Document:

Exhibit
4.8

 

 

Certain
confidential information contained in this document, marked by brackets, was omitted because it is both (i) not material and (ii) is
the type that the registrant treats as private or confidential. “[***]” indicates where the information has been omitted
from this document.

 

LICENSE
AND CONSULTING AGREEMENT

 

THIS
LICENSE AND CONSULTING AGREEMENT (the “Agreement”) is entered into as of February 20, 2020, by and between, THE CIMA GROUP
LLC, a Colorado limited liability company, with its principal place of business located at 1668 Valtec Lane Boulder, CO 80301 (“Licensor”),
and Plants of Ruskin LLC with its principal place of business located at 5909 US Highway 41 North, Apollo Beach, FL 33616 (“Licensee”).
Licensor and Licensee are each a “Party” and together the “Parties”.

 

Recitals

 

	 	A.	Licensor is the developer and owner of the “Intellectual Property” or “Licensed IP” (as defined below) related to cannabinoid-infused products.
	 	 	 
	 	B.	Licensor has experience developing a market for sales of its cannabinoid-infused products.
	 	 	 
	 	C.	Licensee wishes to use the Intellectual Property and Licensor’s expertise in connection with the manufacture, sale and distribution of the “Licensed Products” (as defined below) in the state of Florida (the “Territory”).

 

Agreement

 

IN
CONSIDERATION OF the mutual promises and covenants contained in this Agreement, the Parties agree as follows:

 

1.
Grant of License. Licensor hereby grants to Licensee, subject to the terms and conditions of this Agreement, a non-transferable,
revocable, exclusive license (the “License”) to the Licensed IP to create, produce, manufacture, advertise, promote, market
and sell the products set forth on Exhibit A (the “Licensed Products”) in the Territory until the expiration
or early termination of this Agreement. “Licensed IP” (sometimes referred to in this Agreement as “Intellectual
Property” means, with respect to the Licensed Products in the Territory: (a) test results, databases, and notebook entries developed
or made as a result of the performance of this Agreement, all of which shall immediately become the property of Licensor, whether created
by Licensor or Licensee (“Data”); (b) Any art or process, method, machine, manufacture, design, formulation, or composition
of matter, or any new and useful improvement thereof, developed or made as a result of this Agreement which is or may be patentable under
the patent laws of the United States, all of which shall immediately become the property of Licensor, whether created by Licensor or
Licensee (“Inventions”; (c) Standard operating procedures, formulations, recipes, production technology, packaging methodologies,
information, distribution and sales networks and skills (“Know How”); and (d) Brands, trademarks, trade dress and
service marks, whether registered or unregistered (“Marks”). In consideration for the License, Licensee shall pay
to Licensor the License Fee set forth on Exhibit B. Notwithstanding anything to the contrary, “Licensed IP” shall
not include any industry standard or generic formulations, recipes, or combinations,
and shall not include any of the foregoing that relate to products other than the Licensed Products.

 

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2.
Acceptance of License. Licensee hereby accepts the License and shall create, produce, manufacture, advertise, promote, market and
sell the Licensed Products only in accordance with the terms and conditions set forth in this Agreement. Licensee shall notify Licensor
promptly, in writing, if Licensee becomes aware of any uses of the Licensed Names or names that are confusingly similar to the Licensed
Names.

 

3.
Term.

 

(a)
Subject to the provisions below, the term of this Agreement shall be one (1) year, commencing thirty (30) days after the retail sale
of the Licensed Products becomes legal in the Territory (“Initial Term”). The Parties shall meet three (3) months
prior to the expiration of the Initial Term, to discuss the potential renewal of this Agreement in accordance with this Section. The
Parties may agree (but shall have no obligation) to extend the term of the current Agreement (“Extended Term”) and/or
negotiate new or additional rights and/or obligations under the Agreement at any time during the Initial Term, pursuant to a written
agreement signed by both Parties. The Initial Term and any and all Extended Term(s) shall be referred to collectively as the “Term”.

 

(b)
Notwithstanding Section 3(a), this agreement shall automatically renew for two (2) years after the Initial Term if either: i) Licensee’s
gummy edible market share, measured as a percentage of total edible gummy sales, in the immediately preceding calendar
month is within the top two (2) of all Medical Marijuana Treatment Clinics in Florida, or, ii) (if such a calculation of market share
cannot be made using available market sales data) Licensee can prove an average minimum sales threshold of $12,000.00 per month, for
each store open more than one (1) year, during the final three months of the initial term.

 

(c)
Notwithstanding Section 3(a), Licensor shall have the right to terminate, or renegotiate, this Agreement prior to the expiration of the
Term for: i) a change in Florida state law that results in the removal of current vertical integration requirements; and ii) if said
change in Florida state law results in the Licensee’s inability to demonstrate the cultivation and manufacturing capacity to meet
market demand for the Licensed Products.

 

(d)
Notwithstanding Section 3(a), either Party may terminate this Agreement prior to the expiration of the Term for breach of this Agreement
as follows: Following a breach, the non-breaching Party shall give the breaching Party written notice of the breach. If the breach remains
uncured for 14 days after the date of such written notice, then the non-breaching Party may terminate this Agreement by giving thirty
(30) days written notice of termination. For purposes of this Section 3, the inability of Licensee to meet the agreed upon launch schedule
or agreed upon modifications to the schedule shall be considered a breach of this Agreement. Licensor may terminate this Agreement prior
to the expiration of the Term without Licensee having a right to cure for: i) material violation by Licensee of Applicable Law; or ii)
the inability to produce a sufficient quantity of the Licensed Products to meet reasonably anticipated demand.

 

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(e)
Notwithstanding Section 3(a), Licensor shall have the right to terminate this Agreement prior to the expiration of the Term for a change
in Licensor’s ownership as follows: If 50% or more of the ownership of Licensor (cumulatively) is transferred to a third-party
that is unrelated to any of the other, current owners, then Licensor shall have the right to terminate this Agreement by giving thirty
(30) days written notice of termination and by paying Licensee eight times the amount of the immediately preceding three-months’
revenue for Licensee’s sale of products subject to this Agreement.

 

(f)
Notwithstanding Section 3(a), Licensee shall have the right to terminate this Agreement prior to the expiration of the Term for a change
in Licensee’s ownership as follows: If 50% or more of the ownership of Licensee (cumulatively) is transferred to a third-party
that is unrelated to any of the other, current owners, then Licensee shall have the right to terminate this Agreement by giving thirty
(30) days written notice of termination and by paying Licensor four times the amount of the immediately preceding three-months’
revenue for Licensee’s sale of products subject to this Agreement.

 

(g)
Notwithstanding Section 3(a), Licensor shall have the right to terminate this Agreement prior to the expiration of the Term for a change
in federal laws allowing the interstate shipment of cannabis products by giving thirty (30) days written notice of termination.

 

(h)
Notwithstanding Section 3(a), if a change is made to Florida state law, allowing for the sale of recreational cannabis products, Licensor
and Licensee shall renegotiate the terms of this Agreement prior to the expiration of the Term.

 

(i)
Notwithstanding Section 3(a), either Party shall have the right to terminate this Agreement prior to the expiration of the Term if the
Florida Department of Health, or successor agency, fails to grant any variance necessary to implement this Agreement, including, but
not limited to: the dispensing or sale of edible gummies; production, branding, packaging or marketing; floor plan and facility layout;
and, standard operating procedures.

 

4.
Effects of Expiration and/or Termination: Upon termination or expiration of this Agreement for any reason, the obligations of each
Party shall cease, except that Licensee shall (a) pay to Licensor the License Fee and any and all monies owed pursuant to the Exhibit
B for charges for all services performed by Licensor and (b) have sixty (60) days (“Sell-Off Period”) to sell
any Licensed Product in Licensee’s possession or which is a work-in-process at the time of expiration and/or termination. Any Licensed
Products sold by Licensee during the Sell-Off Period shall be subject to the License Fee described in Exhibit B. Upon the expiration
or termination of the Agreement, Licensee shall immediately: a) cease all use of the Licensed IP; b) cease all manufacturing, marketing
and/or sale of the Licensed Products; c) destroy and/or return to Licensor any and all marketing materials related to the Licensed Products
and/or Licensed IP; and d) return to Licensor all.

 

5.
License Fee. No later than the fifteenth (I5th) day of each calendar month, Licensee shall provide a calculation of the license fee
earned by Licensor for the previous calendar month,

 

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in
accordance with Exhibit B (“License Fee”). No later than the last day of each calendar month, Licensee shall
pay to Licensor the License Fee earned by Licensor for the previous calendar month, in the amount set forth on the calculation. Licensee
shall pay to Licensor interest at the rate of one and one-half percent (1.5%) per month, compounded monthly, on any amounts not paid
when due.

 

6.
Training.

 

(a)
Licensor shall provide up to 15 days of on-site R&D, training in Colorado and on-site training at Licensee’s facility
and six months of remote support (“Initial Training”) to Licensee’s employees in the manufacture of the Licensed
Products and SOPs related to the Licensed Products. After the Initial Training, Licensee has the right to obtain additional training
and support (“Additional Training”) at the rates outlined in Exhibit B upon reasonable notice. Licensee shall
reimburse Licensor for its travel and other reasonable out-of-pocket expenses incurred in providing any and all training beyond the Initial
Training following receipt of an invoice therefor. “Training” means a reference to Initial Training and/or Additional Training
as the context requires. If the kitchen leadership of Licensee changes during the term of this Agreement, Licensee will send the new
leadership to Colorado for training, at Licensee’s expense. “Kitchen Management” is defined as the person or
persons who train Licensee’s staff on Cima’s processes.

 

(b)
Licensor shall provide up to 10 days of sales training split between Colorado and Licensee’s Territory.

 

7.
Development of Marketing and Market Share Goals. Licensor shall consult with

 

Licensee
to help Licensee to develop a marketing strategy for the Licensed Products in the Territory. Licensee shall collect such data as is necessary
and desirable to allow the Parties to develop a marketing strategy and market share goals.

 

(a)
Licensor may provide visual merchandising displays and materials at Licensee’s request and expense for use by Licensee’s
customers in the retail sales of the Licensed Products. Licensee shall use commercially reasonable attempts to have its customers for
the Licensed Products use such displays and materials.

 

(b)
Within 30 days before the projected launch date, both Parties shall agree on minimum sales targets for the Territory for the first 6
months (“Initial Launch Period”). After the Initial Launch Period, Licensor and Licensee shall compare the sales targets
with actual sales. If Licensee was unable to meet the minimum sales targets, there shall be no penalty, and Licensor and Licensee shall
work together to set reasonable sales targets. Sales targets shall be reassessed by both Parties biannually. After the Initial Launch
Period, if Licensee is unable to meet the agreed-upon sales targets for two or more 6-month periods, (a) other than due to the fault,
action, or inaction of Licensor or due to regulatory matters outside Licensee’s control, Licensor may terminate this Agreement
or revoke exclusivity of the Licensed Products at its sole discretion, or (b) Due to regulatory changes outside of Licensee’s control,
the Parties shall work together to make appropriate modifications to the sales targets to address such regulatory changes; if such modifications
cannot be agreed upon, then Licensor may terminate this Agreement.

 

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8.
Licensor’s Obligations.

 

(a)
Licensor shall provide to Licensee a copy of Licensor’s detailed Standard Operating Procedures (“SOPs”), including
any and all Licensed IP for any and all aspects of production, manufacture, & quality assurance, for the Licensed Products.

 

(b)
Licensor shall provide to Licensee any and all Intellectual Property related to the Licensed Products and their packaging, labeling,
and advertising as is reasonably necessary to allow Licensee to produce, package, advertise and/or sell the Licensed Products.

 

(c)
Licensor shall provide to Licensee a list of (i) required equipment for the production and packaging of the Licensed Products (“Required
Equipment”), however, Licensee may choose to use their own equipment as long as it produces a product of equal or better quality;
(ii) requirements for the safety, use and operation of Required Equipment; and (iii) all required raw material.

 

(d)
Licensor shall provide to Licensee a floor plan and facility layout specific to the processing and manufacturing premises. Licensor and
Licensee will mutually agree upon layout.

 

(e)
At its facility, Licensor shall design the packaging for the Licensed Products in compliance with Applicable Law. “Applicable
Law” means the state laws of the Territory.

 

9.
Licensee’s Obligations. Licensee shall:

 

(a)
Adhere to the recipes provided as part of the Licensed IP and other SOPs and to follow the quality assurance protocols for production
and delivery as defined by Licensor in Exhibit C unless otherwise instructed by Licensor or agreed by the Parties in writing.

 

(b)
Participate in production audits and oversight monitoring of all Licensed IP (using Licensor’s internal team or a third-party auditor)
and regulatory audits (using a third-party compliance or consulting firm) as reasonably required to ensure operational and regulatory
compliance as specified in, and subject to the terms of, Exhibit C.

 

(c)
Make no changes to any branding, packaging, or marketing materials provided by Licensor.

 

(d)
Use the appropriate TM or ® symbol in connection with the Licensed Names.

 

(e)
Provide or purchase all of the marijuana or its derivatives, and all other ingredients necessary for Licensee to produce a sufficient
amount of the Licensed Products to meet the reasonably anticipated demand in the Territory for the Licensed Products.

 

(f)
Provide or purchase all of the Required Equipment necessary for the production, packaging and storage of the Licensed Products.

 

(g)
Provide or purchase all of the packaging materials reasonably necessary for the packaging of
the Licensed Products.

 

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(h)
Provide, in its reasonable discretion, adequate personnel to manufacture, market, sell and deliver the Licensed Products.

 

(i)
Have on hand for the first training session all Required Equipment, and sufficient raw materials, for the production of a three-month
Supply of Licensed Products. Three-month supply is to be determined by the Parties based upon agreed forecasted sales.

 

(j)
Have on hand for R&D trip all Required Equipment and sufficient raw materials, as set forth by the Licensee Coordinator. Failure
to have the Required Equipment and sufficient raw materials on site will result in Licensee reimbursing Licensor $500 per day for Licensor’s
time, as well as reimbursing all travel expenses.

 

(k)
Purchase labels or pre-printed packaging for Licensed Products from Licensor’s prescribed vendor, or if Licensee chooses a vendor,
Licensor shall first approve the vendor.

 

(1)
Provide licensed facilities that comply with Applicable Law in which to produce the Licensed Products.

 

(m)
Provide kitchen and packaging areas that are climate controlled, not to exceed an average of 40% humidity.

 

(n)
Provide and pay for utilities, insurance and all other operating requirements for Licensee’s facility.

 

(o)
Conduct sales, marketing and distribution of the Licensed Products, and collect all monies owed in connection with such sales and distribution.

 

(p)
Spend a minimum of $1,500.00 per month to promote and educate budtenders and consumers about Licensor’s products including PR,
promotional materials, and event support for a minimum of six months after launch. In conjunction with such expenditure the Parties shall,
within one month after the beginning of the Term, agree upon plans for allowing Licensee to provide its wholesale customers with samples
in compliance with state licensing laws (the “Customer Sampling Plan”), the cost of the Customer Sampling Plan to
be shared equally by the Parties. In connection with the Customer Sampling Plan, the “cost” to be shared shall be Licensee’s
direct production costs, issued as a credit towards Licensees monthly License Fee payment.

 

(q)
Provide to Licensor copies of all production and laboratory test results pertaining to the quality and strength of all marijuana derivatives
to be used in the production of the Licensed Products and pertaining to the manufactured Licensed Products.

 

(r)
Timely pay to Licensor all fees described in Exhibit B. Licensee’s failure to pay fees to Licensor within fifteen days after
written notice shall be a non-curable breach of this Agreement. If Licensor has given two such notices to Licensee during the term of
this Agreement, any subsequent
failure of Licensee to timely pay to Licensor its fees shall be a non-curable breach of this Agreement without any notice by Licensor.

 

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(s)
Ensure that Licensed Products are available within 30 days after the commencement of the Term. If Licensee fails to meet this requirement,
it shall pay to Licensor $5,000.00 for every month (i.e., 30 days), or portion of a month until Licensee makes the Licensed Products
available.

 

(t)
Purchase pectin from Licensor at Licensor’s cost plus the actual cost of shipping and a fee of 10% of the product cost to account
for handling.

 

(u)
Always carry a minimum inventory of Licensed Products equal to three-fourths of the previous calendar month’s sales, unless otherwise
agreed by the Parties in writing.

 

(v)
Fill and ship all orders within three calendar days.

 

(w)
Use all commercially reasonable efforts to achieve agreed-upon market penetration goals.

 

(x)
Alert Licensor of any regulatory changes in a timely manner.

 

(y)
Notify Licensor of any trade or cash discounts offered on the licensed products listed in Exhibit A. 

 

(z)
In territories where the program is available, participate in BDS Analytics’ retail sales tracking program by sharing Licensee’s
retail sales data with BDS Analytics monthly, either manually through a data export or via API.

 

(aa)
Use THC distillate in the manufacture of the Licensed Products that meets the color and potency standards outlined in Exhibit E.

 

10.
Mutual Indemnification. Licensee shall indemnify, defend, and hold harmless Licensor, its affiliates, managers, directors, officers,
agents and employees, at its sole expense, against any and all proceedings, suits, claims, demands, causes of action, debts or liabilities,
including reasonable attorneys’ fees and amounts paid in settlement arising out of or in connection with: (1) Licensee’s
breach of any representation, warranty, covenant, restriction, obligation or other agreement contained in this Agreement; or (2) any
claim or allegation of a third-party of personal injury or property damage attributable to the acts, omissions or negligence of Licensee
or Licensee’s employees or agents; or 3) any false or misleading claims made by Licensee in connection with the use of Licensed
IP and/or Licensed Products. Licensor shall indemnify, defend and hold harmless Licensee, its affiliates, managers, directors, officers,
agents and employees, at its sole expense, against any and all proceedings, suits, claims, demands, causes of action, debts or liabilities,
including attorneys’ fees and amounts paid in settlement arising out of or in connection with: (1) Licensor’s breach of any
representation, warranty, covenant, restriction, obligation or other agreement contained in this Agreement; or (2) any claim or allegation
of a third-party related to Licensee’s use of Licensor’s Licensed Marks, Licensed IP and/or Licensed Products
to the extent it does not arise from any negligence or misconduct on the part of Licensee.

 

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11.
Ownership of Licensed IP.

 

(a)
Licensee acknowledges and agrees Licensor’s exclusive right, title and interest in and to the Licensed IP, all goodwill associated
therewith and all rights relating thereto, and shall not at any time do or cause to be done any act or thing contesting or in any way
impairing or tending to impair any part of Licensor’s rights in and to the Licensed IP. Any sales of the Licensed Products and/or
any use of the Licensed IP by Licensee shall inure solely to the benefit of Licensor. Licensee shall not at any time adopt or use, without
Licensor’s prior written consent, any name or trademark that is similar to or likely to be confused with, the Marks, nor shall
Licensee attempt to register or own any certificates of registration for any name or trademark similar to the Marks with the U. S. Patent
and Trademark Office or with any state or local trade name or trademark registration entity or process.

 

(b)
Licensor and Licensee agree to take whatever action Licensor, using reasonable business judgment, deems necessary to protect the validity
and strength of the IP within the Territory. Such action may include, without limitation, (i) assuming responsibility for the defense
of any lawsuit challenging or affecting rights to the Licensed IP, or (ii) instituting legal proceedings and/or litigation to protect
Licensor’s rights to the Licensed Products or the Licensed LP. Should Licensor choose to take any action with respect to protection
of the strength and validity of the Licensed Products or Licensed IP, Licensee agrees to cooperate fully with Licensor and comply with
all requests for assistance in connection therewith.

 

12. Confidentiality.
Licensee acknowledges and agrees that the Licensed IP have been developed by Licensor through the investment of significant
time, effort and expense, that the Licensed IP constitute trade secrets of Licensor, and that the Licensed IP are a valuable,
special and unique asset of Licensor which provides it with a significant competitive advantage in the marketplace and shall remain
the exclusive property of Licensor. Except as required for its performance of this Agreement, including disclosure to the Florida
Department of Health or successor agency, Licensee shall hold in confidence and shall not, directly or indirectly use, disseminate,
disclose to any person or organization, or publish any of the Licensed IP without the express permission of Licensor, or the
contents of this Agreement, except as may be necessary to enforce it. Licensee shall take all necessary steps to ensure that its
employees and subcontractors maintain the confidentiality of the Licensed IP and the contents of this Agreement. Upon termination or
expiration of this Agreement for any reason and in addition to Licensee’s return obligations under Section 4, above, (a)
Licensee shall return to Licensor any and all books, records, documents, materials and/or other repositories of information related
to the Licensed IP or based upon (in whole or in part) the Licensed IP, including electronic media or devices and copies of such
information, then in Licensee’s possession, regardless of who prepared it or how it was obtained, and/or shall destroy such
information and provide certification to Licensor of such destruction, and (b) Licensor shall return to Licensee and all books,
records, documents, materials, and/or other repositories of information related to Licensee’s proprietary, confidential
information, including
electronic media or devices and copies of such information then in Licensors possession, regardless of who prepared it or how it was
obtained, and/or shall destroy such information and provide certification to Licensee of such destruction. Each Party shall use all reasonable
efforts to delete any and all electronic copies of any of the other Party’s confidential information in its possession or control.
Licensee shall take all commercially reasonable and necessary measures to prevent disclosure of the Licensed IP to any and all third
parties not authorized by Licensor to have access to it.

 

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13.
Non-Competition. 

 

	 	(a)	Licensee may not:
	 	 	 	 	 
	 	 	 	i.	Utilize
    the Licensed IP to develop any cannabinoid-infused products.
	 	 	 	 	 
	 	 	 	ii.	During
    the term of this agreement, manufacture pectin-based gummy products that compete, or might compete, with the Licensed Products.
	 	 	 	 	 
	 	(b)	Licensee shall obtain from its key employees and subcontractors with access to the Licensed IP or processes written agreements binding them to the terms set forth in Section 13(a) and shall provide to Licensor upon demand the names of such employees and subcontractors, and copies of such agreements.

 

14. Enforcement.
In the event that any provision of Sections 12 or 13 is found to be illegal or unenforceable, such provision shall be severed
or modified only to the extent necessary to make it enforceable, and as so severed or modified, the remainder of those sections
shall remain in full force and effect.

 

The
Parties acknowledge that the provisions of Sections 12 and 13 are essential for Licensor’s protection and that any breach or threatened
breach of either of those sections would cause immediate and irreparable damage to Licensor, for which monetary relief would be inadequate
or impossible to ascertain. Accordingly, the Parties agree that upon the existence of any breach or threatened breach of either Section
12 or 13, Licensor may, without limitation of any other rights it may have, including the recovery of damages, costs, and/or attorney’s
fees, seek a temporary restraining order, preliminary injunction, order for specific performance, or other appropriate form of equitable
relief.

 

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15. Right to Inspect. Licensee shall
provide to Licensor the information regarding production and sales of the Licensed Products as set forth on Exhibit D,
as may be modified from time to time by Licensor. All applicable records shall be open to inspection and full audit by Licensor and
its agents at reasonable times upon reasonable advance notice to Licensee and at Licensor’s cost. All such audits or
inspections shall be conducted in a manner so as to minimally interfere with Licensee’s operations. If any such inspection or
audit discloses a liability for payment of monthly License Fees of five percent (5%) or more in excess of the License Fee actually
paid by Licensee for the applicable period, or if Licensee fails to timely deliver a required report
following written notice of non-receipt of that report, in addition to paying the amount of the deficiency, Licensee shall pay
Licensor’s costs of the examination revealing the shortfall. The following occurrences within any twelve month period shall
constitute a breach of this Agreement by Licensee: Two inspections or audits disclosing a liability for payment of the License Fee
of five percent (5%) or more in excess of the license fee paid by Licensee for the applicable period, or Licensee’s failure to
deliver a required report two times (following any notice that may be required elsewhere in this Agreement), or one inspection and
one failure to deliver. In the event of a default under this Section 16, in addition to any other rights Licensor may have in
connection with a breach of this Agreement, Licensor shall have the right to terminate this Agreement upon notice and to collect
damages from Licensee. Licensee shall keep all relevant records pertaining to production of the Licensed Products and calculation
and payment of the License Fees to Licensor for at least three (3) years after the period to which such records relate, including
any applicable records which would normally be examined by an independent accountant pursuant to generally accepted accounting
principles.

 

16.
Insurance. Licensee shall procure and maintain in full force, at its sole expense, beginning on the Execution Date, during the Term
of this Agreement, for so long as Licensee continues to sell the Products after this Agreement terminates, and for 12 months following
Licensee’s final sale of the Products, commercial general liability and product liability insurance including coverage for Products
(including Personal/Advertising and completed operations and contractual liability with a minimum limit of $1,000,000 per occurrence
issued on a form at least as broad as Insurance Services Office (“ISO”) Commercial General Liability Coverage “occurrence”
form CG 00 01 10 01 or another ISO Commercial General Liability “occurrence” form providing equivalent coverage, and a minimum
aggregate amount of $4,000,000. Such policy or policies shall be carried by insurance companies that are allowed to do business in the
state(s) Licensee is located, and are in good standing, in the United States that have and maintain an A.M. Best’s rating of A-7
or better and are within a financial size category of not less than “Class X” in the most current Best’s Key Rating
Guide or such similar rating as may be reasonably selected by Licensor, that specifically recognize and insure Licensee against its contractual
liability under this Agreement. Such insurance shall include broad form contractual liability coverage and (1) be primary and noncontributory;
and (2) name Licensor as an additional insured beneficiary. Licensee shall also cause such coverage to contain an endorsement prohibiting
cancellation, or failure to renew, without the insurer first giving Licensor thirty (30) days’ prior written notice (by mail) of
such proposed action. Deductibles and self-insured retentions shall be deemed to be “insurance” for purposes of the waiver
of subrogation described in this Agreement below. Licensee shall hold Worker’s Compensation insurance that shall cover Licensee’s
employees while training in Colorado.

 

17.
Product Recall.

 

(a)
Unless a recall is based solely upon the Licensed IP or materials provided by Licensor, Licensee is solely responsible, at its sole cost
and expense, to take any and all necessary actions related to Licensed Product recall, including, but not limited to: a) adhering to
Applicable Law or applicable guidelines and/or requirements; b) payment of any and all costs and/or fees related to the Licensed Product
recall; c) informing the dispensaries of such Licensed Product recall; d) removing
from the marketplace and/or storing the recalled Licensed Product in a timely manner. Further, Licensee shall promptly notify Licensor
of any Licensed Product recall and the actions to be taken to comply with Applicable Law.

 

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(b)
If a recall is based solely upon the Licensed EP or materials provided by Licensor, then Licensor shall be solely responsible, at its
sole cost and expense, to take any and all necessary actions related to such Licensed Product recall, including, but not limited to:
a) adhering to Applicable Law or appropriate guidelines and/or requirements; b) payment of any and all costs and/or fees related to the
Licensed Product recall; c) coordinating with Licensee to inform the dispensaries of such Licensed Product recall

 

18.
Rights as to New Products. Provided only if Licensee is able to demonstrate the production capacity necessary to deliver a
sufficient quantity of the New Licensed Products to meet the reasonably anticipated demand requirements of the Territory, Licensor hereby
grants to Licensee a right of first offer as to all new cannabinoid-infused products that it develops during the Term of this Agreement
and which Licensor wishes to offer for sale within the Territory. Licensor shall give Licensee written notice of the name and general
description of each such product and shall provide such additional general information as is reasonably requested by Licensee. The failure
of the Parties to enter into an amendment to this Agreement adding any such product to the list of Licensed Products within thirty (30)
days after Licensor’s notice shall constitute a termination of Licensee’s rights, solely with respect to such product under
this Agreement, unless otherwise agreed by the Parties in writing.

 

19.
Notice. All notices, requests, demands, claims and other communications hereunder shall be in writing. Any notice, request, demand,
claim or other communication hereunder shall be deemed duly given: (a) the earlier of the date actually received or seven (7) days after
it is sent, if sent by certified mail, return receipt requested, postage prepaid and addressed to the address set forth in the Preamble
or such other address has been provided by notice, or (b) the earlier of the date actually received or one (1) day after it is delivered
to a nationally recognized overnight courier with online tracking and trace capabilities, if sent by such courier addressed to the address
set forth in the Preamble or such other address as has been provided by notice, or (c) the date of email transmission, if sent by email
with transmission confirmed and addressed to the email address set forth on the, signature page of this Agreement or such other email
address as has been provided by notice.

 

20.
Survival. The Parties expressly agree and understand that Sections 4, 11, 13, 15, 17 and 19 through 25 of this Agreement shall survive
the termination or expiration thereof.

 

21.
Severability. If any portion of this Agreement is held invalid or inoperative, the other portions of this Agreement shall be deemed
valid and operative, and so far as it is reasonable and possible, effect shall be given to the intent manifested by the portion held
invalid or inoperative. The paragraph headings herein are for reference purposes only and are not intended in any way to describe, interpret,
define or limit the extent or intent of this Agreement or any part hereof.

 

Plants
of Ruskin — 02/2020

 

    	 	11	 

     

    

 

22.
Entire Agreement. This Agreement contains the entire understanding and agreement between the Parties hereto with respect to its subject
matter and supersedes any prior or contemporaneous written or oral agreements, representations, or warranties between them respecting
the subject matter hereof. This written Agreement may not be later modified except by a further writing signed by both Parties, and no
term of this Agreement may be waived except by writing signed by the Party waiving the benefit of such terms.

 

23.
Acceptance in Counterparts. It is expressly understood that this Agreement may be executed in original or electronically signed counterparts
by the undersigned Parties, all of which may be construed together as but a single instrument.

 

24.
Marijuana Disclosure. The Parties hereby acknowledge and agree that (a) this Agreement covers the production of marijuana-infused
products to be marketed and sold in accordance with the applicable laws of the Territory, and (b) despite the fact that the cultivation,
possession, and distribution of marijuana and marijuana-infused products remains illegal under Federal law, it is legal within the Territory.
Accordingly, the Parties waive any defense as to the enforcement of this Agreement based upon an “illegality of purpose”
theory or other related defenses.

 

25.
Mandatory Binding Arbitration. 

 

(a)
Except for disputes governed by Section 15 of this Agreement, any dispute, claim, interpretation, controversy, or issues of public policy
arising out of relating to this Agreement, including the determination of the scope or applicability of this Section 26, shall be determined
exclusively by arbitration held in Denver, Colorado, and shall be governed exclusively by the Colorado Uniform Arbitration Act, §§
13-22-201, et seq., C.R.S. (the “CUAA”).

 

(b)
All arbitrations shall be held in Denver, Colorado, and proceed under the Commercial Arbitration Rules of the American Arbitration Association
(the “AAA”), except the Parties are not required to initiate the arbitration through the AAA nor pay any associated fees
to the AAA. Arbitration of all disputes and the outcome of the arbitration shall remain confidential between the Parties except as necessary
to obtain a court judgment on the award or other relief or to engage in collection of the judgment.

 

(c)
The Parties irrevocably submit to the exclusive jurisdiction of the state courts located in the City and County of Denver, Colorado,
with respect to this Section 25 to compel arbitration, to confirm an arbitration award or order, or to handle court functions permitted
under the CUAA. The Parties irrevocably waive defense of an inconvenient forum to the maintenance of any such action or other proceeding.
The Parties may seek recognition and enforcement of any Colorado state court judgment confirming an arbitration award or order in any
United States state court or any court outside the United States or its territories having jurisdiction with respect to recognition or
enforcement of such judgment.

 

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of Ruskin — 02/2020

 

    	 	12	 

     

    

 

(d)
The Parties waive (i) any right of removal to the United States federal courts and (ii) any right to compel arbitration, to confirm
any arbitration award or order, or to seek any aid or assistance of any kind in the United States federal courts.

 

26.
Florida Law. The Parties hereby acknowledge and agree that, in order to implement this Agreement, Licensee will require the approval
of the State Department of Health, or its successor entity. The Parties further acknowledge that the regulations in the State of Florida
are subject to modification and require continued compliance to manufacture, sell and distribute marijuana-infused products. Licensees
intends to continue its compliance with these and any new regulations and, nothing herein is intended to require Licensee to take any
legal action challenging any current or new regulations that may be promulgated.

 

[SIGNATURE
PAGE FOLLOWS]

 

EXECUTED
as of the Date set forth above.

 

	LICENSOR:	LICENSEE:
	 	 
	THE CIMA GROUP, LLC	Plants of Ruskin, LLC
	 	 
	a Colorado limited liability company	a Florida limited liability company
	 	 
	[***]
	              	[***]	
			 	
			 	             
			 	 
				 

 

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    	 	13	 

     

    

 

EXHIBIT
A 

 

LICENSED
PRODUCTS AND LICENSED NAMES

 

Wana
Sour Gummies

Wana Quick Gummies

 

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of Ruskin — 02/2020

 

    	 	14	 

     

    

 

EXHIBIT
B

 

COMPENSATION

 

	●	 License Fee Calculation:

 

Licensee
shall pay Licensor an amount equal to [***]% of the retail revenue collected for the Licensed Products, as reported by BioTrack,
or equivalent state reporting system.

 

All
Licensing Fees and hourly rates are to be paid by check made payable to “THE CIMA GROUP LLC” or by electronic funds transfer
in accordance with written instructions provided by Licensor upon request. Licensee may pay by cash only upon the prior written consent
of Licensor; cash payments will only be accepted at Licensor’s facility in Colorado, at Licensees expense.

 

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of Ruskin — 02/2020

 

    	 	15	 

     

    

 

EXHIBIT
C

 

TRAINING
AND QUALITY ASSURANCE

 

To
assure quality assurance and protect Licensor’s brand integrity, Licensee shall follow current good manufacturing practices (“cGMP”)
with Licensor’s Quality Assurance (“QA”) department by following these guidelines:

 

	 	●	
    Licensor to provide specific documentation (i.e. target product profiles, master batch records) for the testing and manufacturing
    of Licensed Products
	 	 	 
	 	●	
    Licensee’s production team completes and retains batch records and test results for each production batch.
	 	●	 
	 	●	
    Licensee submits test results and batch record documentation to Licensor.
	 	 	 
	 	●	
    Licensee shall notify Licensor of any deviations from testing and/or manufacturing for licensed products. Production batches with
    deviations require Quality Assurance signatures from both Parties.
	 	 	 
	 	●	
    Licensee retains a minimum of 3 units of product per production batch.
	 	 	 
	 	●	
    Licensor to approve all marketing materials and press releases prior to release, such approval not to be unreasonably withheld, conditioned
    or delayed.
	 	 	 
	 	●	
    Licensee shall have thirty (30) days to fix any issues discovered during QA audits.

 

Training
& quality assurance and audits shall be conducted as follows:

 

	 	●	
    Month 1: one week on site (at both Parties facilities) to provide training on production, packaging, and documentation requirements.
	 	 	 
	 	●	
    Months 2-6: on site audits may occur at least once per month.
	 	 	 
	 	●	
    Months 6+: quarterly visit assuming successful previous audits (audits may occur more frequently if Licensor deems necessary).
	 	 	 
	 	●	
    Every 6 months: customer service audits.

 

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of Ruskin — 02/2020

 

    	 	16	 

     

    

 

EXHIBIT
D

 

REPORTING

 

Licensee
shall provide the following reports to Licensor monthly, or more frequently if reasonably requested by Licensor:

 

	 	●	
    Sales numbers by sku
	 	●	
    Total number of orders
	 	●	
    Dispensary penetration
	 	●	
    Current inventory levels
	 	●	
    Current list of active dispensary names that carry the Licensed Products, with an alert to any dispensaries that have either been
    removed or added to the list
	 	●	
    METRC, or other state-mandated inventory-tracking-system, report for the period showing all Licensed Products shipped, separated
    by product category.
	 	●	
    *Dispensary sales by Licensor sku
	 	●	
    *Dispensary sales by category
	 	●	
    Other reports as requested, subject to Health Insurance Portability and Accountability Act restrictions

 

Licensee
shall participate in BDS Analytics’ retail sales tracking program. Licensee’s participation enables Licensor to have accurate
data for important business decisions in the Territory. Participation consists of sharing Licensee’s retail sales data with BDS
Analytics monthly, either manually through a data export or via API. This process will be facilitated by BDS Analytics. BDS Analytics’
retail partners also benefit largely in return, gaining access to comparative market data.

 

*Applicable
only to Licensees holding retail licenses

 

Plants
of Ruskin — 02/2020

 

    	 	17	 

     

    

 

EXHIBIT
E

 

THC
DISTILLATE SPECIFICATIONS

 

THC
Distillate used in the manufacture of Licensed Products shall be subject to the Color and Potency standards listed below:

 

Color:
Distillate shall be no more than 60 mm on the Pfund scale, shown below:

 

 

Potency:
Distillate shall be a minimum of 80% THC (not including THCA).

 

Plants
of Ruskin — 02/2020

 

    	 	18Exhibit
4.9

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of February 18, 2021, by and between George P. Archos,
an individual resident of the State of Illinois (“Executive”), and Verano Holdings Corp., a British Columbia corporation
(the “Company”).

 

A.
Executive is an executive officer of Verano Holdings, LLC, a Delaware limited liability company (“Verano”). As part
of a reverse takeover transaction pursuant to a plan of arrangement effected under the laws of British Columbia (the “Combination”),
Verano became a subsidiary of the Company.

 

B.
As part of the Combination, the Company wishes to employ Executive to provide services to the Company and its subsidiaries, including
Verano, in accordance with the terms of this Agreement.

 

C.
Executive wishes to accept employment with the Company and provide such services to the Company and its subsidiaries, including Verano,
according to the terms of this Agreement.

 

D.
This Agreement shall replace and supersede in its entirety any prior employment agreements, arrangements or understandings between Executive,
on the one hand, and the Company, Verano or any of the Company’s other subsidiaries, on the other hand (individually and collectively,
the “Prior Agreement”).

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1.
Effectiveness and Employment.

 

(a)
In consideration of Executive’s contributions in effecting the Combination and the services provided to Verano and the Company’s
other subsidiaries at such time, the obligations of the Company in this Agreement shall be deemed to have become effective as of the
date that the Combination was consummated (the “Effective Date”).

 

(b)
The Company hereby agrees to employ Executive, and Executive hereby accepts employment by the Company, upon the terms and conditions
set forth in this Agreement for the period beginning on the Effective Date and ending on the date described in Section 4(a) (the
“Employment Period”).

 

2.
Position and Duties.

 

(a)
During the Employment Period, Executive shall serve as the Chief Executive Officer of the Company, and in connection therewith Executive
shall render such administrative, financial and other executive and managerial services to the Company and its subsidiaries and have
the responsibilities and authority which are consistent with Executive’s position, subject to the power and authority of the Company’s
Board of Directors (the “Board”) to expand or limit such duties, responsibilities, functions and authority.

 

    	 

     

    

 

(b)
On the Effective Date Executive shall be a member of the Board and shall serve as Chairman of the Board, in each case until his resignation,
removal or replacement in accordance with the Company’s governance documents in effect from time to time.

 

(c)
Executive shall report to the Company’s Board. Executive shall perform Executive’s duties and responsibilities to the best
of Executive’s abilities in a diligent, trustworthy, businesslike and efficient manner. Executive shall devote Executive’s
full business time, energies and attention during customary business hours (except for permitted vacation periods and periods of illness
or other temporary incapacity) to the business and affairs of the Company and its subsidiaries. So long as Executive is employed by the
Company, Executive shall not, without the prior written consent of the Board, accept other employment or perform other services for compensation
or that interfere with Executive’s employment with the Company; provided, however, that (i) [Executive may continue
to provide advisory services and serve as an officer or director in private companies involved in the restaurant and bar business in
which Executive or his affiliates hold investments], and (ii) Executive may serve as an officer or director of or otherwise participate
in purely educational, welfare, social, religious and civic organizations, in each of the foregoing cases so long as such activities
are not in competition with the Company or any of its subsidiaries and do not interfere with Executive’s ability to carry out Executive’s
duties under this Agreement.

 

(d)
Executive shall comply with all lawful rules, policies, procedures, regulations and administrative directions now or hereafter reasonably
established by the Board for officers or employees of the Company or any of its subsidiaries.

 

3.
Salary and Benefits. Subject to Section 4:

 

(a)
Salary. During the Employment Period, the Company shall pay Executive a base salary at the annual rate of US$375,000, payable
in regular installments in accordance with the Company’s usual payment practices subject to required withholdings and taxes.

 

(b)
Cash Bonus. During the Employment Period Executive will be entitled to a cash bonus at the end of each calendar year in the amount
of US$200,000 (the “Cash Bonus”), payable in lump sum on or before the 15th day of the immediately succeeding calendar
year and subject to required withholdings and taxes; provided, that the Cash Bonus shall be deemed earned and payable only in
the event that Executive is employed by the Company and is in compliance with the terms of this Agreement in all material respects as
of the last day of the calendar year in which the Cash Bonus is earned; provided further, that payment of the Cash Bonus (in whole
or in part) will be contingent upon the Company’s and the Executive’s performance.

 

(c)
Company Stock and Incentive Plan. During the Employment Period Executive shall be eligible to receive awards granted pursuant
to the Company’s 2021 Stock and Incentive Plan, as may be amended, modified or restated from time to time (the “Plan”),
in accordance with the terms of the Plan and as determined by the Board’s Compensation Committee.

 

(d)
Other Benefits. During the Employment Period, Executive shall be entitled to paid vacation, paid holidays and to participate in
all health insurance plans, retirement plans (including 401(k)), life insurance plans and all other perquisite plans and programs for
which executive officers in the Company are generally eligible (collectively, the “Benefit Plans”), in each case consistent
with the Company’s then-current practice as approved by the Board from time to time. The foregoing shall not be construed to require
the Company to establish such Benefit Plans or to prevent the modification or termination of such Benefit Plans once established, and
no such action or failure thereof shall affect this Agreement. Executive recognizes that the Company and its affiliates have the right,
in their sole discretion, to amend, modify or terminate any Benefit Plans without creating any rights in Executive.

 

    	 2

     

    

 

(e)
Business Expenses. During the Employment Period, the Company shall reimburse Executive for all reasonable business expenses incurred
by Executive in the course of performing Executive’s duties under this Agreement; provided such expenses are consistent
with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses. As a
condition to being issued such reimbursements, Executive shall submit to the Company on a timely basis business expense reports, including
substantiation in accordance with the Company’s policy as in effect from time to time. For purposes of compliance with Code Section
409A (as defined in Section 23): (i) all expenses or other reimbursements under this Agreement shall be made on or prior to the
last day of the taxable year following the taxable year in which such expenses were incurred by Executive, (ii) any such right to reimbursement
or in kind benefits is not subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible
for reimbursement or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year.

 

4.
Employment Period.

 

(a)
The Employment Period shall begin on the Effective Date and shall continue for three years, and shall thereafter automatically renew
for one year terms unless either party gives the other party no less than 30 days’ notice of its election not to renew, or until
Executive’s employment hereunder is terminated in accordance with Section 4(b).

 

(b)
The Employment Period and Executive’s employment hereunder (i) shall terminate upon Executive’s death or permanent disability
or incapacity, (ii) may be terminated by the Company at any time with or without Cause (as defined in Section 4(f)), and (iii)
may be terminated by Executive at any time.

 

(c)
If Executive’s employment hereunder is terminated either by the Company for Cause or by Executive for any reason during the Employment
Period, then Executive shall be entitled to receive only Executive’s accrued, unpaid Salary, and for the year during which Executive’s
employment hereunder is terminated, accrued but unused vacation time through the effective date of Executive’s termination of employment
(the “Termination Date”), any reimbursements owed for business expenses validly incurred on or prior to the Termination
Date and reimbursable in accordance with Section 3(e) and any accrued but unpaid benefits due and owing to Executive under the
Benefit Plans and as may be provided in the Plan or any award granted pursuant to the Plan (collectively, the “Accrued Obligations”),
and shall not be entitled to any other compensation or benefits.

 

    	 3

     

    

 

(d)
If Executive’s employment hereunder is terminated without Cause by the Company during the Employment Period, then Executive shall
be entitled to receive the Accrued Obligations and, provided Executive signs and does not revoke a general release of claims against
the Company and its affiliates within the time period designated in the form to be provided by the Company on or within 14 days after
the Termination Date1, does not apply for unemployment compensation chargeable to the Company or any of its subsidiaries during
the 12 months following the Termination Date, and subject to Executive’s compliance with each obligation pursuant to Section
5, Section 6 and Section 7, Executive shall receive, for a period of ten consecutive months after the effective date of such
termination without Cause (i) the Base Salary (prorated monthly), and (ii) an amount equal to the monthly premiums or cost of coverage
under COBRA for Executive (and his dependents to the extent they are eligible) applicable to the Company’s group health plans,
which amount Executive may use, if he so chooses at his sole discretion, for the payment of COBRA premiums during such period. Any payments
or benefits to Executive under this Section 4(d) shall be paid or provided, as applicable, as and when they would have been paid
or provided by the Company had the termination without Cause not occurred, without postponement of commencement until after the end of
the applicable revocation period for the general release of claims.

 

(e)
If Executive’s employment hereunder is terminated as a result of Executive’s death, permanent disability or incapacity during
the Employment Period, Executive or Executive’s representatives or beneficiaries shall be entitled to receive only the Accrued
Obligations and any rights to continuation of coverage and to benefits under any Benefit Plans required under applicable law and subject
to Executive’s compliance to the extent possible with each obligation pursuant to Section 5, Section 6 and Section 7.

 

(f)
For purposes of the Agreement, “Cause” shall mean any of Executive’s (i) willful failure to comply with any
valid and legal directive of the Board, (ii) willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each
case, injurious to the Company or any of its affiliates; (iii) embezzlement, misappropriation, or intentional fraud, whether or not related
to Executive’s employment with the Company; (iv) conviction of or plea of guilty or nolo contendere to a crime that constitutes
a felony (or state law equivalent); (v) commission or conviction of a crime which would disqualify Executive for registration or licensure
by the applicable regulatory or licensing authority governing the Company’s or any of its subsidiary’s or affiliate’s
participation in a State-regulated cannabis program; (vi) material breach of any material obligation under this Agreement or any other
written agreement between Executive and the Company or any of its subsidiaries; or (vii) any material failure by Executive to comply
with the Company’s written policies or rules, as they may be in effect from time to time, if such failure causes reputational or
financial harm to the Company or any of its affiliates. For the avoidance of doubt, if any action or omission by Executive could be deemed
a violation of any U.S. federal law relating to the cultivation, harvesting, production, distribution, sale or possession of cannabis,
marijuana or related substances or products containing or relating to the foregoing, and such action or omission is not a violation of,
and is done in compliance with, applicable U.S. state law, then such action or omission shall not be deemed a basis for Cause hereunder.

 

(g)
For purposes of this Agreement, Executive’s permanent disability or incapacity shall be determined in accordance with the Company’s
long-term disability insurance policy, if such a policy is then in effect, or, if no such policy is then in effect, then such permanent
disability or incapacity shall be deemed to have occurred upon Executive’s inability to perform the essential functions of the
position set forth in Section 2(a), after reasonable accommodation by the Company, for a period of at least 180 days, in the aggregate,
during any period of 365 calendar days, unless further time is required as a reasonable accommodation under the Americans with Disabilities
Act.

 

 

1
The form of release should be reviewed by Dorsey to ensure that the terms of the Release and timing of commencement of payments
comply with Code Section 409A.

 

    	 4

     

    

 

5. Restrictive
Covenants. In consideration of this Agreement and Executive’s substantial direct and indirect benefits arising from the
Combination, Executive, knowingly and intending to be legally bound, agrees as follows.

 

(a)
Noncompetition Covenant. During the period commencing on the Effective Date and terminating on the second anniversary of the Termination
Date (the “Restricted Period”), Executive shall not directly or indirectly (whether for compensation or without compensation),
as principal, agent, owner, partner, employee, consultant, shareholder, member, director, manager or officer, as the case may be, or
otherwise howsoever, own, operate, be engaged in or connected with the operation of or have any financial interest in or advance, lend
money to, guarantee the debts or obligations of or permit Executive’s name or part thereof to be used or employed in any operation,
whether a proprietorship, partnership, joint venture, company or other entity, legal or otherwise, whatsoever, or otherwise carry on
or engage in any activity or business similar to the Company’s business or be connected or involved in any manner whatsoever in
any activity or business which competes with the Company; provided, however, that such restrictions shall not preclude
Executive from owning stock in the Company or up to 5% of the total outstanding stock of any other publicly traded entity.

 

(b)
Non-solicitation Covenant. During the Restricted Period, Executive shall not, directly or indirectly (whether for compensation
or without compensation), as principal, agent, owner, partner, employee, consultant, shareholder, member, director, manager or officer,
as the case may be (other than as the holder of stock in the Company or a holder of an ownership interest of not more than 5% of the
total outstanding stock of any other publicly traded entity):

 

(i)
interfere with, disrupt or obtain business from, accept business from or contact any current or former party engaging in business with
the Company or any of its subsidiaries (or attempt to do any of the foregoing), in each case with respect to any activity or business
engaged in by the Company or any of its subsidiaries with such party, whether in whole or in part; or

 

(ii)
induce or attempt to induce any employee of the Company or any of its subsidiaries to terminate employment with the Company or such subsidiary,
hire or participate in the hiring of any employee or independent contractor of the Company or any of its subsidiaries, or interfere with
or attempt to disrupt the relationship, contractual or otherwise, between the Company or any of its subsidiaries and any of their respective
employees or independent contractors. For purposes of this paragraph, an employee or independent contractor means any person employed
or contracted by the Company or any of its subsidiaries during the Employment Period.

 

    	 5

     

    

 

6. Confidentiality.
In consideration of this Agreement, Executive’s substantial direct and indirect benefits arising from the Combination, and Executive’s
access to Confidential Information (as defined below), Executive, knowingly and intending to be legally bound, agrees as follows.

 

(a)
Executive will not at any time (whether during or after Executive’s employment with the Company) (i) retain or use for the benefit,
purposes or account of Executive or any other person; or (ii) disclose, divulge, reveal, communicate, share, transfer or provide access
to any person outside the Company (other than its professional advisers who are bound by confidentiality obligations), any non-public,
proprietary or confidential information, including without limitation, trade secrets, know-how, research and development, software, databases,
inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits,
pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training,
advertising, sales, marketing, promotions, government and regulatory activities and approvals, in each case concerning the past, current
or future business, activities and operations of the Company, its subsidiaries or affiliates or any third party that has disclosed or
provided any of such information to the Company or any of its subsidiaries on a confidential basis (collectively, “Confidential
Information”) without the prior written authorization of the Board; provided, that Executive may disclose such information
to Executive’s legal and financial advisors for the limited purpose of enforcing Executive’s rights under this Agreement
so long as Executive requires that such legal and financial advisors not disclose such information, and Executive shall be liable for
any disclosure by such legal or financial advisors.

 

(b)
Confidential Information shall not include any information that is: (i) generally known to the industry or the public other than as a
result of Executive’s breach of this Agreement or any breach of other confidentiality obligations by third parties; (ii) made legitimately
available to Executive by a third party without breach of any confidentiality obligation; or (iii) required by applicable law to be disclosed;
provided that Executive shall give prompt written notice to the Company of such requirement, disclose no more information than
is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment.

 

(c)
Executive acknowledges, agrees, and understands that (i) nothing in this Agreement prohibits Executive from reporting to any governmental
authority or attorney information concerning suspected violations of law or regulation, provided that Executive does so consistent with
18 U.S.C. § 1833, and (ii) Executive may disclose trade secret information to a government official or to an attorney and use it
in certain court proceedings without fear of prosecution or liability, provided that Executive does so consistent with 18 U.S.C. §
1833.

 

(d)
Except to the extent disclosed by the Company as may be required by applicable securities and other laws or applicable stock exchange
listing standards, Executive will not disclose to anyone, other than Executive’s spouse, legal or financial advisors or members
of the Company’s senior management, the existence or contents of this Agreement.

 

    	 6

     

    

 

(e)
Upon termination of Executive’s employment with the Company for any reason, Executive shall: (i) cease and not thereafter commence
use of any Confidential Information or intellectual property (including, without limitation, any patent, invention, copyright, trade
secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, its subsidiaries or affiliates;
(ii) immediately return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda,
books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing
stored or located in Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential
Information or otherwise relate to the business of the Company, its affiliates and subsidiaries, except that Executive may retain only
those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information or are not related to the
Company’s business; and (iii) notify and fully cooperate with the Company regarding the delivery of any other Confidential Information
of which Executive is or becomes aware.

 

7.
Intellectual Property. In consideration of this Agreement and Executive’s substantial direct and indirect benefits arising
from the Combination, Executive, knowingly and intending to be legally bound, agrees as follows.

 

(a)
If Executive has created, invented, designed, developed, contributed to or improved any works of authorship, inventions, intellectual
property, materials, documents or other work product (including, without limitation, research, reports, software, databases, systems,
applications, presentations, textual works, content or audiovisual materials) (“Works”), either alone or with third
parties, prior to Executive’s employment by the Company, that are relevant to or implicated by such employment (“Prior
Works”), Executive hereby grants the Company and its subsidiaries a perpetual, non-exclusive, royalty-free, worldwide, assignable,
sub-licensable license under all rights and intellectual property rights (including rights under patent, industrial property, copyright,
trademark, trade secret, unfair competition and related laws) therein for all purposes in connection with the Company’s or any
of its subsidiaries’ current and future business. Executive shall provide the Company with a written list of all Prior Works within
15 days after the Effective Date.

 

(b)
If Executive creates, invents, designs, develops, contributes to or improves any Works, either alone or with third parties, at any time
during Executive’s employment by the Company and within the scope of such employment or with the use of any resources of the Company
or any of its subsidiaries (“Company Works”), Executive shall promptly and fully disclose the Company Works to the
Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual
property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and
related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company.

 

(c)
Executive shall keep and maintain adequate and current written records (in the form of notes, sketches, drawings and any other form or
media requested by the Company) of all Company Works. The records will be available to and remain the sole property and intellectual
property of the Company at all times.

 

(d)
Executive shall take all requested actions and execute all requested documents (including any licenses or assignments required by a government
contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting,
enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Prior Works and Company Works. If
the Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby
irrevocably designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in
fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts in connection
with the foregoing.

 

    	 7

     

    

 

(e)
Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal, transfer or
provide access to, or share with the Company or any of its subsidiaries any confidential, proprietary or non-public information or intellectual
property relating to a former employer or other third party (in each case that is not then a subsidiary of the Company) without prior
written permission of such third party. Executive shall comply with all relevant policies and guidelines of the Company regarding the
protection of confidential information and intellectual property and potential conflicts of interest. Executive acknowledges that the
Company may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current
version that has been communicated to Executive.

 

8.
Return of Company Property. At the termination of the Employment Period and at any other time upon the request of the Company,
Executive shall deliver to the Company any and all of the Company’s documents, plans, records, computer tapes, software, drawings,
notes, memoranda, specifications, devices (including, without limitation, any cellular phone or computer), and formulas relating to the
Company’s business, together with all copies thereof, which is in the possession of Executive.

 

9.
Enforcement. If, at the time of enforcement of Section 5, Section 6 or Section 7, a court holds that the restrictions
stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical
area reasonable under such circumstances shall be substituted for the stated period, scope or area. It is specifically understood and
agreed that any breach of the provisions of Section 5, Section 6 or Section 7 are likely to result in irreparable injury
to the Company and the parties hereto agree that money damages would be an inadequate remedy for any breach of Section 5, Section
6 or Section 7. Therefore, in the event of a breach or threatened breach of Section 5, Section 6 or Section 7,
the Company or its successors or assigns shall, in addition to other rights and remedies existing in their favor, be entitled to specific
performance and/or injunctive or other relief in order to enforce, or prevent any violations of, Section 5, Section 6 or Section
7.

 

10.
Representations and Warranties.

 

(a)
Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive
does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or
decree to which Executive is a party or by which Executive is bound, (ii) Executive is not a party to or bound by any employment agreement,
non-solicitation agreement, assignment of inventions or confidentiality agreement with any other person or entity, (iii) Executive is
not subject to any noncompetition agreement or any other agreement or restriction of any kind that would impede in any way the ability
of Executive to carry out fully all activities of Executive in furtherance of the business of the Company or any of its subsidiaries,
(iv) Executive is not in violation of a confidentiality, non-solicitation or non-competition agreement or any other agreement relating
to the relationship of Executive with any third party, because of the nature of the business conducted by the Company or any of its subsidiaries,
and (v) upon execution and delivery of this Agreement, this Agreement shall be the valid and binding obligation of Executive, enforceable
against Executive in accordance with its terms, and shall replace and supersede in its entirety any Prior Agreement.

 

    	 8

     

    

 

(b)
The Company hereby represents and warrants to Executive that (i) the execution, delivery and performance of this Agreement by the Company
does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or
decree to which the Company is a party or by which the Company is bound and (ii) upon execution and delivery, this Agreement shall be
the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

11.
Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by Executive and the Company
and their respective heirs, successors and permitted assigns. Neither party may assign any of its rights or assign or delegate any of
its obligations hereunder without the prior written consent of the other party hereto; provided, however, that (a) the
Company shall be permitted to assign this Agreement to any of its subsidiaries or to any successor to all or substantially all of its
business or assets that agrees in writing to assume all of the Company’s obligations hereunder, and (b) the Company’s subsidiaries
and affiliates are third party beneficiaries of this Agreement. Any change of control, merger, business combination or similar transaction
of the Company after the Effective Date shall not be deemed to result in an assignment or delegation of this Agreement by the Company.

 

12.
Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this
Agreement shall be in writing and shall be deemed to have been given (a) on the date having been delivered personally, (b) on the date
delivered by a private courier as established by evidence obtained from such courier, (c) on the date sent by facsimile or e-mail transmission
(with acknowledgement of both complete transmission and receipt), or (d) on the fifth day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Notices, demands or communications to any party hereto will, unless another address
is specified in writing pursuant to this Section 12, be sent to the addresses indicated below.

 

	 

    If
    to Executive:

     

    George
    P. Archos

    1504
    N. Highland Ave.

    Arlington
    Heights, IL 60004

    Email:
    garchos@aol.com
	 

    If
    to the Company:

     

    Verano
    Holdings Corp.

    415
    N. Dearborn Street, Suite 400

    Chicago,
    IL 60654

    Attn:
    Darren H. Weiss, General Counsel

    Email:
    darren@verano.holdings

    

 

13.
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be valid under
applicable law; but, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction,
but except as otherwise set forth in this Agreement, this Agreement will be reformed, construed and enforced in such jurisdiction as
if such invalid, illegal or unenforceable provision had never been contained herein.

 

    	 9

     

    

 

14.
Complete Agreement. This Agreement embodies the complete agreement and understanding between the parties hereto with respect
to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties
hereto, written or oral, which may have related to the subject matter hereof in any way, including without limitation, any Prior Agreement.

 

15.
Signatures; Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original
but all of which together will constitute one and the same instrument. For purposes hereof, a facsimile signature, portable document
format (.pdf) signature or signature sent by electronic transmission will be considered an original signature.

 

16.
Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by, and construed in accordance with, the internal laws of the State of Illinois, without giving effect to any choice
of law or conflict of law rules or provisions (whether of the State of Illinois or any other jurisdiction).

 

17.
Survival. From and after the Effective Date, the provisions of Section 4, Section 5, Section 6, Section 7, Section 8, Section
9, Section 11, Section 12, Section 13, Section 14, Section 16, this Section 17, Section 19, Section 20, Section 21, Section 23,
Section 24, and Section 26 shall survive the termination of Executive’s employment and the termination of this Agreement
for any reason.

 

18.
Tax Withholdings. The Company shall deduct or withhold from any amounts owing from the Company to Executive any federal, state,
local or foreign withholding taxes, excise tax, or employment taxes imposed with respect to Executive’s compensation or other payments
from the Company or Executive’s ownership interest in the Company, if any (including, without limitation, wages, bonuses, dividends,
the receipt or exercise of equity options and/or the receipt or vesting of restricted equity).

 

19.
Dispute Resolution. Any controversy, dispute or claim arising out of or relating to any interpretation, performance, construction,
termination or breach of this Agreement shall first be settled through good faith negotiation between the parties hereto. If the controversy,
dispute or claim cannot be settled through negotiation, such matter must only be settled by final and binding arbitration by a single
arbitrator held in Chicago, Illinois, except as otherwise provided herein. Such mandatory arbitration may be brought by either party
hereto and shall be administered by JAMS pursuant to its Employment Arbitration Rules & Procedures and subject to JAMS Policy on
Employment Arbitration Minimum Standards of Procedural Fairness. Judgment on the arbitration award may be entered in any court having
proper jurisdiction. In aid of arbitration, either party hereto may seek preliminary or temporary injunctive relief at any time before
the arbitration demand has been filed and served or before an arbitrator has been selected. This agreement to mandatory arbitration is
a specifically bargained for inducement for each of the parties hereto to enter into this Agreement (after having the opportunity to
consult with counsel).

 

20.
Headings; No Strict Construction. The headings of the paragraphs and sections of this Agreement are inserted for convenience
only and shall not be deemed a part of or affect the construction or interpretation of any provision hereof. The language used in this
Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction
shall be applied against any party.

 

    	 10

     

    

 

21.
Executive’s Cooperation. During the Employment Period and thereafter, Executive shall, subject to the Company reimbursing
Executive for out-of-pocket expenses, cooperate with the Company in any internal investigation or administrative, regulatory or judicial
proceeding as reasonably requested by the Company (including, without limitation, Executive being available to the Company upon reasonable
notice for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring service
of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant
documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with
Executive’s other permitted activities and commitments).

 

22.
Corporate Opportunity. During the Employment Period, Executive shall submit to the Board all business, commercial and investment
opportunities or offers presented to Executive or of which Executive becomes aware which relate to the business of the Company or any
of its subsidiaries at any time during the Employment Period (“Corporate Opportunities”). Unless previously approved
in writing by the Board, Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities on Executive’s
own behalf.

 

23.
Section 409A Compliance. The intent of the parties is that payments and benefits under this Agreement comply with Section
409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively, “Code
Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good
faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and the Company
of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable
for any additional tax, interest or penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with
Code Section 409A. Notwithstanding anything herein to the contrary, a termination of employment shall be deemed to have occurred at the
time such termination constitutes a “separation from service” within the meaning of Code Section 409A for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits in connection with a termination of employment and,
for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment”
or like terms shall mean a “separation from service.” Notwithstanding any other provision to the contrary, in no event shall
any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A be subject to
offset by any other amount unless otherwise permitted by Code Section 409A.

 

24.
Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the
Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity,
binding effect or enforceability of this Agreement.

 

25.
Key Person Insurance. The Company and its affiliates shall have the right, but not the obligation, to obtain or increase insurance
on Executive’s life in such amount as the Board or such affiliate determines, in the name of the Company or such affiliates, as
the case may be, and for its sole benefit or otherwise. Upon reasonable advance notice, Executive will cooperate in any and all necessary
physical examinations without expense to Executive, supply information and sign documents and otherwise cooperate fully with each of
the Company and its affiliates as the Company and its affiliates may request.

 

26.
Read and Understood. Executive has read this Agreement carefully and understands each of its terms and conditions. Executive
has sought independent legal counsel of Executive’s choice to the extent Executive deemed such advice necessary in connection with
the review and execution of this Agreement.

 

[SIGNATURES
ON FOLLOWING PAGE]

 

    	 11

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the Effective Date.

 

	 	THE
    COMPANY:
	 	 	 
	 	Verano
    Holdings Corp.
	 	 	 
	 	By:	/s/
    “George Archos”
	 	 	George
    Archos, CEO
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/
    “George Archos”
	 	George
    P. Archos

 

    	 12

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