CREATING A NORTH AMERICAN

CANNABIS POWERHOUSE
APRIL 2019
 DI SCL AI M ER
This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Statements in this presentation
that are not representative of historical facts or information or current condition may be deemed to be forward-looking information. Generally, such forward-looking information or
forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’
‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms.

Forward looking statements in this presentation include, but are not limited to: statements with respect to the anticipated benefits associated with the acquisition of all of the issued
and outstanding common shares and Class A compressed shares of CannaRoyalty Corp. d/b/a Origin House (“Origin House”) by Cresco Labs Inc. (“Cresco Labs”) in consideration
for common shares of Cresco Labs pursuant to an Arrangement Agreement dated April 1, 2019 (the “Transaction”); the anticipated effects of the Transaction on the combined
company; the anticipated strategy and performance of the combined company; the timing for the completion of the Transaction; the value of the consideration to be received by
the Origin House shareholders, which may fluctuate due to the trading price of the Cresco Labs shares forming the consideration; the satisfaction of closing conditions to the
Transaction including, among other customary conditions, (i) receipt of the requisite Origin House Shareholders approval, (ii) receipt of the requisite court approval in connection
with the plan of arrangement, and (iii) receipt of any required regulatory approvals. There can be no assurance that the Transaction will be completed, or completed on the terms
set forth in this presentation.

Forward looking statements are based on certain assumptions regarding Cresco Labs and Origin House, including but not limited to, their pro forma financials, results of operations,
performance, industry trends and growth opportunities. While Cresco Labs and Origin House consider these assumptions to be reasonable based on currently available information,
they may prove to be incorrect. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including
but not limited to: (i) risks associated with general economic conditions; (ii) adverse industry events; (iii) future legislative and regulatory developments; (iv) inability to access
sufficient capital and/or inability to access sufficient capital on favourable terms; (v) the evolving cannabis industry in North America generally; (vi) the ability of the Company to
implement its business strategies; (viii) risks associated with currency and interest rate fluctuations; (ix) those risks discussed under "Risk Factors" in Cresco Labs and Origin
House’s public filings; and (x) other factors, many of which are beyond the control of Cresco Labs and Origin House.

Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, readers should not place undue reliance on the forward-looking
statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ or Origin House’s shares, nor as to their financial performance in future
financial periods. Except to the extent required by applicable laws, Cresco Labs and Origin House do not intend to update any of these factors or any of the forward-looking
statements contained herein, whether as a result of new information, future event or otherwise. Except as otherwise indicated, this presentation speaks as of the date hereof.

Non-IFRS Measures
This Presentation contains references to certain financial measures that are not defined under the generally accepted accounting principles applicable Origin House or Cresco Labs,
being IFRS. EBITDA is a non-IFRS financial measure and accordingly is not an earnings measure recognized by IFRS and does not carry a standard prescribed significance. We
caution readers that EBITDA should not be substituted for determining net income (loss) as an indicator of operating results or as a substitute for cash flows from operating and
investing activities. EBITDA references used in this presentation are analysts’ consensus estimates and have not been prepared by Origin House or Cresco Labs.

2
Combining Cresco’s scale, expertise and brand portfolio
with

Origin House’s proven track record of leveraging their California-

wide distribution footprint and key retailer relationships in the
largest cannabis market in the world
will drive significant growth for the shareholders of both companies

Creating a North American Cannabis Powerhouse

3
 A W I NNI NG F O R M U LA
Robust
Portfolio of Acquisition

+
Proven Expertise
Brands Together, the #1 North American
Cannabis CPG Company
Brand Cost of
Building Capital Industry Leading Scale

+
Expertise Advantage The largest and most strategic distribution footprint of any U.S. cannabis company

Industry Leading Brand Development Capabilities

Leading brand portfolio comprised of 50+ brands
1.5M Sq. Ft. 725+
of Dispensarie Multi-State Presence

+
Cultivation* s More than 725 dispensaries across 11 states will carry our brands
* Supplied***
Aligned & Experienced Management Team
Cannabis distribution built by the same team that built Southern Wine & Spirits, the
largest distributor of liquor in the United States
23 Revenue & Cost Synergies
11 States*
Facilities* Incorporate Cresco’s brands into Origin House’s California distribution platform and
bring Origin House’s brands into other states

*(with pending acquisitions and regulatory approval)

**(with pending acquisitions and regulatory approval by EOY 2019)
***(does not double count for dispensaries supplied by both Cresco and
Origin House) 4
 W E W I LL W I N CAL I FOR NI A,
T H E M OST I NFLUENT I AL CANNAB I S M AR K ET I N T H E W OR LD

State Revenue Projections

$7.7 Billion by 2022

Source: Arcview Market Research/BDS Analytics

• We will be the leading multi-state operator in California,

with a team and asset base that has a proven track record
and ample room to grow

• We will be the largest distributor in California, with more

access to consumer data and retail storefronts than any
other player in the industry

• We will fill our dominant distribution pipeline with

California brands, driving national and global
opportunities as well as sustained competitive
advantages

5
 T OGET H ER , W E ACCELER AT E GR OW T H

Cresco Lab’s Highly Multi-State Access to

Efficient Execution Model Operations Capital

Origin House’s Focused

50+ Proven, 500+
California Brand
Next-Gen Brands Dispensaries
Development Engine

Branded products & access to shelf space are the keys to building
long-term competitive advantage and shareholder value

6
I N A M AR K ET W H ER E SI ZE M AT T ER S, W E H AVE I NDU ST R Y LEADI NG SCALE

PRO-FORMA COMBINED

STATES 11* 1 11
STORES 21* - 21
LICENSES TO OPEN
RETAIL LOCATIONS
51* - 51
SQ. FT. CULTIVATION 1.38 MILLION BY EOY 2019** 92,000 BY EOY 2019** 1.5 MILLION BY EOY 2019**

FACILITIES 15* 8** 23*

DISPENSARY PARTNERS 250 500 725+****

EMPLOYEES 750* 350+ 1,100+
BRAND RELATIONSHIPS 6 50+ BRANDS 56+ BRANDS
TOTAL ADDRESSABLE MARKET*** 150 MILLION IN 11 STATES* 75 MILLION 185 MILLION IN US & CANADA

*(with pending acquisitions and regulatory approval)

**(with pending acquisitions)
***(based on population of states and provinces)
****(does not double count for dispensaries supplied by both Cresco and Origin House) 7
 W E AR E B UI LDI NG SCALE ACR OSS NOR T H AM ER I CA

CANADA
# Vape
23**
Stores
Facility 1
MICHIGAN*
Total Sq. 80,00 NEW YORK
Ft. 0
# Vape
1
Total lbs 32,162 Stores

NEVADA
Total Sq. NEW YORK*
36,000
Ft. Total Sq. 100,00
Total lbs 13,578 Ft. 0

# Stores 1 ON Total lbs 44,123

# Stores 4
CALIFORNIA CALIFORNIA
MASSACHUSETTS
ORIGIN HOUSE CRESCO LABS

Total Sq. Ft. 92,000* Total Sq. 592,00

Ft. 0 NY MA Total Sq. 90,00
Total lbs 13,224* Ft. 0
Total lbs 182,692 MI PA
Dispensaries 500 ILLINOIS Total lbs 35,039
OH
Brands 50+ Total Sq. 139,00 IL # Stores 3

Facilities 8*
NV Ft. 0
PENNSYLVANIA
*PENDING CA Total lbs 67,360
Total Sq. 105,00
ACQUISITION # Stores 5 Ft. 0
ARIZONA AZ
Total lbs 51,563
Total Sq. 128,00 OHIO
Ft. 0 FLORIDA* # Stores 6
Total lbs 34,265 Total Sq. Total Sq. 140,00
50,000
Ft. Ft. 0
# Stores 1
Total lbs 18,919 Total lbs 67,940
# Stores 1 # Stores 30

*(with pending acquisitions and regulatory approval)

**(one licensed location) 8
Note: subject to current expansion projects
 T R ANSACT I ON SUM M AR Y

• Cresco to acquire all of the issued and outstanding shares of Origin House
PROPOSED • Court approved Plan of Arrangement
TRANSACTION • Pro forma ownership of ~80% for Cresco and ~20% for Origin House (on an as converted,
fully-diluted basis)
• 0.8428 Cresco shares per Origin House common share
CONSIDERATION TO • Based on Cresco’s spot price of $15.05 on March 29, 2019, implies a value of $12.68 per
ORIGIN HOUSE Origin House Share
• Implied premium of 25.9% to Origin House’s 30-day VWAP ending March 29, 2019

KEY APPROVALS & • Origin House shareholder approval

CONDITIONS • Customary regulatory and court approvals as well as other closing conditions

• Termination fee payable to Cresco in the amount of $45 million if the transaction is
terminated under certain circumstances
DEAL PROTECTION • Origin House is subject to non-solicitation provisions
• Cresco has a right to match provision

• Special meeting of Origin House shareholders, which is expected to occur in June 2019
TIMING • Expected closing late Q2 2019

9
 Canopy $22,317

Aurora $12,968

Cronos Group $10,958

Tilray $8,843

Curaleaf $6,129

Cresco Labs +
$5,469
Origin House

Harvest $5,351

Cresco Labs $4,347

Acreage $3,428
U.S. Operators

GTI $3,251

Aphria $3,170

Charlotte's Web $2,545

Note: Adjusted for subsequent events from most recent filings
Producers

Columbia Care $2,430

MedMen $2,272
Canadian Licensed

Hexo $2,152
Source: Company Filings, Capital IQ, Bloomberg, Public Disclosure, as at March 29, 2019

Trulieve $1,938

iAnthus $1,885
Market Capitalization (Fully-Diluted) – C$ Millions

OrganiGram $1,469
NO R T H AM ER I CAN CANNAB I S P O W ER H O U SE

CannTrust $1,448

TGOD $1,356

Origin House $1,066

GGB $1,062
10
 OUR P AT H FOR W AR D

Replicate the blueprint:

Bring Cresco Labs’
bring Origin House’s
depth of experience and Use enhanced liquidity
breadth of product and Continue to build the
product portfolio to the to attract investment
proven distribution cannabis industry’s first
California market and reduce the cost of
model beyond California national brand
through Origin House’s capital
through Cresco’s multi-
sales channels
state network

We Will Win North America

11
 T R ANSACT I ON H I GH LI GH T S

Bolsters Leading Expanded Increased Scale & Strong &

Position in Distribution Capital Markets Expanding Multi-
California Market Infrastructure Presence State Presence

Continued
Increased North Superior Existing
Strong Pro Forma Participation by
American Retail and
Cash Position Origin House
Footprint Distribution Model
Shareholders

12
 CO NT ACT

Cresco Labs Origin House

Media: Media:
Jason Erkes, Cresco Labs Priyam Chakraborty, Origin House
Chief Communications Officer Communications Manager
press@crescolabs.com 647-232-9287
pchakraborty@originhouse.com
Investors:
Aaron Miles, Cresco Labs Investors:
Vice President, Investor Relations Kingsdale Advisors
investors@crescolabs.com 1-888-302-5677
contactus@kingsdaleadvisors.com
For general Cresco Labs inquiries:
312-929-0993 Jonathan Ross
info@crescolabs.com LodeRock Advisors Inc., Origin House Investor Relations
416-283-0178
jon.ross@loderockadvisors.com

13
THANK YOU

14