Document:

Exhibit 10.3

 

CONFIDENTIAL

 

MUTUAL RELEASE

 

This MUTUAL RELEASE
(this “Release”) is entered into as of the 16th day of August, 2021, by and among:

 

		(1)	MedMen Enterprises, Inc. (“MedMen”), on
behalf of itself and each of its direct and indirect subsidiaries, including MM Can USA, Inc. (“MMCan”) (each, a “Company
Party, and collectively, the “Company Parties”);

 

		(2)	Serruya Private Equity, Inc.;

 

		(3)	Gotham Green Partners, LLC (“GGP”);

 

		(4)	the parties identified on the signature pages hereto as the
“Existing Holders” (the “Existing Holders”);

 

		(5)	Gotham Green Admin 1, LLC, in its capacity as collateral
agent (in such capacity, the “Resigning Collateral Agent”) under that certain Third Amended and Restated Securities
Purchase Agreement, dated as of January 11, 2021 (the “3rd A&R SPA”), by and among the Company Parties party
thereto, the Existing Holders, and the Resigning Collateral Agent;

 

		(6)	the existing lenders to the Company under that certain Unsecured
Promissory Note dated as of July 29, 2021 (the “Unsecured Note”), that are identified on the signature pages hereto
as the “Unsecured Noteholders”; and

 

		(7)	certain purchasers of new Class B subordinate voting shares
that are backstopping, pursuant that certain Backstop Letter Agreement dated as of the date hereof (the “Backstop Agreement”)
a private placement of shares in an aggregate principal amount of $100,000,000.00 and new warrants issued by MedMen pursuant to certain
Subscription Agreements, dated as of the date hereof (the “Subscription Agreements”), identified on the signature
pages hereto as the “New Equity Investors”;

 

Each of the parties identified in the
foregoing clauses (including, for the avoidance of doubt, the Company Parties) are referred to herein, individually, as a “Party”
and, collectively, as the “Parties.”

 

WHEREAS, the Parties have negotiated
a series of transactions involving the Company Parties as contemplated by, among other documents, (a) the amendment and restatement of
the 3rd A&R SPA as set forth in that certain Fourth Amended and Restated Securities Purchase Agreement, dated as of the date
hereof (the “4th A&R SPA”), by and among the Company Parties party thereto, the Existing Holders, and the Resigning
Collateral Agent, (b) the Unsecured Notes, (c) the Board Nomination Rights Agreement between the S5 Holdings LLC and the Company
and the Board Nomination Rights Agreement between GGP and the Company, (d) the Subscription Agreements, (e) the Backstop Agreement,
(f) the Transaction Steps Memorandum by and among the Parties, Tilray Inc., and Superhero Acquisition Corp. (the “Steps
Memo”), and (g) all other documents and agreements related to the foregoing (collectively, the “Transaction Documents”,
and any and all transactions contemplated therein, the “Transaction”), including the releases set forth herein.

 

     

     

    

 

WHEREAS, it is the intention
of the Parties that this Release and the other Transaction Documents are executed contemporaneously (or as otherwise indicated in the
Transaction Documents), and all conditions precedent to closing the Transaction (as identified in the Transaction Documents) are met,
to effectuate the close of the Transaction (the “Closing”) and implement the terms provided for in the Transaction
Documents in the order set forth in the Steps Memo.

 

NOW, THEREFORE,
in consideration of the promises contemplated in the Transaction and Transaction Documents, and for other good and valuable consideration,
the Parties agree as follows:

 

1. Release.
Each Party, on behalf of itself and its successors, assigns, agents, counsel and other representatives (the “Releasing Parties”),
hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges, in each case in its capacity as such, each
other Party and each other Party’s successors and assigns, and its present shareholders, direct and indirect owners, partners, members,
managers, consultants, controlled affiliates, subsidiaries, divisions, management companies, managed accounts or funds, predecessors,
directors, officers, attorneys, employees, agents, financial advisors and other representatives, and all Persons acting by, through, under,
for or in concert with any of them (the “Released Parties”) of and from all demands, actions, causes of action, suits,
covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, obligations, responsibilities,
damages and any and all other claims, counterclaims, defenses, recoupment, rights of setoff, demands and liabilities whatsoever (individually,
a “Claim” and collectively, “Claims”) of every name and nature, direct or indirect, known or unknown,
contingent or mature, suspected or unsuspected, choate or inchoate, disputed or undisputed, foreseen or unforeseen, in contract or in
tort, under statute, in law or in equity, or pursuant to any other theory of law or equity, arising from or related to any actions, transactions,
events or omissions at or before the Closing which any Releasing Party may now or hereafter own, hold, have or claim to have against the
Released Parties or any of them for or on account of, or in relation to, or in any way in connection with any act or omission with respect
to the 3rd A&R SPA (and any predecessor documents thereto) and all Operative Documents (as defined in the 3rd A&R SPA), any collateral
security for the Obligations (as defined in the 3rd A&R SPA) and any actions or omissions by the Resigning Collateral Agent in its
capacity as Collateral Agent under the Operative Documents, the Transaction Documents, and the Transaction, including the negotiation,
formulation, preparation or consummation of the Transaction Documents and Transaction, or any of the transactions contemplated thereunder
or related thereto, and any financial accommodations made pursuant to or evidenced by any of the foregoing, in each case taking place
at or before the Closing; provided, that (a) no Released Party will be released hereunder for any Claims arising from such Released
Party’s own fraud or willful misconduct, (b) nothing in this Section 1 shall be construed to release any Released Party from
any obligation, representation, warranty, covenant, or other provision under any Transaction Document to which it is a party that survives
the Closing in accordance with the terms of such Transaction Document, including, for the avoidance of doubt and without limitation, the
Obligations (as defined in the 4th A&R SPA) of, and any security interest granted by, the Company Parties under the 4th A&R SPA
and the other Operative Documents (as defined in the 4th A&R SPA), and (c) nothing in this Section 1 shall be construed to
release any Claim that one Company Party has against another Company Party.

 

    2

     

    

 

2. Effect
of Release. Each Releasing Party understands, acknowledges and agrees that the release set forth in this Release may be pleaded as
a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted,
prosecuted or attempted in breach of the provisions of the Release. Each Releasing Party agrees that no fact, event, circumstance, evidence
or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional
nature of the Release.

 

3. Covenant
Not to Sue. Each Releasing Party agrees and covenants not to assert or prosecute, or assist or otherwise aid any other Person in the
assertion or prosecution of, any Claims being released pursuant to the release set forth in this Release against any of the Released Parties
or to make any claim or assert or prosecute any claim against any person, partnership, corporation or other such entity which might be
entitled to claim contribution, indemnity or other relief over or against any Released Parties with respect to any of the matters to which
this Release applies; provided, that nothing contained in this Release shall prevent any Releasing Party from providing information
that is requested or required pursuant to law, rule, regulation, court order or other similar process (including, without limitation,
by oral questions interrogatories, requests for information or documents in legal or regulatory proceedings, subpoena, civil investigative
demand or other similar process).

 

4. No Assignment.
Each Releasing Party represents and warrants that they have not assigned or transferred, or purported to assign or transfer, to any person,
partnership, corporation or other such entity, any of the Claims being released pursuant to this Release, nor any of the matters above
which it agrees herein not to assert or prosecute.

 

5. Limitations
of Release. In entering into this Release, each Releasing Party has consulted with, and has been represented by, legal counsel and
expressly disclaims any reliance on any representations, acts or omissions by any of the Released Parties and hereby agrees and acknowledges
that the validity and effectiveness of the Release does not depend in any way on any such representations, acts and/or omissions or the
accuracy, completeness or validity hereof. This Release shall survive the termination of the Transaction Documents. Each Releasing Party
acknowledges and agrees that the releases set forth above may not be changed, amended, waived, discharged or terminated orally.

 

6. Waiver
of Statutory Limitations on Release. Except as otherwise set forth herein or as prohibited by law or statute, it is the intention
of each Party to extinguish all released Claims and consistent with such intention, each Party hereby expressly waives his, her, or its
rights to the fullest extent permitted by law, to any benefits of the provisions of Section 1542 of the California Civil Code or any other
similar state law, federal law, or principle of common law, which may have the effect of limiting the releases set forth herein, which
reads in full as follows:

 

A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE
AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 

    3

     

    

 

7. Reservation
of Rights. Notwithstanding anything to the contrary set forth herein, each of the Parties hereby expressly reserves all of its defenses
to any Claims that may be asserted against any of them by any other Party, including, but not limited to, any defense that this Release
releases any such asserted Claim.

 

8. Assignment;
Third Party Beneficiaries. Neither this Release nor any of the rights, interests or obligations under this Release shall be assigned
by any Party (whether by operation of law or otherwise) without the prior written consent of the other Parties hereto. Any purported assignment
in violation of this Section 8 shall be void ab initio. There are no third party beneficiaries under this Release. Notwithstanding
the foregoing, for the avoidance of doubt, the Released Parties may enforce the provisions of this Release, as set forth herein.

 

9. Entire
Agreement. This Release constitutes the entire agreement among the Parties and supersedes all prior agreements, arrangements or understandings,
oral or written, among the Parties with respect to the subject matter of this Release, except that the Parties acknowledge that the Transaction
Documents shall continue in full force and effect in accordance with their respective terms.

 

10. Effectiveness;
Amendments. This Release(including the releases provided for herein, and
the Parties’ respective rights and obligations hereunder) shall become automatically effective (and may be enforced by and
against each Party hereto) as of the Closing (the “Effective
Time”). No modification, amendment or supplement to, or waiver,
forbearance or consent under or with respect to, this Release (including any provision hereof, or any rights or obligations hereunder
or arising in connection herewith) shall be effective without the prior written consent of each Party hereto.

 

11. Severability.
If any provision of this Release shall be held by a court of competent jurisdiction to be illegal, invalid, or unenforceable, in whole
or in part, the remaining provisions shall remain in full force and effect. Upon any such determination of invalidity, the Parties shall
negotiate in good faith to modify this Release so as to effect the original intent of the Parties as closely as possible in a reasonably
acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent
possible.

 

12. Governing
Law; Venue. THIS RELEASE IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. Each Party agrees that it shall
bring any action or proceeding in respect of any claim arising out of or related to this Release in the courts of the state and federal
courts of the State of New York sitting in New York County (or court of proper appellate jurisdiction) (the “Chosen Court”),
and solely in connection with claims arising under this Release: (a) irrevocably submits to the exclusive jurisdiction of the Chosen Court;
(b) waives any objection to laying venue in any such action or proceeding in the Chosen Court; and (c) waives any objection that
the Chosen Court is an inconvenient forum or does not have jurisdiction over any Party or constitutional authority to finally adjudicate
the matter. The Parties hereby waive trial by jury in any action brought on or with respect to this Release, or any other documents executed
in connection herewith.

 

    4

     

    

 

13. Specific
Performance. Each Party recognizes and acknowledges that a breach by such Party of any of its covenants or agreements contained in
this Release will cause the other Parties to sustain damages for which such other Parties will not have an adequate remedy at law for
money damages, and, therefore, such Party agrees that, in the event of any such breach by it, the other Parties shall be able to seek
the remedy of specific performance of one or more such breached covenants and agreements and injunctive and certain other equitable relief
in addition to any other remedy to which such other Parties is entitled, at law or in equity.

 

14. No Waiver.
The failure of any Party to exercise any right, power, or remedy provided under this Release or otherwise available in respect hereof
at law or in equity, or to insist upon compliance by any other Party with its obligations hereunder, and any custom or practice of the
Parties at variance with the terms hereof, shall not constitute a waiver by such Party of its right to exercise any such or other right,
power, or remedy or to demand such compliance.

 

15. Execution
of Release. This Release may be executed and delivered in any number of counterparts and by way of electronic signature and delivery,
each such counterpart, when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement.
Except as expressly provided in this Release, each individual executing this Release on behalf of a Party has been duly authorized and
empowered to execute and deliver this Release on behalf of said Party. Notwithstanding anything to the contrary herein, if a person or
entity is required to sign this Release pursuant to any of the Transaction Documents and has not executed this Release by the Closing
then a Party may take action against such person or entity to seek performance under the applicable Transaction Document(s) for such person
or entity to execute this Release; provided that execution of this Release and payment of any costs of such enforcement shall be
a complete defense and remedy of any breach of the applicable Transaction Document(s) and such party shall be deemed a Party to this Release
as of the Closing.

 

16. Several,
Not Joint, Obligations. The agreements and obligations of each of the Parties under this Release are, in all respects, several and
not joint.

 

    5

     

    

 

17. No-Recourse.
Notwithstanding anything that may be expressed or implied in this Release, and notwithstanding the fact that certain of the Parties may
be partnerships or limited liability companies, each Party covenants, agrees and acknowledges that no recourse under this Release shall
be had against any Party’s affiliates or their respective past, present or future directors, officers, employees, incorporators,
members, partners, stockholders, agents, attorneys or representatives (collectively, “Related Parties”), in each case,
other than the Parties to this Release and each of their respective successors and permitted assignees under this Release, whether by
the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed
and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of the Related Parties,
as such, for any obligation or liability of any Party under this Release or any documents or instruments delivered in connection herewith
for any Claim based on, in respect of or by reason of such obligations or liabilities; provided, however, nothing in this
Section 17 shall relieve or otherwise limit the liability of any Party or any of their respective successors or permitted assigns
for any breach or violation of its obligations under this Release or such other documents or instruments.  For the avoidance of doubt,
none of the Parties will have any recourse, be entitled to commence any proceeding or make any Claim under this Release except against
any of the Parties or their respective successors and permitted assigns, as applicable.

 

18. No Admission
of Liability. Nothing in this Release shall be deemed an admission of liability by any Party with respect to any of the Claims, interests
or cause of actions released pursuant to this Release

 

[Signature page follows]

 

    6

     

    

 

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

 

	 	COMPANY:
	 	 
	 	MEDMEN ENTERPRISES INC.
	 	a company incorporated under the laws of the Province of British Columbia
	 	on behalf of itself and its subsidiaries
	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Title:	Chief Financial Officer
	 	 	 
	 	OTHER COMPANY PARTIES:
	 	 
	 	MM CAN USA, INC.
	 	a California Corporation
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Title: 	Chief Financial Officer
	 	 	 
	 	Desert Hot Springs Green Horizons, Inc.
	 	a California corporation
	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer

 

[Signature Page to Mutual Release]

 

     

     

    

 

	 	EBA Holdings, Inc.
	 	an Arizona nonprofit corporation
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	Future Transactions Holdings LLC
	 	an Illinois limited liability company
	 	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	ICH California Holdings Ltd.
	 	a California corporation
	 	 	 
	 	By: 	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	Manlin DHS Development, LLC
	 	a Nevada limited liability company
	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By: 	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer

 

[Signature Page to Mutual Release]

 

     

     

    

 

	 	MATTnJEREMY, INC.
	 	a California corporation
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	MME EVANSTON RETAIL, LLC
	 	an Illinois limited liability company
	 	 	 
	 	By: 	MME IL Holdings, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By: 	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Title: 	Chief Financial Officer
	 	 	 
	 	MME Florida, LLC
	 	a Florida limited liability company
	 	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer

 

[Signature Page to Mutual Release]

 

     

     

    

 

	 	MME GNTX, LLC
	 	a California limited liability company
	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	MM Enterprises USA, LLC
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	MME MORTON GROVE RETAIL, LLC

an Illinois limited liability company
	 	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	MME Pasadena Retail, Inc.
	 	a California corporation
	 	 
	 	By: 	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer

 

[Signature Page to Mutual Release]

 

     

     

    

 

	 	MMNV2 Holdings I, LLC

a Nevada limited liability company
	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	MMOF Fremont, LLC
	 	a Nevada limited liability company
	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	MMOF Fremont Retail, Inc.
	 	a Nevada corporation
	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	MMOF Vegas, LLC
	 	a Nevada limited liability company
	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer

 

[Signature Page to Mutual Release]

 

     

     

    

 

	 	MMOF Vegas Retail, Inc.
	 	a Nevada corporation
	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	Omaha Management Services, LLC
	 	an Arizona limited liability company
	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	PHARMACANN VIRGINIA, LLC
	 	a Virginia limited liability company
	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By: 	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	Rochambeau, Inc.
	 	a California corporation
	 	 
	 	By: 	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer

 

[Signature Page to Mutual Release]

 

     

     

    

 

	 	Sure Felt LLC
	 	a California limited liability company
	 	 
	 	By: 	MM Enterprises USA, LLC,
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer
	 	 	 
	 	The Source Santa Ana
	 	a California corporation
	 	 
	 	By:	/s/ Reece Fulgham
	 	Name: 	Reece Fulgham
	 	Its: 	Chief Financial Officer

 

[Signature Page to Mutual Release]

  

     

     

    

 

	 	SPE:
	 	 
	 	SERRUYA PRIVATE EQUITY, INC.
	 	 	 
	 	By:	/s/ Michael Serruya

	 	 	Name: 	Michael Serruya
	 	 	Title:	A.S.O.

 

[Signature Page to Mutual Release]

 

     

     

    

 

	 	GGP:
	 	 
	 	GOTHAM GREEN PARTNERS, LLC
	 	 	 
	 	By:	/s/ Jason Adler
	 	 	Name: 	Jason Adler
	 	 	Title:	Managing Member

 

[Signature Page to Mutual Release]

  

     

     

    

 

	 	NEW EQUITY INVESTORS AND UNSECURED NOTEHOLDERS:
	 	 
	 	FRUZER HOLDINGS LLC 
	 	 	 
	 	By:	/s/ Aaron Serruya
	 	 	Name: 	Aaron Serruya
	 	 	Title:	A.S.O.
	 	 	 
	 	INDULGE HOLDINGS LLC
	 	 	 
	 	By:	/s/ Simon Serruya
	 	 	Name:	Simon Serruya
	 	 	Title:	A.S.O.
	 	 	 
	 	S5 HOLDINGS LLC
	 	 	 
	 	By:	/s/ Michael Serruya
	 	 	Name:	Michael Serruya
	 	 	Title:	A.S.O.
	 	 	 
	 	JS18 Holdings LLC
	 	 	 
	 	By:	/s/ Jack Serruya
	 	 	Name:	Jack Serruya
	 	 	Title:	A.S.O.

 

[Signature Page to Mutual Release]

 

     

     

    

 

EXISTING HOLDERS:

 

	GOTHAM GREEN
    FUND 1, L.P.	 	Pura
    Vida Master Fund, Ltd.
	GOTHAM GREEN
    FUND 1 (Q), L.P.	 	 	 
	 	 	 	 
	By:	Gotham Green GP1,
    LLC,	 	By:	Pura Vida Investments,
    LLC,
	 	its general partner	 	 	its Investment Manager
	 	 	 	 	 
	By:	 /s/ Jason Adler	 	By:	/s/ Efrem Kamen 
		Name:  	Jason Adler	 		Name:  	Efrem Kamen
		Title: 	Managing Member	 		Title: 	Managing Member
	 	 	 	 	 
	GOTHAM GREEN
    FUND II, L.P. 

    GOTHAM GREEN FUND II (Q), L.P.	 	Pura
    Vida pro special opportunity master fund, Ltd.
	 	 	 	 
	By:	Gotham Green GP II, LLC,	 	By: 	Pura Vida Pro, LLC,
	 	its general partner	 	 	its Investment Manager
	 	 	 	 	 
	By:	/s/ Jason Adler	 	By:	/s/ Efrem Kamen 
		Name: 	Jason Adler	 		Name: 	Efrem Kamen
		Title: 	Managing Member	 		Title: 	Managing Member
	 	 	 	 	 
	GOTHAM GREEN
    PARTNERS SPV IV, L.P.	 	GOTHAM GREEN
    PARTNERS SPV VI, L.P.
	 	 	 	 
	By:	Gotham Green Partners SPV
    IV GP,	 	By:	Gotham Green Partners SPV
    VI GP,
	 	LLC, its general partner	 	 	LLC, its general partner
	 	 	 	 	 
	By:	/s/ Jason Adler	 	By:	/s/ Jason Adler
		Name: 	Jason Adler	 		Name: 	Jason Adler
		Title: 	Managing Member	 		Title: 	Managing Member
	 	 	 	 	 
	 	 	 	 	 
	PARALLAX MASTER FUND, L.P.	 	 	 
	 	 	 	 	 
	By:	Parallax Volatility Advisers,
    L.P., its attorney in fact/investment adviser	 	 	 
	 	 	 	 	 
	By:	/s/ William Bartlett 	 	 	 
		Name:	William Bartlett	 	 	 
		Title:	Managing Member, Parallax Volatility Advisros LP	 	 	 

 

[Signature Page to Mutual Release]

 

     

     

    

 

	 	RESIGNING COLLATERAL AGENT:
	 	 
	 	GOTHAM GREEN ADMIN 1, LLC
	 	 	 
	 	By:	/s/ Jason Adler
	 	 	Name: 	 Jason Adler
	 	 	Title:	Managing Member

 

[Signature Page to Mutual Release]Exhibit 10.4

 

SUBSCRIPTION FOR SUBORDINATE VOTING SHARES AND WARRANTS

 

		TO:	Med Men Enterprises Inc. (the “Corporation”)

 

The undersigned (the “Subscriber”)
hereby irrevocably subscribes for and agrees to purchase the number of units of the Corporation (“Units”) set forth
below for the aggregate subscription price set forth below (the “Aggregate Subscription Amount”), representing a subscription
price of US$                per Unit (the “Issue
Price”). The Units subscribed for hereunder are part of a larger offering of                               
Units (the “Offered Units”). Each Unit in this subscription consists of (a) one (1) Class B subordinate voting share
(a “Share”) of the Corporation; and (b) one-quarter (1/4) of a Share purchase warrant (each a “Warrant”).
Each whole Warrant will be exercisable to purchase one additional Share at an exercise price of US$               
per Share for a period of five (5) years from the date of issuance of the Warrants (the Warrants, and together with the Shares, the “Purchased
Securities”), upon and subject to the terms and conditions set forth in the “Terms and Conditions of Subscription for
Subordinate Voting Shares and Warrants of MedMen Enterprises Inc.” attached hereto (collectively with this face page, the “Subscription
Agreement”).

 

	

 

 

    Full Legal Name of Subscriber (please print)

     

    By: 

Signature of Subscriber or its Authorized Representative

     

 

    Official Title or Capacity (please print)

     

 

    Name of Signatory (please print name of individual whose
    signature appears above if different than name of Subscriber)

     

 

    Subscriber’s Address (including postal/zip code)

     

 

 

 

    Telephone Number (including area code)

     

 

    e-mail Address

     

    By executing this Subscription Agreement, you are consenting
    to the collection, use and disclosure of personal information in the manner described in the privacy notice attached this Subscription
    Agreement.

     
		
     

    Aggregate Subscription Amount: US$

	 	 
		
     

    Number of Units: 

	 	 
	 	
    Details of Securities CURRENTLY Held

     

    Class B Subordinate Voting Shares:

     

    Number:

     

    Warrants

     

    Number: 

     

    Exercise Price: US$

     

     

     

     

    

     

	
     

    Register the Purchased Securities (if different from address
    given above) as follows:

     

 

    Name

     

 

    Account reference, if applicable

     

 

    Address (including postal/zip code)

     

 

 

 

 

    E-mail Address

     
		
     

    Deliver the Purchased Securities (if different from address given
    above) as follows:

     

 

    Name

     

 

    Account reference, if applicable

     

 

    Contact Name

     

 

    Address (including postal code)

     

 

    Telephone Number (including area code)

     

 

    E-mail Address

     

     

    2

     

    
     

ACCEPTANCE: The Corporation, by countersigning this
Subscription Agreement below, hereby accepts this subscription as set forth above upon and subject to the terms and conditions contained
in this Subscription Agreement.

 

	MEDMEN ENTERPRISES INC.	August ___, 2021
	 	 	 
	 	 	 
	By:	               	 
	Name: 	 	 
	Title:	 	 

 

    3

     

    

 

TERMS AND CONDITIONS OF
SUBSCRIPTION FOR 

SUBORDINATE VOTING SHARES AND WARRANTS OF 

MEDMEN ENTERPRISES INC.

 

		1.	Definitions. In this Subscription Agreement:

 

		(a)	[“Accredited Investor Status Certificate”
has the meaning ascribed thereto in paragraph 3(l) hereof.]1

 

		(b)	“Aggregate Subscription Amount” has the
meaning set forth on the face page hereof.

 

		(c)	“Applicable States” has the meaning ascribed
thereto in paragraph 3(cc) hereof.

 

		(d)	“Business Day” any day except Saturday,
Sunday or any day on which banks are generally not open for business in the City of Los Angeles, California, City of Toronto, Ontario
or New York, New York.

 

		(e)	“Cannabis Business” has the meaning ascribed
thereto in paragraph 3(cc) hereof.

 

		(f)	“CDS” has the meaning ascribed thereto in
paragraph 2(j) hereof.

 

		(g)	“Closing Date” means such date(s) as the
Corporation may determine.

 

		(h)	“Closing Time” has the meaning ascribed
thereto in paragraph 7 hereof.

 

		(i)	“Corporation” means MedMen Enterprises Inc.,
a corporation incorporated under the Business Corporations Act (British Columbia).

 

		(j)	“CSA” has the meaning ascribed thereto in
paragraph 3(bb) hereof.

 

		(k)	“CSE” means the Canadian Securities Exchange.

 

		(l)	“DEA” has the meaning ascribed thereto in
paragraph 3(aa) hereof.

 

		(m)	“DOJ” has the meaning ascribed thereto in
paragraph 3(aa) hereof.

 

		(n)	“Effective Date” means, with respect to
a Registration Statement, the first date that such Registration Statement is declared effective by the SEC.

 

		(o)	“Effectiveness Period” means the period
commencing on the Effective Date and ending on the earliest to occur of (1) the date all of the Registrable Securities have been sold
pursuant to the Registration Statement and (2) the date no Registrable Securities remain outstanding.

 

		(p)	[“Eligibility Representations of Subscriber”
has the meaning ascribed thereto in paragraph 3(l) hereof.]2

 

		(q)	“Insider” means (i) a director or senior
officer of the Corporation (or a subsidiary of the Corporation), (ii) any Person who beneficially owns, directly or indirectly, voting
securities of the Corporation or who exercises control or direction over voting securities of the Corporation or a combination of both
carrying more than 10% of the voting rights attached to all voting securities of the Corporation for the time being outstanding, or (iii)
a director or senior officer of an Insider of the Corporation.

 

		(r)	“Interest” has the meaning ascribed thereto
in paragraph 3(cc) hereof.

 

		(s)	“IRS” has the meaning ascribed thereto in
paragraph 3(aa) hereof.

 

 

 

1
For Canadian Subscribers

2
For US Subscribers

 

    4

     

    

 

		(t)	“Issue Price” has the meaning set forth
on the face page hereof.

 

		(u)	“Material Event” has the meaning ascribed
thereto in paragraph 10 hereof.

 

		(v)	“Material Adverse Effect” means a material
adverse effect on the business, affairs, operations, condition (financial or otherwise), earnings, assets, liabilities (absolute, accrued,
contingent or otherwise) or capital of the Corporation and its subsidiaries, taken as a whole.

 

		(w)	“Material Cannabis Owner” has the meaning
ascribed thereto in paragraph 3(ee)(i) hereof.

 

		(x)	“Moelis” means Moelis & Company.

 

		(y)	“NI 45-106” means National Instrument 45-106
– Prospectus Exemptions of the Canadian Securities Administrators.

 

		(z)	“OFAC” has the meaning ascribed thereto
in paragraph 3(x) hereof.

 

		(aa)	“Offering” means the non-brokered private
placement offering of up to [●] Units to be issued and sold by the Corporation.

 

		(bb)	“PCMLTFA” has the meaning ascribed thereto
in paragraph 3(w) hereof.

 

		(cc)	“Person” includes any individual (whether
acting as an executor, trustee administrator, legal representative or otherwise), corporation, firm, partnership, sole proprietorship,
syndicate, joint venture, trustee, trust, unincorporated organization or association, and pronouns have a similar extended meaning.

 

		(dd)	“Purchased Securities” has the meaning set
forth on the face page hereof.

 

		(ee)	“Registrable Securities” means the Shares
purchased pursuant to this Agreement and any Underlying Shares and any security issued with respect thereto upon any stock dividend,
split or similar event until, in the case of any such security, the earlier of (i) its effective registration under the U.S. Securities
Act and resale in accordance with a Registration Statement or (ii) its eligibility for resale to the public pursuant to Rule 144

 

		(ff)	“Registrant” means a dealer, adviser, investment
fund manager, an ultimate designated person or chief compliance officer as those terms are used pursuant to Securities Laws, or a Person
registered or otherwise required to be registered under the Securities Laws.

 

		(gg)	“Registration Statement” shall have the
meaning ascribed thereto in paragraph 10 hereof.

 

		(hh)	“Reporting Jurisdictions” means each of
the provinces and territories of Canada.

 

		(ii)	“Related Person” has the meaning ascribed
to such term in the policies of the CSE.

 

		(jj)	“Rule 144” means Rule 144 under the U.S.
Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC

 

		(kk)	“SEC” shall have the meaning ascribed thereto
in paragraph 10 hereof.

 

		(ll)	“Securities Laws” means, as applicable,
the securities laws, regulations, rules, rulings and orders in each of the Reporting Jurisdictions, the applicable policy statements,
notices, blanket rulings, orders and all other regulatory instruments of the securities regulators in each of the Reporting Jurisdictions,
and the policies of the CSE.

 

		(mm)	“Shares” means the Class B subordinate voting
shares in the capital of the Corporation.

 

		(nn)	“Subscriber” has the meaning set forth on
the face page hereof.

 

		(oo)	“Subscription Agreement” has the meaning
set forth on the face page hereof.

 

		(pp)	“Units” has the meaning set forth on the
face page hereof.

 

    5

     

    

 

		(qq)	“U.S. Cannabis Laws” means all applicable requirements of U.S. state and municipal
laws, rules and regulations regarding regulated medical and recreational cannabis in each U.S. jurisdiction in which the Corporation conducts
its business and operations including, but not limited to, all U.S. state and municipal laws related to cultivation, processing, manufacturing,
storage, sales, preparation, testing, taxation, security, employee qualifications, transport, equity ownership restrictions, management
services restrictions, or intellectual property license restrictions.

 

		(rr)	“U.S. Federal Cannabis Laws” means, collectively, U.S. federal laws, statutes, and/or
regulations, as applicable, that are directly or indirectly related to the production, trafficking, distribution, extraction, cultivation,
processing manufacturing, storage, sales, preparation, testing, taxation, security, employee qualifications, transport, equity ownership
restrictions, management services restrictions, or intellectual property license restrictions of cannabis and cannabis-related substances
and products.

 

		(ss)	“U.S. Securities Act” shall have the meaning ascribed thereto in paragraph 3(g) hereof.

 

		(tt)	“Underlying Shares” means the Warrant Shares, if and when issued by the Corporation.

 

		(uu)	“Warrant Shares” means the Shares issuable upon exercise of the Warrant.

 

		(vv)	“Warrants” has the meaning set forth on the face page hereof.

 

		2.	Acknowledgements of the Subscriber. The Subscriber acknowledges that:

 

		(a)	This Subscription Agreement requires the Subscriber to provide certain personal information to the Corporation.
Such information is being collected by the Corporation for the purposes of completing the Offering and complying with the Corporation’s
U.S. regulatory requirements, which includes, without limitation, determining the Subscriber’s eligibility to purchase the Units
under the U.S. Securities Act, other applicable securities laws and U.S. Cannabis Laws and completing filings required by any stock exchange
or securities regulatory authority or by any U.S. state, local or municipal regulatory authority. The Subscriber’s personal information
may be disclosed by the Corporation to: (i) stock exchanges or securities regulatory authorities, (ii) the Canada Revenue Agency or other
taxing authorities, (iii) U.S. state, local or municipal regulatory authorities as required under U.S. Cannabis Laws, and (iv) any of
the other parties involved in the Offering, including legal counsel to the Corporation and may be included in record books in connection
with the Offering. By executing this Subscription Agreement, the Subscriber is deemed to be consenting to the foregoing collection, use
and disclosure of the Subscriber’s personal information as set out in this Section and in the Private Notice attached hereto, which
the Subscriber has read and understood. The Subscriber also consents to the filing of copies or originals of any of the Subscriber’s
documents described herein as may be required to be filed with any stock exchange or securities regulatory authority or any U.S. state,
local or municipal regulatory authorities as required under U.S. Cannabis Laws in connection with the transactions contemplated hereby.

 

		(b)	This subscription is subject to rejection or acceptance by the Corporation in whole or in part.

 

		(c)	The Subscriber is responsible for obtaining such legal advice as it considers appropriate in connection
with the execution, delivery and performance by it of this Subscription Agreement.

 

		(d)	There is no government or other insurance scheme covering the Purchased Securities.

 

		(e)	There are risks associated with an investment in the Purchased Securities and, as a result, the Subscriber
may lose its entire investment.

 

    6

     

    

 

		(f)	The Corporation is relying on an exemption from the requirement to provide the Subscriber
with a prospectus under the Securities Laws and, as a consequence of acquiring the Purchased Securities pursuant to such exemption:

 

		(i)	certain protections, rights and remedies provided by the Securities Laws, including
statutory rights of rescission, or damages and certain statutory remedies against an issuer, underwriters, auditors, directors and officers
that are available to investors who acquire securities offered by a prospectus, will not be available to the Subscriber,

 

		(ii)	the common law may not provide investors with an adequate remedy
in the event that they suffer investment losses in connection with securities acquired in a private placement,

 

		(iii)	the Subscriber may not receive information that would otherwise be required to be
given under the Securities Laws, and

 

		(iv)	the Corporation is relieved from certain obligations that would otherwise apply
under the Securities Laws.

 

		(g)	The Subscriber understands that it may not be able to resell the Purchased Securities
or Underlying Shares except in accordance with limited exemptions available under applicable securities legislation, regulatory policy
and stock exchange rules, and that the Subscriber is solely responsible for (and the Corporation is not in any way responsible for) the
Subscriber’s compliance with applicable resale restrictions.

 

		(h)	The Subscriber understands that the sale of the Purchased Securities is conditional
upon such sale being exempt from the requirements to file and obtain a receipt for a prospectus or to deliver an offering memorandum,
and the requirement to sell securities through a registered dealer, or upon the issuance of such orders, consents or approvals as may
be required to enable such sale to be made without complying with such requirements, and that as a consequence of acquiring the Purchased
Securities pursuant to such exemptions, certain protections, rights and remedies provided by applicable securities legislation, including
statutory rights of rescission or damages in the event of a misrepresentation will not be available to the Subscriber in connection with
the purchase and sale of the Purchased Securities.

 

		(i)	Except as provided for herein, the Subscriber understands and acknowledges that
the Purchased Securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of
the United States, and that the offer and sale of the Purchased Securities to it are being made in reliance upon the exemption from registration
provided by the U.S. Securities Act and similar exemptions under applicable state securities laws. The Subscriber understands and acknowledges
that the Purchased Securities will be “restricted securities” within the meaning of Rule 144(a)(3) under the U.S. Securities
Act.

 

Upon
the original issuance of the Purchased Securities and until such time as is no longer required under applicable requirements of the U.S.
Securities Act or applicable state securities laws, all certificates or DRS statements representing the Purchased Securities and Underlying
Shares, and all certificates or DRS statements issued in exchange therefor or in substitution thereof, shall bear a legend substantially
in the following form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. SECURITIES ACT”), OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, UNLESS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN COMPLIANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED THAT THE
HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE CORPORATION.”

 

    7

     

    

 

The Subscriber
consents to the Corporation making a notation on its records or giving instructions to any transfer agent of the Purchased Securities
or Underlying Shares in order to implement the restrictions on transfer set forth and described herein.

 

		(j)	The Purchased Securities and Underlying Shares shall have attached to them, whether
through the electronic deposit system of the CDS Clearing and Depository Services Inc. (“CDS”), an ownership statement
issued under a direct registration system or other electronic book entry system, or on certificates or DRS statements that may be issued,
as applicable, any legends as may be prescribed by CDS in addition to a legend setting out resale restrictions under applicable Securities
Laws substantially in the following form (and with the necessary information inserted):

 

“Unless
permitted under securities legislation, the holder of this security must not trade the security before DECEMBER ___, 2021.”

 

		3.	Representations, Warranties and Covenants of the Subscriber.
By executing this Subscription Agreement, the Subscriber represents, warrants and covenants to the Corporation and its counsel (and
acknowledges that the Corporation and its counsel are relying thereon) that:

 

		(a)	The Subscriber has the requisite power, authority, legal capacity and competence
to execute and deliver and be bound by this Subscription Agreement, to perform all of its obligations hereunder, and to undertake all
actions required of the Subscriber hereunder, and all necessary approvals of its directors, partners, shareholders, trustees or otherwise
with respect to such matters have been given or obtained.

 

		(b)	This Subscription Agreement has been duly and validly authorized, executed and delivered
by, and constitutes a legal, valid, binding and enforceable obligation of, the Subscriber.

 

		(c)	The execution, delivery and performance by the Subscriber of this Subscription Agreement
and the completion of the transactions contemplated hereby do not and will not result in a violation of any law, regulation, order or
ruling applicable to the Subscriber, and do not and will not constitute a breach of or default under any of the Subscriber’s constating
documents or any agreement or covenant to which the Subscriber is a party or by which it is bound.

 

		(d)	If the Subscriber is not an individual, the Subscriber has been duly incorporated
or created and is validly subsisting under the laws of its jurisdiction of incorporation or creation.

 

		(e)	The Subscriber, either alone or together with its representatives, confirms that
the Subscriber:

 

		(i)	has such knowledge, sophistication and experience in financial and business affairs
as to be capable of evaluating the merits and risks of its investment in the Purchased Securities;

 

		(ii)	is capable of assessing the proposed investment in the Purchased Securities as
a result of the Subscriber’s own experience or as a result of advice received from a Person registered under applicable securities
legislation;

 

		(iii)	is experienced in investments and business matters, has made investments of a speculative
nature and has purchased securities of companies in private placements in the past, and, with its representatives, has such knowledge
and experience in financial, tax and other business matters as to enable the Subscriber to utilize the information made available by the
Corporation to evaluate the merits and risks of and to make an informed investment decision with respect to the proposed purchase, which
represents a speculative investment;

 

    8

     

    

 

		(iv)	is aware of the characteristics of the Purchased Securities and Underlying Shares
and the risks relating to an investment therein on its own and without reliance on the Corporation or any of its affiliates or representatives;
and

 

		(v)	is able to bear the economic risk of loss of its investment in the Purchased Securities
and is able to afford a complete loss of such investment.

 

		(f)	The Subscriber understands that no securities commission, stock exchange, governmental
agency, regulatory body or similar authority has made any finding or determination or expressed any opinion with respect to the merits
of investing in the Purchased Securities or the Underlying Shares.

 

		(g)	The Subscriber understands and acknowledges that no prospectus or registration statement
has been filed by the Corporation with any securities commission or similar regulatory authority in any jurisdiction in connection with
the issuance of the Purchased Securities and the Underlying Shares, the Purchased Securities and the Underlying Shares are being offered
in a transaction not involving any public offering within the meaning of the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), and the Purchased Securities are being offered for sale only on a “private placement” basis and
that the sale of the Purchased Securities is conditional upon such sale being exempt from the registration requirements under applicable
United States federal and state securities laws and that the Corporation is relying in part upon the truth and accuracy of, and Subscriber’s
compliance with, the representations, warranties, agreements, acknowledgments and understandings of Subscriber set forth herein in order
to determine the availability of such exemptions and the eligibility of Subscriber to subscribe for the Purchased Shares.

 

		(h)	The Subscriber confirms that neither the Corporation, nor any of its representative
directors, employees, officers, agents, representatives or affiliates, have made any representations (written or oral) to the Subscriber:

 

		(i)	regarding the future value of the Purchased Securities or the Underlying Shares;

 

		(ii)	that any Person will resell or repurchase the Purchased Securities or the Underlying
Shares;

 

		(iii)	that any of the Purchased Securities or the Underlying Shares will be listed on
any stock exchange or traded on any market; or

 

		(iv)	that any Person will refund the purchase price or exercise price, as applicable,
of the Purchased Securities or the Underlying Shares other than as provided in this Subscription Agreement.

 

		(i)	The Subscriber confirms that it has been advised to consult its own legal and financial
advisors with respect to the suitability of the Purchased Securities as an investment for the Subscriber, the tax consequences of purchasing
and dealing with the Purchased Securities and Underlying Shares, and the resale restrictions and “hold periods” to which the
Purchased Securities and Underlying Shares are or may be subject under applicable securities legislation or stock exchange rules, and
has not relied upon any statements made by or purporting to have been made on behalf of the Corporation with respect to such suitability,
tax consequences, and resale restrictions.

 

		(j)	The Subscriber is resident in the jurisdiction indicated on the face page of this
Subscription Agreement as the “Subscriber’s Address” and the purchase by and sale to the Subscriber of the Purchased
Securities, and any act, solicitation, conduct or negotiation directly or indirectly in furtherance of such purchase and sale has occurred
only in such jurisdiction.

 

    9

     

    

 

		(k)	At the time the Subscriber was offered the Purchased Securities, it was, and as
of the date hereof it is, either: (i) an “accredited investor” as defined in Rule 501(a) under the U.S. Securities Act, or
(ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the U.S. Securities Act. The Subscriber is acquiring
the Purchased Securities as principal for its own account and not as agent or trustee for another Person (except as agent or trustee where
deemed to be purchasing as principal under applicable Securities Laws) and has no direct or indirect arrangement or understandings with
any other Persons to distribute or regarding the resale, distribution or other disposition of such Purchased Securities (this representation
and warranty not limiting such Subscriber’s right to sell the Purchased Securities pursuant to a registration statement or otherwise
in compliance with applicable U.S. federal and state securities laws). The Subscriber is acquiring the Purchased Securities hereunder
in the ordinary course of its business.

 

		(l)	[If the Subscriber is an individual, at the time the Subscriber was offered the
Purchased Securities, it was, and as of the date hereof it is, either an “accredited investor” under Section 2.3 of NI 45-106
or the Securities Act (Ontario), and]3 the Subscriber has properly completed, executed and delivered to the Corporation
this Subscription Agreement and Schedule “A” [(the “Accredited Investor Status Certificate”)]4[(the
“Eligibility Representations of Subscriber”)]5.

 

		(m)	The Subscriber has not received or been provided with, nor has it requested, nor
does it have any need to receive, any offering memorandum, or any other document (other than the annual financial statements, interim
financial statements or any other document (excluding offering memoranda, prospectuses or other offering documents) the content of which
is prescribed by statute or regulation) describing the business and affairs of the Corporation, which has been prepared for delivery to
and review by prospective purchasers in order to assist them in making an investment decision in respect of the purchase of Purchased
Securities pursuant to the Offering.

 

		(n)	The Subscriber is not purchasing the Purchased Securities as a result of any “general
solicitation” or “general advertising” (as defined in Regulation D under the U.S. Securities Act), including any advertisement,
article, notice or other communication regarding the Purchased Securities published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar and has not become aware of any advertisement in printed media of general and regular
paid circulation or on radio, television or other form of telecommunication or any other form of advertisement (including electronic display
or the Internet) or sales literature with respect to the distribution of the Purchased Securities.

 

		(o)	The Subscriber undertakes and agrees that it will not offer or sell any of the Purchased
Securities or Underlying Shares in the United States unless such securities are registered under the U.S. Securities Act and the securities
laws of all applicable states of the United States, or an exemption from such registration requirements is available.

 

		(p)	The Subscriber is not a Registrant. The Subscriber is not an Insider or Related
Person of the Corporation.

 

		(q)	If required by applicable securities legislation, regulations, rules, policies or
orders or by any securities commission, stock exchange or other regulatory authority, the Subscriber will execute, deliver, file and otherwise
assist the Corporation in filing, such reports, undertakings and other documents with respect to the issue of the Purchased Securities.

 

		(r)	Except as disclosed in writing to the Corporation, the Subscriber does not act jointly
or in concert with any other Person or company for the purposes of acquiring securities of the Corporation.

 

 

 

3
For Canadian Subscribers

4
For Canadian Subscribers

5
For US Subscribers

 

    10

     

    

 

		(s)	The Subscriber is not a “control person” of the Corporation, as that
term is defined in the Securities Act (Ontario), will not become a “control person” of the Corporation by purchasing the Purchased
Securities subscribed for under this Subscription Agreement and currently does not intend to act jointly or in concert with any other
Person to form a control group in respect of the Corporation.

 

		(t)	Except for this Subscription Agreement, the Subscriber has relied solely upon publicly
available information relating to the Corporation and not upon any verbal or written representation as to fact or otherwise made by or
on behalf of the Corporation, and acknowledges that the Corporation’s counsel is acting as counsel to the Corporation and not as
counsel to the Subscriber.

 

		(u)	The Subscriber has been afforded, (i) the opportunity to ask such questions as
it has deemed necessary of, and to receive answers from, representatives of the Corporation concerning the terms and conditions of the
offering of the Purchased Securities and the merits and risks of investing in the Purchased Securities; (ii) access to information about
the Corporation and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Corporation possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment;

 

		(v)	The Subscriber has reviewed the “Privacy Notice” attached to this Subscription
Agreement, and agrees to and accepts all covenants, representations and consents as set out therein.

 

		(w)	The funds representing the Aggregate Subscription Amount which will be advanced
by the Subscriber to the Corporation hereunder will not represent proceeds of crime for the purposes of the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act (Canada) (the “PCMLTFA”) and the Subscriber acknowledges that the Corporation may in the
future be required by law to disclose the Subscriber’s name and other information relating to this Subscription Agreement and the
Subscriber’s subscription hereunder, on a confidential basis, pursuant to the PCMLTFA. To the best of its knowledge: (i) none of
the subscription funds to be provided by the Subscriber: (A) have been or will be derived from or related to any activity that is deemed
criminal under the law of Canada, the United States of America, or any other jurisdiction; or (B) are being tendered on behalf of a Person
who has not been identified to the Subscriber; and (ii) it shall promptly notify the Corporation if the Subscriber discovers that any
of such representations ceases to be true, and to provide the Corporation with appropriate information in connection therewith.

 

		(x)	The Subscriber is not (i) a Person named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC or a prohibited by any OFAC sanctions
program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell
bank or providing banking services indirectly to a non-U.S. shell bank. The undersigned agrees to provide law enforcement agencies, if
requested thereby, such records as required by applicable law, provided that the undersigned is permitted to do so under applicable law.
To the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by the undersigned and
used to purchase the Shares were legally derived.

 

		(y)	The Subscriber acknowledges that the Corporation may complete additional financings
in the future in order to develop the business of the Corporation and to fund ongoing development. There is no assurance that such financing
will be available and if available, on reasonable terms. Any such financings may have a dilutive effect on current shareholders, including
the Subscriber.

 

		(z)	The Subscriber acknowledges that an investment in the Purchased Securities is subject
to a number of risk factors. The Subscriber covenants and agrees to comply with applicable securities legislation, orders or policies
concerning the purchase, holding of, and resale of the Purchased Securities and Underlying Shares.

 

    11

     

    

 

		(aa)	Since the cultivation, processing, production, distribution and sale of cannabis
for any purpose, medical, adult-use (i.e., recreational) or otherwise, remain illegal under U.S. Federal Cannabis Laws, it is possible
that the Corporation may be forced to cease certain of its activities. The United States federal government, through, among others, the
Department of Justice (“DOJ”), its sub agency the Drug Enforcement Agency (“DEA”), and the Internal
Revenue Service (“IRS”), have the right to actively investigate, audit and shut-down cannabis growing facilities, processors
and retailers. The U.S. federal government may also attempt to seize the Corporation’s property. Any action taken by the DOJ, the
DEA and/or the IRS to interfere with, seize or shut down the Corporation’s operations will have an adverse effect on the Corporation’s
business, operating results and financial condition.

 

		(bb)	The Subscriber is cautioned and acknowledges that in the United States, medical
and adult-use cannabis are largely regulated at the state level. Although certain states and territories of the United States authorize
medical cannabis, and in some cases adult-use cannabis, production and distribution by licensed or registered entities under applicable
state laws, under U.S. Federal Cannabis Laws, the possession, use, cultivation and transfer of cannabis for any purpose and any related
drug paraphernalia is illegal and any such acts are criminal acts under federal law under any and all circumstances under the United States
Controlled Substances Act (“CSA”). The Subscriber’s contribution to and involvement in such activities may result
in federal civil and/or criminal prosecution, including forfeiture of his, her or its entire investment.

 

		(cc)	Except as set forth on Schedule “B” hereto, the Subscriber does not
have a direct or indirect interest, including any profits-only interest (each, an “Interest”) in any other dispensing
organization, testing laboratory licensee (e.g., Type 8 testing laboratory licensee), laboratory testing permittee, retail licensee (e.g.,
a Type 10 storefront retailer licensee), retail dispensary licensee, medical marijuana treatment center, adult use cannabis retail dispensary,
cannabis business, cannabis business establishment, or cannabis establishment (each, a “Cannabis Business”) in the
states of Arizona, California, Florida, Illinois, Massachusetts, Nevada or New York (the “Applicable States”).

 

		(dd)	If the Subscriber does have a direct or indirect interest in any other Cannabis
Business in the Applicable States, Schedule “B” sets forth:

 

		(i)	each Cannabis Business in which the Subscriber has an Interest; and

 

		(ii)	the nature of such Interest, including the percentage ownership held by Subscriber
in such Cannabis Business and the entity (if applicable) through which such Interest is held.

 

		(ee)	The execution, delivery and performance of this Agreement by the Subscriber of
this Agreement, and the consummation of the transactions contemplated hereby, including Subscriber’s investment in the Corporation,
will not:

 

		(i)	result in the Subscriber or any of its direct or indirect owners, directors or officers
becoming (i) an “Owner” or “Financial Interest Holder” of the Corporation or its subsidiaries (as defined in the
Cal. Code Regs. Tit. 4 §§ 15003, 15004), (ii) an “Owner” (as defined in Rule 64ER20-31(29), Florida Administrative
Code) of the Corporation or its subsidiaries, (iii) a “principal officer” of the Corporation or its subsidiaries (as defined
in Section 1-10 of the Illinois Cannabis Regulation and Tax Act), (iv) “Owner”, “Close Associate”, “A Person
or Entity Having Direct Control”, “Person or Entity Having Indirect Control” of the Corporation or its subsidiaries
(each as defined in the 935 Code Mass. Regs. § 500.000), (v) subject to the requirements of §5.110 of the Regulations of the
Nevada Cannabis Compliance Board or (vi) subject to the requirements of Article 3 of the Marihuana Regulation and Taxation Act of
2021 and 10 NYCRR §1004 et. seq. (in each case, with respect to the Corporation, its subsidiaries, or any other Cannabis Business,
a “Material Cannabis Owner”); or

 

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		(ii)	conflict with or result in a violation of (i) Cal. Bus. & Prof. Code §
26053(b); Cal. Code Regs. tit. 4, §§ 15005 and 15017; and L.A.M.C. §104.02(a)(2), (ii) section 381.986(8)(e)2., Florida
Statutes (2021), (iii) section 15-36(c) of the Illinois Cannabis Regulation and Tax Act, (iv) 935 Code Mass. Regs. § 500.100, (v) Nevada
Revised Statutes, Title 56 including, without limitation, NRS §§ 678B2.10 and 678B.250 or (vi) Article 3 of the Marihuana Regulation
and Taxation Act of 2021 and 10 NYCRR et. seq.

 

		(ff)	The Subscriber hereby agrees and covenants, on behalf of itself and its direct
or indirect beneficial owners, not to acquire any additional Interests in the Corporation or other Cannabis Business that would contravene
the foregoing or the following provisions.

 

		(gg)	Neither the Subscriber nor the direct or indirect beneficial owners of the Subscriber
are (i) a Material Cannabis Owner of a Cannabis Business, or (ii) prior to or upon consummation of the transactions contemplated hereby,
the direct or indirect beneficial owner of 5.0% or greater of the issued and outstanding Shares.

 

		(hh)	Subscriber warrants and covenants to co-operate with the Corporation, promptly
provide all information requested by the Corporation, and take all steps necessary or appropriate for the Corporation to address any regulatory
inquiry from the Applicable States or other cannabis regulatory body.

 

		(ii)	Violations of any U.S. Federal Cannabis Laws and regulations could result in significant
fines, penalties, administrative sanctions, convictions or settlements arising from civil proceedings conducted by either the United States
federal government or private citizens, or criminal charges, including but not limited to disgorgement of profits, cessation of business
activities or divestiture. This could have a Material Adverse Effect on the Corporation, including its reputation and ability to conduct
business, its holding (directly or indirectly) of cannabis licenses in the United States, the listing of its securities on various stock
exchanges, its financial position, operating results, profitability or liquidity or the market price of the Shares. In addition, it is
difficult to estimate the time or resources that would be needed for the investigation of any such matters or its final resolution because,
in part, the time and resources that may be needed are dependent on the nature and extent of any information requested by the applicable
authorities involved, and such time or resources could be substantial.

 

		(jj)	In addition, since the possession and use of cannabis and any related drug paraphernalia
is illegal under U.S. Federal Cannabis Laws, the Corporation may be deemed to be aiding and abetting illegal activities through the contracts
it has entered into and the products that it currently does and intends to provide and sell. The Corporation currently does and intends
to cultivate cannabis, process and sell cannabis products, operate dispensaries, lease intellectual property and/or real property in a
number of states. As a result, United States law enforcement authorities, in their attempt to regulate the illegal use of cannabis and
any related drug paraphernalia, may seek to bring an action or actions against the Corporation, including, but not limited to, aiding
and abetting another’s criminal activities. The federal aiding and abetting statute provides that anyone who “commits an offense
against the United States or aids, abets, counsels, commands, induces or procures its commission, is punishable as a principal.”
As a result of such an action, the Corporation may be forced to cease certain of its operations and the Subscriber could lose their entire
investment. Such an action would have a material negative effect on the Corporation’s business and operations.

 

		(kk)	State cannabis laws and regulations are relatively new and constantly evolving,
so there are uncertainties as to how the state authorities will interpret and administer applicable regulatory requirements. Any determination
that the Corporation fails to comply with state cannabis regulations would require the Corporation either to significantly change or terminate
lines of business, or the business as a whole, which could adversely affect the Corporation’s business.

 

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		(ll)	The activities of the Corporation are subject to regulation by governmental authorities.
The Corporation’s business objectives are contingent upon, in part, compliance with regulatory requirements enacted by these governmental
authorities and obtaining all regulatory approvals, where necessary, for the sale of its products in each jurisdiction in which it operates.
The Corporation cannot predict the time required to secure all appropriate regulatory approvals for its products, or the extent of testing
and documentation that may be required by governmental authorities. Any delays in obtaining, or failure to obtain regulatory approvals
would significantly delay the development of markets and products and could have a Material Adverse Effect.

 

		(mm)	Furthermore, although the Corporation is not aware of any non-compliance with the
applicable licensing requirements or regulatory framework enacted by the states or other jurisdictions in which any of the Corporation’s
customers or partners are operating and the operations of the Corporation are currently carried out in accordance with all applicable
rules and regulations, no assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations
will not be applied in a manner which could limit or curtail the Corporation’s ability to import, distribute or, in the future,
produce cannabis. Amendments to current laws and regulations governing the importation, distribution, transportation and/or production
of cannabis, or more stringent implementation thereof could have a substantial adverse impact on the Corporation

 

		4.	Timeliness of Representations, etc. The Subscriber
agrees that the representations, warranties and covenants of the Subscriber herein will be true and correct both as of the execution
of this Subscription Agreement and as of the Closing Time (as defined herein), and will survive the completion of the distribution of
the Purchased Securities and any subsequent disposition by the Subscriber of any of the Purchased Securities or Underlying Shares. The
Subscriber undertakes to immediately notify the Corporation’s counsel at Weil, Gotshal & Manges LLP, Attention: Alexander W.
Welch (email: alexander.welch@weil.com) and Cassels Brock & Blackwell LLP, Attention: Greg Hogan (email: ghogan@cassels.com), of
any material change in any statement or other information relating to the Subscriber set forth herein that occurs prior to the Closing
Time.

 

		5.	Indemnity. The Subscriber acknowledges that the Corporation and its counsel are relying
upon the representations, warranties and covenants of the Subscriber set forth herein in determining the eligibility (from a securities
law perspective) of the Subscriber to purchase Purchased Securities under the Offering, and hereby agrees to indemnify the Corporation
and its directors, officers, employees, advisers, affiliates, shareholders and agents (including their respective legal counsel) against
all losses, claims, costs, expenses, damages or liabilities that they may suffer or incur as a result of or in connection with their reliance
on such representations, warranties and covenants.

 

		6.	Deliveries by Subscriber prior to Closing. The Subscriber agrees to deliver to the Corporation,
or as the Corporation may direct, not later than 5:00 p.m. (Los Angeles time) on such date of which the Subscriber receives notice prior
to the Closing Date:

 

		(a)	this duly completed and executed Subscription Agreement;

 

		(b)	a wire transfer for the Aggregate Subscription Amount to an account designated
by the Corporation; and

 

		(c)	such other documents as may be requested by the Corporation as contemplated by
this Subscription Agreement.

 

		7.	Time and Place of Closing. The sale of the Purchased Securities will be completed virtually
via the exchange of the necessary documents, instructions and funds at such time as the Corporation may determine (the “Closing
Time”) on the Closing Date.

 

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		8.	Subject to Regulatory Approval. The obligations of the parties hereunder are subject to
all required regulatory approvals being obtained.

 

		9.	Representations and Warranties of the Corporation. The Corporation hereby represents and
warrants to the Subscriber (and acknowledges that the Subscriber is relying thereon) that:

 

		(a)	Each of the Corporation and its subsidiaries (A) is a corporation or a limited
liability company duly incorporated, organized, continued or amalgamated and validly existing under the laws of the jurisdiction in which
it was incorporated, organized, continued or amalgamated, as the case may be; (B) has all requisite corporate or limited liability company
power and authority and is duly qualified and holds all material permits, licences and authorizations necessary or required to carry on
its business as now conducted and to own, lease or operate its properties and assets; (C) where required, has been duly qualified as an
extra-provincial corporation or foreign corporation for the transaction of business and is in good standing under the laws of each jurisdiction
in which it owns or leases property, or conducts business unless, in each case, the failure to do so would not individually or in the
aggregate, have a Material Adverse Effect; and (D) no steps or proceedings have been taken by any Person, voluntary or otherwise, requiring
or authorizing its dissolution or winding up.

 

		(b)	The Corporation (i) has all requisite corporate power and capacity to enter into
this Subscription Agreement and to perform the transactions contemplated herein, and (ii) has taken all necessary corporate action to
authorize the execution, delivery and performance of this Subscription Agreement.

 

		(c)	The Corporation has taken all necessary corporate action to validly issue and sell
the Shares and the Warrant Shares as fully paid and non-assessable shares in the capital of the Corporation, and to validly issue the
Warrants.

 

		(d)	The Warrant Shares have been duly authorized and validly allotted and, upon receipt
by the Corporation of the consideration therefor, will be issued as fully paid and non-assessable shares in the capital of the Corporation.

 

		(e)	The Subscription Agreement has been duly authorized and upon the execution and
delivery hereof of this Subscription Agreement shall constitute a valid and binding obligation of the Corporation, enforceable against
the Corporation in accordance with their terms, provided that enforcement thereof may be limited by (i) applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or similar laws from time to time in effect affecting creditors’ rights and remedies
generally; and (ii) general principles of equity (regardless of whether such principles are considered in a proceeding in equity or at
law).

 

		(f)	At the Closing Time, all consents, approvals, permits, authorizations or filings
as may be required by the Corporation under applicable Securities Laws necessary for the execution and delivery of this Subscription Agreement,
the fulfilment of the terms hereof by the Corporation and the issuance, sale and delivery by the Corporation at the Closing Time of the
Units shall have been made or obtained, as applicable, other than customary post-closing filings required to be submitted within the applicable
time frame pursuant to securities laws in the United States, applicable Securities Laws and the rules of the CSE.

 

		(g)	The currently issued and outstanding Shares are listed and posted for trading on
the CSE, and the Corporation has not taken any action which would reasonably be expected to result in the delisting or suspension of the
same on or from the CSE.

 

		(h)	The Corporation is in compliance in all material respects with the policies of
the CSE existing as of the Closing Time.

 

		(i)	The Corporation is a “reporting issuer” in each of the Reporting Jurisdictions.

 

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		(j)	The Corporation is not in material default of any requirement of the Securities
Laws of the Reporting Jurisdictions and is not included on a list of defaulting reporting issuers maintained by any of the securities
commissions or securities regulatory authorities in the Reporting Jurisdictions.

 

		(k)	Other than the Corporation, there is no Person that is or will be entitled to demand
any of the net proceeds of the Offering.

 

		10.	Registration Rights. The Corporation shall use its commercially reasonable efforts to prepare
and file or cause to be prepared and filed, as soon as practicable but in any event within fifteen (15) Business Days following the filing
of the Corporation’s Annual Report on Form 10-K for the period ended June 26, 2021, with the U.S. Securities Exchange Commission
(the “SEC”), a registration statement on Form S-1 (the “Registration Statement”) registering the
resale from time to time by the Subscribers of the Registrable Securities; provided however, that the Corporation’s obligation to
include a Subscriber’s Registrable Securities in the Registration Statement is contingent upon such Subscriber furnishing in writing
to the Corporation such information regarding the Subscriber, the securities of the Corporation held by such Subscriber and the intended
method of distribution of the Registrable Securities as shall be reasonably requested by the Corporation to effect the registration of
the Registrable Securities, and the Subscriber shall execute such documents in connection with such registration as the Corporation may
reasonably request that are customary of a selling stockholder in similar situations. The Corporation shall use its commercially reasonable
efforts to cause the Registration Statement to become effective in the United States no later than ten (10) Business Days following the
date on which the SEC provides written notice that the Registration Statement will not be reviewed or that the SEC has completed its review
of the Registration Statement and to keep the Registration Statement continuously effective under the U.S. Securities Act until the expiration
of the Effectiveness Period. If the Registration Statement covering resales of the Registrable Securities ceases to be effective for any
reason at any time during the Effectiveness Period (other than because all securities registered thereunder shall have been resold pursuant
thereto or shall have otherwise ceased to be Registrable Securities), the Corporation shall use its commercially reasonable efforts to
obtain the prompt withdrawal of any order suspending the effectiveness thereof, and amend the Registration Statement in a manner reasonably
expected to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Registration Statement with
the SEC so that all Registrable Securities outstanding as of the date of such filing are covered by a Registration Statement. If a new
Registration Statement is filed, the Corporation shall use its commercially reasonable efforts to cause the new Registration Statement
to become effective as promptly as is practicable after such filing and to keep the new Registration Statement continuously effective
until the end of the Effectiveness Period. Notwithstanding anything contained herein to the contrary, (i) the Corporation shall be under
no obligation to name any Subscriber as a selling securityholder in any Registration Statement if such Subscriber does not provide the
information requested by the Corporation and (ii) if the SEC prevents the Corporation from including any or all of the Registrable Securities
proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 under the Securities Act for the
resale of the Registrable Securities held by a Subscriber or any other securityholder, the number of Registrable Securities to be registered
for each Subscriber in the Registration Statement shall be reduced pro rata among all such selling securityholders such that the Registration
Statement shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable Securities
as is permitted by the SEC.

 

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Upon
(w) the issuance by the SEC of a stop order suspending the effectiveness of a Registration Statement or the initiation of proceedings
with respect to a Registration Statement under Section 8(d) or 8(e) of the U.S. Securities Act, (x) the occurrence of any event or the
existence of any fact (a “Material Event”) as a result of which a Registration Statement shall contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading, or any prospectus therein shall contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
(y) the occurrence of any event that requires the filing of a post-effective amendment to the Registration Statement under the U.S. Securities
Act or the U.S. Securities Exchange Act of 1934, as amended, or (z) the occurrence or existence of any pending corporate development
that, in the reasonable discretion of the Corporation, makes it appropriate to suspend the availability of a Registration Statement and
the related prospectus:

 

(A)
in the case of clause (x) above, use its commercially reasonable efforts to as promptly as practicable prepare and file, if necessary
pursuant to applicable law, a post-effective amendment to such Registration Statement or a supplement to the related prospectus or any
document incorporated therein by reference or file any other required document that would be incorporated by reference into such Registration
Statement and prospectus so that such Registration Statement does not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading, and such prospectus does
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading, as thereafter delivered to
the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to a Registration
Statement, use its commercially reasonable efforts to cause it to be declared effective as promptly as is practicable;

 

(B)
in the case of clause (y) above, use its commercially reasonable efforts to as promptly as practicable prepare and file, if necessary
pursuant to applicable law, a post-effective amendment to such Registration Statement and use its commercially reasonable efforts to
cause it to be declared effective as promptly as is practicable; and

 

(C)
in any event, give notice to the counsel for holders of Registrable Securities named in the Registration Statement that the availability
of a Registration Statement is suspended.

 

The
Corporation will use its commercially reasonable efforts to ensure that the use of the Registration Statement and accompanying prospectus
may be resumed (i) in the case of clauses (x) or (y) above, as promptly as is practicable, (ii) in the case of clause (z) above, as soon
as, in the sole judgment of the Corporation, public disclosure of such Material Event would not be prejudicial to or contrary to the
interests of the Corporation or, if necessary to avoid unreasonable burden or expense, as soon as practicable thereafter and (iii) in
the case of clause (z) above, as soon as in the reasonable discretion of the Corporation, such suspension is no longer appropriate. Any
such period during which the availability of the Registration Statement and any prospectus is suspended shall not exceed forty-five (45)
days in any ninety (90)-day period or an aggregate of ninety (90) days in any twelve (12)-month period.

 

		11.	Cannabis Law Limitations. Notwithstanding anything in this Agreement, the Warrants or any other agreement executed in
connection herewith to the contrary, (i) the Corporation shall not be obligated to issue any Shares upon a purported exercise of the Warrants
if such issuance would result in a violation of any U.S. Cannabis Law or the Corporation or any of its subsidiaries would be subject to
any sanction or penalty if such shares were issued prior to obtaining any applicable approval under U.S. Cannabis Law and any request
to so convert or exercise shall be void ab initio, (ii) neither the Subscriber nor any beneficial owner of Warrants or Shares shall seek
to exercise any Warrants if the issuance of Shares on such conversion or exercise would result in a violation of any U.S. Cannabis Law
or the Corporation or any of its subsidiaries would be subject to any sanction or penalty if such shares were issued prior to obtaining
any applicable approval under U.S. Cannabis Law by or in relation to such Subscriber and such request to convert or exercise shall be
void ab initio, (iii) no provision of this Agreement or any other agreement executed in connection herewith shall be construed such that,
or effective to the extent that, it or any other provision would be in violation of U.S. Cannabis Law, including for the avoidance of
doubt any aspect of U.S. Cannabis Law that requires approval by a regulator or regulatory body for acquisitions of, or possession of,
the Corporation or any of its subsidiaries, and (iv) no exercise of any remedy or right of the Subscriber in respect hereof shall be effective
to the extent that such exercise would be in violation of U.S. Cannabis Law.

 

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		12.	No Partnership. Nothing herein shall constitute or be construed to constitute a partnership
of any kind whatsoever between the Subscriber and the Corporation.

 

		13.	Governing Law. In all respects, including all matters of construction, validity and performance,
this agreement and all disputes, claims and proceedings in connection herewith shall be governed by, and construed and enforced in accordance
with, the internal laws of the state of California applicable to contracts made and performed in that state (without regard to the choice
of law or conflicts of law provisions thereof) and any applicable laws of the United States of America. Each of the parties hereto hereby
consents and agrees that the Superior Court of Los Angeles County, California, or, at any party’s option, the United States District
Court for the Central District of California, shall have exclusive jurisdiction to hear and determine any claims or disputes among the
parties hereto pertaining to this Agreement or to any matter arising out of or related to this Agreement. Each party hereby expressly
submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and such Persons hereby waive
any objection which they may have based upon lack of personal jurisdiction, improper venue or forum non conveniens and hereby consent
to the granting of such legal or equitable relief as is deemed appropriate by such court.

 

		14.	Time of Essence. Time shall be of the essence of this Subscription Agreement.

 

		15.	Entire Agreement. This Subscription Agreement represents the entire agreement of the parties
hereto relating to the subject matter hereof, and there are no representations, covenants or other agreements relating to the subject
matter hereof except as stated or referred to herein.

 

		16.	Electronic Copies. The Corporation shall be entitled to rely on delivery of a facsimile
or other electronic copy of executed subscriptions, and acceptance by the Corporation of such facsimile or electronic copies shall be
legally effective to create a valid and binding agreement between the Subscriber and the Corporation in accordance with the terms hereof.

 

		17.	Counterpart. This Subscription Agreement may be executed in one or more counterparts each
of which so executed shall constitute an original and all of which together shall constitute one and the same agreement.

 

		18.	Digital Signatures. Digital (“electronic”) signatures, often referred to as
an “e-signature”, enable paperless contracts and help speed up business transactions. The 2002 E-Sign Act was meant to ease
the adoption of electronic signatures. The mechanics of this Subscription Agreement’s electronic signature include your signing
this Agreement below by typing in your name, with the underlying software recording your IP address, your browser identification, the
timestamp, and a securities hash within an SSL encrypted environment. This electronically signed Subscription Agreement will be available
to both you and the Corporation, as well as any associated brokers, so they can store and access it at any time, and it will be stored
and accessible by the Corporation, including backups. You and the Corporation each hereby consents and agrees that electronically signing
this Agreement constitutes your signature, acceptance and agreement as if actually signed by you in writing. Further, all parties agree
that no certification authority or other third-party verification is necessary to validate any electronic signature; and that the lack
of such certification or third party verification will not in any way affect the enforceability of your signature or resulting contract
between you and the Corporation. You understand and agree that your e-signature executed in conjunction with the electronic submission
of this Subscription Agreement shall be legally binding and such transaction shall be considered authorized by you. By signing electronically
below, you agree your electronic signature is the legal equivalent of your manual signature on this Subscription Agreement you consent
to be legally bound by this Subscription Agreement. Alternatively, you may opt-out of this provision by printing a copy of this Agreement,
signing it manually and returning it to the Corporation and, if your subscription is accepted, the Corporation will manually countersign
it and return a countersigned copy to you via email.

 

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		19.	Severability. The invalidity, illegality or unenforceability of any provision of this Subscription
Agreement shall not affect the validity, legality or enforceability of any other provision hereof.

 

		20.	Survival. The covenants, representations and warranties contained in this Subscription Agreement
shall survive the closing of the transactions contemplated hereby, and shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, executors, administrators, successors and permitted assigns.

 

		21.	Interpretation. The headings used in this Subscription Agreement have been inserted for
convenience of reference only and shall not affect the meaning or interpretation of this Subscription Agreement or any provision hereof.
In this Subscription Agreement, all references to money amounts are to United States dollars.

 

		22.	Amendment. Except as otherwise provided herein, this Subscription Agreement may only be
amended by the parties hereto in writing.

 

		23.	Costs. The Subscriber acknowledges and agrees that all costs incurred by the Subscriber
(including any fees and disbursements of any special counsel retained by the Subscriber) relating to the sale of the Purchased Securities
to the Subscriber shall be borne by the Subscriber.

 

		24.	Withdrawal. The Subscriber agrees that this subscription is made for valuable consideration
and may not be withdrawn, cancelled, terminated or revoked by the Subscriber.

 

		25.	Assignment. Neither party may assign all or part of its interest in or to this Subscription
Agreement without the consent of the other party in writing.

 

		26.	Non-Reliance and Exculpation. The Subscriber acknowledges that it is not relying upon, and
has not relied upon, any statement, representation or warranty made by Moelis or any of its affiliates or control persons, officers, directors
and employees, and that Moelis is not acting as a placement agent, underwriter or fiduciary with respect to the Subscriber in connection
with the transactions contemplated hereby. The Subscriber agrees that none of Moelis, its affiliates or any of its control persons, officers,
directors or employees shall be liable to the Subscriber pursuant to this Subscription Agreement or the transactions contemplated hereby
in connection with the subscription of the Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of
this Subscription Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith, as
expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials
of any kind furnished to the Subscriber.

 

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PRIVACY NOTICE

 

The Subscriber
acknowledges that this Subscription Agreement and the Exhibits hereto require the Subscriber to provide certain personal information to
the Corporation. Such information is being collected by the Corporation for the purposes of completing the Offering, which may include,
without limitation, determining the Subscriber’s eligibility to purchase the Purchased Securities under applicable securities laws,
preparing and registering certificates representing or other evidence of the Purchased Securities to be issued to the Subscriber and completing
filings required by any stock exchange or securities regulatory authority. In addition, such personal information may be used or disclosed
by the Corporation for the purpose of administering the Corporation’s relationship with the Subscriber. For example, such personal
information may be used by the Corporation to communicate with the Subscriber (such as by providing annual or quarterly reports), to prepare
tax filings and forms or to comply with its obligations under taxation, securities and other laws (such as maintaining a list of holders
of shares). The Subscriber’s personal information may also be disclosed by the Corporation to (a) stock exchanges or securities
regulatory authorities (including the SEC)), (b) the Corporation’s registrar and transfer agent, (c) Canadian or United States tax
authorities, and (d) any of the other parties involved in the Offering, including legal counsel, and may be included in closing books
in connection with the Offering. Such information is being indirectly collected by the Canadian securities regulatory authorities under
the authority granted to it under Canadian securities legislation. This information is being collected for the purposes of the administration
and enforcement of Canadian securities legislation. Each Subscriber that is an individual hereby authorizes the indirect collection of
such information by the Canadian securities regulatory authorities. In the event the Subscriber has any questions with respect to the
indirect collection of such information, the Subscriber should contact the applicable securities regulatory authority at the contact details
provided below.

 

By executing
this Subscription Agreement, the Subscriber consents to the foregoing collection, use and disclosure of the Subscriber’s personal
information. The Subscriber also consents to the filing of copies or originals of any of the Subscriber’s documents delivered in
connection with this Subscription Agreement as may be required to be filed with any stock exchange or securities regulatory authority
in connection with the transactions contemplated hereby and expressly consents to the collection, use and disclosure of the Subscriber’s
personal information by the Canadian Securities Exchange for the purposes identified by such exchange, from time to time.

 	
    Alberta Securities Commission 

    Suite 600, 250 – 5th Street SW

    Calgary, Alberta T2P 0R4

    Telephone: (403) 297-6454

    Toll free in Canada: 1-877-355-0585

    Facsimile: (403) 297-2082

    British Columbia Securities Commission

    P.O. Box 10142, Pacific Centre

    701 West Georgia Street

    Vancouver, British Columbia V7Y 1L2

    Inquiries: (604) 899-6854

    Toll free in Canada: 1-800-373-6393

    Facsimile: (604) 899-6581

    Email: inquiries@bcsc.bc.ca

    The Manitoba Securities Commission

    500 – 400 St. Mary Avenue

    Winnipeg, Manitoba R3C 4K5

    Telephone: (204) 945-2548

    Toll free in Manitoba 1-800-655-5244

    Facsimile: (204) 945-0330
	
    Government of Nunavut

    Department of Justice

    Legal Registries Division

    P.O. Box 1000, Station 570

    1st Floor, Brown Building

    Iqaluit, Nunavut X0A 0H0

    Telephone: (867) 975-6590

    Facsimile: (867) 975-6594

     

    Ontario Securities Commission

    20 Queen Street West, 22nd Floor

    Toronto, Ontario M5H 3S8

    Telephone: (416) 593- 8314

    Toll free in Canada: 1-877-785-1555

    Facsimile: (416) 593-8 122

    Email: exemptmarketfilings@osc.gov.on.ca

    Public official contact regarding indirect collection of information: Inquiries
    Officer

     

    Prince Edward Island Securities Office

    95 Rochford Street, 4th Floor Shaw Building

    P.O. Box 2000

    Charlottetown, Prince Edward Island C1A 7N8

    Telephone: (902) 368-4569

    Facsimile: (902) 368-5283

 

    20

     

    

 

	
    Financial and Consumer Services Commission (New Brunswick)

    85 Charlotte Street, Suite 300

    Saint John, New Brunswick E2L 2J2

    Telephone: (506) 658-3060

    Toll free in Canada: 1-866-933-2222

    Facsimile: (506) 658-3059

    Email: info@fcnb.ca

    Government of Newfoundland and Labrador

    Financial Services Regulation Division

    P.O. Box 8700

    Confederation Building

    2nd Floor, West Block

    Prince Philip Drive

    St. John’s, Newfoundland and Labrador A1B 4J6

    Attention: Director of Securities

    Telephone: (709) 729-4189

    Facsimile: (709) 729-6187

    Government of the Northwest Territories

    Office of the Superintendent of Securities

    P.O. Box 1320

    Yellowknife, Northwest Territories X1A 2L9

    Attention: Deputy Superintendent, Legal & Enforcement

    Telephone: (867) 920-8984

    Facsimile: (867) 873-0243

    Nova Scotia Securities Commission

    Suite 400, 5251 Duke Street

    Duke Tower

    P.O. Box 458

    Halifax, Nova Scotia B3J 2P8

    Telephone: (902) 424-7768

    Facsimile: (902) 424-4625
	
    Autorité des marchés financiers

    800, Square Victoria, 22e étage

    C.P. 246, Tour de la Bourse

    Montréal, Québec H4Z 1G3

    Telephone: (514) 395-0337 or 1-877-525-0337

    Facsimile: (514) 873-6155 (For filing purposes only)

    Facsimile: (514) 864-6381 (For privacy requests only)

    Email: financementdessocietes@lautorite.qc.ca (For corporate finance issuers);
    fonds_dinvestissement@lautorite.qc.ca (For investment fund issuers)

     

    Financial and Consumer Affairs Authority of Saskatchewan

    Suite 601 - 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Telephone: (306) 787-5879

    Facsimile: (306) 787-5899

     

    Government of Yukon

    Department of Community Services

    Law Centre, 3rd Floor

    2130 Second Avenue

    Whitehorse, Yukon Y1A 5H6

    Telephone: (867) 667-5314

    Facsimile: (867) 393-6251

 

    21

     

    

 

ACKNOWLEDGEMENT – PERSONAL INFORMATION

 

The Subscriber acknowledges
as follows:

 

The Canadian Securities
Exchange and its affiliates, authorized agents, subsidiaries and divisions (collectively referred to as “the Exchange”)
may collect Personal Information in certain Forms that are submitted by the individual and/or by an Issuer or applicant and use it for
the following purposes:

 

		●	to
conduct background checks,

 

		●	to
verify the Personal Information that has been provided about each individual,

 

		●	to
consider the suitability of the individual to act as an officer, director, insider, promoter, investor relations provider or, as applicable,
an employee or consultant, of the Issuer or applicant,

 

		●	to
consider the eligibility of the Issuer or applicant to list on the Exchange,

 

		●	to
provide disclosure to market participants as to the security holdings of directors, officers, other insiders and promoters of the Issuer,
or its associates or affiliates,

 

		●	to
conduct enforcement proceedings, and

 

		●	to
perform other investigations as required by and to ensure compliance with all applicable rules, policies, rulings and regulations of
the Exchange, securities legislation and other legal and regulatory requirements governing the conduct and protection of the public markets
in Canada.

 

As part of this
process, the Exchange also collects additional Personal Information from other sources, including but not limited to, securities regulatory
authorities in Canada or elsewhere, investigative, law enforcement or self- regulatory organizations, regulations services providers and
each of their subsidiaries, affiliates, regulators and authorized agents, to ensure that the purposes set out above can be accomplished.

 

The Personal Information
the Exchange collects may also be disclosed:

 

		(a)	to the agencies and organizations in the preceding paragraph, or
as otherwise permitted or required by law, and they may use it in their own investigations for the purposes described above; and

 

		(b)	on the Exchange’s website or through printed materials published
by or pursuant to the directions of the Exchange.

 

The Exchange may
from time to time use third parties to process information and/or provide other administrative services. In this regard, the Exchange
may share the information with such third party service providers.

 

The Subscriber hereby
provides the Corporation with written consent to the disclosure of its Personal Information to the Exchange pursuant to the Exchange’s
Form 9 and otherwise consents to the Form 9 filing, and to the collection, use and disclosure of its information by the Exchange in the
manner and for the purposes described in Appendix A to the Exchange’s Form 9 or as otherwise identified by the Exchange, from time
to time.

 

    22

     

    

 

[SCHEDULE “A” 

Accredited Investor
Status CERTIFICATE

 

TO BE COMPLETED BY CANADIAN SUBSCRIBERS WHO
ARE SUBSCRIBING AS “ACCREDITED INVESTORS”

 

The categories listed herein contain certain
specifically defined terms. If you are unsure as to the meanings of those terms, or are unsure as to the applicability of any category
below, please contact your broker and/or legal advisor before completing this certificate.

 

		TO:	MEDMEN ENTERPRISES INC. (the “Corporation”)

 

In connection with the purchase
by the undersigned Subscriber of the Purchased Securities, the Subscriber hereby represents, warrants, covenants and certifies to the
Corporation (and acknowledges that the Corporation and its counsel are relying thereon) that:

 

		(a)	the Subscriber is resident in or otherwise subject to the securities laws of one of the Provinces of British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, Prince Edward Island or Newfoundland and
Labrador or one of the Territories of the Yukon, the Northwest Territories or Nunavut;

 

		(b)	the Subscriber is purchasing the Purchased Securities as principal for its own account and not for the
benefit of any other person or is deemed to be purchasing as principal pursuant to NI 45-106;

 

		(c)	the Subscriber is an “accredited investor” within the meaning of NI 45-106 on the basis that
the Subscriber fits within one of the categories of an “accredited investor” reproduced below beside which the Subscriber
has indicated the undersigned belongs to such category;

 

		(d)	the Subscriber was not created or used solely to purchase or hold securities as an accredited investor
as described in paragraph (m) below;

 

		(e)	if the Subscriber is purchasing under category (j), (k) or (l) below, it has completed and signed Exhibit
“A” attached hereto; and

 

		(f)	upon execution of this Schedule “A” by the Subscriber, this Schedule “A” shall
be incorporated into and form a part of the Subscription Agreement to which this Schedule “A” is attached.

 

(PLEASE CHECK THE BOX OF THE APPLICABLE
CATEGORY OF ACCREDITED INVESTOR)

 

	☐	(a)	(i) except in Ontario, a Canadian financial institution, or a Schedule III bank; or
	 	 	(ii) in Ontario, a financial institution that is (A) a bank listed in Schedule I, II or III of the Bank
Act (Canada); (B) an association to which the Cooperative Credit Associations Act (Canada) applies or a central cooperative
credit society for which an order has been made under subsection 473(1) of that Act; or (C) a loan corporation, trust company, trust
corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league
or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be;
	☐	(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act
(Canada);
	☐	(c)	a subsidiary of any person or company referred to in paragraphs (a) or (b), if the person or company owns
all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;
	☐	(d)	a person or company registered under the securities legislation of a jurisdiction (province or territory)
of Canada as an adviser or dealer (or in Ontario, except as otherwise prescribed by the regulations under the Securities Act (Ontario));

 

    23

     

    

 

	☐	(e)	an individual registered under the securities legislation of a jurisdiction of Canada as a representative
of a person referred to in paragraph (d);
	☐	(e.1) 	an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than
an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario)
or the Securities Act (Newfoundland and Labrador);
	☐	(f)	the Government of Canada or a jurisdiction (province or territory) of Canada, or any crown corporation,
agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada;
	☐	(g)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité
de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec;
	☐	(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction,
or any agency of that government;
	☐	(i)	a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada),
a pension commission or similar regulatory authority of a jurisdiction (province or territory) of Canada;
	☐	(j)	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate
realizable value that, before taxes, but net of any related liabilities, exceeds CDN$1,000,000 (completion of Exhibit “A”
is also required);
	☐	(j.1)	an individual who beneficially owns financial assets having an aggregate realizable value that, before
taxes but net of any related liabilities, exceeds CDN$5,000,000;
	☐	(k)	an individual whose net income before taxes exceeded CDN$200,000 in each of the two most recent calendar
years or whose net income before taxes combined with that of a spouse exceeded CDN$300,000 in each of the two most recent calendar years
and who, in either case, reasonably expects to exceed that net income level in the current calendar year (completion of Exhibit “A”
is also required);
	☐	(l)	an individual who, either alone or with a spouse, has net assets of at least CDN$5,000,000 (completion
of Exhibit “A” is also required);
	☐	(m)	a person, other than an individual or investment fund, that has net assets of at least CDN$5,000,000 as
shown on its most recently prepared financial statements;
	☐	(n)	an investment fund that distributes or has distributed its securities only to (i) a person that is or was
an accredited investor at the time of the distribution, (ii) a person that acquires or acquired securities in the circumstances referred
to in sections 2.10 [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45-106, or (iii)
a person described in sub-paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment]
of NI 45-106;
	☐	(o)	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction
of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt;
	☐	(p)	a trust company or trust corporation registered or authorized to carry on business under the Trust and
Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf
of a fully managed account managed by the trust company or trust corporation, as the case may be;

 

    24

     

    

 

	☐	(q)	a person acting on behalf of a fully managed account managed by that person, if that person is registered
or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a
foreign jurisdiction;
	☐	(r)	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained
advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity
to give advice on the securities being traded;
	☐	(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs
(a) to (d) or paragraph (i) in form and function;
	☐	(t)	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the
voting securities required by law to be owned by directors, are persons that are accredited investors;
	☐	(u)	an investment fund that is advised by a person registered as an adviser or a person that is exempt from
registration as an adviser;
	☐	(v)	a person that is recognized or designated by the securities regulatory authority or, except in Ontario
or Québec, the regulator as an accredited investor;
	☐	(w)	a trust established by an accredited investor for the benefit of the accredited investor’s family
members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s
spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited
investor, of that accredited investor’s spouse or of that accredited investor’s former spouse; or
	☐	(x)	in
    Ontario, such other persons or companies as may be prescribed by the regulations under the Securities Act (Ontario).

     

    ***If checking this category (x),
    please provide a description of how this requirement is met.

For the purposes hereof, the following definitions
are included for convenience:

 

		(a)	“bank” means a bank named in Schedule I or II of the Bank Act (Canada);

 

		(b)	“Canadian financial institution” means (i) an association governed by the Cooperative
Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of
that Act, or (ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse
populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of
Canada to carry on business in Canada or a jurisdiction of Canada;

 

		(c)	“company” means any corporation, incorporated association, incorporated syndicate or
other incorporated organization;

 

		(d)	“eligibility adviser” means:

 

		(i)	a person that is registered as an investment dealer and authorized
to give advice with respect to the type of security being distributed, and

 

		(ii)	in Saskatchewan or Manitoba, also means a lawyer who is a practicing
member in good standing with a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an
institute or association of chartered accountants, certified general accountants or certified management accountants in a jurisdiction
of Canada provided that the lawyer or public accountant must not

 

		(A)	have a professional, business or personal relationship with
the issuer, or any of its directors, executive officer, founders, or control persons, and

 

    25

     

    

 

		(B)	have acted for or been retained personally or otherwise as
an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of
its directors, executive officers, founders or control persons within the previous 12 months;

 

		(e)	“executive officer” means, for an issuer, an individual who is: (i) a chair, vice-chair
or president, (ii) a vice-president in charge of a principal business unit, division or function including sales, finance or production,
or (iii) performing a policy-making function in respect of the issuer;

 

		(f)	“financial assets” means (i) cash, (ii) securities, or (iii) a contract of insurance,
a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;

 

		(g)	“fully managed account” means an account of a client for which a person makes the investment
decisions if that person has full discretion to trade in securities for the account without requiring the client’s express consent
to a transaction;

 

		(h)	“investment fund” has the same meaning as in National Instrument 81-106 Investment
Fund Continuous Disclosure;

 

		(i)	“person” includes: (i) an individual, (ii) a corporation, (iii) a partnership, trust,
fund and an association, syndicate, organization or other organized group of persons whether incorporated or not, and (iv) an individual
or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal representative.

 

		(j)	“related liabilities” means (i) liabilities incurred or assumed for the purpose of
financing the acquisition or ownership of financial assets, or (ii) liabilities that are secured by financial assets;

 

		(k)	“Schedule III bank” means an authorized foreign bank named in Schedule III of the Bank
Act (Canada);

 

		(l)	“spouse” means, an individual who, (i) is married to another individual and is not
living separate and apart within the meaning of the Divorce Act (Canada), from the other individual, (ii) is living with another
individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender, or (iii) in
Alberta, is an individual referred to in paragraph (i) or (ii), or is an adult interdependent partner within the meaning of the Adult
Interdependent Relationships Act (Alberta); and

 

		(m)	“subsidiary” means an issuer that is controlled directly or indirectly by another issuer
and includes a subsidiary of that subsidiary.

 

In NI 45-106 a person or company is an affiliate
of another person or company if one of them is a subsidiary of the other, or if each of them is controlled by the same person.

 

In NI 45-106 and except in Part 2 Division 4 (Employee, Executive Officer,
Director and Consultant Exemption) of NI 45-106, a person (first person) is considered to control another person (second person) if (a)
the first person, beneficially owns or directly or indirectly exercises control or direction over securities of the second person carrying
votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person, unless that first
person holds the voting securities only to secure an obligation, (b) the second person is a partnership, other than a limited partnership,
and the first person holds more than 50% of the interests of the partnership, or (c) the second person is a limited partnership and the
general partner of the limited partnership is the first person.

 

    26

     

    

 

The foregoing representations contained in this
certificate are true and accurate as of the date of this certificate and will be true and accurate as of the Closing Time (as defined
in the Subscription Agreement to which this Schedule “A” is attached) and the Subscriber acknowledges that this Accredited
Investor Status Certificate is incorporated into and forms a part of the Subscription Agreement to which it is attached. If any such representations
shall not be true and accurate prior to the Closing Time, the undersigned shall give immediate written notice of such fact to the Corporation
prior to the Closing Time.

 

	Dated: 	  	 	Signed: 	  
	 	 	 
	 	 	 
	

Witness (If Subscriber is an Individual)

	 	

Print the name of Subscriber

	 	 	 
	 	 	 
	

Print Name of Witness

	 	

If Subscriber is a corporation,

    print name and title of Authorized Signing Officer

 

    27

     

    

 

EXHIBIT “A” TO SCHEDULE “A”

 

FORM FOR INDIVIDUAL ACCREDITED INVESTORS

 

THIS “EXHIBIT A” TO SCHEDULE “A”
IS TO BE COMPLETED BY ACCREDITED INVESTORS WHO ARE INDIVIDUALS SUBSCRIBING UNDER CATEGORIES (J), (K) OR (L) IN SCHEDULE “A”
TO WHICH THIS EXHIBIT “A” IS ATTACHED.

 

	
    

    WARNING!

     

    This investment is risky. Don’t invest
    unless you can afford to lose all the money you pay for this investment.

     

     

	SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	1.  About your investment
	Type of securities: Subordinate Voting Shares and Warrants	Issuer:
MedMen Enterprises Inc.
	Purchased from: Issuer
	SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER
	2.  Risk acknowledgement
	This investment is risky. Initial that you understand that:	Your 

Initials
	Risk of loss - You could lose your entire investment of US$ _____________ . [Instruction: Insert the total dollar amount of the investment.]	 
	Liquidity risk - You may not be able to sell your investment quickly - or at all.	 
	Lack of information - You may receive little or no information about your investment.	 
	Lack of advice - You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca.	 
	3.  Accredited investor status
	You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria.	Your 

initials
	●	Your net income before taxes was more than CDN$200,000 in each
of the 2 most recent calendar years, and you expect it to be more than CDN$200,000 in the current calendar year. (You can find your net
income before taxes on your personal income tax return.) 	 
	●	Your net income before taxes combined with your spouse’s
was more than CDN$300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more
than CDN$300,000 in the current calendar year.	 
	●	Either alone or with your spouse, you own more than CDN$1 million
in cash and securities, after subtracting any debt related to the cash and securities.	 
	●	Either alone or with your spouse, you have net assets worth
more than CDN$5 million. (Your net assets are your total assets (including real estate) minus your total debt.) 	 
	 	 	 	 

    28

     

    

 

	4.  Your name and signature
	By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form.
	First and last name (please print):
	Signature:	Date:
	SECTION 5 TO BE COMPLETED BY THE SALESPERSON 
	5.  Salesperson information
	[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]
	First and last name of salesperson (please print): Tom Lynch
	Telephone: 855 292-8399	Email: tlynch@scpllc.com
	Name of firm (if registered):
	SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	6.  For more information about this investment
	
    Tom Lynch

     

    tlynch@scpllc.com

     

    For more information about prospectus exemptions,
    contact your local securities regulator. You can find contact information at www.securities-administrators.ca.

	 	 	 	 

Form instructions:

 

		1.	This form does not mandate the use of a specific font size or
style but the font must be legible.

 

		2.	The information in sections 1, 5 and 6 must be completed before
the purchaser completes and signs the form.

 

		3.	The purchaser must sign this form. Each of the purchaser and
the issuer or selling security holder must receive a copy of this form signed by the purchaser. The issuer or selling security holder
is required to keep a copy of this form for 8 years after the distribution.]6

 

 

 

6
For Canadian Subscribers

 

    29

     

    

 

[SCHEDULE “A”

Eligibility
Representations of Subscriber

 

The categories listed herein contain certain
specifically defined terms. If you are unsure as to the meanings of those terms, or are unsure as to the applicability of any category
below, please contact your broker and/or legal advisor before completing this certificate.

 

		TO:	MEDMEN ENTERPRISES INC. (the “Corporation”)

 

1. In
connection with the purchase by the undersigned Subscriber of the Purchased Securities, the Subscriber hereby represents, warrants,
covenants and certifies to the Corporation (and acknowledges that the Corporation and its counsel are relying thereon) that:

 

QUALIFIED INSTITUTIONAL BUYER STATUS (Please check the applicable
subparagraphs and complete Exhibit “A” as applicable):

 

	☐	(a)	It is a “qualified institutional buyer” (as defined in Rule 144A under the U.S. Securities
Act (a “QIB”) and have marked and initialed the appropriate box on the following pages indicating the provision under
which we qualify as a QIB.
	☐	(b)	It is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, and each owner
of such account is a QIB.

*** OR ***

 

ACCREDITED INVESTOR STATUS (Please check
the applicable subparagraphs and complete Exhibit “A” as applicable):

 

	☐	(a)	It is an “accredited investor” (within the meaning of Rule 501(a) under the U.S. Securities
Act) and have marked and initialed the appropriate box on the following pages indicating the provision under which we qualify as an “accredited
investor.”
	☐	(b)	It is not a natural person.

*** AND ***

 

AFFILIATE STATUS (Please check the applicable
box):

 

SUBSCRIBER:

 

	☐	is:
	☐	is not:

an “affiliate” (as defined in Rule 144 under the U.S. Securities
Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

    30

     

    

 

The foregoing representations contained in this
certificate are true and accurate as of the date of this certificate and will be true and accurate as of the Closing Time (as defined
in the Subscription Agreement to which this Schedule “A” is attached) and the Subscriber acknowledges that these Eligibility
Representations of Subscriber is incorporated into and forms a part of the Subscription Agreement to which it is attached. If any such
representations shall not be true and accurate prior to the Closing Time, the undersigned shall give immediate written notice of such
fact to the Corporation prior to the Closing Time.

 

	Dated: 	   	 	Signed: 	   
	 	 	 
	 	 	 
	

Witness (If Subscriber is an Individual)

	 	

Print the name of Subscriber

	 	 	 
	 	 	 
	

Print Name of Witness

	 	

If Subscriber is a corporation,

    print name and title of Authorized Signing Officer

 

    31

     

    

 

EXHIBIT “A” TO SCHEDULE “A”

 

FORM FOR QUALIFIED INSTITUTIONAL BUYERS AND
ACCREDITED INVESTORS

 

2.                  
 

 

	3.                   1.  Qualified Institutional Buyer
	4.                   The Subscriber is a “qualified institutional buyer” (within the meaning of Rule 144A under the U.S. Securities Act) if it is an entity that meets any one of the following categories at the time of the sale of securities to the Subscriber (Please check the applicable subparagraphs):
	☐	5.                   The Subscriber is an entity that, acting for its own account or the accounts of other qualified institutional buyers, in the aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers that are not affiliated with the Subscriber and:
	☐	
    6.                  
    is an insurance company as defined in section 2(a)(13) of the U.S. Securities Act;

     

    7.                  
     

     

    8.                  
     

	☐	9.                   is an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), or any business development company as defined in section 2(a)(48) of the Investment Company Act;
	☐	10.                is a Small Business Investment Company licensed by the US Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958, as amended (“Small Business Investment Act”);
	☐	11.                is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees;
	☐	12.                is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”);
	☐	13.                is a trust fund whose trustee is a bank or trust company and whose participants are exclusively (a) plans established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, of (b) employee benefit plan within the meaning of Title I of the ERISA, except, in each case, trust funds that include as participants individual retirement accounts or H.R. 10 plans;
	☐	14.                is a business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”);
	☐	15.                is an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), corporation (other than a bank as defined in section 3(a)(2) of the Act, a savings and loan association or other institution referenced in section 3(a)(5)(A) of the Act, or a foreign bank or savings and loan association or equivalent institution), partnership, or Massachusetts or similar business trust; or
	☐	16.                is an investment adviser registered under the Investment Advisers Act;
	☐	17.                The Subscriber is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), acting for its own account or the accounts of other qualified institutional buyers, that in the aggregate owns and invests on a discretionary basis at least $10 million of securities of issuers that are not affiliated with the Subscriber;
	☐	18.                The Subscriber is a dealer registered pursuant to Section 15 of the Exchange Act acting in a riskless principal transaction on behalf of a qualified institutional buyer;
	 	 	 

    32

     

    

 

	☐	19.                The Subscriber is an investment company registered under the Investment Company Act, acting for its own account or for the accounts of other qualified institutional buyers, that is part of a family of investment companies1 which own in the aggregate at least $100 million in securities of issuers, other than issuers that are affiliated with Subscriber or are part of such family of investment companies;7
	☐	20.                The Subscriber is an entity, all of the equity owners of which are qualified institutional buyers, acting for its own account or the accounts of other qualified institutional buyers; or
	☐	The Subscriber is a bank as defined in section 3(a)(2) of the U.S. Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the U.S. Securities Act, or any foreign bank or savings and loan association or equivalent institution, acting for its own account or the accounts of other qualified institutional buyers, that in the aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers that are not affiliated with the Subscriber and that has an audited net worth of at least $25 million as demonstrated in its latest annual financial statements, as of a date not more than 16 months preceding the date of sale of securities in the case of a US bank or savings and loan association, and not more than 18 months preceding the date of sale of securities for a foreign bank or savings and loan association or equivalent institution.
	21.                2.  Accredited Investor
	22.                Rule 501(a) under the Securities Act, in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box(es) below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.”
	☐	23.                Any bank as defined in section 3(a)(2) of the U.S. Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the U.S. Securities Act whether acting in its individual or fiduciary capacity;
	☐	24.                Any broker or dealer registered pursuant to section 15 of the Exchange Act;
	☐	25.                Any insurance company as defined in section 2(a)(13) of the U.S. Securities Act;
	☐	26.                Any investment company registered under the Investment Company Act or a business development company as defined in section 2(a)(48) of the Investment Company Act;
	☐	27.                Any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act;
	☐	28.                Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;
	☐	29.                Any employee benefit plan within the meaning of Title I of the ERISA, if (i) the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a savings and loan association, an insurance company, or a registered investment adviser, (ii) the employee benefit plan has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed plan, with investment decisions made solely by persons that are “accredited investors”;
	☐	30.                Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act;
	 	  	 

 

 

7
“Family of investment companies” means any two or more investment companies registered under the Investment Company
Act, except for a unit investment trust whose assets consist solely of shares of one or more registered investment companies, that have
the same investment adviser (or, in the case of unit investment trusts, the same depositor); provided that, (a) each series of a series
company (as defined in Rule 18f-2 under the Investment Company Act) shall be deemed to be a separate investment company and (b) investment
companies shall be deemed to have the same adviser (or depositor) if their advisers (or depositors) are majority-owned subsidiaries of
the same parent, or if one investment company’s adviser (or depositor) is a majority-owned subsidiary of the other investment company’s
adviser (or depositor)

 

    33

     

    

 

	☐	31.                Any (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for the specific purpose of acquiring the securities offered and that has total assets in excess of $5,000,000;
	☐	32.                Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;
	☐	33.                Any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s primary residence shall not be included as an asset; (b) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;
	☐	34.                Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;
	☐	35.                Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 230.506(b)(2)(ii) of Regulation D under the U.S. Securities Act; or
	☐	36.                Any entity in which all of the equity owners are “accredited investors.”
	37.                4.  Your name and signature
	38.                By signing this form, you confirm that you have read this form and you understand the risks of making the investment identified in this form.
	39.                First and last name (please print):
	40.                Signature:	41.                Date:
	 	  	 

42.               Form instructions:

 

	43.	1.	This form does not mandate the use of a specific font size or style but the font must be legible.

 

3.                 The
purchaser must sign this form. Each of the purchaser and the issuer or selling security holder must receive a copy of this form signed
by the purchaser.]8

 

 

 

8
For US Subscribers

 

    34

     

    

 

[SCHEDULE “B”

INTERESTS]9

 

	Type of Interest	State
	 	 
	 	 
	 	 

 

 

 

9
NTD: To be completed.

 

    35

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