Document:

EX-4.8

 Exhibit 4.8 
  

TRULIEVE CANNABIS CORP. 

- and - 
 HARVEST
HEALTH & RECREATION INC. 
 - and - 

ODYSSEY TRUST COMPANY 
  

 
 SUPPLEMENTAL WARRANT INDENTURE

  
  

 
 October 1, 2021 

 SUPPLEMENTAL WARRANT INDENTURE 

THIS SUPPLEMENTAL WARRANT INDENTURE (the “Supplemental Warrant Indenture”) is dated as of October 1, 2021.

 BETWEEN: 

TRULIEVE CANNABIS CORP., a company incorporated under the laws of the province of British Columbia
(“Trulieve”), 
 - and - 

HARVEST HEALTH & RECREATION INC., a company incorporated under the laws of the province of
British Columbia (“Harvest”), 
 - and - 

ODYSSEY TRUST COMPANY, a trust company incorporated under the laws of Alberta and authorized to carry on business in
the provinces of Alberta and British Columbia (the “Warrant Agent”) 
 WHEREAS Harvest entered into a warrant
indenture dated as of December 20, 2019 (the “Original Indenture”), with Odyssey Trust Company (the “Warrant Agent”) providing for the issuance of an unlimited number of Subordinate
Voting Share purchase warrants of Harvest (the “Warrants”); 
 AND WHEREAS pursuant to the terms of the Original Indenture, Harvest
issued 5,043,665 Warrants, each of which when originally issued was exercisable to acquire one Subordinate Voting Share of Harvest (the “Harvest Subordinate Voting Shares”) at an exercise price of C$3.66 per Harvest
Subordinate Voting Share at any time prior to 5:00 p.m. (Vancouver time) on December 20, 2022; 
 AND WHEREAS pursuant to the terms of a
supplemental warrant indenture between Harvest and the Warrant Agent dated June 30, 2021 (the “First Supplemental Indenture” and together with the Original Indenture, the “Warrant
Indenture”), the exercise price of the Warrants was amended to US$2.78; 
 AND WHEREAS Harvest and Trulieve are parties to an
arrangement agreement dated May 10, 2021 (the “Arrangement Agreement”), pursuant to which they have agreed to implement a plan of arrangement under Division 5 of Part 9 of the Business Corporations Act
(British Columbia) substantially in the form set out in Schedule “A” to the Arrangement Agreement (the “Plan of Arrangement”), to provide for the acquisition of all of the issued and outstanding shares of
Harvest by Trulieve (the “Arrangement”); 
 AND WHEREAS under the terms of the Arrangement Agreement, shareholders of Harvest will receive
0.1170 of a subordinate voting share of Trulieve (the “Trulieve Shares”), subject to downward adjustment upon the occurrence of certain permitted Harvest debt refinancings, for each Harvest Subordinate Voting Share (or
equivalent) held immediately prior to the effective time of the Arrangement (the “Effective Time”); 
 AND WHEREAS in
accordance with the Plan of Arrangement, each Warrant outstanding at the Effective Time will be exchanged for a warrant of Trulieve (a “Replacement Warrant”) to purchase that

  
 - 1 - 

 
number of Trulieve Shares (rounded down to the nearest whole number) equal to the product of: (a) 0.1170 multiplied by the Adjustment Factor (as defined in the Arrangement Agreement); and
(b) the number of Harvest Subordinate Voting Shares subject to such Warrant, at an exercise price per Trulieve Share equal to the exercise price per Harvest Subordinate Voting Share that such Warrant was subject to immediately prior to the
Effective Time divided by the product of 0.1170 multiplied by the Adjustment Factor (as defined in the Arrangement Agreement) and rounded up to the nearest whole cent; 

AND WHEREAS the Arrangement was approved by the Harvest shareholders at a meeting held August 11, 2021 and by the Supreme Court of British
Columbia by order granted August 19, 2021, and became effective at 12:01 a.m. (Vancouver time) on the date hereof; 
 AND WHEREAS the term to
expiry, conditions to and manner of exercise and other terms and conditions of each such Replacement Warrant will be the same as the Warrant for which it was exchanged, as adjusted to take into account the Arrangement; 

AND WHEREAS in accordance with Section 4.7 of the Warrant Indenture, Harvest has delivered a notice in respect of the Arrangement to the Warrant
Agent and each of the holders of Warrants; 
 AND WHEREAS Trulieve wishes to, among other things, assume all of the rights, covenants and obligations
of Harvest under the Warrant Indenture in accordance with the terms thereof and in accordance with the terms of the Arrangement; 
 AND WHEREAS the
recitals in this Supplemental Warrant Indenture are made as representations and statements of fact by Trulieve and Harvest and not by the Warrant Agent; 

AND WHEREAS Trulieve and the Warrant Agent wish to enter into this Supplemental Warrant Indenture to give effect to the necessary amendments to the
Warrant Indenture effective as of the Effective Time. 
 NOW THEREFORE THIS SUPPLEMENTAL WARRANT INDENTURE WITNESSES, and it is hereby covenanted,
agreed and declared as follows: 
 ARTICLE 1 

INTERPRETATION 
  

	1.1	 Supplemental Indenture. 

This Supplemental Warrant Indenture is a Supplemental Indenture within the meaning of the Warrant Indenture. The Warrant Indenture and this Supplemental
Warrant Indenture will be read together and have effect so far as practicable as though all of the provisions of all such indentures were contained in one instrument. The terms “this Supplemental Warrant Indenture”, “this
indenture”, “herein”, “hereof”, “hereby”, “hereunder”, and similar expressions, unless the context otherwise specifies or requires, refer to the Warrant Indenture and this Supplemental Warrant Indenture
and not to any particular Article, section or other portion, and include every instrument supplemental or ancillary to this Supplemental Warrant Indenture. 
  

	1.2	 Definitions. 

All terms used but not defined in this Supplemental Warrant Indenture have the meanings ascribed to them in the Warrant Indenture, as such meanings may be
amended by this Supplemental Warrant Indenture. 

  
 - 2 - 

	1.3	 Applicable Law. 

This Supplemental Warrant Indenture shall be construed and enforced in accordance with the laws of the Province of British Columbia and federal laws of Canada
applicable therein and shall be treated in all respects as a British Columbia contract. 
 ARTICLE 2 

ASSUMPTION OF OBLIGATIONS 
  

	2.1	 Assumption of Obligations. 

Trulieve hereby covenants and agrees to assume and does assume all of the rights, covenants and obligations of Harvest in and to the Warrant Indenture and all
of the covenants and obligations of Harvest under the Warrants as and from the date hereof. Without limiting the generality of the foregoing, from and after the date hereof, the Warrants will be valid and binding obligations of Trulieve entitling
the holders thereof, as against Trulieve, to all rights of Warrantholders under the Warrant Indenture such that the interests of Warrantholders are not prejudiced negatively by the changes. As the context requires, references to the
“Corporation” in the Warrant Indenture shall be deemed to include references to Trulieve. 
  

	2.2	 Release of Harvest 

The parties hereby expressly acknowledge and agree that Harvest is released from all of its rights, covenants and obligations under the Warrant Indenture
concurrently with Trulieve’s assumption of obligations in section 2.1 of this Supplemental Warrant Indenture. 
 ARTICLE 3 

AMENDMENTS AND ADJUSTMENTS TO THE WARRANT INDENTURE 
  

	3.1	 Amendments and Adjustments to the Warrant Indenture. 

Trulieve and the Warrant Agent agree that effective as of the Effective Time: 
  

	 	(a)	 All references to “Subordinate Voting Shares” of Harvest in the Warrant Indenture shall be deemed to
refer to “Subordinate Voting Shares” of Trulieve; 

  

	 	(b)	 The definition of “Auditors” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  

	 	 	 “Auditors” means Marcum LLP or such other firm of chartered professional accountants duly
appointed as auditors of the Corporation, from time to time; 

  

	 	(c)	 The definition of “Exchange Rate” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  

	 	 	 “Exchange Rate” means, at any time, the number of Warrant Shares subject to the right
of purchase under each Warrant, such number being equal to 0.1170 of a Warrant Share per Warrant as of the date hereof; 

  

	 	(d)	 The definition of “Exercise Price” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  
 - 3 - 

	 	 	 “Exercise Price” means, at any time, the price at which a whole Warrant Share may be purchased
by the exercise of a whole Warrant, which is initially US$23.77 per Warrant Share, payable in immediately available funds, subject to adjustment in accordance with the provisions of Section 4.1; 

 

	 	(e)	 The definition of “Warrants” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  

	 	 	 “Warrants” means the Subordinate Voting Share purchase warrants of the Corporation issued and
Authenticated hereunder as Uncertificated Warrants or to be issued and countersigned in the form of Warrant Certificates, in either case, entitling the holders thereof to purchase Warrant Shares on the basis of 0.1170 of a Warrant Share for each
Warrant upon payment of the Exercise Price prior to the Time of Expiry; provided that in each case the number and/or class of securities or property receivable on the exercise of the Warrants may be subject to increase or decrease or change in
accordance with the terms and provisions hereof; 

  

	 	(f)	 The definition of “Warrant Shares” in the Warrant Indenture be and is hereby amended by deleting the
current definition and replacing it with the following: 

  

	 	 	 “Warrant Shares” means the Subordinate Voting Shares issuable upon the exercise of the
Warrants; 

  

	 	(g)	 Section 10.1(a)(i) of the Warrant Indenture is hereby deleted and replaced with the following:

  

	 	 	 If to Trulieve: 

  

	 	 	 Trulieve Cannabis Corp. 

6749 Ben Bostic Road 
 Quincy,
Florida 
 32351 
  

			
	Attention:	    	Kim Rivers
	E-mail:	    	kim.rivers@trulieve.com

 with a copy to: 

DLA Piper (Canada) LLP 
 Suite
6000, 1 First Canadian Place 
 PO Box 367, 100 King Street West 

Toronto, Ontario 
 M5X 1E2 

 

			
	Attention:	    	Derek Sigel and Russel Drew
	E-mail:	    	derek.sigel@dlapiper.com and russel.drew@dlapiper.com

  

	 	(h)	 Any document previously evidencing a Warrant shall hereafter evidence and be deemed to evidence such
Replacement Warrant and no certificates evidencing the Replacement Warrants shall be issued, other than upon the request of a Warrantholder in accordance with the terms of the Warrant Indenture; and 

  
 - 4 - 

	 	(i)	 The form of certificate for the Warrants shall be replaced with the form of certificate for the Replacement
Warrants substantially as set out in Schedule “A” attached hereto, with such insertions, omissions, substitutions or other variations as shall be required or permitted by the Warrant Indenture, and may have imprinted or otherwise
reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of the Warrant Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or regulations of
any securities exchange or securities regulatory authority or to conform with general usage, all as may be determined by the directors or officers of Trulieve executing such Replacement Warrants, in accordance with the Warrant Indenture.

 ARTICLE 4 

MISCELLANEOUS 
  

	4.1	 Confirmation. 

The provisions of the Warrant Indenture and Warrants remain in full force and effect and are hereby confirmed, unamended. 

 

	4.2	 Further Assurances. 

The parties shall, with reasonable diligence, do all such things and provide all such reasonable assurances as may be required to consummate the transactions
contemplated by this Supplemental Warrant Indenture, and each party shall provide such further documents or instruments required by the other party as may be reasonably necessary or desirable to effect the purpose of this Supplemental Warrant
Indenture and carry out its provisions. 
  

	4.3	 Counterparts. 

This Supplemental Warrant Indenture may be executed in several counterparts, each of which so executed will be deemed to be an original and such counterparts
together will constitute one and the same instrument. 
 [Remainder of the page left blank] 

  
 - 5 - 

 IN WITNESS WHEREOF the parties hereto have executed this Supplemental Warrant Indenture under the
hands of their proper officers in that behalf as of the date first written above. 
  

			
	TRULIEVE CANNABIS CORP.
		
	Per:  	 	

		 	  
  Name: Eric
Powers

		 	 Title:   Chief Legal Officer
	
	HARVEST HEALTH & RECREATION INC.
		
	Per:	 	      

		 	 Name:
		 	 Title:
	
	ODYSSEY TRUST COMPANY
		
	Per:	 	      

		 	 Authorized Signatory
		
	Per:	 	      

		 	 Authorized Signatory

 [Signature Page to Supplemental Warrant Indenture.] 

 IN WITNESS WHEREOF the parties hereto have executed this Supplemental Warrant Indenture under the
hands of their proper officers in that behalf as of the date first written above. 
  

			
	TRULIEVE CANNABIS CORP.
		
	Per:  	 	      

		 	 Name:
		 	 Title:
	
	HARVEST HEALTH & RECREATION INC.
		
	Per:	 	

		 	  
  Name: Steven M.
White

		 	 Title:   Chief Executive Officer
	
	ODYSSEY TRUST COMPANY
		
	Per:	 	      

		 	 Authorized Signatory
		
	Per:	 	      

		 	 Authorized Signatory

 [Signature Page to Supplemental Warrant Indenture.] 

 IN WITNESS WHEREOF the parties hereto have executed this Supplemental Warrant Indenture under the
hands of their proper officers in that behalf as of the date first written above. 
  

			
	TRULIEVE CANNABIS CORP.
		
	Per:  	 	      

		 	 Name: Eric Powers
		 	 Title:   Chief Legal Officer
	
	HARVEST HEALTH & RECREATION INC.
		
	Per:	 	      

		 	 Name: Steven M. White
		 	 Title:   Chief Executive Officer
	
	ODYSSEY TRUST COMPANY
		
	Per:	 	  

		 	  
  Authorized
Signatory

		
	Per:	 	  

		 	  
  Authorized
Signatory

 [Signature Page to Supplemental Warrant Indenture.] 

 SCHEDULE “A” 

FORM OF WARRANT CERTIFICATE 
 THE WARRANTS
EVIDENCED HEREBY ARE EXERCISABLE ON OR BEFORE 5:00 P.M. (VANCOUVER TIME) ON DECEMBER 20, 2022 AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT. 

For all Warrants issued outside the United States and to Original U.S. Warrantholders that are Qualified Institutional Buyers and registered in the name of
the Depository, also include the following legend: 
 (INSERT IF BEING ISSUED TO CDS) UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO TRULIEVE CANNABIS CORP. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS
REGISTERED IN THE NAME OF CDS & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN, AND IT IS A
VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. 
 For Warrants originally issued for the benefit or account
of a U.S. Warrantholder (other than an Original U.S. Warrantholder that is a Qualified Institutional Buyer), and each Warrant Certificate issued in exchange therefor or in substitution thereof, also include the following legends: 

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES, FOR THE BENEFIT OF TRULIEVE CANNABIS CORP. (THE
“CORPORATION”), THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY: (A) TO THE CORPORATION; (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; (C) IN COMPLIANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND,
IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS
PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION FROM COUNSEL OF RECOGNIZED 

  
 A-1 

 
STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF
TRANSACTIONS ON STOCK EXCHANGES IN CANADA. 

  
 A-2 

 WARRANTS TO PURCHASE SUBORDINATE VOTING 

SHARES OF TRULIEVE CANNABIS CORP. 

(existing under the laws of the Province of British Columbia) 
  

			
	Warrant Certificate No.                 	  	Certificate for                      Warrants, each entitling the holder to acquire one (1) Subordinate Voting Share
(subject to adjustment as provided for in the Warrant Indenture (as defined below))

 THIS IS TO CERTIFY THAT, for value received, 
  

 
 (the “Warrantholder”) is the
registered holder of the number of subordinate voting purchase warrants (the “Warrants”) of Trulieve Cannabis Corp. (the “Corporation”) specified above and is entitled, on exercise of these Warrants upon and subject
to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any time before 5:00 p.m. (Vancouver Time) (the “Expiry Time”) on the date that is three years after the Issue Date (the
“Expiry Date”) one fully paid and non-assessable subordinate voting share without par value in the capital of the Corporation as constituted on the date hereof (a
“Subordinate Voting Share”) for each Warrant, subject to adjustment in accordance with the terms of the Warrant Indenture.  

The right to purchase Subordinate Voting Shares may only be exercised by the Warrantholder within the time set forth above by: 

 

	 	(a)	 duly completing and executing the exercise form (the “Exercise Form”) attached
hereto; and 

  

	 	(b)	 surrendering this warrant certificate (the “Warrant Certificate”), with the Exercise Form, to
the Warrant Agent at the principal office of the Warrant Agent, in the city of Vancouver, British Columbia, together with a certified cheque, bank draft or money order in the lawful money of Canada payable to or to the order of the Corporation in an
amount equal to the purchase price of the Subordinate Voting Shares so subscribed for.  

 The surrender of this Warrant
Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent
at its principal office as set out above. 
 Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter
referred to, the exercise price payable for each Subordinate Voting Share upon the exercise of Warrants shall be US$23.77 per Subordinate Voting Share (the “Exercise Price”). 

Certificates for the Subordinate Voting Shares subscribed for will be mailed to the persons specified in the Exercise Form at their respective addresses
specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Subordinate Voting Shares are purchased than the number that can be purchased pursuant to
this Warrant Certificate, the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of the balance of the Subordinate Voting Shares not so purchased. No fractional Subordinate Voting Shares will be issued upon
exercise of any Warrant and no cash or other consideration will be paid in lieu of fractional Subordinate Voting Shares. 

  
 A-3 

 This Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of a
warrant indenture dated as of December 20, 2019 between Harvest Health & Recreation Inc. and Odyssey Trust Company, as Warrant Agent, as supplemented by the supplemental warrant indentures dated as of June 30, 2021 and as of
October 1, 2021 between the Corporation and Odyssey Trust Company, as Warrant Agent (which indentures together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”), to
which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the
same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents. The Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.

 On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with
the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates representing the same number of Warrants as represented by the Warrant Certificate(s) so exchanged. 

Neither the Warrants nor the Subordinate Voting Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States. The Warrants may not be exercised by a person in the United States, a U.S. Person, a person exercising the Warrants for the
account or benefit of a U.S. Person or a person in the United States, or a person requesting delivery in the United States of the Subordinate Voting Shares issuable upon such exercise unless (i) this Warrant and such Subordinate Voting Shares
have been registered under the U.S. Securities Act and the applicable laws of any such state, or (ii) an exemption or exclusion from such registration requirements is available and the requirements set forth in the Exercise Form have been
satisfied. Certificates representing Subordinate Voting Shares issued to, or for the account or benefit of, persons in the United States or U.S. Persons may bear a legend restricting the transfer and exercise of such securities under applicable
United States federal and state securities laws. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act. 

The Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Subordinate Voting Share upon the exercise of Warrants and
the number of Subordinate Voting Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein. 
 The Warrant Indenture
also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by
Warrantholders of Warrants entitled to purchase a specific majority of the Subordinate Voting Shares that can be purchased pursuant to such Warrants. 

Nothing contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof any right or
interest whatsoever as a holder of Subordinate Voting Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate and
the terms and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern. 
 Warrants may only be transferred in
compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Vancouver, British Columbia, or such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint at such other
place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other
registrar 

  
 A-4 

 
and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the transfer being
duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof. 
 This Warrant Certificate will not be valid for any purpose
until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture. 
 The parties hereto have declared that
they have required that these presents and all other documents related hereto be in the English language. Les parties aux présentes déclarent qu’elles ont exigé que la présente convention, de même que tous les
documents s’y rapportant, soient rédigés en anglais. 
 [Signature Page
Follows] 

  
 A-5 

 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its duly
authorized officer as of this      day of                     , 20    . 

 

			
	TRULIEVE CANNABIS CORP.

			
		
	By:	 	  

			
		 	              Authorized Signatory
	
	ODYSSEY TRUST COMPANY

			
		
	By:	 	  

			
		 	              Authorized Signatory

  
 A-6 

 TRANSFER FORM 

ANY TRANSFER OF WARRANTS WILL REQUIRE COMPLIANCE WITH APPLICABLE SECURITIES LEGISLATION. TRANSFERORS AND TRANSFEREES ARE URGED TO CONTACT LEGAL COUNSEL BEFORE
EFFECTING ANY SUCH TRANSFER 
  

			
	TO:	  	Odyssey Trust Company
		  	323 – 409 Granville Street
		  	Vancouver, British Columbia V6C 1T2

  

			
	FOR VALUE RECEIVED, the undersigned transferor hereby sells, assigns and transfers unto
	
	  

	 (Transferee) 

	
	  

	 (Address) 

	
	  

	 (Social Insurance Number) 

                          
               of the Warrants registered in the name of the undersigned transferor represented by the Warrant Certificate or DRS Advice and hereby irrevocable constitutes and
appoints as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent. 
 In the case of
a warrant certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked): 
  

			
	☐	  	(A) the transfer is being made to the Corporation;
		
	☐	  	(B) the transfer is being made outside the United States in compliance with Rule 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and in compliance with any
applicable local laws and regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule “C” to the Warrant Indenture, or
		
	☐	  	(C) the transfer is being made in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Corporation and the
Warrant Agent an opinion of counsel of recognized standing or other evidence in form and substance reasonably satisfactory to the Corporation to such effect.

 In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for
the account or benefit of a U.S. Person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements
of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to
the Corporation to such effect. 

  
 A-7 

			
	☐	  	If transfer is to a person in the United States or a U.S. Person, check this box.

 In the case of a transfer within the United States or to, or for the account or benefit of, a U.S. Person or to a person in
the United States, the certificates representing the Warrants will be endorsed with a U.S. restrictive legend. 
 DATED this
                     day of
                                         
                   , 20     
  

					
	SPACE FOR GUARANTEES              OF	 	      )	 	
	SIGNATURES (BELOW)	 	      )	 	
		 	      )	 	
		 	      )	 	
		 	      )	 	
		 	      )	 	
	  
	 	      )	 	  

	Guarantor’s Signature/Stamp	 	      )	 	      Signature of Transferor
		 	      )	 	
		 	      )	 	
		 	      )	 	  

		 	      )	 	       Name of Transferor

  
 A-8 

 REASON FOR TRANSFER – For US Citizens or Residents only (where the individual(s) or corporation
receiving the securities is a US citizen or resident). Please select only one (see instructions below). 
  

							
	☐ Gift 	 	☐ Estate 	 	☐ Private Sale	 	☐ Other (or no change in ownership) 

  

					
	 Date of Event (Date of gift, death or sale):
	  	     Value per Warrant on the date of event:

	

	  	  
 

	  	 
             

  

 CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY 

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration
or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent’s then-current guidelines and
requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry
practice and standards): 
  

	 	•	 	 Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion
Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words
“Medallion Guaranteed”, with the correct prefix covering the face value of the certificate. 

  

	 	•	 	 Canada: A Medallion Signature Guarantee with the correct prefix covering the face value of the
certificate. 

  

	 	•	 	 Outside North America: For holders located outside North America, present the certificates(s) and/or
document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the
signature to be over-guaranteed. 

 O R 

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without
alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable
as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”, “MEDALLION GUARANTEED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the
transfer agent’s then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer with a “MEDALLION
GUARANTEED” Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate. 

  
 A-9 

 SCHEDULE “B” 

EXERCISE FORM 
  

			
	TO:	 	 Trulieve Cannabis Corp. (the “Corporation”)

6749 Ben Bostic Road
 Quincy, Florida

32351

		
	AND TO:	 	 Odyssey Trust Company (the “Warrant Agent”)

323 – 409 Granville Street
 Vancouver, British Columbia V6C
1T2

 The undersigned holder of the Warrants evidenced by this Warrant Certificate or DRS Advice hereby exercises the right to
acquire (A) Subordinate Voting Shares of Trulieve Cannabis Corp. 
  

			
	Exercise Price Payable:	 	  

		 	((A) multiplied by US$23.77, subject to adjustment)

 The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Subordinate Voting Shares
that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture. 
 The
undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject to restrictions on resale under applicable securities legislation. 

Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the dated as of December 20, 2019 between Harvest
Health & Recreation Inc. and Odyssey Trust Company, as Warrant Agent, as supplemented by the supplemental warrant indentures dated as of June 30, 2021 and as of October 1, 2021 between the Corporation and Odyssey Trust Company, as
Warrant Agent (which indentures together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”). 

The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked): 

 

			
	 ☐
  
	 	 1.  the undersigned holder at the time of exercise of the Warrants (i) is not in
the United States, (ii) is not a U.S. Person, (iii) is not exercising the Warrants on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States, (iv) did not acquire the Warrants in the United States
or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (v) did not receive an offer to exercise the Warrants in the United States; (vi) did not execute or deliver this exercise form in the United
States; (vii) is not requesting delivery in the United States of the Warrant Shares issuable upon such exercise; and (viii) represents and warrants that the exercise of the Warrants and acquisition of the Warrant Shares occurred in an
“offshore transaction” (as defined under Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)); OR

  
 B-1 

			
	 ☐
	 	 2.  the undersigned holder is (i) an Original U.S. Warrantholder, (ii) is
exercising the Warrants for its own account or for the account of a disclosed principal that was named in the subscription agreement executed and delivered in connection with its purchase of the Units pursuant to which the Units were originally
issued and of which the Warrants originally comprised a part, (iii) is, and such disclosed principal, if any, is, an Accredited Investor at the time of exercise of these Warrants, and (iv) confirms the representations and warranties of the
holder made in the subscription agreement executed and delivered in connection with its purchase of the Units pursuant to which the Units were originally issued and of which the Warrants originally comprised a part remain true and correct as of the
date of exercise of these Warrants; OR

		
	☐	 	 3.  the undersigned holder (i) is (1) in the United States, (2) a U.S.
Person, (3) a person exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, or (4) requesting delivery in the United States of the Warrant Shares issuable upon such exercise, and (ii) has
an exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws available for the exercise of the Warrants and the issuance of the Warrant Shares and has delivered to the Corporation and the
Warrant Agent a written opinion of U.S. counsel, in form and substance reasonably satisfactory to the Corporation, or such other evidence reasonably satisfactory to the Corporation, to that effect

 It is understood that the Corporation and the Warrant Agent may require evidence to verify the foregoing representations. 

The undersigned holder understands that unless Box A above is checked, the certificate representing the Subordinate Voting Shares may be issued in definitive
physical certificated form and bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available (as described in the Warrant Indenture and
the subscription documents). If Box C above is checked, holders are encouraged to consult with the Corporation in advance to determine that the legal opinion or other evidence tendered in connection with the exercise will be satisfactory in form and
substance to the Corporation. “U.S. Person” and “United States” are as defined in Regulation S under the U.S. Securities Act. 
 The
undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject to restrictions on resale under applicable securities legislation. The undersigned hereby further acknowledges that
the Corporation will rely upon the confirmations, acknowledgements and agreements set forth herein, and agrees to notify the Corporation promptly in writing if any of the representations or warranties herein ceases to be accurate or complete. 

The undersigned hereby irrevocably directs that the said Subordinate Voting Shares be issued, registered and delivered as follows: 

 

					
	 NAME(S) IN FULL
	  	 ADDRESS(ES)
	  	 NUMBER OF SUBORDINATE
VOTING
SHARES

		  		  	
		  		  	
		  		  	
		  		  	

  
 B-2 

 Please print full name in which certificates representing the Subordinate Voting Shares are to be issued. If
any Subordinate Voting Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Form of Transfer
must be duly executed. 

  
 B-3 

 Once completed and executed, this Exercise Form must be mailed or delivered to Odyssey Trust Company, 323
– 409 Granville Street, Vancouver, British Columbia V6C 1T2, Attention: Corporate Trust. 
 DATED
this                     day of
                                         
            ,         . 
  

					
		 	      )	 	
		 	      )	 	
		 	      )	 	
		 	      )	 	
	  
	 	      )	 	  

	Witness	 	      )	 	      Signature of Warrantholder
			
		 	      )	 	
			
		 	      )	 	
		 	      )	 	  

		 	      )	 	       Name of Warrantholder

  
 ☐ 

Please check if the certificates representing the Subordinate Voting Shares are to be delivered at the office where this Warrant Certificate
is surrendered, failing which such certificates will be mailed to the address set out above. Certificates will be delivered or mailed as soon as practicable after the surrender of this Warrant Certificate to the Warrant Agent. 

NOTES: 
  

	 	1.	 Certificates will not be registered or delivered to an address in the United States unless Box 2 or Box 3 above
is checked. 

  

	 	2.	 If Box 3 above is checked, holders are encouraged to contact the Corporation in advance to determine that the
legal opinion or evidence tendered in connection with exercise will be satisfactory in form and substance to the Corporation. 

  
 B-4 

 SCHEDULE “C” 

FORM OF DECLARATION FOR REMOVAL OF LEGEND 

TO: ODYSSEY TRUST COMPANY as registrar and transfer agent for the Warrants / Subordinate Voting Shares issuable upon exercise of the Warrants of Trulieve
Cannabis Corp. (the “Corporation”) 
 AND TO: THE CORPORATION 

The undersigned (A) acknowledges that the sale of
                                         
        (the “Securities”) of the Corporation, to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”), and (B) certifies that: (1) the undersigned is not an “affiliate” (as that term is defined in Rule 405 under the U.S. Securities Act) of the Corporation; (2) the offer of such
Securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was
outside the United States, or (b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or another “designated offshore securities market”,
and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) none of the seller, any affiliate of the seller or any person acting on their behalf has engaged
or will engage in any “directed selling efforts” in the United States in connection with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose of “washing off” the resale restrictions
imposed because the Securities are “restricted securities” (as that term is defined in Rule 144(a)(3) under the U.S. Securities Act); (5) the seller does not intend to replace such Securities with fungible unrestricted securities; and
(6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S under the U.S. Securities Act, is part of a plan or scheme to evade the registration provisions of
the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act. 
 DATED this
                     day
of                                         
   , 20        . 
  

	
	   X

	  Signature of individual (if Seller is an individual)
	  
   X

	   Authorized signatory (if Seller is not an individual)

 
  

	   Name of Seller (please print)
  

 

	   Name of authorized signatory (please print)
  

 

	  Official capacity of authorized signatory (please print)EX-4.9

 Exhibit 4.9 

REPLACEMENT PURCHASE WARRANT 

Trulieve Cannabis Corp. 
 Warrant Shares:
9,496 shares of Trulieve Cannabis Corp. (subject to adjustment as set forth herein) 
 Date of Issuance: October 1, 2021 (“Replacement Issuance
Date”) 
 WHEREAS: 
  

	A.	 On December 30, 2020 (the “Original Issuance Date”), Harvest Health & Recreation
Inc., a British Columbia, Canada corporation (“Harvest”), issued to Russon Holdings Limited, a British Virgin Islands company (including any permitted and registered assigns, the “Holder”), 81,163 warrants to
purchase Subordinate Voting Shares of Harvest, evidenced by the Purchase Warrant (the “Purchase Warrant”) in connection with that certain Finder’s Fee Agreement dated as of June 4, 2019, by and among Harvest and the Holder
(the “Finder’s Fee Agreement”); 

  

	B.	 Harvest and the Holder subsequently entered into an Amendment to Purchase Warrant (the
“Amendment”) to amend the Purchase Warrant to change the currency of the Exercise Price from Canadian dollars to the United States dollar equivalent thereof as at December 20, 2019, as set forth therein; 

 

	C.	 The Purchase Warrant entitles the Holder to acquire Subordinate Voting Shares of Harvest upon payment of the
Exercise Price (as defined in the Purchase Warrant) prior to the expiration of the Exercise Period (as defined in the Purchase Warrant), upon the terms and conditions set forth in the Purchase Warrant; and 

 

	D.	 Trulieve Cannabis Corp., a British Columbia, Canada corporation (“Trulieve”), has acquired all
of the outstanding shares of Harvest as of October 1, 2021 (the “Acquisition”); 

  

	E.	 The Acquisition constitutes a “Fundamental Transaction” (as defined in the Purchase Warrant), which
(1) entitles the Holder to receive as “Alternate Consideration” (as defined in the Purchase Warrant) an adjusted number of shares of stock of Trulieve upon exercise of the Purchase Warrant and (2) requires that the Exercise Price
be appropriately adjusted to account for such Alternate Consideration; and 

  

	F.	 The parties hereto agree to enter into this Replacement Purchase Warrant to replace the Purchase Warrant, as
amended by the Amendment, to reflect the adjustments to the Purchase Warrant required as a result of the Fundamental Transaction. 

This REPLACEMENT PURCHASE WARRANT (this “Replacement Warrant”) certifies that, for value received, the Holder, is entitled,
upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date of issuance hereof, to purchase from Trulieve, up to 9,496 (subject to adjustment as set forth herein) subordinate
voting shares (as such shares are constituted on the date hereof, as the same may be reorganized, reclassified or redesignated following the Replacement Issuance Date, (the “Stock”) of Trulieve (the “Warrant
Shares”) (whereby such number may be adjusted from time to time pursuant to the terms and conditions of this Replacement Warrant) at the Exercise Price per share then in effect. 

 Capitalized terms used in this Replacement Warrant shall have the meanings set forth in the
Finder’s Fee Agreement unless otherwise defined in the body of this Replacement Warrant or in Section 12. For purposes of this Replacement Warrant, the term “Exercise Price” shall mean USD$23.77, as the same may be adjusted
herein, and the term “Exercise Period” shall mean the period commencing on the Original Issuance Date and ending on 5:00 p.m. Toronto, Ontario time on the five-year anniversary thereof. 

 

	 	1.	 EXERCISE OF WARRANT. 

 

	 	(a)	 Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this
Replacement Warrant may be exercised in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s
election to exercise this Replacement Warrant. The Holder shall not be required to deliver the original Replacement Warrant in order to effect an exercise hereunder. Partial exercises of this Replacement Warrant resulting in purchases of a portion
of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. On or before the
fifth Business Day (the “Warrant Share Delivery Date”) following the date on which the Company shall have received the Exercise Notice, and upon receipt by the Company of payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of this Replacement Warrant is being exercised (the “Aggregate Exercise Price” and together with the Exercise Notice, the “Exercise
Delivery Documents”) in cash or by wire transfer of immediately available funds (or upon cashless exercise as set forth in Section 1(b)) Trulieve shall (or direct its transfer agent to) issue and dispatch by overnight courier to the
address as specified in the Exercise Notice, a certificate, registered in Trulieve’s share register in the name of the Holder or its designee, for the number of shares of Stock to which the Holder is entitled pursuant to such exercise. Upon
delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Replacement Warrant has been exercised, irrespective of the date
of delivery of the certificates evidencing such Warrant Shares. If this Replacement Warrant is submitted in connection with any exercise and the number of Warrant Shares represented by this Replacement Warrant submitted for exercise is greater than
the number of Warrant Shares being acquired upon an exercise, then Trulieve shall as soon as practicable and in no event later than three Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with
Section 6) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Replacement Warrant, less the number of Warrant Shares with respect to which this Replacement Warrant is
exercised, If Trulieve fails to cause its transfer agent to transmit to the Holder the respective shares of Stock by the respective Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise in Holder’s sole
discretion, and such failure shall be deemed an event of default under the Finder’s Fee Agreement. 

  

	 	(b)	 Cashless Exercise. Notwithstanding Section l(a), if the Market Price of one share of Stock is greater
than the Exercise Price, the Holder may elect to receive Warrant Shares pursuant to a cashless exercise, in lieu of a cash exercise, equal to the value of this Replacement Warrant determined in the manner described below (or of any portion thereof
remaining unexercised) by surrender of this Replacement Warrant and a Notice of Exercise, in which event the Company shall issue to Holder a number of Stock computed using the following formula: 

X= Y(A-B) 

A 

 Where: 

X =    the number of Warrant Shares to be issued to Holder, 

Y =    the number of Warrant Shares that the Holder elects to purchase under this Replacement Warrant (at
the date of such calculation). 
 A =    the Market Price (at the date of such calculation). 

B =    Exercise Price (as adjusted to the date of such calculation). 

 

	 	(c)	 No Fractional Shares. No fractional shares shall be issued upon the exercise of this Replacement Warrant
as a consequence of any adjustment pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Replacement Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any
fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the
product resulting from multiplying the then-current fair market value of a Warrant Share by such fraction. 

  

	 	2.	 ADJUSTMENTS. In at any time while this Replacement Warrant is outstanding, Trulieve effects a forward split or
reverse split of the Stock, the number of Warrant Shares shall be appropriately adjusted, with any partial resulting Warrant Share being rounded up to the next nearest whole number and the Exercise Price shall be proportionately adjusted such that
the aggregate Exercise Price payable hereunder shall remain unchanged. By way of example and not limitation, (i) in the event that Trulieve effects a two-for-one
forward split of the Stock, wherein each issued and outstanding share of Stock is converted into two shares of Stock, the number of Warrant Shares shall be doubled and the Exercise Price shall be reduced by 50%; and (ii) in the event that
Trulieve effects a one-for-two reverse split of the Stock, wherein each two issued and outstanding shares of Stock are converted into one share of Stock, the number of
Warrant Shares shall be reduced by 50% and the Exercise Price shall be increased by 100%. 

  

	 	3.	 FUNDAMENTAL TRANSACTIONS. If, at any time while this Replacement Warrant is outstanding, (i) Trulieve
effects any merger of Trulieve with or into another entity and Trulieve is not the surviving entity (such surviving entity, the “Successor Entity”), (ii) Trulieve effects any sale of all or substantially all of its assets in one or
a series of related transactions, (iii) any tender offer or exchange offer (whether by Trulieve or by another individual or entity, and approved by Trulieve) is completed pursuant to which holders of Stock are permitted to tender or exchange
their shares of Stock for other securities, cash or property and the holders of at least 50% of the Stock accept such offer, or (iv) Trulieve effects any reclassification of the Stock or any compulsory share exchange pursuant to which the Stock
is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Stock) (in any such case, a “Fundamental Transaction”), then, upon any subsequent
exercise of this Replacement Warrant, the Holder shall have the right to receive the number of shares of Stock of the Successor Entity or of Trulieve and any additional consideration (the “Alternate Consideration”) receivable upon
or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Stock for which this Replacement Warrant is exercisable immediately prior to such event

	 	
(disregarding any limitation on exercise contained herein solely for the purpose of such determination). For purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Stock in such Fundamental Transaction, and Trulieve shall apportion the Exercise Price among the
Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration, If holders of Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Replacement Warrant following such Fundamental Transaction, To the extent necessary to effectuate the foregoing
provisions, any Successor Entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.

  

	 	4.	 NON-CIRCUMVENTION. Harvest covenants and agrees that it will not and
Trulieve will not, by amendment of Harvest’s or Trulieve’s certificate of incorporation, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Replacement Warrant, and will at all times in good faith carry out all the provisions of this Replacement Warrant and take all action as may
be required to protect the rights of the Holder. 

  

	 	5.	 WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Replacement
Warrant, in and of itself, shall not entitle the Holder to any voting rights or other rights as a stockholder of Trulieve. In addition, nothing contained in this Replacement Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Replacement Warrant or otherwise) or as a stockholder of Trulieve, whether such liabilities are asserted by Trulieve or by creditors of Trulieve. 

 

	 	6.	 REISSUANCE; ETC. 

  

	 	(a)	 Lost, Stolen or Mutilated Warrant. If this Replacement Warrant is lost, stolen, mutilated or destroyed,
Trulieve will, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as this Replacement Warrant so
lost, stolen, mutilated or destroyed. 

  

	 	(b)	 Void at end of Exercise Period. In the event that this Replacement Warrant is not fully exercised by the
end of the Exercise Period it shall thereafter be void and of no further force and effect. 

	 	7.	 TRANSFER. Holder agrees that it may not transfer or assign this Replacement Warrant or any rights herein
without the prior written consent of Trulieve, which shall not be unreasonably withheld. 

  

	 	8.	 NOTICES. Whenever notice is required to be given under this Replacement Warrant, unless otherwise provided
herein, such notice shall be given in accordance with the notice provisions contained in the Finder’s Fee Agreement. 

  

	 	9.	 AMENDMENT AND WAIVER. The terms of this Replacement Warrant may be amended or waived (either generally or in a
particular instance and either retroactively or prospectively) only with the written consent of Trulieve and the Holder. 

  

	 	10.	 GOVERNING LAW. This Replacement Warrant shall be governed by and construed in accordance with the laws of
British Columbia, Canada without regard to principles of conflicts of laws. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A .JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER
TRANSACTION DOCUMENT ENTERED INTO IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. The prevailing party shall be entitled to recover from the other party its
reasonable attorney’s fees and costs. In the event that any provision of this Replacement Warrant or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Replacement
Warrant by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Replacement Warrant and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. 

 

	 	11.	 ACCEPTANCE. Receipt of this Replacement Warrant by the Holder shall constitute acceptance of and agreement to
all of the terms and conditions contained herein. 

  

	 	12.	 CERTAIN DEFINITIONS. For purposes of this Replacement Warrant, the following terms shall have the following
meanings: 

  

	 	(a)	 “Stock Equivalents” means any securities of Trulieve that would entitle the holder thereof to acquire
at any time Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Stock. 

  

	 	(b)	 “Market Price” means the highest traded price of the Stock on the Principal Market during the twenty
(20) Trading Days prior to the date of the respective Exercise Notice. 

  

	 	(c)	 “Principal Market” means the Canadian Securities Exchange or any other primary national securities
exchange on which the Stock is then traded. 

	 	(d)	 “Trading Day” means (i) any day on which the Stock is listed or quoted and traded on its
Principal Market, (ii) if the Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on any
over-the-counter markets, or (iii) if trading does not occur on the over-the-counter
markets, any Business Day. 

 * * * * * * * 

 IN WITNESS WHEREOF, the Company has caused this Replacement Warrant to be duly executed as
of the Replacement Issuance Date set forth above. 
  

			
	Trulieve Cannabis Corp.

 
			
		
	By:	 	/s/ Eric Powers

 
			
	 Name: Eric Powers
 Title: Chief
Legal Officer

 Acknowledged and Agreed: 

Harvest Health & Recreation Inc. 
  

			
	By:	 	      /s/ Eric Powers

			
	 Name: Eric Powers
 Title: Chief
Legal Officer

 EXHIBIT A 

EXERCISE NOTICE 
 (To be executed
by the registered holder to exercise this Purchase Warrant) 
 THE UNDERSIGNED holder hereby exercises the right to purchase
                     of the shares of Stock (“Warrant Shares”) of Trulieve Cannabis Corp., a British Columbia, Canada corporation
(“Trulieve”), evidenced by the attached copy of the Replacement Purchase Warrant (the “Replacement Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in
the Replacement Warrant. 
  

	1.	 Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check
one): 

  

	 	☐	 a cash exercise with respect to
                    Warrant Shares; or 

  

	 	☐	 by cashless exercise pursuant to the Replacement Warrant. 

 

	2.	 Payment of Exercise Price. If cash exercise is selected above, the holder shall pay the applicable
Aggregate Exercise Price in the sum of USD$                 to Trulieve in accordance with the terms of the Replacement Warrant. 

 

	3.	 Delivery of Warrant Shares. Trulieve shall deliver to the holder
                     Warrant Shares in accordance with the terms of the Replacement Warrant. 

Date:
                                     

 

			
	Russon Holdings Limited

 
			
		
	By:	 	 

 
			
	Name:	 	  

 
			
	Title:

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