ORGANIGRAM GLOBAL INC.

OUTLOOK

Market Size

MANAGEMENT’S DISCUSSION AND ANALYSIS | FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024 10

The Company maintains a positive outlook on the cannabis market, both in Canada and internationally. Canada-wide legal sales for the industry are expected to total $5.3 billion in calendar 20285. Canada's cannabis exports have increased significantly over the last five years, growing from $8 million in 2020, to approximately $218 million in its 20246.

The momentum of global cannabis reform has encouraged many cannabis operators to seek exposure to emerging medical and recreational markets. Furthermore, as international revenue is not subject to onerous Canadian cannabis excise duties, LPs have increasingly sought growth in this area to expand their revenues and margins, while further solidifying Canada's strong reputation abroad for producing high quality cannabis.

With its recent acquisition of CPL, Organigram entered the U.S. hemp-derived beverages space. This segment is experiencing rapid growth and, according to Euromonitor International Limited, is already generating over $1 billion in retail sales, with projections reaching $4 billion by 20287.

Business Outlook

Opportunities to scale new cannabis strains require a methodical process where cultivation protocols are trialed for each strain and adjusted through multiple growth cycles before roll-out across a facility. Organigram’s commitment to investing in new genetics and innovations continues, and we expect to launch new genetics, ready-to-consume innovations, and products containing minor cannabinoid stacks in various formats.

In addition to traditional dried flower and pre-roll offerings, Organigram expects to generate revenue growth from innovative products, particularly through the commercialization of FASTTM with the launch of Edison Sonics gummies. FASTTM gummies have been clinically validated to produce up to a 50% faster onset and nearly double the level of cannabinoid concentration at peak compared to traditional gummies without FASTTM. The Company anticipates garnering a competitive edge in the gummy category with this ingestible technology.

The Company's international sales increased sequentially throughout Fiscal 2024 and grew year-over-year in Q1 Fiscal 2025 and Q2 Fiscal 2025. Organigram further diversified its international supply partners in Fiscal 2024, and established a foothold in the rapidly growing German cannabis market through a $21 million investment in Sanity Group. This investment enhanced Organigram's previously announced supply agreement with Sanity Group such that its cannabis export volumes to the German market are expected to increase throughout Fiscal 2025. The anticipated EU-GMP certification of Organigram's Moncton Campus is also expected to drive the growth of its international revenue.

In 2024, Organigram achieved significant efficiencies in production, manufacturing, and logistics, driving notable growth in adjusted gross margins. The Company expects adjusted gross margin 8 to average approximately 35% for Fiscal 2025, and is targeting adjusted gross margin of 40% in the second half of Fiscal 2026. It also antic ipates positive full-year fiscal 2025 Adjusted EBITDA 8 surpassing Fiscal 2024 levels, along with positive cash flow from operations before working capital changes.

Organigram has identified the following opportunities that it believes have the potential to improve margins in the future:

•Increased sales of higher-margin ready-to-consume products, including edibles, vapes, tube-style pre-rolls, and beverages;

•Growth in high-margin international sales, with a strategic focus on the growing German market;

◦The Company anticipates increasing its flower output by approximately 13,000 kg annually through expansion initiatives in Fiscal 2025 and fiscal year 2026 to address growing demand from international markets; and

•Continued operational efficiencies across the Company's facilities and a ramp-up of seed-based production, reducing input costs and improving profitability over time.

The Company’s acquisition of Motif in December 2024 brings several margin-enhancing opportunities:

◦Expanded production capabilities, enabling better utilization of assets, improved inventory turnover and economies of scale;

◦Integration of Motif’s operations, which is expected to generate approximately $15 million in annualized run-rate synergies within 24 months of the acquisition;

◦The London Facility, a dedicated central Ontario distribution hub, is anticipated to reduce shipping costs and streamline logistics, enhancing overall operational efficiency; and

◦Leadership in high-margin categories such as vapes and infused pre-rolls, supported by the introduction of innovative, premium products tailored to evolving consumer preferences.

5 October, 2024 data from BDSA.

6 Source: https://mjbizdaily.com/canada-medical-cannabis-exports-jump-to-ca220-million-domestic-sales-decline/.

7 Source: https://www.euromonitor.com/article/fizz-with-a-buzz-the-rise-of-cannabis-drinks-in-the-us.

8 Adjusted gross margin and Adjusted EBITDA are Non-IFRS Measures. See "Cautionary Statement Regarding Certain Non-IFRS Measures" and "Financial Results and Review of Operations" in this MD&A.

MANAGEMENT’S DISCUSSION AND ANALYSIS | FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024 11

Industry Trends

Competition and Supply

The cannabis industry remains highly competitive and has historically faced oversupply challenges driven by both licensed producers (LPs) and a persistent illicit market, including online delivery services. Recently, supply and demand dynamics have begun to stabilize, supported by industry consolidation and capacity reductions, with surplus cultivation increasingly diverted to international markets. Consumer preferences continue to evolve, with sustained demand for large-format value products, higher THC potency - particularly in dried flower - and innovation in formats such as infused pre-rolls, vapes, beverages, edibles, and novel genetic strains.

Inflated THC

Inflated THC potency labeling has been a persistent issue in the cannabis industry due to varying regulatory interpretations of testing standards. In response, key organizations, including the Cannabis Standards Alliance of Canada (CSAC) and Health Canada, have intensified efforts to establish consistent testing protocols. The Ontario Cannabis Store (OCS) implemented secondary testing in 2024 to verify potency claims, leading to a reduction in high-THC product listings. Health Canada also launched a data-gathering initiative to randomly test retail cannabis, signaling potential enforcement actions against inaccurate labeling. These measures reflect growing regulatory scrutiny and the industry's push for greater transparency and consumer trust.

Product Formats

Dried Flower and Pre-Rolls

Dried flower and pre-rolls remain the first and second largest product categories, respectively, in the Canadian recreational cannabis market 9 and we believe these categories will continue to dominate based on market data from mature legal markets in certain U.S. states and due to regulatory restrictions on other product formats (e.g. the 10 mg per package THC limit in the edibles category). While we expect that consumer preferences will gradually shift away from THC content and price as primary purchase drivers, they appear to be the most important attributes to consumers for flower products today. Over time, we expect that genetic diversity and other quality-related attributes such as terpene profile, bud density, the presence of minor cannabinoids, and aroma, will become increasingly important to consumers.

Our portfolio of brands continues to show strong momentum within the flower segment in Canada and as of March 31, 2025, Organigram holds the #3 market share position in the flower category 9. The growth and significant prevalence of dried flower value segment brands has shaped product strategy across the industry. In response, Organigram has revitalized its Trailblazer brand, using added capacity at the Lac-Supérieur Facility to supply the brand with premium cannabis. To address the growing demand for strain differentiation in the value segment, the Company has routinely expanded the strains available in its Big Bag O' Buds brands. Organigram is also a leader in infused and non-infused pre-rolls. As of March 31, 2025, Organigram held the #2 market position in infused pre-rolls and the #1 market position in all pre-rolls 9.

Cannabis Derivatives

While dried flower and pre-rolls are currently the largest categories in Canada, derivative cannabis products, including vapes, concentrates, beverages and edibles, are expected to drive future growth 10 and Organigram is committed to these growing categories.

The Winnipeg Facility enables Organigram to produce high quality ingestible products at scale, positioning it to effectively compete in this segment. The Lac-Supérieur Facility enables Organigram to produce high-quality products in the growing hash segment. The Company has leveraged its industry-leading national distribution and field sales network to accelerate the distribution and sale of Tremblant Cannabis, its flagship hash brand, to all provinces in Canada. As of March 31, 2025, Organigram continues to hold the #1 market share in the hash category 9.

In Q2 Fiscal 2025, Organigram held the number #3 market position in the gummy category 9.

Monjour, Organigram's wellness brand, predominantly provides consumers with THC-free products that are focused on CBD and other minor cannabinoids. The Monjour product line was expanded to include gummies that contain minor cannabinoids beyond CBD. The CBN Bedtime Blueberry Lemon gummies combine the cannabinoid cannabidiol ("CBN") with CBD and THC, and the Twilight Tranquility gummies combine CBD, CBN and cannabigerol ("CBG").

Through the Company's acquisition of Motif, Organigram leads in market share in the vape cate gory 9, and has added considerable vape expertise to its team, positioning the Company to better leverage its strong pipeline of vape innovation. After an initial test launch of Greentank's quantum vape technology in the second quarter of Fiscal 2024, the Company elected to refine its

9 As of March 31, 2025 - Multiple sources (Hifyre, Weedcrawler, OCS wholesale sales and e-commerce orders shipped data, provincial boards data and internal sales data).

10 Source: BDSA Forecast – September 2024, : Adjusted Hifyre (Hifyre, WC, NB/NS Board Data) – December 2024.

MANAGEMENT’S DISCUSSION AND ANALYSIS | FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024 12 go-to-market approach. The Greentank technology will now be added to Motif's vape portfolio plan. The vape segment is driving significant growth and is one of the fastest growing segments in the total Canadian cannabis category.

Through the Company's acquisition of CPL, Organigram entered the cannabis beverage category in Canada and the hemp-derived THC beverage category in the U.S. In Canada, Organigram has captured 5.6% of the beverage category 11 and intends to further expand in this category by leveraging sales capabilities and the FASTTM nanoemulsion technology. In the U.S., CPL beverages are currently distributed in 10 states with expansion plans targeting additional states by the end of the calendar year.

International Market

Outside of Canada, the Company serves several international markets via exports and seeks to augment these sales channels over time. Future international shipments are contingent upon the timing and receipt of regulatory approval and an export permit from Health Canada, as well as timing and receipt of regulatory approval and an import permit from the purchaser's regulatory authority.

The Company serves a diverse international medical supply customer base in Australia, Germany, and the UK, and has completed a major strategic investment in a German cannabis leader, Sanity Group, to establish a foothold in the growing European cannabis market. The Company has also completed strategic investments into two U.S.-based companies, OBX and Phylos. Through its acquisition of CPL, Organigram participates in the hemp-derived beverages segment. The Company continues to monitor and explore opportunities in the U.S. market.

EU-GMP certification opens up business opportunities in international markets. Organigram submitted its EU-GMP certification application for its Moncton Campus in Q1 Fiscal 2024. The Company completed its EU-GMP audit in November 2024, and is awaiting the final steps in anticipation of certification.

Jupiter Investment Pool

International expansion initiatives are expected to be supported in Fiscal 2025 and beyond by the $124.6 million Follow-on BAT Investment, with $83 million of conditional funding earmarked for the Jupiter Pool investment fund. To date, approximately $23 million has been deployed from the Jupiter Pool to fund investments by Organigram in OBX and Sanity Group. After the close of the final $41.5 million tranche in February 2025, $59 million (being the remaining portion of the Jupiter Pool funds) is availableto support continued expansion into the U.S. and other international markets in compliance with applicable laws.

Jupiter Strategic Investments

On March 26, 2024, the Company completed its inaugural Jupiter Pool investment with a US $2 million investment into U.S.-based OBX.

On June 25, 2024, the Company completed its first European strategic investment, with an approximate $21 million investment into German medical cannabis leader, Sanity Group.

11 As of March 31, 2025 - Multiple sources (Hifyre, Weedcrawler, OCS wholesale sales and e-commerce orders shipped data, provincial boards data and internal sales data)

MANAGEMENT’S DISCUSSION AND ANALYSIS | FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024 13