Document:

Exhibit 10.14

 

EXECUTION VERSION

 

Certain identified information has been omitted from this document
because it is not material and is treated as private or confidential. Such information has been marked with “[***]” to indicate
where omissions have been made.

 

CANADIAN SECURITY AGREEMENT

 

This CANADIAN SECURITY AGREEMENT,
dated as of November 1, 2019 (as amended, supplemented or otherwise modified from time to time in accordance with the provisions
hereof, this “Agreement”), is made by Tilt Holdings, Inc. as “Grantor” (the “Grantor”),
in favor of NR 1, LLC, a Delaware limited liability company (in such capacity, the “Secured Party”) on behalf of the
purchasers named in the Purchase Agreement (the “Purchasers”).

 

WHEREAS, on the date hereof,
Jimmy Jang, L.P., a Delaware limited partnership, Baker Technologies, Inc., a Delaware corporation, Jupiter Research, LLC, an Arizona
limited liability company, and Commonwealth Alternative Care, Inc., a Massachusetts corporation (together, the “Borrowers”),
as borrowers, the Secured Party, the Secured Party, and the other parties thereto, executed and delivered a Secured Note Purchase Agreement
(as amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”) providing for the purchase
and sale of up to U.S. Thirty Five Million and No/100 Dollars (U.S. $35,000,000). All capitalized terms not otherwise defined herein shall
have the respective meanings given in the Purchase Agreement.

 

WHEREAS, pursuant to a guaranty
dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Guaranty”), delivered
by the Grantor in favor of the Secured Party, the Grantor has guaranteed the payment and performance of the Borrowers’ obligations
under or relating to the Notes, as more fully set forth therein.

 

WHEREAS, this Agreement is
given by the Grantor in favor of the Secured Party to secure the payment and performance of all of the Secured Obligations; and

 

WHEREAS, it is a condition
under the Purchase Agreement that the Grantor shall execute and deliver this Agreement to the Secured Party for the benefit of the Purchasers;

 

NOW, THEREFORE, in consideration
of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Definitions.

 

		(a)	Unless otherwise specified herein, all references to Sections and Schedules herein are to Sections and Schedules of this Agreement.

 

		(b)	Unless otherwise defined herein, terms used herein that are defined in the PPSA or the STA shall have the meanings assigned to
                                                                 them in the PPSA or STA.

 

		(c)	For purposes of this Agreement, the following terms shall have the following meanings:

 

“Collateral” has the meaning set forth
in Section 2.

 

“Event of Default” has the meaning
set forth in the Purchase Agreement.

 

    

     

    

 

“First Priority”
means, with respect to any lien and security interest purported to be created in any Collateral pursuant to this Agreement, such lien
and security interest is the most senior lien to which such Collateral is subject (subject only to Permitted Liens).

 

“Laws” has the meaning set forth in the
Purchase Agreement.

 

“PPSA”
means the Personal Property Security Act (Ontario), including the regulations thereto, provided that, if perfection or the effect
of perfection or non-perfection or the priority of any Lien created hereunder on the Collateral is governed by the personal property security
legislation or other applicable legislation with respect to personal property security as in effect in a jurisdiction other than Ontario,
 “PPSA” means the Personal Property Security Act or such other applicable legislation as in effect from time to time in such
other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

 

“Proceeds”
means “proceeds” as such term is defined in the PPSA and, in any event, shall include, without limitation, all dividends or
other income from the Collateral, collections thereon or distributions with respect thereto.

 

“Secured Obligations” has the meaning
set forth in Section 3.

 

“STA” means
the Securities Transfer Act, 2006 (Ontario), including the regulations thereto, provided that, to the extent that perfection or
the effect of perfection or non-perfection or the priority of any Lien created hereunder on Collateral that is Investment Property is
governed by the laws in effect in any province or territory of Canada other than Ontario in which there is in force legislation substantially
the same as the Securities Transfer Act, 2006 (Ontario) (an “Other STA Province”), then STA shall mean such other legislation
as in effect from time to time in such Other STA Province for purposes of the provisions hereof referring to or incorporating by reference
provisions of the STA; and to the extent that such perfection or the effect of perfection or non-perfection or the priority of any Lien
created hereunder on the Collateral is governed by the laws of a jurisdiction other than Ontario or an Other STA Province, then references
herein to the STA shall be disregarded except for the terms “Certificated Security” and “Uncertificated Security”,
which shall have the meanings herein as defined in the Securities Transfer Act, 2006 (Ontario) regardless of whether the STA is in force
in the applicable jurisdiction.

 

2. Grant of Security Interest.
The Grantor hereby pledges and grants to the Secured Party, and hereby creates a continuing First Priority security interest in favor
of the Secured Party in and to all of its right, title and interest in and to the following, wherever located, whether now existing or
hereafter from time to time arising or acquired (collectively, the “Collateral”):

 

		(a)	all personal property of every kind and nature including but not limited to all accounts, goods (including
inventory and equipment), documents of title, instruments, promissory notes, chattel paper, letters of credit, securities and all other
investment property, intangibles, money, accounts, and any other contract rights or rights to the payment of money; and

 

		(b)	all Proceeds and products of each of the foregoing, all
books and records relating 2 to the foregoing, all supporting obligations
related thereto, and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing,
and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Grantor from time to time with respect to any
of the foregoing.

 

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Notwithstanding the foregoing
or anything contained in this Agreement or any other Loan Document to the contrary, the term “Collateral” shall not include,
and a security interest is not granted in, any right or interest in any permit, license, lease or contract if under the terms of such
permit, license, lease or contract, or applicable Laws with respect thereto, the grant of a security interest or lien therein is prohibited
and such prohibition or restriction has not been waived or the requisite consent in respect of such permit, license, lease or contract
has not been obtained (or is not able to be obtained) or the grant of a security interest or lien therein would, under the terms of such
permit, license, lease or contract, result in the voiding or termination of or give rise to a right of termination of such permit, license,
lease or contract, provided that, such permit, license, lease or contract shall be included in the term “Collateral” and a
security interest shall be granted therein, at such time as the grant of a security interest therein is no longer prohibited, or the requisite
consent in respect thereof has been obtained.

 

The last day of any term reserved
by any real property lease, written or unwritten, or any agreement to lease real property, now held or subsequently acquired by the Grantor
is excepted out of the security interest granted hereunder. As further security for the payment of its Secured Obligations, the Grantor
agrees that it will stand possessed of the reversion of such last day of the term and shall hold it in trust for the Lender for the purpose
of this Agreement. The Grantor shall assign and dispose of the same in such manner as the Secured Party may from time to time direct in
writing without cost or expense to the Secured Party. Upon any sale, assignment, sublease or other disposition of such lease or agreement
to lease, the Secured Party shall, for the purpose of vesting the residue of any such term in any purchaser, sublessee or such other acquiror
of the real property lease, agreement to lease or any interest in any of them, be entitled by deed or other written instrument to assign
to such other person, the residue of any such term in place of the Grantor and to vest the residue freed and discharged from any obligation
whatsoever respecting the same.

 

3. Secured Obligations; Attachment; Value.

 

(a)          The
Collateral secures the due and prompt payment and performance of all loans, advances, debts, covenants, duties, obligations and liabilities
of any kind and description, owed by the Grantor under or in connection with the Notes, the Purchase Agreement, the Guaranty, and each
of the other Loan Documents to which the Grantor is a party, including all interest, fees, charges, expenses, attorneys’ fees and
costs and accountants’ fees and costs chargeable to and payable by the Grantor, in each case, whether direct or indirect, absolute
or contingent, now existing or hereafter arising, due or to become due, and whether or not arising after the commencement of a proceeding
under the Bankruptcy and Insolvency Act (Canada) (including post-petition interest) and whether or not allowed or allowable as
a claim in any such proceeding (collectively, the “Secured Obligations”). Attachment; Value.

 

(b)          The
security interest created hereby is intended to attach, in respect of Collateral 3 in which the Grantor has rights at the time
this Agreement is signed by the Grantor and delivered to the Lender, and, in respect of Collateral in which the Grantor subsequently
acquires rights, at the time the Grantor subsequently acquires such rights. The Grantor and the Lender hereby acknowledge that (a) value
has been given; (b) the Grantor has rights in the Collateral in which it has granted a security interest; and (c) this Agreement
constitutes a security agreement as that term is defined in the PPSA.

 

4. Perfection of Security Interest and Further Assurances.

 

		(a)	The Grantor shall, from time to time, as may be required by the Secured Party with respect to all Collateral,
take all actions as may be requested by the Secured Party to perfect the security interest of the Secured Party in the Collateral, including,
without limitation, with respect to all Collateral over which control may be obtained within the meaning of section 1(2) of the PPSA.
The Grantor shall take all actions as may be requested from time to time by the Secured Party so that control of such Collateral is obtained
and at all times held by the Secured Party. All of the foregoing shall be at the sole cost and expense of the Grantor.

 

		(b)	The Grantor hereby irrevocably authorizes the Secured Party at any time and from time to time to file
in any relevant jurisdiction any financing statements and financing change statements that contain the information required under the
PPSA for the filing of any financing statement or financing change statement relating to the Collateral, including any financing or financing
change statements or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest
granted by the Grantor hereunder, including the filing of a financing statement describing the Collateral as all present and after-acquired
personal property of the Grantor, or words of similar effect. The Grantor agrees to provide all information required by the Secured Party
pursuant to this Section promptly to the Secured Party upon request.

 

		(c)	If any Collateral is at any time in the possession of a bailee, the Grantor with title to such Collateral
shall promptly notify the Secured Party thereof and, at the Secured Party’s request and option, shall promptly obtain an acknowledgment
from the bailee, in form and substance satisfactory to the Secured Party, that the bailee holds such Collateral for the benefit of the
Secured Party and the bailee agrees to comply, without further consent of the Grantor, at any time with instructions of the Secured Party
as to such Collateral.

 

		(d)	The Grantor agrees that at any time and from time to time, at the expense of such Grantor, such Grantor
will promptly execute and deliver all further instruments and documents, obtain such agreements from third parties, and take all further
action, that may be necessary or desirable, or that the Secured Party may reasonably request, in order to create and/or maintain the validity,
perfection or priority of and protect any security interest granted or purported to be granted hereby or to enable the Secured Party to
exercise and enforce its rights and remedies hereunder or under any other agreement with respect to any Collateral.

 

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5. Representations and Warranties.
The Grantor hereby represents and warrants as follows:

 

		(a)	At the time the Collateral becomes subject to the lien and security interest created by this Agreement,
the Grantor will be the sole, direct, legal and beneficial owner thereof, free and clear of any lien, security interest, encumbrance,
claim, option or right of others except for Permitted Liens.

 

		(b)	The grant of the Collateral pursuant to this Agreement creates a valid and perfected First Priority security
interest in the Collateral, securing the payment and performance when due of the Secured Obligations.

 

		(c)	It has full power, authority and legal right to pledge its Collateral pursuant to this Agreement.

 

		(d)	This Agreement and the Guaranty have been duly authorized, executed and delivered by the Grantor and each
constitutes a legal, valid and binding obligation of the Grantor enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to equitable principles
(regardless of whether enforcement is sought in equity or at law).

 

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		(e)	No authorization, approval, or other action by, and no notice to or filing with, any governmental authority
or regulatory body is required for the pledge by the Grantor of the Collateral pursuant to this Agreement or for the execution and delivery
of this Agreement by the Grantor or the performance by the Grantor of its obligations hereunder.

 

		(f)	The execution and delivery of this Agreement by the Grantor and the performance by the Grantor of its
obligations hereunder, will not violate any provision of any applicable Laws or regulation or any order, judgment, writ, award or decree
of any court, arbitrator or governmental authority, domestic or foreign, applicable to the Grantor or any of its property, or the organizational
or governing documents of the Grantor or any agreement or instrument to which the Grantor is party or by which it or its property is bound.

 

		(g)	The Collateral consisting of securities has been duly authorized and validly issued, and is fully paid
and non-assessable and subject to no options to purchase or similar rights. None of the Collateral constitutes, or is the proceeds of,
(i) timber to be cut or (ii) aircraft, aircraft engines, satellites, ships or railroad rolling stock. None of the account debtors
or other persons obligated on any of the Collateral is a governmental authority.

 

		(h)	No person other than the Grantor or the Secured Party has control or possession of all or any part of
the Collateral.

 

		(i)	The Grantor has delivered to the Secured Party an information certificate containing, inter alia,
the Grantor’s exact legal name, its jurisdiction of incorporation, its registered office, its places of business and the location
of its assets. All information provided therein is true, complete and correct in all material respects.

 

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		(j)	The Grantor is not an “insolvent person” within the meaning of the Bankruptcy and Insolvency
Act (Canada), as amended from time to time.

 

6. Voting, Distributions and Receivables.

 

		(a)	The Secured Party agrees that unless an Event of Default shall have occurred and be continuing, the Grantor
may, to the extent the Grantor has such right as a holder of the Collateral consisting of securities, other Equity Interests or indebtedness
owed by any obligor, vote and give consents, ratifications and waivers with respect thereto.

 

		(b)	The Secured Party agrees that the Grantor may, unless an Event of Default shall have occurred and be continuing,
receive and retain all dividends and other distributions with respect to the Collateral consisting of securities, other Equity Interests
or indebtedness owed by any obligor.

 

		(c)	If any Event of Default shall have occurred and be continuing, the Secured Party may, or at the request
and option of the Secured Party, the Grantor shall, notify account debtors and other persons obligated on any of the Collateral of the
security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral and that payment
thereof is to be made directly to the Secured Party.

 

7. Covenants. The Grantor hereby covenants as follows:

 

		(a)	The Grantor will not, without providing at least 30 days’ prior written notice to the Secured Party,
change its legal name, identity, type of organization, jurisdiction of organization, corporate structure, location of its chief executive
office or its principal place of business or its organizational identification number. The Grantor will, prior to any change described
in the preceding sentence, take all actions reasonably requested by the Secured Party to maintain the perfection and priority of the Secured
Party’s security interest in the Collateral.

 

		(b)	The Grantor shall, at its own cost and expense, defend title to the Collateral and the First Priority
lien and security interest of the Secured Party therein against the claim of any person claiming against or through the Grantor and shall
maintain and preserve such perfected First Priority security interest for so long as this Agreement shall remain in effect.

 

		(c)	The Grantor will not sell, offer to sell, dispose of, convey, assign or otherwise transfer, grant any
option with respect to, restrict, or grant, create, permit or suffer to exist any mortgage, pledge, lien, security interest, option, right
of first offer, encumbrance or other restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein
except for Permitted Dispositions and Permitted Liens.

 

		(d)	The Grantor will keep the Collateral in good order and repair and will not use the same in violation of
Applicable Law or any policy of insurance thereon. The Grantor will permit the Secured Party, or its designee, to inspect the Collateral
at any reasonable time, wherever located; provided, however, that such an inspection shall not be made more than once every sixty (60) days in the absence of a
continuing Event of Default.

 

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		( )	The Grantor will pay promptly when due all taxes, assessments,
governmental charges, and levies upon the Collateral or incurred in connection with the use or operation of the Collateral or incurred
in connection with this Agreement.

 

		(a)	The Grantor will continue to operate its business in compliance with all Applicable Law.

 

8. Secured
Party Appointed Attorney-in-Fact. The Grantor hereby appoints the Secured Party the Grantor’s attorney-in-fact, with full authority
in the place and stead of the Grantor and in the name of the Grantor or otherwise, from time to time during the continuance of an Event
of Default in the Secured Party’s discretion to take any action and to execute any instrument which the Secured Party may deem
necessary or advisable to accomplish the purposes of this Agreement (but the Secured Party shall not be obligated to and shall have no
liability to the Grantor or any third party for failure to do so or take action). This appointment, being coupled with an interest, shall
be irrevocable. The Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof.

 

0. Secured
Party May Perform. If the Grantor fails to perform any obligation contained in this Agreement, the Secured Party may itself
perform, or cause performance of, such obligation, and the expenses of the Secured Party incurred in connection therewith shall be payable
by the Grantor; provided that the Secured Party shall not be required to perform or discharge any obligation of the Grantor.

 

0. Reasonable
Care. The Secured Party shall have no duty with respect to the care and preservation of the Collateral beyond the exercise of reasonable
care. The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession
if the Collateral is accorded treatment substantially equal to that which the Secured Party accords its own property, it being understood
that the Secured Party shall not have any responsibility for (a) ascertaining or taking action with respect to any claims, the nature
or sufficiency of any payment or performance by any party under or pursuant to any agreement relating to the Collateral or other matters
relative to any Collateral, whether or not the Secured Party has or is deemed to have knowledge of such matters, or (b) taking any
necessary steps to preserve rights against any parties with respect to any Collateral. Nothing set forth in this Agreement, nor the exercise
by the Secured Party of any of the rights and remedies hereunder, shall relieve the Grantor from the performance of any obligation on
the Grantor’s part to be performed or observed in respect of any of the Collateral.

 

0. Remedies
Upon Default.

 

		(a)	If any Event of Default shall have occurred and be continuing,
upon (a) receipt of written notice of Event of Default and at the direction of the Secured Party, the Grantors shall within forty-five
(45) days of such notice commence a sale process (the “Sale Process”) with respect to Collateral with a value that is sufficient
to satisfy the Obligations. The Secured Party shall have sixty (60) days after the commencement of the Sale Process to enter into a term
sheet with respect to the disposition of the Collateral, and shall have sixty (60) days following the execution
of such term sheet to enter into a transaction with respect to the disposition of the Collateral providing proceeds sufficient to pay
off the Secured Obligations in their entirety at such closing. If the Grantors fail to comply with the requirements of this Section 11(a) in
running the Sale Process diligently and in good faith, then the Secured Party shall have the right to exercise any and all remedies it
may have under applicable Laws.

 

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		(b)	Subject to Section 11(a), if any Event of Default shall have occurred and be continuing, the Secured
Party, without any other notice to or demand upon the Grantor, may assert all rights and remedies of a secured party under the PPSA or
other applicable Laws, including, without limitation, the right to take possession of, hold, collect, sell, lease, deliver, grant options
to purchase or otherwise retain, liquidate or dispose of all or any portion of the Collateral. If notice prior to disposition of the Collateral
or any portion thereof is necessary under applicable Laws, written notice mailed to the Grantor at its notice address as provided in Section 15
hereof 15 days (or such other number of days as may be required by applicable Law) prior to the date of such disposition shall constitute
reasonable notice, but notice given in any other reasonable manner shall be sufficient. So long as the sale of the Collateral is made
in a commercially reasonable manner, the Secured Party may sell such Collateral on such terms and to such purchaser(s) as the Secured
Party in its absolute discretion may choose, without assuming any credit risk and without any obligation to advertise or give notice of
any kind other than that necessary under applicable Laws. Without precluding any other methods of sale, the sale of the Collateral or
any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices
of creditors disposing of similar property. The Grantor hereby waives and releases to the fullest extent permitted by law any right or
equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the
Collateral and any other security for the Secured Obligations or otherwise. At any such sale, unless prohibited by applicable Laws, the
Secured Party or any custodian may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of
redemption. The Secured Party shall not be obligated to clean-up or otherwise prepare the Collateral for sale.

 

		(c)	Subject to Section 11(a), if any Event of Default shall have occurred and be continuing, any
cash held by the Secured Party as Collateral and all cash Proceeds received by the Secured Party in respect of any sale of, collection
from, or other realization upon all or any part of the Collateral shall be applied in whole or in part by the Secured Party to the payment
of expenses incurred by the Secured Party in connection with the foregoing or incidental to the care or safekeeping of any of the Collateral
or in any way relating to the Collateral or the rights of the Secured Party hereunder, including reasonable attorneys’ fees, and
the balance of such proceeds shall be applied or set off against all or any part of the Secured Obligations in such order as the Secured
Party shall elect. Any surplus of such cash or cash Proceeds held by the Secured Party and remaining after payment in full of all the
Secured Obligations shall be paid over to the Grantor or to whomsoever may be lawfully entitled to receive such surplus. The Grantor shall
remain liable for any deficiency if such cash and the cash Proceeds of any sale or other realization of the Collateral are insufficient
to pay the Secured Obligations and the fees and
other charges of any attorneys employed by the Secured Party to collect such deficiency.

 

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12. No Waiver and Cumulative
Remedies. The Secured Party shall not by any act (except by a written instrument pursuant to Section 14), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default.
All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.

 

13. Security Interest Absolute.
The Grantor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made, credit extended, Collateral
received or delivered or other action taken in reliance hereon and all other demands and notices of any description. All rights of the
Secured Party and liens and security interests hereunder, and all Secured Obligations of the Grantor hereunder, shall be absolute and
unconditional irrespective of:

 

		(a)	any illegality or lack of validity or enforceability of any Secured Obligation or any related agreement
or instrument;

 

		(b)	any change in the time, place or manner of payment of, or in any other term of, the Secured Obligations,
or any rescission, waiver, amendment or other modification of the Purchase Agreement, the Guaranty, this Agreement or any other agreement,
including any increase in the Secured Obligations resulting from any extension of additional credit or otherwise;

 

		(c)	any taking, exchange, substitution, release, impairment or non-perfection of any Collateral or any other
collateral, or any taking, release, impairment, amendment, waiver or other modification of any guaranty, for all or any of the Secured
Obligations;

 

		(d)	any manner of sale, disposition or application of proceeds of any Collateral or any other collateral or
other assets to all or part of the Secured Obligations;

 

		(e)	any default, failure or delay, wilful or otherwise, in the performance of the Secured Obligations;

 

		(f)	any defense, set-off or counterclaim (other than a defense of payment or performance) that may at any
time be available to, or be asserted by, the Grantor against the Secured Party; or

 

		(g)	any other circumstance (including, without limitation, any statute of limitations) or manner of administering
the Notes or any existence of or reliance on any representation by the Secured Party that might vary the risk of the Grantor or otherwise
operate as a defense available to, or a legal or equitable discharge of, the Grantor or any other grantor, guarantor or surety.

 

14. Amendments.
Subject to Section 11.10 of the Purchase Agreement, none of the terms or provisions of this Agreement may be amended, modified,
supplemented, terminated or waived, and no consent to any departure by the Grantor therefrom shall be effective unless the same
shall be in writing and signed by the Secured Party, and then such amendment, modification, supplement, waiver or consent shall be
effective only in the specific instance and for the specific purpose for which made or given.

 

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15. Addresses
For Notices. All notices and other communications provided for in this Agreement shall be in
writing and shall be given in the manner and become effective as set forth in the Purchase Agreement, and addressed to the respective
parties at their addresses as specified on the signature pages hereof or as to either party at such other address as shall be designated
by such party in a written notice to each other party.

 

16. Continuing
Security Interest; Further Actions. This Agreement shall create a continuing First Priority lien and security interest in the Collateral
and shall (a) subject to Section 17, remain in full force and effect until payment and performance in full of the Secured Obligations,
(b) be binding upon the Grantor, its successors and assigns, and (c) inure to the benefit of the Secured Party and its successors,
transferees and assigns; provided that the Grantor may not assign or otherwise transfer any of its rights or obligations under this Agreement
without the prior written consent of the Secured Party.

 

17. Termination;
Release. On the date on which all Secured Obligations have been paid and performed in full, the Secured Party will, at the request
and sole expense of the Grantor, (a) duly assign, transfer and deliver to or at the direction of the Grantor (without recourse and
without any representation or warranty) such of the Collateral as may then remain in the possession of the Secured Party, together with
any monies at the time held by the Secured Party hereunder, and (b) execute and deliver to the Grantors a proper instrument or instruments
acknowledging the satisfaction and termination of this Agreement.

 

18. Governing
Law. This Agreement and all matters arising out of or relating to this Agreement, whether sounding in contract, tort, or statute,
will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

 

19. Jurisdiction
and Venue. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
SHALL BE INSTITUTED IN THE COURTS OF THE PROVINCE OF ONTARIO, AND EACH PARTY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF
SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S
ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE
PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS
AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

20. Waiver
of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR THE SECURITIES OR THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION,
PURSUANT TO CONTRACT, TORT (INCLUDING NEGLIGENCE), BREACH OF DUTY, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS
BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY
FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

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21. Judgment Currency

 

(a)  If,
for purposes of obtaining or enforcing a judgment in any court, it is necessary to convert into a particular currency (the “Judgment
Currency”) an amount due under this Agreement in any other currency (the “Original Currency”), then conversion
shall be made at the rate of exchange prevailing on the business day before the day on which final judgment is given (the “Conversion
Date”). For purposes of this Section 21, “rate of exchange” means the rate at which the party to whom the judgment
is granted (the “Judgment Creditor”) is able, on the Conversion Date, to purchase the Original Currency with the Judgment
Currency in accordance with normal banking procedures in Toronto, Ontario.

 

(b)  The
obligations of the judgment debtor (the “Judgment Debtor”) in respect of any amount due in the Original Currency from
it to the Judgment Creditor under the Agreement will, notwithstanding any judgment in the Judgment Currency, be discharged only to the
extent that on the business day following receipt by the Judgment Creditor of any sum adjudged to be so due in the Judgment Currency,
the Judgment Creditor may, in accordance with normal banking procedures, purchase the Original Currency with such Other Currency. If the
amount of the Original Currency so purchased is less than the amount originally due to the Judgment Creditor in the Original Currency,
the Judgment Debtor agrees, as a separate obligation and notwithstanding the judgment, to indemnify the Judgment Creditor against any
loss arising as a result of such deficiency. In addition, the amount of the Original Currency so purchased exceeds the amount originally
due to the Judgment Creditor in the Original Currency, the Judgment Creditor shall remit such excess to the Judgment Debtor. The indemnity
in favour of the Judgment Creditor constitutes an obligation separate and independent from the other obligations contained in this Agreement,
gives rise to a separate and independent cause of action, applies irrespective of any indulgence granted by the Judgment Creditor from
time to time and continues in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount
due under this Agreement or under any judgment or order.

 

22. Verification Statement.
The Grantor hereby waives the requirement to be provided with a copy of any verification statement issued in respect of a financing statement
or financing change statement filed under the PPSA in connection with this Agreement.

 

    11

     

    

 

23. Counterparts. This
Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”)
format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[Signature pages follow.]

 

    12

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first above written.

 

	 	“SECURED PARTY”
	 	 
	Address for Notices:	 
	[***]	NR 1, LLC 
	 	 
	Email Address:	Per: 	/s/ Mark Silva
	[***]	 	Name: Mark Silva
	 	 	Title: Attorney-in-fact

 

	 	“GRANTOR”
	 	 
	 	 
	Address for Notices:	TILT HOLDINGS INC.
	 	 
	[***]	Per:	/s/ Mark Scatterday
	 	 	Name: Mark Scatterday
	 	 	Title: Interim Chief Executive Officer

 

[Signature Page to Canadian Security Agreement]Exhibit 10.21

 

EXECUTION VERSION

 

Certain identified information has been omitted from this document
because it is not material and is treated as private or confidential. Such information has been marked with “[***]” to indicate
where omissions have been made.

 

CONSULTING SERVICES AGREEMENT

 

This Consulting
Services Agreement (“Agreement”) is made this 1st day of January, 2022 (“Effective Date”)
by and between TILT Holdings Inc. (the “Company” or “TILT”), a corporation organized under
the laws of the Province of British Columbia, Canada, with a principal place of business at 2801 E. Camelback Road, Suite 180, Phoenix,
Arizona 85016, and Marshall Horowitz (the “Consultant”), an individual. The Company and Consultant are collectively
referred to herein as “Parties” and individually as a “Party.”

 

RECITALS

 

WHEREAS, the
Company is a vertically integrated company involved in the business of providing products and services for the regulated cannabis industry
(“Industry”);

 

WHEREAS, Consultant
is a provider of consulting services to legal departments;

 

WHEREAS, the
Company desires to engage Consultant, on a non-exclusive basis, to provide certain consulting services to the Legal Department of the
Company in connection with the Company’s business (as stated in detail below); and

 

WHEREAS, Consultant
is willing and able to assist the Company;

 

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

 

TERMS

 

		1.	INCORPORATION OF THE RECITALS.

 

The recitals above are incorporated
herein as terms and conditions of this Agreement.

 

		2.	COMPANY ASSIGNMENT; SERVICES.

 

		(a)	Company Assignment. The Company retains the Consultant to provide the services described in Exhibit A:
Statement of Work #1 (“SOW #1”) (the “Services”).

 

    

     

    

 

		(b)	Services. Without limiting the scope of Services described in SOW #1, the Consultant shall:

 

		(i)	Perform the Services set forth in SOW #1. However, if a conflict exists between this Agreement
and any term in SOW #1, the terms in this Agreement shall control;

 

		(ii)	Devote as much productive time, energy, and ability to the performance of the duties under this Agreement
as may be necessary to provide the required Services in a timely and productive manner;

 

		(iii)	Communicate with the Company about progress the Consultant has made in performing the Services; and

 

		(iv)	Remove, replace, or correct all or any portion of the work or end products found defective or unsuitable,
without additional cost or risk to the Company.

 

		(c)	Company’s Obligations. The Company shall make timely payments of amounts earned by the Consultant
under this Agreement and notify the Consultant of any changes to its procedures affecting the Consultant’s obligations under this
Agreement at least thirty (30) calendar days before implementing those changes.

 

		(d)	Subsequent Statement of Work. The Parties agree that for convenience, if Company desires to retain
Consultant for services subsequent to and in addition to the Services specified in SOW #1, under the same terms and conditions
set forth in this Agreement, the Parties shall simply create a new and subsequent Statement of Work (“SOW”).
That new and subsequent SOW shall be numbered in sequence to the previous SOW, meaning, 2, 3 and so forth.

 

		3.	NATURE OF RELATIONSHIP AND SUBCONTRACTING.

 

		(a)	Independent Consultant Status.

 

		(i)	The relationship of the Parties under this Agreement is one of independent Consultant; no joint venture,
partnership, agency, employer-employee, or similar relationship is created in or by this Agreement. Neither Party may assume or create
obligations on behalf of the other Party, including, without limitation, the incurring of fees for services rendered by third party legal
counsel to the Company. Neither Party may take any action that creates the appearance of such authority to bind the other Party. Both
Parties acknowledge that only a Party has the authority to act on behalf of itself.

 

    2 Consulting Services Agreement

     

    

 

		(ii)	The Consultant has the sole right to control and direct the means, details, manner, and method by which
the Services will be performed, and the right to perform the Services at any time or location, generally. The Consultant or the Consultant’s
staff shall perform the Services, and the Company is not required to hire, supervise, or pay any assistants to help the Consultant perform
the Services.

 

		(iii)	Company will not:

 

		•	withhold FICA (Social Security and Medicare taxes) from Consultant’s
payments or make FICA payments on Consultant’s behalf;

 

		•	make state or federal unemployment compensation contributions on Consultant’s
behalf;

 

		•	withhold local, state or federal income tax from Consultant’s payments;
or

 

		•	be subject to a workers compensation claim by Consultant.

 

Consultant shall pay all taxes incurred while performing
the Services under this Agreement, including all applicable income taxes, and, if Consultant is not a corporation, self-employment (Social
Security) taxes.

 

		(b)	Subcontracting.

 

		(i)	Consultant may appoint subcontractors to assist with performing any portion of the Services hereunder.
However, such subcontracting is only permitted provided that: (a) Consultant notifies Company in writing of the proposed subcontractor
and identifies the specific work to be performed by such individual, (b) such individual performs the work in a manner consistent
with the terms, conditions, and obligations of this Agreement, and (c) Consultant remains liable to Company for the performance,
acts and omissions of such individual, as if such performance, acts and omissions were the performance, acts, and omissions of Consultant.
Company’s prior written consent hereunder will be confirmation that Consultant is authorized to subcontract specific portions of
the Services to which the consent refers. Any additional costs as a result of such arrangement will be identified with allocation determined
by the Parties upfront.

 

		4.	DIRECTION AND REPORTING.

 

The Consultant shall receive direction
from the Chief Executive Officer or such other officer or employee as may be designated in writing by the Company. The Chief Executive
Officer designates the Deputy General Counsel as his representative.

 

    3 Consulting Services Agreement

     

    

 

		5.	PAYMENT.

 

		(a)	Terms and Conditions. The Company shall pay Consultant
in accordance with SOW #1 or any subsequent SOW.

 

		(b)	No Payments in Certain Circumstances. No payment will be payable to Consultant under any of the
following circumstances:

 

	 	 	(i)	If prohibited under applicable government law, regulation or policy;

 

	 	 	(ii)	If Consultant did not perform or complete the Services described in SOW #1 or any subsequent SOW;

 

	 	 	(iii)	If the Services performed occurred after the expiration or termination of the Term of this Agreement,
unless otherwise agreed to in writing between the Parties.

 

 (c)           No Other Payment. The payment set out above or in accordance with the applicable SOW will be Consultant’s sole compensation under this Agreement.

 

 (d)           Reimbursable Expenses. In addition to compensation for specific Services, Consultant shall be reimbursed for the actual out-of-pocket and pre-approved expenses directly related to performing the Services, in accordance with SOW #1 or any subsequent SOW. Consultant must provide documentation (e.g., payments slips and receipts). Mileage for any travel in state and/or to from Consultant’s residence will not be reimbursable. Professional licensing fees are pre-approved.

 

 (e)           Taxes. Consultant is solely responsible for the payment of all income, social security, employment-related, or other taxes incurred as a result of the performance of the Services by Consultant under this Agreement, and for all obligations, reports, and timely notifications relating to those taxes. The Company has no obligation to pay or withhold any sums for those taxes.

 

 (f)           No Other Benefits, Compensation or Equity Awards. Consultant has absolutely no claim against the Company under this Agreement or otherwise for paid time-off, vacation pay, sick leave, retirement benefits, social security, worker’s compensation, health or disability benefits, unemployment insurance benefits, employee benefits of any kind, short-term incentive compensation, long-term incentive compensation, or any stock equity award of any kind. Again, pursuant to Section 3(a)(2) above, Consultant is an independent contractor, not an employee of the Company, and Consultant shall be free from the control of the Company in performing the Services under this Agreement.

 

    4 Consulting Services Agreement

     

    

 

 (g)           Invoicing, Payments & Late Payment Interest. Consultant shall submit a monthly invoice to the Company for payment. Invoices shall be submitted by electronic mail by Consultant to the Company within five (5) business days after the end of each month. Consultant shall submit monthly invoices detailing the Services rendered pursuant to this Agreement. Pre-approved and reimbursable expenses shall be billed at cost with supporting documentation. Payments shall be made within thirty (30) calendar days of the Company’s receipt and approval of such invoices, unless the Parties agree to an alternative arrangement, as set forth in SOW #1 or any subsequent SOW. All payments shall be specified and made in U.S. dollars. The Company reserves the right to review and verify the accuracy of information and satisfactory performance of the work. In the event of any good faith dispute regarding an invoice, the Company may withhold payment of disputed amounts pending resolution of the dispute. The Company shall pay disputed amounts within thirty (30) days of resolution of the dispute.

 

		6.	TERM AND TERMINATION.

 

(a)         Term.
The term (“Term”) of this Agreement shall commence on the Effective Date. Unless it is terminated earlier in accordance
with Subsection 6(b), this Agreement shall continue until July 1, 2022 and shall thereafter renew by mutual agreement, confirmed
in writing, between the Parties. Nothing in this Agreement guarantees additional work for Consultant.

 

		(b)	Termination.

 

		(i)	Each Party may terminate this Agreement for any reason or no reason upon ten (10) days’ written
notice to the other Party.

 

		(ii)	Company may immediately terminate this Agreement if (i) Consultant commits any act of fraud, misappropriation,
or personal dishonesty intended to result in the substantial personal enrichment of Consultant at the expense of Company, or (ii) Consultant
is convicted of or enters a plea of nolo contendere to any felony or any misdemeanor involving moral turpitude.

 

		(iii)	Each Party may immediately terminate this Agreement if the other Party materially breaches or is in default
of any obligation hereunder, except a monetary default on behalf of Company which is cured within five (5) business days of written
notice of such default, or if the other Party becomes insolvent, makes a general assignment for the benefit of creditors, files a voluntary
petition of bankruptcy, suffers or permits the appointment of the receiver for his/her/its business or assets, or becomes subject to any
proceeding under any bankruptcy or insolvency law, whether domestic or foreign, dissolved or liquidated, voluntarily or otherwise. Upon
the occurrence of any of the above events, immediate notice of such event shall be given to the non-defaulting Party by the Party so affected.
The aforementioned right of termination is not exclusive of any remedies to which either Party may otherwise be entitled at law or in
equity in the event of a breach of this Agreement.

 

    5 Consulting Services Agreement

     

    

 

 (c)           Effect of Termination. After the termination of this Agreement, for any reason or no reason, the Company shall promptly pay Consultant for Services rendered before the effective date of the termination. No other payment, of any nature or type, shall be payable after the termination of this Agreement, unless required by applicable law.

 

		(i)	Consultant shall promptly return to Company all property of Company in Consultant’s possession or control which refers or relates
to Company’s business, or which are otherwise the property of Company, including, but not limited to, all confidential and proprietary
business information, papers, documents, letters, invoices, notes, memoranda, records, client and supplier lists, materials or other documents,
and computers and computer data, whether created by Consultant or any other employees, agents or suppliers of Company in the course of
their employment or relationship with Company, regardless of the form or medium retained or stored in (including electronic or digital
form).

 

		(ii)	Consultant shall promptly return to Company or destroy any copies or multiple versions of any written documentation, files or other
information required to be returned by Consultant under clause (i) of this Subsection 6(c), regardless of the form or medium in which
such information is retained or stored (including electronic or digital form).

 

		7.	CONFIDENTIAL INFORMATION.

 

As used in this Agreement, “Confidential
Information” means: (i) all information and material of Company or any of its respective parents, subsidiaries, or affiliates
(including directors, officers, employees, lawyers, accountants, consultants, agents, financial advisors, or any other person or entity
acting on behalf of Company) (“Company Parties”), in oral, written, graphic, electronic or any other form or medium,
that has or shall come into Consultant’s possession or knowledge in connection with or as a result of the Services, including information
and material concerning the past, present or future customers, suppliers, technology, or business of Company; (ii) any analyses,
compilations, studies or other documents prepared by Consultant containing, incorporating or reflecting any Company Confidential Information;
and (iii) all information about an identifiable individual or other information that is subject to any federal, provincial, state
or other applicable statute, law or regulation of any governmental or regulatory authority in Canada or the United States, as the case
may be, relating to the collection, use, storage and/or disclosure of information about an identifiable individual.

 

    6 Consulting Services Agreement

     

    

 

(a)           For
the purposes of this definition, “information” and “material” includes know-how, data, patents, copyrights, trade
secrets, processes, business rules, tools, business processes, techniques, programs, designs, formulae, marketing, advertising, financial,
commercial, sales or programming materials, equipment configurations, system access codes and passwords, written materials, compositions,
drawings, diagrams, computer programs, website design and coding, studies, works in progress, visual demonstrations, ideas, concepts,
and other data.

 

(b)           For
purposes of this definition, “trade secrets” means (i) information including but not limited to techniques, methods of
business, formula, practice, process, design, instrument, pattern, commercial method, or compilation of information not generally known
or reasonably ascertainable by others by which a business can obtain an economic advantage over competitors or customers, or (ii) as
otherwise defined by applicable law.

 

		8.	USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION.

 

(a)           From
time to time during the Term of this Agreement or during performance of the Services hereunder, Company has disclosed or shall disclose
Confidential Information to Consultant and/or Consultant may otherwise learn additional Confidential Information. All Confidential Information
shall be:

 

		(i)	Received and maintained in confidence by Consultant and shall not be disclosed or permitted to be disclosed,
directly or indirectly, by Consultant to any party whatsoever or used to Consultant’s benefit (or the benefit of any third party)
or to the detriment of Company;

 

		(ii)	Used by Consultant only for the performance of the Services hereunder;

 

		(iii)	Disclosed by Consultant only to such of its agents having a good faith need to know the Confidential Information
in order for Consultant to perform the Services under this Agreement, and who are bound by a written confidentiality agreement at least
as restrictive as the terms of this Agreement and specifically allowing for enforcement by Company; and

 

(b)           Consultant
shall execute such documents or maintain such records as Company may reasonably require to evidence or demonstrate its compliance with
the obligations of confidentiality, non-use and non-disclosure imposed by this Section 8.

 

    7 Consulting Services Agreement

     

    

 

		9.	LIMITATIONS ON OBLIGATIONS OF SECTION 8.

 

(a)           The
obligations of confidentiality, non-use, non-disclosure and ownership imposed by this Agreement shall not apply:

 

(i)    To
any information which Consultant can demonstrate was owned or developed by Consultant independently prior to any association with Company
or any association with Company’s parents, subsidiaries, or affiliates, and not at the direction of Company or Company’s
parents, subsidiaries, or affiliates, or any of Company’s or Company’s parents’, subsidiaries’, or affiliates’
agents or principals, and which is capable of independent use apart from the work products;

 

(ii)   To
any information which is or becomes available in issued patents, published patent applications or printed publications of general public
circulation other than by acts or omissions of Consultant; or

 

(iii)  To
any information which Consultant hereafter lawfully obtains from a third party other than a third party whom Consultant knows, or should
know, obtained such information from Company or any other source unlawfully, or disclosed such information in violation of an obligation
of confidentiality with Company.

 

(b)           Notwithstanding
Consultant's belief that any information falls within the scope of this Section 9, Consultant shall not disclose or use any such
information except as permitted by Subsection 8(a)(2) hereof, unless and until (i) Consultant has given notice to Company of
such belief specifying the facts and other documentary or other evidence upon which such belief is based; (ii) Consultant has furnished
Company with such additional data and information as Company may reasonably request; and (iii) Company has determined that the information
in question does, in fact, fall within the scope of this Section 9.

 

(c)           The
obligations of confidentiality, non-disclosure and non-use with respect to Confidential Information do not restrict Consultant from complying
with any valid legal order issued by a court or governmental agency of competent jurisdiction that compels Consultant to disclose the
Confidential Information; however, Consultant must promptly notify Company in writing of the legal order to allow Company a reasonable
opportunity to seek to protect the Confidential Information. If such protective order or other remedy is not obtained by Company, or
Company waives compliance with the provision hereof, Consultant agrees to disclose or furnish only that portion of the Confidential Information
that Consultant is, in the view of its counsel, legally required to be disclosed or furnished, and Consultant agrees to use reasonable
commercial efforts to ensure that confidential treatment shall be accorded such information.

 

    8 Consulting Services Agreement

     

    

 

(d)           The
obligations of confidentiality, non-disclosure and non-use with respect to Confidential Information shall continue for a period of five
(5) years from the Effective Date of this Agreement. However, with respect to those items of Confidential Information which constitute
trade secrets under applicable law, the confidentiality obligations shall survive to the greatest extent permitted by applicable law.
Money damages may not be a sufficient remedy for any breach of this Section 9 by Consultant and, in addition to all other remedies,
the Company may seek, as a result of such breach, specific performance and injunctive or other equitable relief as a remedy, as provided
under applicable law.

 

		10.	NO LICENSE GRANTED TO CONSULTANT.

 

All rights in the Confidential Information
and the work products, including rights relating to copyrights, trademarks, inventions, discoveries, patent applications or patents that
may derive from or relate to the Confidential Information or the work products, now or hereafter in existence, are reserved by Company
for its use, non-use or other disposition at any time, without obligation to Consultant. Company shall be the sole owner of all inventions,
discoveries, updates, improvements, modifications and enhancements relating to the work products, whether in written or unwritten form
and whether developed by Consultant or Company, including any such improvements. Company shall retain the exclusive right to reproduce,
publish, patent, copyright, sell, license or otherwise make use of the work products and any and all inventions, discoveries, updates,
improvements, modifications or enhancements developed by anyone.

 

		11.	INTELLECTUAL PROPERTY RIGHTS.

 

(a)           All
rights, title, and interest, including patent and copywriting interests, in any data, deliverable, software, artwork or other work done
by Company that is system discovered, developed, learned, created, produced, or provided by Consultant, alone or in combination with
any contractor or employee of Company, arising in connection with the Services or including any Confidential Information of Company,
and whether arising prior to or during the Term, are the property of Company. Consultant agrees that any contributions by Consultant
to the creation of such works, including all patent and copywriting interests therein, shall be considered works made for hire by Consultant
for Company under 17 U.S.C. § 101 and that such works shall, upon their creation, be owned exclusively by Company,
whether or not patent, copyright or other applications for intellectual property protection are filed thereon. To the extent that any
such works may not be considered works made for hire for Company under applicable law, Consultant agrees to assign and, upon their creation,
automatically assigns to Company, the ownership of such works, including copywriting interests and any other intellectual property therein,
without the necessity of any further consideration.

 

    9 Consulting Services Agreement

     

    

 

(b)           Consultant
shall not include in any data, deliverable or artwork delivered to Company or incorporated in the work products, without the written
approval of Company, any data or material which is or will be copyrighted by Consultant or others unless Consultant provides Company
with the written permission of the copywriting owner for Company to use such copyrighted material in the manner provided in Subsection
11(b) hereof.

 

(c)           Consultant
will keep full and complete written records of all intellectual property and will promptly disclose all intellectual property completely
and in writing to Company. The records shall be the sole and exclusive property of Company, and Consultant will surrender them upon the
termination of the Agreement, or upon Company’s request.

 

(d)           Consultant
agrees that it is not entitled to any additional or special compensation or reimbursement regarding any ideas, designs, concepts, writings,
discoveries, inventions, improvements, processes, procedures, techniques, or developments that are deemed to be the property of Company
by the terms of this Agreement.

 

(e)           Consultant
shall assign (or cause to be assigned) to Company all right, title and interest in and to all such intellectual property associated with
the work products herein, including without limitation any worldwide copyright(s), moral rights, patent(s) and any and all other
such rights of whatever kind, and the right to obtain registrations, renewals, reissues and extensions of the same. Consultant agrees
to execute such further documents and to do such further acts as may be necessary to perfect the foregoing assignments and to protect
Company’s rights. In the event Consultant fails or refuses to execute such documents, Consultant hereby appoints Company as Consultant’s
attorney-in-fact (this appointment to be irrevocable and a power coupled with an interest) to act on Consultant's behalf and to execute
such documents.

 

		12.	USE OF MARKS.

 

Consultant may not use, reproduce,
and distribute the Company’s service marks, trademarks, and trade names (if any) (collectively, the “Company Marks”)
in connection with the performance of the Services, except as otherwise expressly agreed by the Company in writing. Any goodwill received
from this use, if permitted, will accrue to the Company, which will remain the sole owner of the Company Marks. Consultant may not engage
in activities or commit acts, directly or indirectly, that may contest, dispute, or otherwise impair the Company’s interest in
the Company Marks. Consultant may not cause diminishment of value of the Company Marks through any act or representation. Consultant
may not apply for, acquire, or claim any interest in any Company Marks, or others that may be confusingly similar to any of them, through
advertising or otherwise. At the expiration or earlier termination of this Agreement, Consultant will have no further right to use the
Company Marks, if ever permitted, unless the Company provides written approval for each such use.

 

    10 Consulting Services Agreement

     

    

 

		13.	REPRESENTATIONS AND WARRANTIES.

 

 (a) 
           Representations and Warranties of Consultant. Consultant represents and warrants to Company that: (i) Services shall be
performed in a professional manner and as specified in the applicable SOW; and (ii) Consultant shall have sufficient skill,
knowledge and training to perform the Services.

 

EXCEPT AS EXPRESSLY PROVIDED IN THIS
SECTION 13, CONSULTANT IS MAKING NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING BUT
NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY REPRESENTATION OR WARRANTY
FROM COURSE OF DEALING OR USAGE OF TRADE, WITH RESPECT TO THE SERVICES RENDERED OR THE RESULTS OBTAINED, AND THE COMPANY AGREES THAT ALL
SUCH OTHER REPRESENTATIONS AND WARRANTIES THAT ARE NOT PROVIDED IN THIS SECTION 13 ARE HEREBY EXCLUDED AND DISCLAIMED.

 

 (b)           Representations and Warranties of Company. The Company represents and warrants to Consultant as follows: (i) The Company has full power and authority to execute, deliver and perform this Agreement; (ii) This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a valid and binding agreement enforceable against the Company, in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws relating to creditors' rights generally and by principles of equity; and (iii) There are no pending or threatened lawsuits, claims, disputes or actions that may adversely affect the Company’s ability to perform its obligations under this Agreement.

 

		14.	FEDERAL LAW EXCEPTION.

 

Parties acknowledge that the U.S.
Controlled Substances Act lists cannabis as a Schedule 1 narcotic, and that the cultivation, manufacturing, supply, purchase, sale, distribution
and dispensing of cannabis is in violation of federal law, although it is permitted by certain states’ laws. Neither Party shall
be liable for any damages whatsoever of the other Party or the indemnification of the other Party, nor shall any Party be held to be
in default or breach, in connection with such Party’s noncompliance with any federal laws related to cannabis. Federal illegality
does not constitute a viable defense for any claim emerging from this Agreement. Parties give up the right to attempt to claim this defense
or to void this Agreement on such grounds.

 

    11 Consulting Services Agreement

     

    

 

		15.	OTHER ACTIVITIES/NON-EXCLUSIVITY.

 

During the Term of this Agreement,
Consultant shall have the right to unilaterally decide to work with other companies/clients at any given time on services similar to those
covered by this Agreement. Consultant is free to engage in other independent contracting activities, except that Consultant may not accept
work, enter into contracts, or accept obligations inconsistent or incompatible with Consultant’s obligations or the scope of Services
to be rendered for the Company under this Agreement.

 

		16.	INDEMNIFICATION.

 

 (a)            Of
Consultant by Company. At all times after the Effective Date, Company shall indemnify Consultant and its officers, managers,
employees, affiliates, subsidiaries, successors, and agents (collectively, the “Consultant Indemnitees”) from all
damages, liabilities, expenses, claims, or judgments (including interest, penalties, reasonable attorneys’ fees, accounting
fees, expert witness fees, costs of investigation, court costs, other litigation expenses, and related business expenses)
(collectively, the “Claims”) that any of the Consultant Indemnitees may incur and that arise as a result of any
action or omission by Company, their employees or agents, or any independent contractor for work related to this Agreement, except
to the extent any such injuries, losses, claims, or damages are caused by Consultant’s negligence, gross negligence, or
willful misconduct

 

 (b)           The Company has the absolute right to defend any claim arising from any actions or omissions highlighted above and shall have the right to have counsel of its own choosing, the reasonable cost of which shall be borne by Company.

 

		17.	INSURANCE.

 

Consultant shall procure and maintain,
at its expense, all insurance coverage required under applicable law; provided, however, Company agrees and acknowledges
that the Services are not legal services and Consultant is not required to procure and maintain professional malpractice insurance..

 

    12 Consulting Services Agreement

     

    

 

		18.	LEGAL COMPLIANCE.

 

Consultant shall perform the Services
in accordance with standards prevailing in the Company’s industry, and in accordance with applicable laws, rules, or regulations.
Consultant shall obtain all business permits, certificates, and licenses required to comply with those standards, laws, rules, or regulations
subject to the Section 17 above.

 

		19.	NO SOLICITATION OF EMPLOYEES.

 

During the period of one (1) year
following the Effective Date, Consultant shall not solicit for hire or employment, directly or indirectly, any officer or employee of
the Company or its parents, subsidiaries, or affiliates, and Consultant shall not agree to employ any officer or employee so solicited.
Notwithstanding the foregoing, nothing in this Agreement shall prevent the Consultant from hiring any officer or employee of the Company
who: (i) is solicited by non-targeted advertising placed in a newspaper, trade journal, through a web site or via other media of
general circulation; (ii) is solicited by an employee of an executive search firm acting on the Consultant’s behalf where the
Consultant did not identify to such search firm the name of such officer or employee and the Consultant did not direct, instruct, or encourage
the solicitation of the specific officer or employee, (iii) is terminated by the Company prior to their commencement of employment
discussions with the Consultant, or (iv) initiates discussions regarding such employment without any direct solicitation by the Consultant.

 

		20.	FORCE MAJEURE.

 

No Party shall be considered in breach
of or in default of this Agreement because of, and will not be liable to the other Party for, any delay or failure to perform its obligations
under this Agreement by reason of fire, earthquake, flood, tornado, hurricane, explosion, strike, riot, war, terrorism, epidemic, pandemic,
or similar event beyond that Party’s reasonable control (each a “Force Majeure Event”). However, if a Force Majeure
Event occurs, the affected Party shall, as soon as practicable:

 

 (a)         Notify the other Party of the Force Majeure Event and its impact on performance under this Agreement; and

 

 (b)         Use reasonable efforts to resolve any issues resulting from the Force Majeure Event and perform its obligations under this Agreement.

 

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		21.	DISPUTE RESOLUTION.

 

Any non-time barred, legally actionable controversy or
claim arising out of or relating to this Agreement, its enforcement, arbitrability or interpretation, or because of an alleged breach,
default, or misrepresentation in connection with any of its provisions, or any other non-time barred, legally actionable controversy
or claim arising out of or relating to the Consultant’s Services, shall be submitted to individual, final and binding arbitration,
to be held in Maricopa County, Arizona, before a single arbitrator selected from Judicial Arbitration and Mediation Services, Inc.
(“JAMS”), in accordance with the then-current JAMS Arbitration Rules and Procedures, as modified by the terms and
conditions in this Section. Parties will select the arbitrator by mutual agreement or, if the Parties cannot agree, then by striking
from a list of qualified arbitrators supplied by JAMS. Final resolution of any dispute through arbitration may include any remedy or
relief that is provided for through any applicable state or federal statutes, or common law. Statutes of limitations shall be the same
as would be applicable were the action to be brought in court. The arbitrator selected pursuant to this Agreement may order such discovery
as is necessary for a full and fair exploration of the issues and dispute, consistent with the expedited nature of arbitration. The Parties
agree, and the arbitrator shall issue an order providing, that all pleadings, motions, discovery responses, depositions, testimony, and
documents exchanged or filed in relation to the arbitration be kept strictly confidential. At the conclusion of the arbitration, the
arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the arbitrator’s award
or decision is based. Any award or relief granted by the arbitrator under this Agreement shall be final and binding on the Parties to
this Agreement and may be enforced by any court of competent jurisdiction. The Company will pay those arbitration costs that are unique
to arbitration, including the arbitrator’s fee (recognizing that each side bears its own deposition, witness, expert and attorneys’
fees and other expenses to the same extent as if the matter were being heard in court). If, however, any Party prevails on a statutory
claim, which affords the prevailing party attorneys’ fees and costs, then the arbitrator may award reasonable fees and costs to
the prevailing party. The arbitrator may not award attorneys’ fees to a Party that would not otherwise be entitled to such an award
under the applicable statute. The arbitrator shall resolve any dispute as to the reasonableness of any fee or cost. Except as expressly
provided in this Agreement, the Parties acknowledge and agree that they are hereby waiving any rights to trial by jury or a court in
any action or proceeding brought by either of the Parties against the other in connection with any matter whatsoever arising out of or
in any way connected with this Agreement or the Consultant’s Services.

 

This Agreement to arbitrate is freely negotiated between
the Parties and is mutually entered into between the Parties. Each Party fully understands and agrees that they are giving up certain
rights otherwise afforded to them by civil court actions, including but not limited to the right to a jury trial.

 

    14 Consulting Services Agreement

     

    

 

		22.	GOVERNING LAW, CHOICE OF FORUM, AND ATTORNEYS’ FEES.

 

 (a)                  Governing Law. This Agreement, for all purposes, shall be construed in accordance with the laws of the State of Arizona, without regard to conflicts of law principles, except for the arbitration provisions which shall be governed solely by the Federal Arbitration Act, 9 U.S.C. §§ 1-4. In furtherance of the foregoing, the internal laws of the State of Arizona will control the interpretation and construction of this Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

 

 (b)                  Choice of Forum. Both Parties consent to the personal jurisdiction of the state and federal courts in Maricopa County, City of Phoenix, State of Arizona.

 

 (c)                  Attorneys’ Fees. If either Party employs attorneys to enforce any rights arising out of or relating to this Agreement, in any legal proceeding (judicial or arbitral), the losing Party shall reimburse the prevailing Party (as defined by the courts of Arizona, and as decided by the court or arbitrator) for their reasonable attorneys’ fees.

 

		23.	AMENDMENTS.

 

This Agreement may only be amended,
modified, or supplemented by an agreement in writing signed by each Party hereto.

 

		24.	ASSIGNMENT AND DELEGATION.

 

		(a)	No Assignment. Neither Party may assign any of its rights under this Agreement, except with the
prior written consent of the other Party, which consent shall not be unreasonably withheld. All voluntary assignments of rights are limited
by this subsection. However, the Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase,
merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company.

 

		(b)	No Delegation. Neither Party may delegate any performance under this Agreement, except with the
prior written consent of the other Party, which consent shall not be unreasonably withheld.

 

		(c)	Enforceability of an Assignment or Delegation. If a purported assignment or purported delegation
is made in violation of this Section 24, it is null and void from the initial date of the purported assignment or delegation.

 

    15 Consulting Services Agreement

     

    

 

		25.	COUNTERPARTS AND ELECTRONIC SIGNATURES.

 

		(a)	Counterparts. The Parties may execute this Agreement in any number of counterparts, each of which
shall be deemed an original but all of which shall constitute one and the same instrument.

 

		(b)	Electronic Signatures. This Agreement, agreements ancillary to this Agreement, and related documents
entered into in connection with this Agreement are signed when a Party’s signature is delivered by facsimile, email, or another
electronic medium. These signatures must be treated in all respects as having the same force and effect as original signatures.

 

		26.	SEVERABILITY.

 

If any one or more of the provisions
contained in this Agreement is, for any reason, held to be invalid, illegal, or unenforceable in any respect, that invalidity, illegality,
or unenforceability will not affect any other provisions of this Agreement, but this Agreement will be construed as if those invalid,
illegal, or unenforceable provisions had never been contained in it, unless the deletion of those provisions would result in such a material
change so as to cause completion of the transactions contemplated by this Agreement to be unreasonable.

 

		27.	NOTICES.

 

 (a)           Writing; Permitted Delivery Methods. Each Party giving or making any notice, request, demand, or other communication required or permitted by this Agreement shall give that notice in writing and use one of the following types of delivery, each of which is a writing for purposes of this Agreement: (i) personal delivery, (ii) mail (registered or certified mail, (iii) postage prepaid, return-receipt requested), (iv) nationally recognized overnight courier (fees prepaid), (v) facsimile, or (vi) email.

 

 (b)           Addresses. A Party shall address notices under this Section 27 to a Party at the following addresses:

 

If to Company:

TILT Holdings Inc.

ATTN: Gary F. Santo, Jr., CEO

2801 E. Camelback Road, Suite 180

Phoenix, AZ 85016

Email: gsanto@tiltholdings.com

 

If to Consultant:

ATTN: Marshall Horowitz

[ * * * ]

 

    16 Consulting Services Agreement

     

    

 

 (c)          Effectiveness. A notice is effective only if the Party giving notice complies with Subsections 27 (a) and (b) and if the recipient receives the notice. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via electronic mail, five (5) days after deposit in the U.S. mail, and one (1) day after deposit with a reputable overnight courier service.

 

		28.	WAIVER.

 

No waiver of a breach, failure of any
condition, or any right or remedy contained in or granted by the provisions of this Agreement will be effective unless it is in writing
and signed by the Party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy will be deemed
a waiver of any other breach, failure, right, or remedy, whether or not similar, and no waiver will constitute a continuing waiver, unless
the writing so specifies.

 

		29.	ENTIRE AGREEMENT.

 

This Agreement constitutes the final
agreement of the Parties. It is the complete and exclusive expression of the Parties’ agreement about the subject matter of this
Agreement. All prior and contemporaneous communications, negotiations, and agreements between the Parties relating to the subject matter
of this Agreement are expressly merged into and superseded by this Agreement. The provisions of this Agreement may not be explained, supplemented,
or qualified by evidence of trade usage or a prior course of dealings. Neither Party was induced to enter this Agreement by, and neither
Party is relying on, any statement, representation, warranty, or agreement of the other Party except those set forth expressly in this
Agreement. Except as set forth expressly in this Agreement, there are no conditions precedent to this Agreement’s effectiveness.

 

		30.	SURVIVAL.

 

Upon the expiration or other termination
of this Agreement, the respective rights and obligations of the Parties hereto shall survive such expiration or other termination to the
extent necessary to carry out the intentions of the Parties under this Agreement.

 

    17 Consulting Services Agreement

     

    

 

		31.	HEADINGS.

 

The descriptive headings of the sections
and subsections of this Agreement are for convenience only and do not affect this Agreement’s construction or interpretation.

 

		32.	NECESSARY ACTS; FURTHER ASSURANCES.

 

Each Party and its officers and directors
shall use all reasonable efforts to take, or cause to be taken, all actions necessary or desirable to consummate and make effective the
transactions this Agreement contemplates or to evidence or carry out the intent and purposes of this Agreement.

 

(The remainder of this page is intentionally
left blank. The signature page is below.)

 

    18 Consulting Services Agreement

     

    

 

EXECUTION
VERSION

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	TILT HOLDINGS INC.

 

	 	Signature:	/s/ Gary F. Santo, Jr.
	 	 	 
	 	By:	Gary F. Santo, Jr.
	 	 	 
	 	Title:	Chief Executive Officer
	 	 	 
	 	Date:	January 4, 2022

 
	 	CONSULTANT:

 

	 	 	/s/ Marshall Horowitz
	 	 	Marshall Horowitz
	 	 	 
	 	Date:	January 4, 2022

 

    

     

    

 

EXECUTION
VERSION

EXHIBIT A:

STATEMENT OF WORK #1
(SOW #1)

 

OBJECTIVES, EFFECTIVE DATE, SERVICES, FEES,
REIMBURSEABLE EXPENSES, AND SUBSEQUENT STATEMENTS OF WORK

 

		1.	OBJECTIVES.

 

Provision of consulting services to Legal Department, including,
but not limited to, (i) providing guidance and assistance with any refinancing of the Company’s debt and related debt and (ii) providing
guidance and assistance with regard to litigation matters, specifically the actions involving O’Melveney & Myers and the
Haze Corporation.

 

		2.	EFFECTIVE DATE.

 

This SOW #1 shall become effective
as of the dates the SOW #1 is signed by the Parties, as set forth in the signature section below. The date on which this SOW
#1 is signed by the last Party (as indicated by the date associated with that Party’s signature) shall be deemed the effective
date of this SOW #1.

 

		3.	SERVICES.

 

Consultant shall perform the following
Services:

 

Availability and provision of guidance
and counsel with regard to the above objectives.

 

Consultant shall not (i) engage
any outside legal counsel or other vendor on behalf of the Company or (ii) direct outside legal counsel or other vendor to act on
behalf of the Company.

 

		4.	FEES.

 

Consultant’s standard monthly
service fee is $15,000.

 

		5.	REIMBURSEABLE EXPENSES.

 

In addition to the fees for specific
Services, Consultant shall be reimbursed for the actual pre-approved, out-of-pocket expenses directly related to undertaking the
Services. Professional licensing fees are pre-approved.

 

		6.	SUBSEQUENT STATEMENTS OF WORK.

 

The Parties agree that for convenience,
if Company desires to retain Consultant for services subsequent to and in addition to the Services specified in this SOW #1, under
the same terms and conditions set forth in this Agreement, the Parties shall simply create a new and subsequent SOW. That new and subsequent
SOW shall be numbered in sequence to the previous SOW, meaning, 2, 3 and so forth.

 

    

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this SOW #1 as of the date first written above.

 

	 	COMPANY:
	 	 
	 	TILT HOLDINGS INC.

 

	 	Signature:	/s/ Gary F. Santo
	 	 	 
	 	By:	Gary F. Santo, Jr. 
	 	 	 
	 	Title:	Chief Executive Officer
		 	 
	 	Date:	January 4, 2022

 

	 	CONSULTANT:

 

	 	 	/s/ Marshall Horowitz
	 	 	Marshall Horowitz
	 	 	 
	 	Date:	January 4, 2022

 

    2 Consulting Services Agreement

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