Ascend Wellness : View Annual Report

CAUTIONARY STATEMENTS

Page 2 | AWH 2022 Annual Report

This presentation includes forward-looking information and statements (together, "forward-looking statements"), which may include, but are not limited to, the plans, intentions, expectations, estimates, and beliefs of Ascend Wellness Holdings, Inc ("AWH" or the "Company"). Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. Without limiting the generality of the preceding statement, all statements in this presentation relating to estimated and projected revenue, expectations regarding production capacity, anticipated capital expenditures, expansion, profit, product demand, margins, costs, cash flows, sources of capital, growth rates, potential acquisitions, closing dates for transactions, regulatory approvals, future facility openings, and future financial and operating results are forward-looking statements. We caution investors that any such forward-looking statements are based on the Company's current projections, run rates, or expectations about future events and financial trends, the receipt of all required regulatory approvals, and on certain assumptions and analysis made by the Company in light of the experience of the Company and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Such factors include, among other, the risks and uncertainties identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company's other reports and filings with the applicable Canadian securities administators on its profile on SEDAR at www.sedar.com and United States Securities and Exchange Commission ("SEC") on its profile on EDGAR at www.sec.gov. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws. No securities regulator nor the Canadian Securities Exchange have reviewed, approved or disapproved the content of this presentation.

To the extent any forward-looking statement in this presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable securities laws, such information is being provided for the purpose of providing information about management's current expectations and goals relating to the future of the Company and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements, generally are, without limitation, based on the assumptions and subject to the risks set out above, among others. The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, the Company's financial position may differ materially from what is provided in this presentation. Such information is presented for illustrative purposes only and may not be an indication of the Company's actual financial position or results of operations. Any financial outlook or future-oriented financial information, as defined by applicable securities laws, has been approved by management of the Company as of the date hereof and the Company disclaims any obligation to update such outlooks or information, execpt as required by applicable securities laws.

Certain information in this presentation, including industry information and estimates, is obtained from third party sources, including public sources, and there can be no assurance as to the accuracy or completeness of such information. Although believed to be reliable, management of the Company has not independently verified any of the data from third party sources unless otherwise stated.

TO OUR SHAREHOLDERS

Page 3 | AWH 2022 Annual Report

Dear Shareholders,

2022 was Ascend's first full year as a publicly traded company, and we continued the growth trajectory we established in 2021. We achieved record revenue1 of $406 million, a 22% increase over prior year; our Adjusted EBITDA2 expanded 17% to reach $93 million. Most importantly, we are nearing generating positive cash flow from operations and expect to reach this goal by the end of 2023.

During the year, we were pleased to close two incremental senior debt financings, raising a combined $65M of additional funding. These funds enabled us to execute on our growth strategy in 2022 by expanding both our geographical footprint and cultivation capabilities; and will continue to support our 2023 initiatives.

"In 2022, we entered a sixth state, flipped one state to adult-use, and added four operating dispensaries to our portfolio. With expansions at our Barry, IL and Franklin, NJ facilities, we added nearly 70,000 square feet of cultivation capacity to reach 245,000 square feet of canopy."

Our NJ operations were a highlight this year as Ascend was one of seven operators to launch adult-use sales in the state. We commenced NJ adult-use sales at our Rochelle Park dispensary, which is on track to generate over $50 million of run rate revenue. Our Montclair and Fort Lee dispensaries were quick to follow and began selling recreationally shortly after, to excellent results.

On the brand front, we launched our Simply Herb "value" cannabis brand in Illinois, Massachusetts, New Jersey, and Michigan, offering the quality of all Ascend cannabis at a lower price. We also partnered with Miss Grass to sell its premium cannabis line at our Massachusetts and Illinois stores, followed by our New Jersey stores and wholesale customers later in the year. With these new brands, Ascend has curated a product portfolio that we believe will please the price-conscious and the connoisseur alike.

Social justice continues to be an important cause for Ascend, and we were pleased to host expungement clinics across 5 states to support formerly incarcerated individuals. Through the Ascend Foundation, we donated more than $75,000 to organizations in MA, MI, OH and IL to fund a variety of efforts toward restorative justice. In addition, we recently surpassed $2 million in lifetime donations to the Last Prisoner Project, a nonprofit organization dedicated to clemency, re-entry programs and advocacy for individuals with cannabis convictions.

2022 was also a year of evolution for Ascend, with the initiation of our leadership transition plan and my assumption of the role of Executive Chairman as the Company began a search for a new CEO to take us to the next level. Frank Perullo, in his role as President; and Dan Neville, CFO, have done an excellent job as interim co- CEO's, leading the Company in continued success.

As we look to next year, we plan to meet the growth of our cultivation capabilities seen in 2022 with the continued expansion of our retail footprint. This includes two dispensaries in the Chicago area; up to four additional dispensaries in PA; and three medical dispensaries in OH. We will apply the same model responsible for our success to date: enter late-stage- medical, or early-stage-adult-use markets at high-traffic retail locations, while ensuring sufficient cultivation capacity to supply our stores with high-quality cannabis products.

We'd once again like to thank our employees, customers, investors, and partners for their unwavering support; and we look forward to our continued progress in 2023 and beyond.

Sincerely,

Abner Kurtin

Co-Founder and Executive Chairman

1. Net revenue excludes revenue from intercompany sales.
2. Adjusted Gross Profit / Margin and Adjusted EBITDA / Margin are non-GAAP financial measures. Please see the "GAAP Reconciliations" of the press release filed in form 10-K for a reconciliation of non-GAAP to GAAP measures.

WHO WE ARE

Page 4 | AWH 2022 Annual Report

AWH is a vertically integrated operator with assets in Illinois, Michigan, Massachusetts, Ohio, New Jersey, and Pennsylvania. AWH owns and operates state-of-the-art cultivation facilities, growing award winning strains and producing a curated selection of products including our in-house Ozone, Ozone Reserve, and Simply Herb products

MICHIGAN

8 retail3

1 cultivation / processing

28,000 sq. ft canopy

PENNSYLVANIA

2 retail

4 planned medical retail licenses1

1 cultivation / processing

6,000 sq. ft canopy

ILLINOIS

8 retail

2 dispensaries pending close2

1 cultivation / processing

113,000 sq. ft canopy

Pending Close

Current Operations

MASSACHUSETTS

3 retail3

1 cultivation / processing

54,000 sq. ft canopy

NEW JERSEY

3 retail

1 cultivation / processing

42,000 sq. ft canopy

MARYLAND2

4 retail pending close2

OHIO

2 medical retail

3 pending medical retail2

1 cultivation / processing

2,000 sq. ft canopy

2020 YE	2021 YE			2022 YE	2023 EXPECTED AT YE
12 Dispensaries	20 Dispensaries	24 Operating Dispensaries	7 States
74,000 ft2 Canopy	175,000 ft	2	Canopy	15 Additional Owned Dispensary	39 Operating Dispensaries	1,2,3
	Licenses1,2,3
	OUR STRATEGY:				245,000 ft2 Canopy

F O C U S : A C H I E V E S C A L E I N S E L E C T L I M I T E D - L I C E N S E M A R K E T S

K E Y F L A G S H I P L O C A T I O N S W I T H H I G H B A R R I E R S T O E N T R Y

D I S C I P L I N E D C A P I T A L A L L O C A T I O N ; S U C C E S S F U L M & A E X E C U T I O N

M A N A G E M E N T T E A M W I T H P R O V E N T R A C K R E C O R D

C O N T I N U E D M A R G I N I M P R O V E M E N T A S A S S E T S " T U R N O N "

S T R O N G F I N A N C I A L S A N D R E V E N U E G R O W T H

1. License is owned by AWH, but the site is not yet operational and/or under construction. ​Includes four PA dispensaries.
2. Includes pending acquisitions of Ohio Patient Access LLC (three OH dispensaries), two dispensary licenses in IL, and four dispensaries in MD.
3. Subsequent to year-end, AWH opened two additional dispensaries, in New Bedford, Massachusetts and Grand Rapids, Michigan, bringing the current total to 26.

FINANCIALS

Page 5 | AWH 2022 Annual Report

FY NET REVENUE1		FY ADJUSTED EBITDA2
($ million)	406	($ million)	93

		332				79
	144				31
12				0
2019	2020	2021	2022	2019	2020	2021	2022

FY ADJUSTED GROSS MARGIN2

FY '22 NET REVENUE SPLIT

45.1% 46.2% 45.6%

25%

25.1%

75%

2019	2020	2021	2022	Wholesale, net Retail

1. Net revenue excludes revenue from intercompany sales.
2. Adjusted Gross Profit / Margin and Adjusted EBITDA / Margin are non-GAAP financial measures. Please see the "GAAP Reconciliations" of the press release filed in form 10-K for a reconciliation of non-GAAP to GAAP measures.