Investor Presentation

Investor Presentation August 4, 2020

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forward-looking, and which reflect current estimates, expectations and projections about future events, referred to herein and which constitute "forward-looking statements" or "forward-looking information" within the meaning of the Private

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of similar meaning are intended to identify forward-looking statements. By their nature, forward-looking statements involve a number of known and unknown risks, uncertainties and assumptions, most of which are difficult to predict and many of

which are beyond the Company's control, concerning, among other things, the Company's anticipated business strategies, anticipated trends in the Company's business and anticipated market share, that could cause actual results or events to

differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. In addition,

even if the outcome and financial effects of the plans and events described herein are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or

developments in subsequent periods. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there

may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Forward-looking information contained in this presentation is based on the Company's current estimates, expectations and

projections, which the Company believes are reasonable as of the current date. The Company can give no assurance that these estimates, expectations and projections will prove to have been correct. Given these uncertainties, you should not

place undue reliance on these forward-looking statements. All statements contained in this presentation are made only as of the date of this presentation, and the Company undertakes no duty to update this information unless required by law.

CANNABIS-RELATED ACTIVITIES ARE ILLEGAL UNDER U.S. FEDERAL LAWS: The U.S. Federal Controlled Substances Act classifies "marijuana" as a Schedule I controlled substance. Accordingly, cannabis-related activities, including without limitation,

the cultivation, manufacture, importation, possession, use or distribution of cannabis and cannabis products are illegal under U.S. federal law. Strict compliance with state and local laws with respect to cannabis will neither absolve the

Company of liability under U.S. federal law, nor will it provide a defense to any federal prosecution which may be brought against the Company with respect to adult-use or recreational cannabis. Any such proceedings brought against the

Company may adversely affect the Company's operations and financial performance. Prospective investors should carefully consider the risk factors before investing directly or indirectly in the Company and purchasing the securities described

BTTR Investment Highlights 2 International sales account for ~17% of BTTR net sales, or ~$8mm

of annual salesRevenue has been doubling annually and target BTTR international revenue at ~25% of total within 3 years FreshPet (FRPT) is the only publicly traded competitor to BTTR.FRPT trades at ~15x 2019A revenue, an ~9x premium to BTTR

at <2x 2019A revenueThere have been multiple acquisitions of publicly traded pet products companies in recent years Strong and Growing International Presence Public Market Scarcity Premiumization and humanization of petsRecession

resistantMillennials an important and growing demographicMiddle class income growth in emerging economies Strong Industry Trends Premium, natural products aligned with consumer trendsCompelling cat/dog mix, with strong innovation

pipelineApproximately 60% of BTTR net sales are concentrated in E-Commerce and Direct-to-Consumer. Both of these segments are growing at 15-20%+ annuallyEstablished premium brands primed for long term growth Well Positioned in High Growth

Business Profile & Key Growth Areas 3 E-Commerce International Other Growth Areas 36%

of net sales in 1Q20BTTR well positioned to capitalize on the rapidly accelerating trend of online purchasing by pet parents 17% of net sales in 1Q20 primarily in Asia-PacificCountries include: China, South Korea, Japan, Taiwan, Hong Kong,

Australia, PhilippinesVery high growth, current run-rate of ~$8mm annual sales Food-Drug-Mass ("FDM")Other International: Europe, Latin AmericaSpecialized Products: Vegan, etc Direct to Consumer 21% of net sales in 1Q20High growth, first

mover opportunityMillennial demographic is an important focus area for DTC growth

Attractive Category Dynamics (2) Source: Morgan Stanley Equity Research ($ in billions) 2013 - 2017

CAGR of 4.1% 2018 - 2022E CAGR of 3.3% Least Recession Resistant Premium Pet Food is Driving the Overall Pet Food Industry Growth(2) The U.S. Pet Food & Treat Market Enjoys Consistent Growth(1) Dog Food 2012-2017 CAGR by Type Cat

Food 2012-2017 CAGR by Type Projected Actual Source: Packaged Facts 4

Pet Care Industry During the "Great Recession" (2008-2009) Source: Euromonitor International (Passport

Industries) Halo ('08-'09): 20.4% 5 Affordable luxury

Public Market Scarcity - Equity Value Creation Source: Company Management, Public Company

Filings (OTCQB: BTTR) (NASDAQ: FRPT) (000's) (000's) 6 Key Channels E-Commerce, Direct-to-Consumer, Pet Specialty, International, Grocery & Mass Grocery & Mass Product Attributes Premium Natural Whole

Meat Super Premium Refrigerated Halo: Canned & Kibble Products Natural Whole Meat TruPet: Freeze Dried and Dehydrated Manufacturing & Co-Packaged: Industry Leading Sourcing In-House

Manufacturing Supply Chain of High Quality Proteins Dog / Cat Split Halo: 50% Dog, 50% Cat 96% Dog, 4% Cat TruPet: 100% Dog

Comparable Pet Industry Transaction Multiples ($ Millions) Source: S&P Capital IQ M&A

transactions in the space have averaged ~3x EV/ LTM revenue and ~15x EV/ LTM EBITDA 7

Halo is a 30-year-old, premium, natural pet food brand based in Tampa, FL that is uniquely

differentiated from its competitorsUses natural whole meat and no rendered meat mealHighly digestible due to use of real whole proteinHistory of top line growth driven by continued premiumization of the pet food industryFlexible and scalable

outsourced manufacturing model with capacity to grow or insourceE-Commerce is the Company's largest and fastest growing channel2019A Net Revenue of $32.6 million Company Overview Consistent Historical Revenue Growth Across the Business

Cycle Diverse Product Portfolio Natural WHOLE Meat Rendered Meal Powder High moisture contentUSDA Inspected Facility95% protein digestibility Low moisture contentRendering plant61% protein digestibility Clear Product

Differentiation (Prior to 2019; Fiscal year ending June 30, $ in millions) Halo at a Glance FY 2006 - 2016 CAGR of 20% Key Customers 2018 Includes one-time PetSmart inventory stocking order of ~$6m in Q4 2018 9

Founded in 2013 by Lori Taylor and based in Tampa, FL, TruPet produces and markets raw freeze-dried and

dehydrated food, treats, and supplements for dogs and cats Well positioned as industry shifts toward products that create longer, better, lives for pets and helping pet owners understand the benefits of feeding a species an appropriate diet.

Brands include:TruDog - DTC Pet Wellness ProductsRawgo! - DTC Dehydrated Dog FoodOrapup and TruDog Dental - DTC Oral Care ProductsTruCat - DTC Cat Wellness Products Company Overview TruPet is a data-driven, subscription based, ultra premium

brand focused on direct, high-touch engagement with its customers Strong, Loyal & Growing Recurring Customer Base E-Commerce & Direct to Consumer Expertise TruPet at a Glance Social Networks Google Email Direct

Mail Radio YouTube Customer Acquisition Channels 150kMONTHLY OPT-IN EMAILS 50kMONTHLY OPT-IN SMS 90%REVENUE FROM REPEAT CUSTOMERS 10%YOY AOV GROWTH Source: Company Management. LTV / CAC of 3.2x (Industry standard is 3x) 10

(WHOLE) Chicken Ground Turkey Deboned Chicken Deboned Chicken Chicken Deboned

Chicken (WHOLE) Chicken Liver Turkey Heart Chicken Meal Chicken Meal Chicken Meal Chicken Meal Dried Egg Product Turkey Liver Brown

Rice Peas Peas Oatmeal Oatmeal Herring Oil Barley Turkey Meal Potatoes Ground Barley Pearled Barley Oatmeal Brown Rice Chicken Fat Peas Differentiated

Product Offering Halo Holistic Chicken and Chicken Liver Recipe for Adult Dogs Blue Life Protection Formula Adult Chicken & Brown Rice Recipe Dry Dog Food Merrick Classic Real Chicken + Green Peas Recipe with Ancient Grains Adult

Dry Dog Food Natural Balance Original Ultra Whole Body Health Chicken, Chicken Meal, Duck Meal Dry Dog Formula Wellness Complete Health Adult Deboned Chicken & Oatmeal Recipe Dry Dog Food Top 5 Ingredients Halo and TruDog

produce unique products using ingredients that are better for pets TruDog Feed Me Turkey Grain-Free Freeze-Dried Raw Dog Food 11

Strong Co-Packer Relationships & Certifications 12 Primary co-packer for Kibbles Primary

co-packer for Canned Food Smaller co-packers for Supplements & Treats High Quality Ingredient Certifications Primary co-packer for Freeze-Dried Raw

BTTR is in a $100+ Billion Global Pet Food Market ... with Leading Premium Brands ... that are

InvestedTo Scale ... with Avenues Of Growth in Innovative Products & New Channels Premiumization of Pet FoodsMillennials Driving Better IngredientsWhole Meat vs. Meat MealChanging Demographics Well Established BrandsIndustry Leading

Product SourcingLeader in "Whole" MeatMultiple Industry Awards Product Testing, Messaging, ProductionYouTube + TV + DigitalSocial Media Traction Significant Online Sales Growth Driven by ShiftMeaningful Growth in Key International

MarketsChannel ExpansionInnovative Growth Oriented Products Established Premium Brands Positioned for Long Term Growth 13

Actionable Near-Term Growth Opportunities 14 Fastest growing channel in pet food, especially due to

Covid-19Prioritizing with Amazon and ChewyRecent advertising using Amazon Media Group has cross-channel impact Strong reception to launch of Garden of Vegan dog food Second Product (Ocean of Vegan ) launched recentlyGreat for families with

vegan lifestyles as well as protein sensitivitiesAwarded #1 Brand in the Vegan Dog Category by VegNews In addition to recent innovation (including Vegan line), plan to launch differentiated product for Food, Drug, Mass AccountsInitial

conversations with retailers already underway Large and growing natural pet market in Asia and other marketsSuccessful traction and accelerating sales growth in Japan, South Korea, Taiwan, Philippines, China and AustraliaGrowth in Asia is

fueled by increasing levels of economic financial status and demand for premium, western manufactured products E-Commerce International Vegan Products Food, Drug & Mass: New Product Innovation

BTTR Financial Highlights 16 BTTR is cashflow positive. Please see 1Q20 Adjusted EBITDA

reconciliation on Page 19 for details Cash flow Positive BTTR intends to uplist to either the Nasdaq or NYSE in ~mid-2021 post filing its 2020 10-K. BTTR expects this to be a material catalyst for the company from a capital market

perspective 2021 "Uplist" Planned BTTR's 2019A ~$45mm net sales split ~68% Halo and ~32% TruPet (Direct-to-Consumer) ~$45mm of Consolidated Net Sales Strong Performance During Covid-19 Pandemic 1Q20 and 2Q20 saw unprecedented increases

in order volume on our Chewy, Amazon and DTC platformsCovid-19 has accelerated the shift to online purchasing habits by pet parents

Source: Public Company Filings 2019 Consolidated Financials Unaudited Pro Forma Combine Statement

of Operations and Comprehensive Loss For the Twelve Months Ended December 31, 2019 (Dollars in thousands) Consolidated Historical

Halo Adjustments Combined Pro Forma Net sales $ 15,577 $ 32,576 $ (3,657) $ 44,496 Cost of goods sold 9,717 21,352 (1,418) 29,651 Gross profit 5,860 11,224 (2,239) 14,845

Operating expenses: General and administrative 19,782 7,521 (4,898) 22,405 Share-based compensation 10,280 - 309 10,589 Sales and marketing 10,138 6,711 - 16,849 Customer

service and warehousing 1,097 - - 1,097 Impairment of intangible asset 889 - - 889 Loss on disposal of equipment - 64 - 64 Total operating expenses 42,186 14,296 (4,589) 51,893 Loss

from operations (36,326) (3,072) 2,350 (37,048) Other expense: Interest expense, net (670) (272) (3,995) (4,937) Loss on acquisitions (147,376) - - (147,376) Change in fair value of

warrant derivative liability (90) - - (90) Total other expense (148,136) (272) (3,995) (152,403) Net and comprehensive loss (184,462) (3,344) (1,645) (189,451) Preferred dividends 109

- - 109 Net and comprehensive loss available to common stockholders $ (184,571) (3,344) (1,645) (189,560) Weighted average number of shares outstanding (in shares) 33,238,600 35,372,990 17

Note that 1Q 2019 financials exclude any impact from the Halo acquisition (completed Dec 2019) Source:

Public Company Filings 1Q20 vs 1Q19 Better Choice Company Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (dollars in thousands except share and per share

amounts) Three Months Ended March 31, 2020 2019 Net sales $ 12,226 $ 3,551 Cost of goods sold 8,069 1,661 Gross profit 4,157 1,890 Operating expenses: General and

administrative 8,056 1,959 Share-based compensation 2,484 206 Sales and marketing 1,959 2,185 Customer service and warehousing 190 254 Total operating expensesA 12,689 4,604 Loss from operations

(8,532) (2,714) Other expense: Interest expense, net 2,301 62 Change in fair value of warrant derivative liability (1,379) - Total other expense 922 62 Net and comprehensive loss

(9,454) (2,776) Preferred dividends 34 - Net and comprehensive loss available to common stockholders (9,488) (2,776) 18 A) Halo general and administrative expenses include non-cash amortization of $0.4 million related

to the trade name and customer relationship intangible assets acquired as part of the Halo acquisition, salaries and wages and related costs of $0.6 million, as well as other costs such as professional and consulting fees, charitable

contributions, and other miscellaneous costs. Better Choice general and administrative expenses accounted for the remaining increase, driven by share-based compensation ($2.5 million), consulting other professional fees ($1.1 million))

BTTR reported positive Adjusted EBITDA of +$307k in 1Q20 Source: Public Company Filings Adjusted

EBITDA Reconciliation Better Choice Company Inc. Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Three Months Ended March 31, 2020 2019 (dollars in thousands) Net loss $ (9,488) $

(2,776) Depreciation and amortization 457 4 Interest expense, net 2,301 62 EBITDA (6,730) (2,710) Non-cash share-based compensation and warrant expense(a) 5,078 206 Acquisition related expenses(b) 899 -

Non-cash effect of purchase accounting on cost of goods sold(c) 894 - Offering relating expenses(d) 166 - Adjusted EBITDA $ 307 $ (2,504) Adjusted EBITDA as a % of Net sales 2.5% -70.5% (a) Reflects non-cash

expenses related to equity compensation awards and stock purchase warrants associated with a contract that was subsequently terminated. Share-based compensation is an important part of the Company's compensation strategy and without our

equity compensation plans, it is probable that salaries and other compensation related costs would be higher. (b) Reflects costs incurred related to acquisition and integration activities that are not anticipated to recur and operating

expenses that are not anticipated to recur due to acquisition related synergies (c) Reflects non-cash expense recognized in cost of goods sold related to the step-up of inventory required under the accounting rules for business

combinations (d) Reflects legal and advisory costs associated with the registration of previously issued common shares 19

1Q20 Balance Sheet Source: Public Company Filings Condensed Consolidated Balance Sheets - USD ($)

in Thousands Three Months Ended March 31, 2020 2019 Current Assets Cash and cash equivalents $ 1,842 $ 2,361 Restricted cash 25 173 Accounts receivable, net 6,121 5,824 Inventories, net 4,762

6,580 Prepaid expenses and other current assets 3,064 2,641 Total Current Assets 15,814 17,579 Noncurrent Assets Property and equipment, net 349 417 Right-of-use assets, operating lease 888 951 Intangible assets,

net 14,259 14,641 Goodwill 18,614 18,614 Other assets 1,027 1,330 Total Assets 50,951 53,532 Current Liabilities Short term loan, net 17,023 16,061 Line of credit, net 5,366 4,819 Other liabilities 209

500 Accounts payable 4,226 4,049 Accrued liabilities 4,570 4,721 Deferred revenue 330 311 Operating lease liability, current portion 352 345 Warrant derivative liability 841 2,220 Total Current Liabilities 32,917

33,026 Noncurrent Liabilities Notes payable, net 17,559 16,370 Operating lease liability 566 641 Total Noncurrent Liabilities 18,125 17,011 Total Liabilities 51,042 50,037 Redeemable Series E Convertible

StockRedeemable Series E preferred stock, $0.001 par value, 2,900,000 shares authorized, 1,387,378 shares issued and outstanding at March 31, 2020 and December 2019 10,566 10,566 Stockholders' Deficit Common stock, $0.001 par value,

88,000,000 shares authorized, 48,939,708 & 47,977,390 shares issued and outstanding at March 31, 2020 and December 31, 2019 49 48 Additional paid-in capital 200,051 194,150 Accumulated deficit (210,757) (201,269) Total