THIS
WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR APPLICABLE EXEMPTION OR SAFE HARBOR PROVISION.


  


COMMON
STOCK PURCHASE WARRANT DOCUMENT W-04132016 


 


GREENESTONE HEATLHCARE CORPORATION


 


Warrant Shares:
3,703,700 Initial Issue Date: April 13, 2016 Aggregate Exercise Amount: $111,111


 


THIS COMMON STOCK PURCHASE WARRANT (the
“Warrant”) certifies that, for value received, JMJ Financial, its Principal, or its assigns (the
“Investor” or the “Holder”) is entitled, upon the terms and subject to the limitations
on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) and on or prior to the close of business on the five (5) year anniversary of the Initial Exercise Date (as
subject to adjustment hereunder, the “Termination Date”), to subscribe for and purchase from GREENESTONE
HEALTHCARE CORPORATION, a Colorado corporation (the “Issuer” or the “Company”), up to
3,703,700 shares (as subject to adjustment herein, the “Warrant Shares”) of common stock of the Company
(the “Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to
the Exercise Price, as defined in Section 1.2.


 


ARTICLE 1 EXERCISE RIGHTS


 


The Holder
will have the right to exercise this Warrant to purchase shares of Common Stock as set forth below. Capitalized terms used and
not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement Document SPA-04132016
dated April 13, 2016 between the Company and the Holder (the “Agreement”).


 


1.1 Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, from and after the
Initial Exercise Date, and then at any time, by delivery to the Company (or such other office or agency of the Company as it may
designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of
a duly executed facsimile or emailed copy of the Notice of Exercise form annexed hereto. Within three (3) business days following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable
Notice of Exercise by wire transfer or check drawn on a United States bank unless the cashless exercise procedure specified in
Section 1.3 below is specified in the applicable Notice of Exercise. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall deliver any objection to any Notice of Exercise form within 24 hours of receipt of such notice. The Holder and any assignee,
by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase
of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time
may be less than the amount stated on the face hereof.


 


1.2 Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $0.03 per share, subject to adjustment hereunder
(the “Exercise Price”). The aggregate exercise price is $111,111.


 


1.3 Cashless Exercise. If at any time after the earlier of
(i) the six (6) month anniversary of the date of the Agreement and (ii) the completion of the then-applicable holding period
required by Rule 144, or any successor provision then in effect, there is no effective Registration Statement registering, or
no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to
receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:


 



    


    	 



    




	(A)		= the VWAP on the trading day immediately preceding the date on which Holder elects
to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;



	(B)		= the Exercise Price of this Warrant, as adjusted hereunder; and



	(X)		= the number of Warrant Shares that would be issuable upon exercise of this Warrant
in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.



 


1.4 Termination.
On the Termination Date, if all or any portion of this Warrant remains unexercised, the Termination Date shall be automatically
extended for two years.


 


1.5 Delivery
of Warrant Shares. Warrant Shares purchased hereunder will be delivered to Holder by 2:30 pm EST within two (2) business days
of Notice of Exercise by “DWAC/FAST” electronic transfer (such date, the “Warrant Share Delivery Date”).
For example, if Holder delivers a Notice of Exercise to the Company at 5:15 pm eastern time on Monday January 1st,
the Company’s transfer agent must deliver shares to Holder’s broker via “DWAC/FAST” electronic transfer
by no later than 2:30 pm eastern time on Wednesday January 3rd. The Warrant Shares shall be deemed to have been issued,
and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares
for all purposes, as of the date of delivery of the Notice of Exercise. The Company will make its best efforts to deliver the
Warrant Shares to the Holder the same day or next day.


 


1.6 Delivery
of Warrant. The Holder shall not be required to physically surrender this Warrant to the Company. If the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, this Warrant shall automatically be
cancelled without the need to surrender the Warrant to the Company for cancellation. If this Warrant shall have been exercised
in part, the Company shall, at the request of Holder and upon surrender of this Warrant, at the time of delivery of the Warrant
Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant and, for purposes of Rule 144,
shall tack back to the original date of this Warrant.


 


1.7 Warrant Exercise Rescission Rights. For any reason in
Holder’s sole discretion, including if the Warrant Shares are not delivered by DWAC/FAST electronic transfer or in
accordance with the timeframe stated in Section 1.5, or for any other reason, Holder may, at any time prior to selling those
Warrant Shares rescind such exercise, in whole or in part, in which case the Company must, within three (3) days of receipt
of notice from the Holder, repay to the Holder the portion of the exercise price so rescinded and reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which the exercise was rescinded and, for purposes of Rule 144, such
reinstated portion of the Warrant and the Warrant Shares shall tack back to the original date of this Warrant. If Warrant
Shares were issued to Holder prior to Holder’s rescission notice, upon return of payment from the Company, Holder will,
within three (3) days of receipt of payment, commence procedures to return the Warrant Shares to the Company.


 


1.8 Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares on or before the Warrant Share Delivery
Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or
the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder
of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage
commissions and other fees, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of


 



    


    	 



    




Warrant Shares that the Company
was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of the Holder, either (x) reinstate the portion of the Warrant
and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded),
(y) deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with
its exercise and delivery obligations hereunder, or (z) pay in cash to the Holder the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the
amount of such loss.


 


1.9 Make-Whole
for Market Loss after Exercise. At the Holder’s election, if the Company fails for any reason to deliver to the Holder
the Warrant Shares by DWAC/FAST electronic transfer (such as by delivering a physical certificate) and if the Holder incurs a
Market Price Loss, then at any time subsequent to incurring the loss the Holder may provide the Company written notice indicating
the amounts payable to the Holder in respect of the Market Price Loss and the Company must make the Holder whole as follows:


 


Market Price
Loss = [(High trade price on the day of exercise) x (Number of Warrant Shares)] – [(Sales price realized by Holder) x (Number
of Warrant Shares)]


 


The Company
must pay the Market Price Loss by cash payment, and any such cash payment must be made by the third business day from the time
of the Holder’s written notice to the Company.


 


1.10 Make-Whole
for Failure to Deliver Loss. At the Holder’s election, if the Company fails for any reason to deliver to the Holder
the Warrant Shares by the Warrant Share Delivery Date and if the Holder incurs a Failure to Deliver Loss, then at any time the
Holder may provide the Company written notice indicating the amounts payable to the Holder in respect of the Failure to Deliver
Loss and the Company must make the Holder whole as follows:


 


Failure to
Deliver Loss = [(High trade price at any time on or after the day of exercise) x (Number of Warrant Shares)]


 


The Company
must pay the Failure to Deliver Loss by cash payment, and any such cash payment must be made by the third business day from the
time of the Holder’s written notice to the Company.


 


1.11 Default. Each of the following are an event of default
under this Warrant: (i) the Issuer shall fail to deliver shares from any exercise of this Warrant when due and payable
thereunder; or (ii) the Issuer shall fail to pay any cash or other amount due under this Warrant when due and payable
thereunder; or (iii) the Issuer shall breach or fail to honor any other term of this Warrant, any term under any other
document related to this Warrant, or any other written agreement between the Issuer and the Investor (collectively, the
“Transaction Documents”), including, without limitation, the Issuer’s obligation to reserve at all times a
sufficient number of shares to provide for the issuance of common stock upon the full exercise of the Warrant pursuant to
Section 2.2 of the Securities Purchase Agreement; or (iv) the Issuer fails to keep available a sufficient number of
authorized, unissued and unreserved shares of common stock (other than shares of common stock reserved for the Investor) to
permit the Investor to increase its share reserve to such number of shares as equals three times the number of shares
necessary to provide for full exercise of Warrants owned by the Investor; or (v) the Issuer’s failure to increase the
number of authorized shares of common stock of the Issuer within sixty days of having a number of authorized, unissued, and
unreserved shares of common stock (excluding shares of common stock reserved for the Investor) of less than three times the
number of shares necessary to provide for the issuance of common stock upon full exercise of the warrants owned by
the Investor; or (vi) the Issuer terminates or replaces the entity or person serving as the transfer agent for the Issuer
without obtaining the previous written consent of the Investor thirty days in advance of such termination or replacement; or
(vii) the Issuer’s failure to appoint a new transfer agent approved by the Investor (such approval not to be
unreasonably withheld) and to provide the Investor, within five business days following termination, resignation or
replacement of the current transfer agent, an irrevocable instruction and share reservation letter, executed by the Issuer
and the new transfer agent, providing rights to the Investor identical to the rights provided to the Investor in the
irrevocable instruction and share reservation letter between the Issuer, the Investor, and the terminated, resigned or
replaced transfer agent; or (viii) the Issuer shall become insolvent or generally fails to pay, or admits in writing its
inability to pay, its debts as they become due, subject to applicable grace periods, if any; or (ix) the Issuer shall make a
general assignment for the benefit of creditors; or (x) the Issuer shall file a petition for relief under any bankruptcy,
insolvency or similar law (domestic or foreign); 



    


    	 



    

or (xi) an involuntary proceeding shall be commenced or filed against the
Issuer; or (xii) the Issuer’s common stock has an offering price of $0.0001 on its principal trading market at any
time; or (xiii) the Issuer’s market capitalization (the number of shares of common stock issued and outstanding
multiplied by the price per share of common stock) is less than $200,000 at any time or decreases to less than 50% of the
market capitalization on the Effective Date of any payment of Consideration under the Note; or (xiv) the price per share of
the Issuer’s common stock decreases to less than 50% of the price per share on the Effective Date of any payment of
Consideration; or (xv) the Issuer shall lose its status as “DTC Eligible” or the Issuer’s shareholders
shall lose the ability to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC
System; or (xvi) the Issuer shall become delinquent in its filing requirements as a fully-reporting issuer registered with
the SEC; or (xvii) the Issuer shall fail to meet all requirements to satisfy the availability of Rule 144 to the Investor or
its assigns including but not limited to timely fulfillment of its filing requirements as a fully-reporting issuer registered
with the SEC, requirements for XBRL filings, and requirements for disclosure of financial statements on its website.


 


1.12. Remedies. For each notice of exercise of a warrant, in
the event that shares are not delivered by the third business day (inclusive of the day of exercise), a fee of $2,000 per day
will be assessed for each day after the third business day (inclusive of the day of exercise) until share delivery is made; and
such fee will be added to the Aggregate Exercise Amount of the Warrant (under the Investor’s and the Issuer’s expectations
that any penalty amounts will tack back to the Initial Issue Date of the Warrant). The Issuer will not be subject to any penalties
once its transfer agent correctly processes the shares to the DWAC system. Upon each occurrence of any other event of default
enumerated in Section 1.11 above, the Investor may asses and apply a fee against the Issuer of $25,000 at any time any Aggregate
Exercise Amount remains outstanding on this Warrant, regardless of whether such event of default has been cured or remedied. The
parties agree that the fee shall be added to the Aggregate Exercise Amount of the Warrant and shall tack back to the Initial Issue
Date of the Warrant for purposes of Rule 144. The Investor agrees that for each Event of Default that triggers a remedy under
this Section, the Investor may apply the liquidated damages amount to either the Note or the Warrant, at its election, but shall
not apply duplicated liquidated damages to both the Note and the Warrant for the same occurrence of an Event of Default. The parties
acknowledge and agree that upon an event of default, Investor’s damages would be uncertain and difficult (if not impossible)
to accurately estimate because of the parties’ inability to predict future interest rates and future share prices, Investor’s
increased risk, and the uncertainty of the availability of a suitable substitute investment opportunity for Investor, among other
reasons. Accordingly, any fees, charges, and default interest due under this Note or any other Transaction Document between the
parties are intended by the parties to be, and shall be deemed, liquidated damages. The parties agree that such liquidated damages
are a reasonable estimate of Investor’s actual damages and not a penalty, and shall not be deemed in any way to limit any
other right or remedy Investor may have hereunder, at law or in equity. The parties acknowledge and agree that under the circumstances
existing at the time this Note is entered into, such liquidated damages are fair and reasonable and are not penalties. All fees,
charges, and default interest provided for in this Note and the Transaction Documents are agreed to by the parties to be based
upon the obligations and the risks assumed by the parties as of the Effective Date and are consistent with investments of this
type. The liquidated damages provisions shall not limit or preclude a party from pursuing any other remedy available at law or
in equity; provided, however, that the liquidated damages are intended to be in lieu of actual damages.


 


1.13 Choice
of Remedies. Nothing herein, including, but not limited to, Holder’s electing to pursue its rights under Sections 1.9,
1.10 or 1.12 of this Warrant, shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.


 


1.14 Charges, Taxes and Expenses. Issuance of Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the
issuance of such shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be
issued in the name of the Holder or in such name or names as may be directed by the Holder. The Company shall pay all
transfer agent fees required for same-day processing of any Notice of Exercise.


 



    


    	 



    




1.15 Holder’s
Exercise Limitations. Unless otherwise agreed in writing by both the Company and the Holder, at no time will the Holder exercise
any amount of this Warrant to purchase Common Stock that would result in the Holder owning more than 4.99% of the Common Stock
outstanding of the Company (the “Beneficial Ownership Limitation”). Upon the written or oral request
of Holder, the Company shall within twenty-four (24) hours confirm orally and in writing to the Holder the number of shares of
Common Stock then outstanding.


 


ARTICLE 2 ADJUSTMENTS


 


2.1 Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that
the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 2.1 shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.


 


2.2 Subsequent Equity Sales. If the Company or any
Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase,
or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to
purchase or other disposition) any Common Stock (including pursuant to the terms of any outstanding securities issued prior
to the issuance of this security (including, but not limited to, warrants, convertible notes, or other agreements)) or any
security entitling the holder thereof (including sales or grants to the Holder) to acquire Common Stock, including, without
limitation, any debt, preferred stock, right, option, warrant or other instrument that is convertible into or exercisable or
exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock (a “Common Stock Equivalent”),
at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base Share
Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed
that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of
purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to
warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of
Common Stock at an effective price per share that is less than the Exercise Price, such issuance shall be deemed to have
occurred for less than the Exercise Price on such date of the Dilutive Issuance at such effective price regardless of whether
such holder has received or ever receives shares at such effective price), then simultaneously with the consummation of each
Dilutive Issuance the Exercise Price shall be reduced and only reduced to equal the Base Share Price and consequently the
number of Warrant Shares issuable hereunder shall be increased such that the Aggregate Exercise Amount hereunder, after
taking into account the decrease in the Exercise Price, shall be equal to the Aggregate Exercise Amount prior to such
adjustment. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. The Company
shall notify the Holder, in writing, no later than the business day following the issuance or deemed issuance of any Common
Stock or Common Stock Equivalents subject to this Section 2.2, indicating therein the applicable issuance price, or
applicable reset price, exchange price, conversion price and other pricing terms (such notice, the
“Dilutive Issuance Notice”). In addition, the Company and/or its transfer agent shall provide the Holder,
whenever the Holder requests at any time while this Warrant is outstanding, a schedule of all issuances of Common Stock or
Common Stock Equivalents since the date of the Agreement, including the applicable issuance price, or applicable reset price,
exchange price, conversion price, exercise price and other pricing terms. The term issuances shall also include all
agreements to issue, or prospectively issue Common Stock or Common Stock Equivalents, regardless of whether the issuance
contemplated by such agreement is consummated. The Company shall notify the Holder in writing of any issuances within
twenty-four (24) hours of such issuance. For purposes of clarification, whether or not the Company provides a Dilutive
Issuance Notice pursuant to this Section 2.2, upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive
a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base
Share Price in the Notice of Exercise. If the Company enters into a Variable Rate Transaction, the Company shall be deemed to
have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such
securities may be converted or exercised.



    


    	 



    

 “Variable Rate Transaction” means a transaction in which
the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or
include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange
rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common
Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange
price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon
the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the
market for the Common Stock or (ii) enters into any agreement, including, but not limited to, an equity line of credit,
whereby the Company may sell securities at a future determined price.


 


2.3 Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 2.1 or 2.2 above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the
Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right
to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and
such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation).


 


2.4 Pro
Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common
Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants
to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section 2.3), then in each such
case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed
for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP
determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then
per share fair market value at such record date of the portion of such assets or evidence of indebtedness or rights or warrants
so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith.
In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences
of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made
whenever any such distribution is made and shall become effective immediately after the record date mentioned above.


 


2.5 Notice
to Holder. Whenever the Exercise Price is adjusted pursuant to any provision of this Article 2, the Company shall promptly
notify the Holder (by written notice) setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.


 


ARTICLE 3 COMPANY COVENANTS


 


3.1 Reservation
of Shares. As set forth in Section 2.2 of document SPA-04132016, as of the issuance date of this Warrant and for the remaining
period during which the Warrant is exercisable, the Company will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of Warrant Shares upon the full exercise of this Warrant. The Company represents
that upon issuance, such Warrant Shares will be duly and validly issued, fully paid and non-assessable. The Company agrees that
its issuance of this Warrant constitutes full authority to its officers, agents and transfer agents who are charged with the duty
of executing and issuing shares to execute and issue the necessary Warrant Shares upon the exercise of this Warrant. No further
approval or authority of the stockholders of the Board of Directors of the Company is required for the issuance of the Warrant
Shares.


 



    


    	 



    




3.2 No
Adverse Actions. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including,
without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against
impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares
above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action
as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant
Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.


 


ARTICLE 4 MISCELLANEOUS


 


4.1 Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.


 


4.2 Transferability.
Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation,
any registration rights) are transferable, in whole or in part, by a written assignment of this Warrant duly executed by the Holder
or its agent or attorney. If necessary to obtain a new warrant for any assignee, the Company, upon surrender of this Warrant,
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and such new Warrants, for purposes of Rule 144, shall tack back to the original date of this
Warrant. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued.


 


4.3 Assignability.
The Company may not assign this Warrant. This Warrant will be binding upon the Company and its successors, and will inure to the
benefit of the Holder and its successors and assigns, and may be assigned by the Holder to anyone of its choosing without the
Company’s approval.


 


4.4 Notices.
Any notice required or permitted hereunder must be in writing and either personally served, sent by facsimile or email transmission,
or sent by overnight courier. Notices will be deemed effectively delivered at the time of transmission if by facsimile or email,
and if by overnight courier the business day after such notice is deposited with the courier service for delivery.


 


4.5 Governing
Law, Legal Proceedings, and Arbitration. THIS WARRANT WILL BE GOVERNED BY, 


CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEVADA, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES
THEREOF. THE PARTIES HEREBY WARRANT AND REPRESENT THAT THE SELECTION OF NEVADA LAW AS GOVERNING UNDER THIS WARRANT (I) HAS A REASONABLE
NEXUS TO EACH OF THE PARTIES AND TO THE TRANSACTIONS CONTEMPLATED BY THE WARRANT; AND (II) DOES NOT OFFEND ANY PUBLIC POLICY OF
NEVADA, FLORIDA, OR OF ANY OTHER STATE, FEDERAL, OR OTHER JURISDICTION.


 


ANY ACTION
BROUGHT BY EITHER PARTY AGAINST THE OTHER ARISING OUT OF OR RELATED TO THIS WARRANT, OR ANY OTHER AGREEMENTS BETWEEN THE PARTIES,
SHALL BE COMMENCED ONLY IN THE STATE OR FEDERAL COURTS OF GENERAL JURISDICTION LOCATED IN MIAMI-DADE COUNTY, IN THE STATE OF FLORIDA,
EXCEPT THAT ALL SUCH DISPUTES BETWEEN THE PARTIES SHALL BE SUBJECT TO ALTERNATIVE DISPUTE RESOLUTION 


 



    


    	 



    




THROUGH BINDING
ARBITRATION AT THE INVESTOR’S SOLE DISCRETION AND ELECTION (REGARDLESS OF WHICH PARTY INITIATES THE LEGAL PROCEEDINGS).
The parties agree that, in connection with any such arbitration proceeding, each shall submit or file any claim which would constitute
a compulsory counterclaim within the same proceeding as the claim to which it relates. Any such claim that is not submitted or
filed in such proceeding shall be waived and such party will forever be barred from asserting such a claim. Both parties and the
individuals signing this Note agree to submit to the jurisdiction of such courts or to such arbitration panel, as the case may
be.


 


If the Investor elects
alternative dispute resolution by arbitration, the arbitration proceedings shall be conducted in Miami-Dade County and administered
by the American Arbitration Association in accordance with its Commercial Arbitration Rules and Mediation Procedures in effect
on the Issue Date of this Warrant, except as modified by this Warrant. The Investor’s demand for arbitration shall be made
in writing, delivered to the other party, and filed with the American Arbitration Association. The American Arbitration Association
must receive the demand for arbitration prior to the date when the institution of legal or equitable proceedings would be barred
by the applicable statute of limitations, unless legal or equitable proceedings between the parties have already commenced, and
the receipt by the American Arbitration Association of a written demand for arbitration also shall constitute the institution
of legal or equitable proceedings for statute of limitations purposes. The parties shall be entitled to limited discovery at the
discretion of the arbitrator(s) who may, but are not required to, allow depositions. The parties acknowledge that the arbitrators’
subpoena power is not subject to geographic limitations. The arbitrator(s) shall have the right to award individual relief which
he or she deems proper under the evidence presented and applicable law and consistent with the parties’ rights to, and limitations
on, damages and other relief as expressly set forth in this Warrant. The award and decision of the arbitrator(s) shall be conclusive
and binding on all parties, and judgment upon the award may be entered in any court of competent jurisdiction. The Investor reserves
the right, but shall have no obligation, to advance the Issuer’s share of the costs, fees and expenses of any arbitration
proceeding, including any arbitrator fees, in order for such arbitration proceeding to take place, and by doing so will not be
deemed to have waived or relinquished its right to seek the recovery of those amounts from the arbitrator, who shall provide for
such relief in the final award, in addition to the costs, fees, and expenses that are otherwise recoverable. The foregoing agreement
to arbitrate shall be specifically enforceable under applicable law in any court having jurisdiction thereof.


 


4.6 Delivery
of Process by Holder to the Company. In the event of any action or proceeding by Holder against the Company, and only by Holder
against the Company, service of copies of summons and/or complaint and/or any other process which may be served in any such action
or proceeding may be made by Holder via U.S. Mail, overnight delivery service such as FedEx or UPS, email, fax, or process server,
or by mailing or otherwise delivering a copy of such process to the Company at its last known address or to its last known attorney
set forth in its most recent SEC filing.


 


4.7 No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 1.1. So long as this Warrant is unexercised,
this Warrant carries no voting rights and does not convey to the Holder any “control” over the Company, as such term
may be interpreted by the SEC under the Securities Act or the Exchange Act, regardless of whether the price of the Company’s
Common Stock exceeds the Exercise Price.


 


4.8 Limitation of Liability. No provision hereof, in the
absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration
herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of
any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.


 


4.9 Attorney
Fees. In the event any attorney is employed by either party to this Warrant with regard to any legal or equitable action,
arbitration or other proceeding brought by such party for the enforcement of this Warrant or because of an alleged dispute, breach,
default or misrepresentation in connection with any of the provisions of this Warrant, the prevailing party in such proceeding
will be entitled to recover from the other party reasonable attorneys’ fees and other costs and expenses incurred, in addition
to any other relief to which the prevailing party may be entitled.


 



    


    	 



    




4.10 Opinion of Counsel. In the event that an opinion
of counsel is needed for any matter related to this Warrant, Holder has the right to have any such opinion provided by its
counsel. Holder also has the right to have any such opinion provided by the Company’s counsel. THE ISSUER HEREBY
WARRANTS AND REPRESENTS THAT THE SELECTION OF NEVADA LAW AS GOVERNING UNDER THIS AGREEMENT (I) HAS A REASONABLE NEXUS TO EACH
OF THE PARTIES AND TO THE TRANSACTIONS CONTEMPLATED BY THESE AGREEMENTS; AND (II) DO NOT OFFEND ANY PUBLIC POLICY OF NEVADA,
FLORIDA, OR OF ANY OTHER STATE, FEDERAL, OR OTHER JURISDICTION.


 


4.11 Nonwaiver.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice the Holder’s rights, powers or remedies.


 


4.12 Amendment
Provision. The term “Warrant” and all references thereto, as used throughout this instrument, means this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented.


 


4.13 No
Shorting. Holder agrees that so long as this Warrant remains unexercised in whole or in part, Holder will not enter into or
effect any “short sale” of the common stock or hedging transaction which establishes a net short position with respect
to the common stock of the Company. The Company acknowledges and agrees that as of the date of delivery to the Company of a fully
and accurately completed Notice of Exercise, Holder immediately owns the common shares described in the Notice of Exercise and
any sale of those shares issuable under such Notice of Exercise would not be considered short sales.


 


IN WITNESS
WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto


duly authorized
as of the date first above indicated.


GREENESTONE
HEALTHCARE CORPORATION


 


 


 


By:
____________________________


 Shawn E. Leon


 Chief Executive
Officer


 


 


 


 


HOLDER:


 


 


________________________________


JMJ
Financial / Its Principal



    


    	 



    




NOTICE OF EXERCISE


 


TO: GREENESTONE
HEALTHCARE CORPORATION


 


(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms


of the attached
Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any.


(2)
Payment shall take the form of (check applicable box):


 


[ ]
in lawful money of the United States; or


 


[ ]
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in Section 1.3, to
exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in Section 1.3.


 


(3)
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or


in such other
name as is specified below:


 


  _______________________________


  


 


The Warrant
Shares shall be delivered to the following DWAC Account Number:


 


  _______________________________


  


  _______________________________


  


  _______________________________


 


(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.


 


[SIGNATURE
OF HOLDER]


 


 


Name: _______________________________________


Date: ________________________________________