Aircastle Limited Investor Presentation — January 2022

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VIRIDIAN CAPITAL ADVISORS • 805 THIRD AVENUE, N.Y., N.Y. 10022 • WWW.VIRIDIANCA.COM

U.S. Cannabis Industry

Ten Predictions for US Cannabis in 2022

With just eleven days remaining in 2021 , we make ten predictions for US Cannabis

1. Valuations to remain depressed with the potential for further compression.

2. New out year multiples highlight longer term upsid e potential for investors.

3. The largest MSOs will lose share to smaller operators.

4. Consolidation to accelerate.

5. Significant l egislative progress at the state level including rec in populous

states. I t will not matter for stock return s.

6. Declining flower pricing to be a problem . Pressure pre sents opportunities

for brands and service providers .

7. Software plays continue to garner main stream institutional investment .

Institutional interest repr esents a harbinger of what will come for plant -

touching operators post banking legislation.

8. Debt becomes che aper for even smaller operators . Capital access fuels

9. International opportunities become a focus for US operators .

10. Smart operators to hedge on interstate sales opportunity .

Valuations to remain depressed with the potential for further compression

US cannabis valuations h ave compressed meaningfully this year with companies

trading at an average ’22 EV/Sales multiple of 2.3x estimates and 8.0x on