MAPSW

• Thanked the team for focus and resilience in a challenging cannabis industry. - Acknowledged industry challenges are structural, balance sheet is stronger. - Q2 revenue slightly below expectations but delivered adjusted EBITDA profitability and positive cash flow for consecutive quarters. - Discussed challenges in California (excise tax increase, online marketplace regulation) and Michigan (price compression, consolidation, etc.). - Progress in New York with accelerating client onboarding. - New products in pipeline including expanded premium placement opportunities, new online head shop [Hedi], and AI/ML team expansion. - Viewed hemp market as uncertain due to legislative activity.

• Expect third quarter revenue to be approximately $41 million to $43 million. - Non-GAAP adjusted EBITDA to be in the range of $5 million to $7 million. - Opportunistically ramp investments to support future growth.

Revenue for the second quarter was $44.8 million, representing a decline of 2% from the prior year period. The decline was primarily driven by lower revenue from featured and deal listings products. Display advertising revenue increased partially offsetting the decline. Average monthly paying clients increased by 4% to 5,241, but average monthly revenue per paying client declined 6% to $2,852.

• California excise tax increase and online marketplace regulation risks. - Michigan and other early states' challenges like price compression, consolidation, overregulation, etc. - Uncertainty in hemp market legislation at federal and state levels.