Exhibit
10.3


  


November
29, 2021


 


Canna-Global
Acquisition Corp


4640
Admiralty Way, Suite 500


Marina
Del Rey, California 90292


 


	 	Re:
    Form of Placement Unit Purchase Agreement


 


Ladies
and Gentlemen:


 


Canna-Global
Acquisition Corp (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities
(a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities
Act”), in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration
Statement”). The undersigned hereby commits that it will purchase 802,500 placement units,
in view of the fact that the over-allotment option was exercised in full by EF Hutton, division of Benchmark Investments, LLC
(“EF Hutton”), at a price of $10.00 (the “Over-Allotment Purchase Price”)
per unit (“Private Units”), each Private Unit consisting of one share of Class
A common stock of the Company, par value $0.000001 per share (the “Class A Common Stock”), and one warrant (the “Warrants”),
with each whole warrant entitling its holder to purchase one (1) share of Class A Common Stock, for a purchase price of $8,025,000 (the
“Private Unit Purchase Price”).


 


At
least twenty-four (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Private Unit Purchase
Price to be delivered to Continental Stock Transfer & Trust (“CSTT”), by wire transfer, as set forth in the instructions
attached as Exhibit A, to hold in a non-interest bearing account until the Company consummates the IPO.


 


The
consummation of the purchase and issuance of the Private Units shall occur simultaneously with the consummation of the IPO and the consummation
of the purchase and issuance of the Over-Allotment Units shall occur simultaneously with the closing of any exercise of the over-allotment
option related to the IPO. Simultaneously with the consummation of the IPO, CSTT shall deposit the Private Unit Purchase Price, without
interest or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s
public shareholders as described in the Registration Statement. If the Company does not complete the IPO within ten (10) days from the
date of this letter, the Private Unit Purchase Price (without interest or deduction) will be returned to the undersigned.


 


Each
of the Company, and the undersigned acknowledges and agrees that CSTT is serving hereunder solely as a convenience to the parties to
facilitate the purchase of the Private Units and CSTT’s sole obligation under this letter agreement is to act with respect to holding
and disbursing the Private Unit Purchase Price as described above. CSTT shall not be liable to the Company, EF Hutton or the undersigned
or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with performing its services
hereunder unless CSTT has acted in a manner constituting gross negligence or willful misconduct. The Company and the undersigned shall
indemnify CSTT against any claim made against it (including reasonable attorney’s fees) by reason of it acting or failing to act
in connection with this letter agreement except as a result of its gross negligence or willful misconduct. CSTT may rely and shall be
protected in acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and believed
by it to be genuine and to have been signed or presented by the proper party or parties.


 


The
Private Units and Over-Allotment Units will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned
agrees:


 


	 	●	to
    vote the shares of Class A Common Stock included in the Private Units and Over-Allotment Units in favor of any proposed Business
    Combination;



 






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	 	●	not
    to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation that would
    affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s shares of Class A Common Stock
    sold in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the IPO (or
    up to 18 months from the closing of the IPO if the Company extends the period of time to consummate an initial Business Combination,
    as described in more detail in the prospectus included in the Registration Statement), unless the Company provides the holders of
    shares of Class A Common Stock sold in the IPO with the opportunity to redeem their shares of Class A Common Stock upon approval
    of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust Fund, including interest
    earned on Trust Fund and not previously released to the Company to pay the Company’s franchise and income taxes, divided by
    the number of then outstanding shares of Class A Common Stock sold in the IPO;
	 	 	 
	 	●	not
    to convert any shares of Class A Common Stock included in the Private Units and Over-Allotment Units into the right to receive cash
    from the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions
    of the Company’s Amended and Restated Certificate of Incorporation, and not to tender the Private Units and Over-Allotment
    Units in connection with a tender offer conducted prior to the closing of a Business Combination;
	 	 	 
	 	●	the
    undersigned will not participate in any liquidation distribution with respect to the Private Units and Over-Allotment Units (but
    will participate in liquidation distributions with respect to any units or shares of Class A Common Stock purchased by the undersigned
    in the IPO or in the open market) if the Company fails to consummate a Business Combination;
	 	 	 
	 	●	that
    the Private Units, Over-Allotment Units and underlying securities will not be transferable until after the consummation of a Business
    Combination except (i) to the Company’s pre-IPO shareholders, or to the Company’s officers, directors, advisors and employees,
    (ii) transfers to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate
    planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations
    order, (vi) by private sales made in connection with the consummation of a Business Combination at prices no greater than the price
    at which the Private Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation
    of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions;
    and
	 	 	 
	 	●	the
    Private Units and Over-Allotment Units will include any additional terms or restrictions as is customary in other similarly structured
    blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each
    of which will be set forth in the Registration Statement


 


The
undersigned acknowledges and agrees that the purchaser of the Private Units and Over-Allotment Units will execute agreements in form
and substance typical for transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation
of the IPO as are reasonably acceptable to the undersigned, including but not limited to an insider letter. The undersigned hereby represents
and warrants that:


 


	 	a.	it
    has been advised that the Private Units and Over-Allotment Units have not been registered under the Securities Act;
	 	 	 
	 	b.	it
    will be acquiring the Private Units and Over-Allotment Units for its account for investment purposes only and not with a view to
    the distribution or resale of such units;
	 	 	 
	 	c.	it
    has no present intention of selling or otherwise disposing of the Private Units and Over-Allotment Units in violation of the securities
    laws of the United States;
	 	 	 
	 	d.	it
    is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act;
	 	 	 
	 	e.	it
    has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons
    acting on its behalf concerning the terms and conditions of the offer made hereunder;



 






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	 	f.	it
    is familiar with the proposed business, management, financial condition and affairs of the Company;
	 	 	 
	 	g.	it
    has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to
    consummate the transactions contemplated in this letter;
	 	 	 
	 	h.	it
    has he financial ability to bear the economic risk of its investment in the Private Units and the Over-Allotment Units and is able
    to bear a total loss of its investment in such units;
	 	 	 
	 	i.	it
    understands that the Private Units and Over-Allotment units are not readily marketable;
	 	 	 
	 	j.	it
    has no need for liquidity with respect to its investment in the Private units and the Over-Allotment Units and no need to dispose
    of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness;
	 	 	 
	 	k.	it
    is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands
    and accepts, the terms, conditions and risks of its investment in the Private Units and the Over-Allotment Units; and
	 	 	 
	 	l.	this
    letter constitutes its legal, valid and binding obligation, and is enforceable against it.


 


This
letter agreement constitutes the entire agreement between the undersigned and the Company with respect to the purchase of the Private
Units and Over-Allotment Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to the same.


 


	 	Very
                                            truly yours,


 



	 	CANNA-GLOBAL LLC 





	 	 
	 	By:	/s/
                                            Antony Gordon

	 	Name:	Antony
                                            Gordon

    

	 	Title:	Co-Manager

     

	 	By:	/s/
    Kris Choon Kit Yaw
	 	Name:

    
	Kris
    Choon Kit Yaw
	 	Title:

    
	Co-Manager


 





 


	Accepted
    and Agreed:	 
	 	 
	CANNA-GLOBAL
    ACQUISITION CORP	 
	 	 	 
	By:	/s/
                                            J. Gerald Combs
	 
	Name:	J.
    Gerald Combs	 
	Title:	Chief
    Executive Officer	 


 




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Exhibit
A


 


CANNA-GLOBAL
ACQUISITION CORP


 


Wire
Instructions


 




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