ORGANIGRAM GLOBAL INC.

OUTLOOK

Market Size & Industry Trends

The Company maintains a positive outlook on the cannabis industry, both in Canada and internationally. Recreational cannabis sales in Canada are expected to total $6.1 billion in calendar 20285.

The Canadian market is stabilizing after years of oversupply and pricing pressure. Stabilization has been driven by consolidation, reduced capacity, and the absorption of supply by increased international demand. To address continued increases in international demand, several licensed producers ("LPs") have announced capacity expansion projects. Consumer preferences continue to evolve with sustained demand for high-THC, value-format flower, and rapid growth in the infused pre-roll category.

LPs are increasingly seeking growth in international markets to increase their revenues and margins.

In November 2025, the U.S. enacted the Continuing Appropriations and Extensions Act of 2026 (H.R. 5371), which includes a provision (section 781) to amend the definition of hemp in the 2018 Farm Bill to effectively eliminate hemp-derived THC products, although the change does not become effective for 365 days from the date of enactment (i.e. November 12, 2026). Non-compliant products will be classified as "marijuana" under the Controlled Substances Act ("CSA") as of the effective date. Organigram’s U.S. offerings will be directly impacted by this change in law; additionally, Organigram has investments in hemp seed and hemp ingredient manufacturers in the U.S. that will be impacted by this legislation. Industry efforts are underway to repeal, replace, or delay this amendment, but whether any change will occur is uncertain. If current federal legislation is not amended or reversed,

4 Adjusted EBITDA is a non-IFRS measure. See "Cautionary Statement Regarding Certain Non-IFRS Measures" in this MD&A, and the discussion under the heading “Adjusted EBITDA” and the reconciliation to IFRS measures in the "Financial Results and Review of Operations" section of this MD&A.

5 March 2026 internal modelling using BDSA Analytics Inc. (BDSA) and Hifyre data.

MANAGEMENT’S DISCUSSION AND ANALYSIS | FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025 5

Organigram is actively working to sell, wind-down or otherwise restructure its hemp THC product related activities in the U.S. by November 2026.

Business Outlook

The Company expects to continue pursuing revenue growth through a combination of organic initiatives and strategic acquisitions. Organic growth is expected to be supported by product innovation, improvements in cannabis quality, higher potency offerings, and the commercialization of the Company’s FAST™ nanoemulsion technology in ingestible formats. The Company also expects to focus on growing margin-accretive international sales through its acquisition of Sanity Group, the potential completion of EU-GMP certification at its Moncton facility, and the expansion of branded product sales in international markets. The Company continues to evaluate opportunities in Canada and internationally that may support geographic expansion, entry into new markets, and enhance its long-term strategic positioning.

In Q2 Fiscal 2026, Organigram achieved sequential improvements in international sales and international flower volumes following the partial remediation of international flower product that did not meet international specification requirements, which impacted international sales in Q1 Fiscal 2026, and temporarily slowed international sales growth fiscal year-to-date. The Company continues to progress toward on-spec targets and expects improvements in international sales through the remainder of Fiscal 2026, in addition to strong growth contributions expected from Sanity Group.

The Company originally issued its Fiscal 2026 guidance in Q4 Fiscal 2025, prior to the acquisition of Sanity Group, which closed in April 2026. At that time, the Company contemplated net revenue exceeding $300 million, higher Adjusted Gross Margin 6 and Adjusted EBITDA 6 relative to Fiscal 2025, positive free cash flow, and capital expenditures of less than $10 million.

Following the acquisition of Sanity Group, which closed in April 2026, we are updating our Fiscal 2026 guidance. Prior to the acquisition, shipments to Sanity Group were recognized as revenue upon shipment to Sanity Group; post-acquisition, shipments to Sanity Group are recognized as revenue upon ultimate sale by Sanity Group to third parties. The Company is now projecting net revenue to exceed $350 million in Fiscal 2026, with Adjusted EBITDA 6 and Adjusted Gross Margin 6 exceeding Fiscal 2025 performance, free cash flow approximately break even, and capital expenditures of less than $10 million.

Sanity Group continues to deliver strong revenue growth, and the Company re-affirms its previous expectations that Sanity Group revenue will average approximately €25 million per quarter over the next calendar year.

Consistent with industry trends, and Organigram's historical performance, the third and fourth fiscal quarters typically experience seasonal tailwinds, reflecting heightened consumer activity in the summer months and retailer replenishment ahead of the holiday period. This is generally followed by a seasonal slowdown in the first quarter before market demand normalizes.

Our business outlook is subject to a number of assumptions and risk factors as further outlined in the "Cautionary Statement Regarding Forward-Looking Information" section of this MD&A.

International Market

As a result of initiatives aimed at diversifying its international customer base, expanding branded product sales outside Canada, and establishing a presence in the German medical cannabis market through its acquisition of Sanity Group, Organigram expects continued growth in international revenue. Growth is expected to be supported, in part, by the anticipated EU-GMP certification of the Company’s Moncton facility.

In April 2026, the Company provided additional documentation requested by the regulator to support the closure of major findings identified during the certification audit. Given increased regulatory scrutiny of licensed producers seeking EU-GMP certification, the timing of certification remains uncertain; however, the Company expects further updates in the coming months.

Organigram serves a diverse international medical cannabis customer base in Australia, Germany, and the UK. The Company has also completed strategic investments in two U.S.-based companies, OBX and Phylos Bioscience Inc. ("Phylos"). Further, through its acquisition of CPL and launch of thehapply brand, Organigram participates in the hemp-derived beverages and edibles segments in the U.S. and is continuing to monitor and prepare to respond to the regulatory developments in this space 7.

We continue to monitor and evaluate opportunities in regulated recreational and medical markets outside of Canada, with a focus on the U.S., Europe, and Australia.

All international shipments are subject to 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 purchasers' regulatory authority.

6 Adjusted EBITDA and adjusted gross margin are non-IFRS Measures. See "Cautionary Statement Regarding Certain Non-IFRS Measures" in this MD&A and the discussion under the heading "Adjusted Gross Margin" and the reconciliation to IFRS measures in the "Financial Results and Review of Operations" section of this MD&A.

7 See amendments to definition of hemp in the 2018 Farm Bill as described in greater detail in the "Outlook" section of this MD&A

MANAGEMENT’S DISCUSSION AND ANALYSIS | FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025 6

Jupiter Investment Pool

International expansion initiatives have been supported by the $124.6 million Follow-on BAT Investment, of which $83.0 million was earmarked for the Jupiter Pool.

On April 15, 2026, the Jupiter Pool completed its final capital deployment in connection with the acquisition of Sanity Group.

Prior 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 Sanity Group.