsylvania

Expands Trulieve’s national footprint, entering the 5th largest market with 13M

people, and propels us into a strong leadership position with 3 operational

dispensaries, servicing 25,000+ patients and a cultivation footprint of 35,000 sf with a

buildout to 90,000 sf expected to be completed in Q1 2020.

Acquisition Terms:SolevoUpfront payment of $20M, comprised of $10M cash/$10M stock, and earn out potential of $15M (4.6x EBITDA, less the upfront payment)

PurePennUpfront payment of $46M, comprised of $19M cash/$27M stock, and earn out potential of $60M (4.5x EBITDA less the upfront payment)

Shares valued on a 10-day VWAP prior to deal announcement

Trulieve expands presence into Pennsylvania with acquisition of Solevo Wellness and PurePenn

Transaction expands dispensary and cultivation footprint, launches wholesale, and broadens the Trulieve brand into a 5th state


Solevo + PurePenn | Company Highlights

Expands our MSO footprint, positioning

us strongly in our target northeast market

Broad retail product offering of both in-

house and 3rd party products available

State-of-the art cultivation and

extraction facilities expanding to meet PA

supply demands

Dispensary operations outperform the

Pennsylvania market

Strong leadership position as we prepare

for future growth in the state

Experienced management teams with expertise in all

areas of the cannabis value chain

│ © 2020 Trulieve. All Rights Reserved.15 +│ © 2020 Trulieve. All Rights Reserved.15

Pennsylvania

• PurePenn– Founded in 2018

– 35K sq. ft. state-of-the-art cultivation & extraction facilities, expanding to 90K sq. ft. (expected Q1 2021) to meet market demand

– Contiguous land available for expansion

– Wholesales PurePenn and Moxie brands to 92 stores – 100% of the Pennsylvania market

According to Arcview/BDS Analytics, the Pennsylvania market is forecasted at $770 million by the end of 2025, a CAGR of 10.6% from 2019

PurePenn

Cultivation & Processing


Pennsylvania

• Solevo Wellness– Founded in 2018

– 3 dispensaries in Pittsburgh area

• ~15,800K sq. ft. of retail space

– Strong patient base - dispensaries outperform PA market

• September patient database: 25,000+

• Last 3 Mo Avg Ticket price: $161

– Database of 25K+ medical patients

– Carries over 400 SKUs

Washington Dispensary


• In MA, Trulieve operates as Life Essence, Inc DBA Trulieve

• Trulieve holds final licenses for both adult use retail and a vertically integrated medical license, and provisional licenses for adult use cultivation and product manufacturing facilities.

• Expected final inspections in Q1 – anticipate commencing grow operations by end of Q1

• Over 140,000 sq ft cultivation and production facility in Holyoke, MA will support:– 3 medical/3 recreational marijuana dispensaries – or 3 co-located stores

– Launch of MA wholesale business

Massachusetts

According to Arcview/BDS Analytics, the Massachusetts market will reach $1.46 Billion

in 2025, a CAGR of 16.4% from 2019.

Holyoke, MA

Cultivation & Processing


• Connecticut– Acquisition of The Healing Corner, rebranded to Trulieve Q1 20

– Opened in 2014, it’s 1 of 18 dispensaries in the state

– The dispensary carries over 260 SKUs

– Serves approximately 10% of CT medical patient population

• California– Acquisition of Leef Industries

• Licensed medical/adult-use cannabis dispensary in Palm Springs

– Opened in May 2018 and has over 200 SKUs

– Re-Branding of store underway

Connecticut & California

According to Arcview/BDSA, CT cannabis sales are expected to reach over $355M by 2025, a

CAGR of 22.7% from 2019

According to Arcview/BDSA, total CA sales are expected to be over $7.4B by 2025, a CAGR

of 16.7% from 2019Bristol, CT Dispensary


Financial Highlights


Q3 2020 Operational Results

REVENUE GROWTH

$136.3 million in Q3 2020from $120.8 million in Q2 2020

ADJUSTED EBITDA1,2 INCREASE

$67.5 million in Q3 2020from $60.5 million in Q2 2020

Q3 2020 HIGHLIGHTS

1. Adjusted EBITDA is a non-IFRS financial measure. While Trulieve believes that these measures are useful for the evaluation and assessment of its performance, they do not have any standard meaning prescribed by IFRS, are unlikely to be comparable to similar measures presented by other issuers, and should not be considered as an alternative to comparable measures determined in accordance with IFRS.

2. Adjusted EBITDA and Gross margin do not include net effect of change in fair value of biological assets (i.e. gain on biological assets).

3. Please refer to “RECONCILIATIONS OF NON-IFRS FINANCIAL AND PERFORMANCE MEASURES” of the Company’s Q1 2020 MD&A for Adjusted EBITDA calculations.

Year Ended Dec 31 2019

3 Mo Ended Mar 31 2020

3 Mo Ended June 30 2020

3 Mo Ended Sept 30 2020

QoQ% change

Total Revenue $252.8 $96.1 120.8 $136.3 13%

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

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

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

Operating Expenses % 27% 29% 27% 28% --

Adj. EBITDA $132.5 $49.4 $60.5 $67.5 12%


Strong Growth and Margin Profile

(As of August 12, 2020)

FY2020Incorporates our expansion into Massachusetts as well as continued growth in Florida, Connecticut, and California. Targeting 68 Stores by year end.

Based on these markets, current regulations, and foreseeable store growth, we have provided guidance of:

• $465M to $485M in revenue

• Generating $205M to $225M in adjusted EBITDA

Guidance does not include revenue from :

• Massachusetts

• Edibles in Florida, or

• Pennsylvania transaction set to close in Q4 2020

$19.8

$102.8

2017A 2018A 2019A 2020E

$252.8

$465-$485

1 FY2017 figures include adjustments to the fair value of biological assets.

2 Non-IFRS measure, see “Use of non-IFRS measures”

EBITDA & MARGIN1,2

in US$ millionsREVENUE

in US$ millions

0.8

51.24%

44.4%

2017A 2018A 2019A 2020E

EBITDA EBITDA Margin

52.0% 44 - 46%

132.5205-225

Source: Management estimates


Significant Opportunity for Value Creation

• Maintaining market leadership in Florida

• Implementing efficiencies and automation

• Capitalizing on growth opportunities

Execution

Expansion

• Strategic opportunities through M&A pipeline

• Explore attractive state license application processes

• Building strong foundation for next regulatory catalyst

• Leading profitability offers significant foundation & capacity for growth

Momentum

Regulatory Opportunities

Florida – Potential for Adult-Use ballot in 2022• 130M Tourists in Florida in 2019Pennsylvania/Connecticut – Northeast markets are well-positioned and anticipating adult-useMassachusetts – Wholesale allowed

State Opportunities

• SAFE Banking Act has passed House 3x. Passing would:o Offer traditional banking

loans/mortgageso Potential for credit cards

• Federal legalization -- MORE Act/STATES Act o If legalized, or moved to a schedule III or

lower, 280E taxes would change, reducing tax payments and increasing net income and free cash flows

o Potential access to US Exchanges


Appendix


Executive Management Team

15 years of experience running successful businesses from real estate to finance. Legal background in M&A and securities law. Rivers serves as second vice chair for the National Cannabis Roundtable. She received her Bachelor’s degree in Multinational Business and Political Science from Florida State University, and her Juris Doctorate from the University of Florida.

ALEX D’AMICOChief Financial Officer

20 years of accounting and finance experience in technology, healthcare entertainment and advertising.

.TIM MOREYChief Sales Officer

20 years of of retail leadership and operations experience

JASON PERNELLChief Information Officer

18 years of business experience. Accomplished west coast medical cannabis business owner.

ERIC POWERSGeneral Counsel

25 years of broad legal experience with a background in corporate and tax law, both in-house and private practice.

KYLE LANDRUMChief Production Officer

10 years of multi-site operations management and successfully led large teams to achieve

company goals.

KIM RIVERSChief Executive Officer

VALDA CORYATChief Marketing Officer

20 years of CPG and agricultural marketing leadership.


Board of Directors

KIM RIVERS, Chief Executive Officer

12 years of experience running successful businesses. Several years in private practice as a lawyer specializing in mergers, acquisitions, and securities for multi-million dollar companies.

Bachelor’s in Multinational Business and Political Science, Juris Doctorate from the University of Florida.

THAD BESHEARS, Director

Co-Owner/President of Simpson Nurseries of FL and TN where he develops and implements strategic vision while monitoring the market for opportunities for growth and expansion.

Responsible for all sales operations, production, and inventory tracking. Under his guidance and oversight, the company has more than doubled their annual sales.

GEORGE HACKNEY, Director

President and Owner of Hackney Nursery Company in Quincy, FL. Has presided over all aspects of the operations of the company.

Served on several agricultural industry associations’ boards and earned many honors for his commitment to the industry. Hackney Is a founding member of Trulieve and has also served on many community boards.

RICHARD MAY, Director

President and Co-Owner of May Nursery, Inc. where he has 18 years of growing and managing experience.

He has served on several agricultural and civic boards including the Southern Nursery Association and the Gadsden County Chamber of Commerce. May is a founding member of Trulieve.

MICHAEL J. O’DONNELL SR., Director

Former Executive Director of the Office of Innovation and Entrepreneurship at the University of Central Florida.

Principal in MOD Ventures, which invests in new ventures in various sectors. Co-founder of several cannabis companies, including Trulieve, SACS, and 3Jays. Master of Science in Management from

the University of Central Florida.

PETER T. HEALY , Director

Attorney with a focus on capital markets, M&A, & private equity transactions. Clients have included corporate issuers, Wall Street underwriters, and private equity firms.

Substantial experience representing issuers and underwriters in public offerings and private placements, private equity firms and sovereign wealth funds in their investment activities, and corporate boards in governance matters and strategic transactions.

SUSAN THRONSON, Director

Experienced independent director with global digital, ecommerce and loyalty marketing experience

Thronson was Senior Vice President of Global Marketing for Marriott International, leading Marriott's worldwide integrated marketing strategy and execution for its 15 hotel brands.

THOMAS MILLNER, Director

Strong combination of executive leadership, merchandising and multichannel operational skills, and a philanthropic background.

Served as CEO of Cabela's, a direct marketer and specialty retailer of outdoor recreation merchandise, for nearly a decade. Prior to Cabela's, Milner spent 14 years as president and CEO of North Carolina's Remington Arms Company.


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