Document:

Exhibit 4.8

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) DATE OF DISTRIBUTION
OF THE SECURITIES AND (II) THE DATE THE CORPORATION BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

 

THIS WARRANT AND THE SECURITIES ISSUABLE ON
EXERCISE HEREOF HAVE NOT BEEN REGISTERED PURSUANT TO THE US SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR ANY US STATE
SECURITIES ACTS. SUCH SECURITIES ONLY MAY BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED OR DISPOSED OF IN A TRANSACTION
REGISTERED UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND TO PERSONS THAT ARE, IN EACH CASE, ALSO “QUALIFIED PURCHASERS” AS DEFINED IN THE US INVESTMENT COMPANY
ACT OF 1940 (THE “INVESTMENT COMPANY ACT”). THIS WARRANT MAY NOT BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT
AS DESCRIBED IN THIS WARRANT. THE COMPANY HAS NOT BEEN, AND DOES NOT INTEND TO BE, REGISTERED UNDER THE INVESTMENT COMPANY ACT.

 

THIS WARRANT CERTIFICATE, AND THE WARRANTS
EVIDENCED HEREBY, SHALL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE THE EXPIRY TIME (AS HEREINAFTER DEFINED).

 

	Number of Warrants: [●]	Issue Date: [●] (the "Issue Date")
	 	 
	Certificate No: [●]	Expiry Date: [●] (the "Expiry Date")

 

Broker
WARRANT CERTIFICATE

 

For value received, [●] (the "Holder")
is the registered holder of that number of broker warrants (the "Warrants") of Jushi
Holdings Inc. (the "Corporation") as set forth above.

 

1.                            
Warrants. Each Warrant shall entitle the Holder to acquire, at the exercise price of US$[●] (the “Exercise
Price”) per exercised Warrant, one (1) class B subordinate voting share in the capital
of the Corporation (a "Share") as constituted on the Issue Date until 5:00 pm (Eastern Standard Time) on the Expiry
Date (the "Expiry Time"). The Exercise Price and the number of Shares which the Holder is entitled to acquire upon exercise
of the Warrants are subject to adjustment as hereinafter provided.

 

2.                            
Non-Transferable Warrants. The Warrants evidenced hereby (or any portion thereof) may not be assigned or transferred by
the Holder.

 

3.                            
Warrant Exercise Procedure. The Warrants represented by this Warrant certificate may be exercised in whole or in part at
any time prior to the Expiry Date by surrendering the original of this Warrant certificate at the offices of the Corporation set out in
subsection 17(g) hereof together with a subscription form in the form attached as Schedule "A" hereto duly completed
and executed, such additional documents as may be contemplated thereby, and a certified cheque, bank draft or money order in lawful money
of the United States of America payable to or to the order of the Corporation.

 

4.                             Register
of Warrantholders. The Corporation shall cause a register (the "Register") to be kept in which shall be entered
the names and addresses of all holders of the Warrants and the number of Warrants held by each of them. The Corporation may treat
the registered holder of any certificate representing Warrants as the absolute owner of the Warrants represented thereby for all
purposes, and the Corporation shall not be affected by any notice or knowledge to the contrary except where the Corporation is
required to take notice by statute or by order of a court of competent jurisdiction.

 

     

    -2-

    

 

5.                            
Partial Exercise. The Holder may subscribe for and purchase less than the full number of Shares entitled to be subscribed
for and purchased hereunder. In the event that the Holder subscribes for and purchases less than the full number of Shares entitled to
be subscribed for and purchased under this Warrant certificate prior to the Expiry Date, the Corporation shall issue a new Warrant certificate
to the Holder in substantially the same form as this Warrant certificate with appropriate changes to reflect the unexercised balance of
the Warrants.

 

6.                            
Delivery of Shares As soon as commercially possible and no later than 10 business days of receipt by the Corporation of
this Warrant certificate in accordance with, and the documents and payment noted in, Section 3, the Corporation will deliver the certificate(s)
representing the Shares subscribed for and purchased by the Holder hereunder, and (ii) a replacement Warrant certificate, if any.

 

7.                            
No Rights of Shareholders. Nothing contained in this Warrant certificate shall be construed as conferring upon the Holder
any right or interest whatsoever as a holder of Shares of the Corporation or any other right or interest except as herein expressly provided.

 

8.                            
Adjustment of Subscription and Purchase Rights.

 

		(a)	The rights evidenced by this Warrant certificate are to purchase Shares. If there shall, prior to the
exercise of any of the rights evidenced hereby, be any (a) reorganization of the authorized capital of the Corporation by way of consolidation,
merger, sub-division, amalgamation, share exchange, arrangement, reclassification or otherwise; (b) transfer, sale, lease or exchange
of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to another person; (c) the payment of any
stock dividends (other than in the ordinary course of business); (d) a special distribution or rights offering; (e) the change or exchange
of the Shares into or with another security; or (f) any similar event or transaction not specifically contemplated by this Section 8 as
determined by the Corporation in its sole discretion (collectively, a "Reorganization"), then there shall, subject to
the consent of the Exchange (if required), automatically be an adjustment, as applicable, in (i) the number of Shares which may be issued
pursuant hereto and/or the exercise price for the Shares, by corresponding amounts if applicable, and/or (ii) the kind and aggregate number
of Shares or other securities or property resulting from the Reorganization, so that the rights evidenced hereby shall thereafter be as
reasonably as possible equivalent to the rights originally granted hereby and such that the Holder, upon exercise of this Warrant following
the effective date of the Reorganization, shall receive the number, kind and type of shares, securities or property the Holder would have
been entitled to receive if, on the effective date thereof, the Holder had been the registered holder of the number of Shares which the
Holder was theretofore entitled to purchase or receive upon the exercise of this Warrant certificate. In accordance with this certificate,
the Corporation will make adjustments as it considers necessary and equitable acting in good faith, subject to any approvals required
by the Exchange (if applicable). If at any time a dispute arises with respect to adjustments provided for herein, such dispute will be
conclusively determined by the Canadian auditors of the Corporation or if they are unable or unwilling to act, by such other firm of Canadian
independent chartered accountants as may be selected by the directors of the Corporation and any such determination, absent manifest error,
will be binding upon the Corporation, the Holder and shareholders of the Corporation. The Corporation will provide such auditors or accountants
with access to all necessary records of the Corporation and fees payable to such accountants or auditors will be paid by the Corporation.

 

     

    -3-

    

 

		(b)	At least twenty-one days prior to any record date or effective date, as the case may be, for any event
which requires or might require an adjustment in any of the rights of the Holder under this Warrant certificate, including the Exercise
Price and the number of Shares which are purchasable under this
Warrant certificate, the Corporation will deliver to the Holder, at the Holder’s registered address, a certificate of the Corporation
specifying the particulars of such event and, if determinable, the required adjustment and the calculation of such adjustment. The Corporation
hereby covenants and agrees that the register of transfers and transfer books for the Shares will be open, and that the Corporation will
not take any action which might deprive the Holder of the opportunity of exercising the rights of subscription contained in this Warrant
certificate, during such twenty-one day period.

 

9.                            
Consolidation and Amalgamation. In the case of the Corporation entering into a transaction whereby all or substantially
all of its undertaking, property and assets would become the property of any other corporation (herein called a "successor corporation")
whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise, the successor
corporation shall be bound by all of the provisions hereof including the due and punctual performance of all covenants of the Corporation
and forthwith following the occurrence of such event, the successor corporation resulting from such reorganization, reconstruction, consolidation,
amalgamation, merger, transfer, sale, disposition or otherwise (if not the Corporation), shall expressly assume, by supplemental certificate
satisfactory in form to the Holder, acting reasonably, and executed and delivered to the Holder, the due and punctual performance and
observance of this Warrant certificate to be performed and observed by the Corporation and these securities and the terms set forth in
this Warrant certificate will be a valid and binding obligation of the successor corporation entitling the Holder, as against the successor
corporation, to all the rights of the Holder under this Warrant certificate.

 

10.                         
No Fractional Shares. Upon the exercise of the Warrants evidenced hereby, the Corporation shall not be required to issue
an aggregate number of Shares that results in any fractional Shares being issued and the Holder shall not be entitled to any cash payment
or compensation in lieu of a fractional Share.

 

11.                         
Legending of Shares. The Warrants have been, and the Shares will be, issued pursuant to an exemption (an "Exemption")
from the registration and prospectus requirements of applicable securities law. To the extent that the Corporation relies on such Exemption,
the Shares may be subject to restrictions on resale and transferability contained in applicable securities laws.

 

12.                         
Change; Waiver. Subject to the approval of the Exchange (if required), the provisions of these Warrants may from time to
time be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to in writing by the Corporation
and the Holder.

 

13.                         
No Obligation to Purchase. Nothing herein contained or done pursuant hereto shall obligate the Holder to purchase or pay
for or the Corporation to issue any Shares except those Shares in respect of which the Holder shall have exercised its right to purchase
in the manner provided hereunder.

 

14.                         
Covenants.

 

		(a)	The Corporation covenants that (i) so long as any Shares evidenced hereby remain outstanding, it shall
reserve and there shall remain unissued out of its authorized capital a sufficient number of Shares to satisfy the right of purchase provided
for herein should the Holder determine to exercise its rights in respect of all the Shares available for purchase and issuance under outstanding
Warrants, and (ii) all Shares which shall be issued upon the due exercise of the right to purchase provided for herein, upon payment therefor
of the amount at which such Shares may at the time be purchased pursuant to the provisions hereof, shall, in respect of the Shares, be
issued as fully paid and non-assessable class B subordinate voting shares in the capital of the Corporation be validly issued, free of
all liens, charges and encumbrances; and

 

		(b)	the Corporation shall use commercially reasonable efforts to preserve and maintain its corporate existence.

 

     

    -4-

    

 

15.                         
 Representations and Warranties. The Corporation hereby represents and warrants with and to the Holder that the Corporation
is duly authorized and has the corporate and lawful power and authority to create and issue this Warrant certificate and the Shares issuable
upon the exercise hereof and perform its obligations hereunder and that this Warrant certificate represents a valid, legal and binding
obligation of the Corporation enforceable in accordance with its terms.

 

16.                         
Lost Certificate. If this Warrant certificate becomes stolen, lost, mutilated or destroyed, the Corporation may, on such
terms as it may in its discretion impose, respectively issue and countersign a new Warrant certificate of like denomination, tenor and
date as the Warrant certificate so stolen, lost, mutilated or destroyed.

 

17.                         
General.

 

		(a)	The headings in this certificate are for reference only and do not constitute terms of the Warrant certificate.

 

		(b)	Whenever the singular or masculine is used in this Warrant certificate the same shall be deemed to include
the plural or the feminine or the body corporate as the context may require.

 

		(c)	This Warrant certificate shall enure to the benefit of and be binding upon the parties hereto and their
respective successors and assigns.

 

		(d)	Time shall be of the essence of this Warrant certificate.

 

		(e)	This Warrant shall be governed by and construed in accordance with the laws of the Province of Ontario
and the federal laws of Canada applicable therein, without reference to its principles governing the choice or conflict of laws. The Corporation
and the Holder hereby irrevocably attorn and submit to the exclusive jurisdiction of the courts of the Province of Ontario with respect
to any dispute related to or arising from this Warrant certificate.

 

		(f)	All references herein to monetary amounts are references to lawful money of the United States of America.

 

		(g)	All notices or other communications to be given to the Holder by the Corporation under this Warrant certificate
shall be delivered by hand, courier, ordinary prepaid mail, facsimile or electronic mail; and, if delivered by hand, shall be deemed to
have been given on the delivery date, if delivered by ordinary prepaid mail shall be deemed to have been given on the fifth day following
the delivery date and, if sent by facsimile or electronic mail, on the date of transmission if sent before 5:00 p.m. (local time
where the notice is received) on a business day or, if such day is not a business day, on the first business day following the date of
transmission.

 

Notices to the Holder shall be addressed
to the address of the Holder set out in the Register.

 

Notices to the Corporation shall be addressed
to:

 

[●]

 

Each of the Corporation and the Holder may change
its address for service by notice in writing to the other of them specifying its new address for service under this Warrant certificate.

 

[THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY
BLANK.]

 

     

     

    

 

IN WITNESS WHEREOF the Corporation has caused
this Warrant certificate to be signed by its duly authorized officer on [●].

 

	[●]	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

Warrant Certificate Signature
Page

 

     

     

    

 

SCHEDULE
 "A" 

 

WARRANT
CERTIFICATE SUBSCRIPTION FORM

 

 

Jushi
Holdings Inc.

[●]

 

Dear Sirs/Mesdames:

 

The undersigned hereby exercises the right to
purchase and hereby subscribes for ___________  class B subordinate voting shares (the "Shares") of Jushi
Holdings Inc. (the "Corporation") and herewith makes payment of the purchase price of USD$___________ in full
for the Shares.

 

In connection with the exercise of the Warrant
certificate, the undersigned represents as follows: (Please check the ONE box applicable):

 

	 ̈	The
undersigned (a) at the time of exercise is not a U.S. person; (b) at the time of exercise is not within the United States; (c) is not
exercising any of the Warrants represented by this Warrant certificate for the account or benefit of any U.S. person or person within
the United States; and (d) did not execute or deliver this Subscription Form in the United States.
	 	 
	 ̈ 	The
undersigned (a) purchased the Warrants directly from the Corporation pursuant to a subscription agreement for the purchase of units of
the Corporation; (b) is exercising the Warrants solely for its own account or for the account of the original beneficial purchaser, if
any, (c) each of it and any beneficial purchaser was on the date the Warrants were purchased from the Corporation, and is on the date
of exercise of the Warrants, an "accredited investor" (as defined in Rule 501(a) of Regulation D under the 1933 Act); and (d)
the representations, warranties and covenants set forth in the written subscription agreement for the purchase of units from the Corporation
continue to be true and correct.
	 	 
	 ̈ 	The
undersigned has delivered to the Corporation a written opinion of U.S. counsel reasonably satisfactory to the Corporation to the effect
that the Shares to be delivered upon exercise hereof are exempt from registration under the 1933 Act and the securities laws of all applicable
states of the United States.

 

"1933 Act" means the United States
Securities Act of 1933, as amended. "U.S. person" and "United States" are as defined by Regulation
S under the 1933 Act.

 

Certificates representing Shares will not be registered
or delivered to an address in the United States unless Box 2 or Box 3 above is checked and the requirements in connection therewith have
been satisfied.

 

Certificates representing Shares issued upon exercise
of Warrants pursuant to Box 2 or Box 3 above will bear a U.S. restrictive legend.

 

If any Warrants represented by this Warrant certificate
are not being exercised, a new Warrant certificate will be issued and delivered with the Share Warrant certificates.

 

     

    -2-

    

 

Please issue and deliver a certificate for the
Shares being purchased as follows:

 

	NAME:	 	 
	 	(please print)	 
	ADDRESS:	 	 
	 	 	 
	DELIVERY	 	 
	 	 	 

 

INSTRUCTIONS:

 

		1.	The registered holder of a Warrant may exercise its right to acquire Shares by completing and surrendering
this Subscription Form and the ORIGINAL Warrant certificate representing the Warrants being converted to the Corporation, together with
the aggregate amount of the exercise price for the Shares as provided for in the Warrant certificate. Certificates representing the Shares
to be acquired on exercise will be sent by prepaid first class mail to the address(es) above within five (5) business days after the receipt
of all required documentation, subject to the terms of Warrant Indenture.

 

		2.	If this Subscription Form indicates that the Shares are to be issued to a person or persons other than
the registered holder of the Warrants to be converted: (a) the signature of the registered holder on this Subscription Form must be medallion
guaranteed by an authorized officer of a chartered bank, trust corporation or an investment dealer who is a member of a recognized stock
exchange; and (b) the registered holder must pay to the Corporation all applicable taxes and other duties.

 

		3.	If this Subscription Form is signed by a trustee, executor, administrator, custodian, guardian, attorney,
officer of a corporation or any other person acting in a fiduciary or representative capacity, this Subscription Form must be accompanied
by evidence of authority to sign satisfactory to the Corporation.

 

DATED this _______ day of __________________________________,
___________________.

 

	 	 	 
	Signature of Witness	 	Signature of registered holder or Signatory thereof
	[Please Note Instruction 2]	)	 
	 	)	 
	 	)	 
	Print name of Witness	)	If applicable, print Name and Office of Signatory
	 	)	 
	 	)	 
	 	)	 
	 	)	Print Name of registered holder as on certificate
	 	)	
	 	)	 
	 	)	 
	 	)	Street Address
	 	)	 
	 	)	 
	 	 	City, Province/State and Postal/ZIP CodeExhibit 4.9

 

THIS WARRANT AND THE SECURITIES
ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR THE
SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MAY NOT BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE
DISPOSED OF EXCEPT AS DESCRIBED IN THIS WARRANT. THE COMPANY HAS NOT BEEN AND, DOES NOT INTEND TO BE, REGISTERED UNDER THE U.S. INVESTMENT
COMPANY ACT OF 1940, AS AMENDED.

 

JUSHI INC

WARRANT TO PURCHASE COMMON
STOCK

 

	Warrant No. [●]	 	[●]

 

This
Class B Warrant (and any other warrants delivered in substitution or exchange herefor as provided herein, this “Warrant”)
is issued, for value received, to [●] (the “Holder”) by Jushi Inc, a Delaware corporation (the “Company”).
Except as otherwise defined herein, capitalized terms in this Warrant have the meanings set forth in Section 18.

 

1.                 
Purchase of Shares. Subject to the terms and conditions of this Warrant, the Holder of this Warrant is entitled, upon surrender
of this Warrant at the principal office of the Company (or at such other place as the Company may notify the Holder hereof in writing),
to purchase from the Company [●] of fully paid and nonassessable shares of the Company’s
Class B Common Stock, par value US$0.00001 per share (the “Common Stock”) free of any liens and encumbrances except
for restrictions on transfer provided for herein or under applicable federal and state securities Laws. The number of such shares are
subject to adjustment as provided in Section 4. For purposes of this Warrant, the shares purchasable pursuant to this Warrant
shall be referred to as the “Warrant Shares”.

 

2.                 
Exercise.

 

2.1             
Exercise Price. The purchase price for each Warrant Share subject to this Warrant (the “Exercise Price”)
shall be US$[●].

 

2.2             
Exercise Date. Subject to the terms and conditions hereof, the Holder may exercise this Warrant for all or any part of
the Warrant Shares at any time or from time to time from the Exercise Trigger until the Expiration Date (the “Exercise Period”).

 

     

     

    

 

2.3             
Method of Exercise. While this Warrant remains outstanding and exercisable in accordance with the terms hereof, the Holder
may exercise the purchase rights evidenced hereby, in whole or in part, but not for any fractional shares, by:

 

(a)                     
 surrendering to the Secretary of the Company at its principal offices (i) a notice of exercise, in the form attached hereto as
Exhibit A and made a part hereof (a “Notice of Exercise”), (ii) this Warrant and (iii) if the Holder is not
yet a party to any stockholders agreement relating to certain rights of the Company and its stockholders that is approved by the Board
in good faith (“Stockholders Agreement”), a duly executed joinder to such Stockholders Agreement; and

 

(b)                     
the payment of the Exercise Price and his or her share of all income and employment withholding taxes (if any), either (at the
Holder’s election and as identified in the Notice of Exercise) by cash, check or wire transfer of immediately available funds in
an amount equal to the aggregate Exercise Price for the number of Warrant Shares being purchased.

 

2.4             
Exercise Date. Each exercise of this Warrant will be deemed to have been effected immediately prior to the close of business
on the day on which both (a) the Notice of Exercise pursuant to Section 2.3 is deemed to be delivered pursuant to Section 14
and

(b)
all costs of the exercise (including any applicable withholding taxes) owed by the Holder have been satisfied (each such date, an “Exercise
Date”).

 

2.5             
Expenses. The Company will pay all expenses, taxes (other than transfer taxes and the Holder’s own obligation to
pay his or her income and employment taxes, if any) and other charges payable in connection with the preparation, issuance and delivery
of this Warrant and the Warrant Shares.

 

2.6             
Certificates and Revised Warrant Documents. As soon as practicable after an Exercise Date (and in any event within five
Business Days thereafter), the Company, at its expense, will cause to be issued in the name of, and delivered to, the Holder, or otherwise
as the Holder may direct (subject to Section 5):

 

(a)                     
a certificate or certificates for the number of shares of Common Stock, or evidence of book-entry issuance of such shares in uncertificated
form, to which the Holder is entitled upon such exercise (it being agreed that each certificate or evidence so delivered will be in such
denominations of shares of Common Stock as may be requested by the Holder but in no event in fractional shares); and

 

(b)                     
if such exercise is in part only, an amended Warrant agreement that clarifies that the Holder may still purchase of a number of
Warrant Shares equal to the difference of the number of Warrant Shares subject to this Warrant less the number of Warrant Shares
that are issued to the Holder pursuant to such partial exercise.

 

2.7             
Fractional Shares. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant. As to any fraction
of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, such fractional share will be rounded
down to the nearest whole number.

 

2.8             
Conditional Exercise. Notwithstanding the foregoing, if an exercise of any portion of this Warrant is to be made in connection
with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election
of the Holder be conditioned upon the consummation of such transaction, in which case the Exercise Date will be the date of such consummation
and such exercise will not be deemed to be effective until immediately prior to such consummation on the Exercise Date.

 

    -2-

     

    

 

3.                 
Shares to be Fully Paid; Reservation of Shares. The Company represents, warrants, covenants and agrees that:

 

(a)                     
this Warrant is, and any Warrant issued in substitution for or replacement of this Warrant will be, upon issuance, duly authorized
and validly issued;

 

(b)                     
all Warrant Shares issued upon the exercise of this Warrant will, upon issuance, be validly issued, fully paid and nonassessable,
and free from preemptive or similar rights and free from all taxes, liens and charges with respect thereto (other than liens and charges
arising solely from the actions and circumstances of the Holder or holder of such Warrant Shares);

 

(c)                     
the Company will at all times during the Exercise Period have authorized, and reserved, free from preemptive or similar rights
and solely for the purpose of effecting the exercise of this Warrant, out of its authorized but unissued Common Stock, a sufficient number
of shares of Common Stock to provide for the exercise of the rights represented by this Warrant, which shares have not been subscribed
for or otherwise committed to be issued;

 

(d)                     
the Company will take all such actions as may be necessary to ensure that all such Warrant Shares are issued without violation
by the Company of any applicable Law or any requirements of any securities exchange upon which shares of Common Stock or other securities
constituting Warrant Shares may be listed at the time of such exercise (except for official notice of issuance which will be immediately
delivered by the Company upon each such issuance); and

 

(e)                     
the Company will use its reasonable best efforts to cause the Warrant Shares, immediately upon such exercise, to be listed on
any securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares are listed at the time of such
exercise.

 

4.                 
Adjustment. The number of Warrant Shares issuable upon exercise of this Warrant will be subject to adjustment from time
to time as set forth in this Section 4 (in each case, after taking into consideration any prior adjustments pursuant to this Section
4).

 

4.1             
Adjustment to Number of Warrant Shares Upon Subdivision or Combination of Common Stock.

 

(i)                
If the Company at any time reclassifies its outstanding shares of Common Stock such that the number of shares of capital stock
of the Company outstanding immediately following such reclassification remains the same as the number of shares of Common Stock outstanding
immediately prior to such reclassification, the Warrant Shares issuable upon exercise of this Warrant shall be similarly adjusted to
reflect the same number of shares of such capital stock of the Company after giving effect to such recapitalization, with such Warrant
Shares being of the same class that are outstanding immediately following such reclassification (and for all purposes of this Warrant
such shares of such capital stock shall constitute the “Warrant Shares”).

 

    -3-

     

    

 

(ii)             
If the Company at any time subdivides (by stock split, recapitalization or otherwise) its outstanding number of shares of Common
Stock into a greater number of shares of Common Stock, the number of Warrant Shares issuable upon exercise of this Warrant immediately
prior to any such subdivision shall be proportionately increased.

 

(iii)           
If the Company at any time combines or reclassifies (by reverse stock split, combination or otherwise) its outstanding number
of shares of Common Stock into a smaller number of shares of Common Stock, the number of Warrant Shares issuable upon exercise of this
Warrant immediately prior to such combination shall be proportionately decreased.

 

(iv)            
Any adjustment under this Section 4.1 shall be conditioned on, and become effective immediately upon, the effectiveness
of the subdivision or combination.

 

4.2             
Business Combination. If at any time there shall be a capital reorganization of the shares of the Company’s stock
(other than a Liquidity Event, combination, reclassification, recapitalization, exchange or subdivision of shares otherwise provided
for herein), or a merger or consolidation of the Company with or into another corporation whether or not the Company is the surviving
corporation, or the sale of all or substantially all of the Company’s properties and assets to any other Person (hereinafter referred
to as a “Business Combination”), then, as a part of such Business Combination, if the Holder has not otherwise elected,
on a timely basis, to exercise the Warrant under Section 2.3, the Company shall cause this Warrant to be exchanged and cancelled
for the consideration that the Holder would have received in connection with the Business Combination as if the Holder had exercised
this Warrant in full immediately prior to such Business Combination, without actually exercising such right, acquiring the applicable
Warrant Shares and exchanging such shares for such consideration; provided, that the foregoing sentence of this Section 4.2 shall
not apply to a Business Combination in which the consideration otherwise payable to the Holder is in a form other than cash and/or liquid
securities. In the event of a Business Combination in which the Holder would be entitled to receive consideration other than cash or
liquid securities, this Warrant shall not be cancelled and shall remain outstanding, exercisable for the consideration to which a holder
of the applicable number of Warrant Shares would have been entitled to receive in such Business Combination. For avoidance of doubt,
consideration payable in cash and/or liquid securities upon lapse of contingencies, such as an escrow arrangement or earn-out arrangement,
is deemed to be consideration fully in cash and/or in liquid securities.

 

    -4-

     

    

 

4.3             
 Certain Events. If any event of the type contemplated by Section 4.1 or 4.2 but not expressly provided for
by this Section 4 occurs, then the Board and the Holder will jointly determine in good faith an appropriate adjustment in the
number of Warrant Shares issuable upon exercise of this Warrant so as to prevent the enlargement or diminution of the rights of the Holder
in a manner consistent with this Section 4.

 

4.4             
Dividends and Distributions. If the Company, at any time after the Exercise Trigger, makes or declares, or fixes a record
date for the determination of holders of Common Stock entitled to receive, a dividend or any other distribution payable in securities
of the Company, cash or other property, then, and in each such event, the Holder will receive at the same time as the holders of Common
Stock, the kind and amount of securities of the Company, cash or other property which the Holder would have been entitled to receive
had the Warrant been exercised in full into Warrant Shares on the date of such event (and the record date therefor), but only to the
extent such right does not result in adverse taxation on the Holder pursuant to Internal Revenue Code Section 409A. For clarity, this
right to receive dividends if, as an when other holders of Common Stock do is not contingent on the exercise of the Warrant.

 

4.5             
Adjustment to Exercise Price. In connection with any adjustment described in this Section 4, the Exercise Price
per Warrant Share shall be automatically adjusted so that the aggregate Exercise Price for all outstanding Warrant Shares as of immediately
prior to such adjustment shall equal the aggregate Exercise Price for all outstanding Warrant Shares as of immediately following such
conversion.

 

4.6             
Certificates; Adjustment Certificates. As promptly as practicable following any adjustment of the number of Warrant
Shares issuable upon the exercise of the Warrant (but in any event not later than five Business Days thereafter), the Company will furnish
to the Holder a certificate reasonably satisfactory to the Holder executed by a duly authorized officer thereof (a) certifying the Exercise
Price then in effect and the number of Warrant Shares or the amount, if any, of other shares of stock, securities or assets then issuable
upon exercise of the Warrant and (b) setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying
the calculation thereof.

 

4.7             
Notices. In the event (a) that the Company sets a record date (or a record date will otherwise occur) for any (i) dividend
or other distribution, (ii) vote at a meeting (or action by written consent), (iii) right to subscribe for or purchase any shares of
capital stock of any class or any other securities or (iv) right to receive any other security or right in or to a security, (b) of a
Business Combination or (c) of the voluntary or involuntary dissolution, liquidation or winding up of the Company, the Company will send
or cause to be sent to the Holder at least 10 days prior to the applicable record date or the applicable expected effective date, as
the case may be, for the event, a written notice in accordance with Section 14 specifying, as the case may be, (A) the record
date for such dividend, distribution, meeting or consent or other right or action and a description of such dividend, distribution or
other right or such action to be taken at such meeting or by written consent or (B) the effective date on which such Business Combination
or dissolution, liquidation or winding up is proposed to take place, and the date, if any is to be fixed, as of which the books of the
Company will close or a record will be taken with respect to which the holders of record of Common Stock (or such other capital stock
or securities at the time issuable upon exercise of the Warrant) will be entitled to exchange their shares of Common Stock (or such other
capital stock or securities) for securities or other property deliverable upon such Business Combination or dissolution, liquidation
or winding up, and the amount per share and character of such exchange applicable to the Warrant and the Warrant Shares.

 

    -5-

     

    

 

4.8             
Successive Adjustments. Any adjustments made pursuant to this Section 4 will be made successively whenever an event
referred to in this Section 4 occurs.

 

5.             
Warrant Register; Transfer.

 

5.1             
Warrant Register. The Company will keep and properly maintain at its principal executive office books and records for the
registration of this Warrant and any transfers thereof. The Company (a) may deem and treat the Person in whose name this Warrant is registered
on such books as the Holder thereof for all purposes and (b) will not be affected by any notice to the contrary, except any assignment,
division, combination or other transfer of this Warrant effected in accordance with the provisions hereof.

 

5.2             
Warrant Transfer. Subject to compliance with applicable federal and state securities laws and the provisions of this Section
5.2, this Warrant and all rights hereunder are transferable in whole or in part by the Holder of this Warrant to any Affiliate of
the Holder, upon written notice to the Company. In the event of a partial transfer, the Company will issue to the new Holders one or
more appropriate new warrants. Transfers of the Warrants other than to any Affiliate of the Holder as described in this Section 5.2
will require the prior written consent of the Company.

 

5.3             
 Legends.

 

(i)                
if the Subscriber is a resident of the United States, then the Subscriber acknowledges and understands that the certificates representing
the Warrants will be required, in addition to any other legends required, to be stamped with the following legend:

 

“THE
SECURITIES PRESENTED BY THIS CERTIFICATE ARE NOT REGISTERED PURSUANT TO THE U.S. SECURITIES ACT OF 1933 OR ANY STATE SECURITIES ACTS.
SUCH SECURITIES SHALL NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED OR DISPOSED OF, ABSENT SUCH REGISTRATION,
UNLESS, IN THE OPINION OF THE CORPORATION’S COUNSEL, SUCH REGISTRATION IS NOT REQUIRED. THE COMPANY HAS NOT BEEN, AND DOES NOT
INTEND TO BE REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940.”

 

Furthermore,
if the Subscriber is a resident of Florida, then the Investor acknowledges and understands that the certificates representing the Common
Stock and the Warrants will be required, in addition to any other legends required, to be stamped with the following legend:

 

    -6-

     

    

 

“THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE FLORIDA SECURITIES ACT IN RELIANCE UPON AN EXEMPTION THEREFROM. ANY SALE
MADE PURSUANT TO SUCH EXEMPTION IS VOIDABLE BY A FLORIDA PURCHASER WITHIN THREE DAYS AFTER THE FIRST TENDER OF CONSIDERATION IS MADE
BY SUCH PURCHASER TO THE ISSUER, AN AGENT OF THE ISSUER, OR AN ESCROW AGENT IN PAYMENT FOR SUCH SECURITIES. HOWEVER, THIS RIGHT IS NOT
AVAILABLE TO ANY PURCHASER WHO IS A BANK, TRUST COMPANY, SAVINGS INSTITUTION, INSURANCE COMPANY, SECURITIES DEALER, INVESTMENT COMPANY
(AS DEFINED IN THE INVESTMENT COMPANY ACT), PENSION OR PROFIT- SHARING TRUST, QUALIFIED INSTITUTIONAL BUYER AS DEFINED IN 17 C.F.R. 230.144A(A),
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY FOREIGN BUYER THAT SATISFIES THE MINIMUM FINANCIAL REQUIREMENTS SET FORTH IN SUCH
RULE.”

 

(ii)             
If the Holder is a resident of a Province or Territory of Canada, then the Holder acknowledges and understands that the certificate
representing the Warrants will be required, in addition to any other legends required, to be stamped with the following legend:

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND
A DAY AFTER THE LATER OF (I) [●], AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.”

 

6.                 
No Impairment. The Company will not, by amendment of the Certificate of Incorporation or its other governing documents
or through a Business Combination or any other action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times carry out all such terms and take all such action as may be reasonably necessary or appropriate in order
to protect the rights of the Holder against dilution or other impairment.

 

7.                 
Holder Not Deemed a Stockholder; Limitations on Liability. Except as otherwise specifically provided herein, prior to the
issuance to the Holder of the Warrant Shares to which the Holder is then entitled to receive upon the exercise of this Warrant in accordance
with the terms hereof, the Holder (in its capacity as such) will not be entitled to vote or be deemed the holder of shares of capital
stock of the Company for any purpose, and nothing in this Warrant will be construed to confer upon the Holder (in its capacity as such)
any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
Business Combination or issuance or reclassification of stock), receive notice of meetings, receive dividends or subscription rights,
or otherwise. Nothing in this Warrant will be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise
of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company, creditors of
the Company or any other third Persons.

 

    -7-

     

    

 

8.                 
Effect of Violation. Any action or attempted action by the Company in violation of this Warrant will be null and void ab
initio and of no force or effect whatsoever.

 

9.                 
Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of a customary indemnity agreement or (in
the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of the
same tenor and date.

 

10.             
Entire Agreement; Parties in Interest. This Warrant constitutes the entire agreement of, and supersedes all other prior
agreements and understandings (both written and oral) between, the parties hereto with respect to the subject matter hereof. This Warrant
will be binding upon and inure solely to the benefit of the Company and the Holder and their respective successors and permitted assigns,
and nothing in this Warrant, express or implied, is intended to or will confer upon any other Person any rights, benefits or remedies
of any nature whatsoever under or by reason of this Warrant.

 

11.             
Governing Law. This Warrant, and all Proceedings (whether based in contract, tort or statute) that may be based upon, arise
out of or relate to this Warrant or the negotiation, execution or performance of this Warrant, will be governed by and construed and
enforced in accordance with the Laws of the State of Delaware without regard to the Laws of the State of Delaware or any other jurisdiction
that would call for the application of the substantive Laws of any jurisdiction other than the State of Delaware.

 

12.             
Jurisdiction. Each Party hereby irrevocably and unconditionally, for itself and its property, submits to the exclusive
jurisdiction of the Delaware Court of Chancery (and if jurisdiction in the Delaware Court of Chancery is unavailable, in the Complex
Commercial Litigation Division of the Superior Court in the City of Wilmington, New Castle County, Delaware, and if jurisdiction in the
Complex Commercial Litigation Division of the Superior Court in the City of Wilmington, New Castle County, Delaware is unavailable, in
the Federal courts of the U.S. sitting in the State of Delaware), and any appellate court from any thereof (such courts in such jurisdictional
priority, the “Forum”), in any Proceeding (whether based in contract, tort or statute) based upon, arising out of
or relating to this Warrant or the negotiation, execution or performance of this Warrant, or any transaction contemplated hereby, and
agrees that all claims in respect of such Proceeding may be heard and determined in the Forum, and each of the Company and the Holder
hereby irrevocably and unconditionally (a) agrees not to commence any such Proceeding except in the Forum, (b) agrees that any claim
in respect of any such Proceeding may be heard and determined in the Forum, (c) waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any such Proceeding in the Forum, and (d) waives, to
the fullest extent it may legally and effectively do so, the defense of an inconvenient forum to the maintenance of such Proceeding in
the Forum. Each of the Company and Holder hereby agrees that service of summons, complaint or other process in connection with any Proceedings
contemplated hereby may be made by registered or certified mail addressed to such Person at the address specified pursuant to Section
14, and that service so made will be effective as if personally made in the State of Delaware.

 

    -8-

     

    

 

13.             
Waiver of Jury Trial. EACH OF THE COMPANY AND THE HOLDER IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG SUCH PERSONS ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

14.             
Notice.

 

(a)                     
Any notice or other communication required or permitted to be delivered to any party under this Warrant will be in writing and
delivered by (i) email (return receipt requested) or (ii) overnight delivery via a national courier service to the following physical
address:

 

If to
the Company, to:

 

[●]

 

with
a copy (which will not constitute notice) to:

 

[●]

 

If to the Holder, to the address set forth under the Holder’s
name on the signature page hereto.

 

(b)                     
Notice or other communication pursuant to Section 14(a) will be deemed given or received when delivered, except that any
notice or communication received by email transmission on a non-Business Day or on any Business Day after 5:00 p.m. addressee’s
local time or by overnight delivery on a non-Business Day will be deemed to have been given and received at 9:00 a.m. addressee’s
local time on the next Business Day. Any party may specify a different address, by written notice to the other party. The change of address
will be effective upon the other party’s receipt of the notice of the change of address.

 

15.             
Amendments; Waivers. Any provision of this Warrant may be amended or waived if, and only if, such amendment or waiver is
in writing and signed, in the case of an amendment, by the Company and the Holder, or in the case of a waiver, by the party against whom
the waiver is to be effective. No knowledge, investigation or inquiry, or failure or delay by the Company or the Holder in exercising
any right hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise
of any other right hereunder.

 

16.             
Counterparts. This Warrant may be executed in two or more counterparts, each of which constitutes an original, and all
of which taken together constitute one instrument.

 

17.             
Severability. If any provision of this Warrant, or the application thereof becomes or is declared by a court of competent
jurisdiction to be illegal, void, invalid or unenforceable, the remainder of this Warrant will continue in full force and effect and
the application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the
parties hereto. The parties hereto further agree to replace such illegal, void, invalid or unenforceable provision of this Warrant with
a legal, valid and enforceable provision that achieves, to the extent possible, the economic, business and other purposes of such illegal,
void, invalid or unenforceable provision.

 

    -9-

     

    

 

18.             
Certain Defined Terms. The following words and phrases have the meanings specified in this Section 18:

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by, or is under common control with,
such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction
of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract
or otherwise.

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means any day ending at 11:59 p.m. (New York City time) other than a Saturday, Sunday or a day on which the banks in the
City of New York are authorized by Law to be closed.

 

“Certificate
of Incorporation” means the certificate of incorporation of the Company, as amended.

 

“Exchange
Act” means the Securities Exchange Act of 1934.

 

“Exercise
Trigger” means the date first written above.

 

“Expiration
Date” means the date that is the earlier of (a) the date that is 60 months after the Exercise Trigger and (b) the first day
after the Exercise Date on which all Warrant Shares have been purchased hereunder, except that, in the case of clause (a), if such date
is not a Business Day, on the next Business Day.

 

“Law”
means any applicable U.S. or foreign, federal, state, provincial, municipal or local law (including common law), statute, ordinance,
rule, regulation, code, policy, directive, standard, license, treaty, judgment, order, injunction, decree or agency requirement of or
undertaking to or agreement with any governmental entity; provided, that to the extent that any federal or state law, including but not
limited to the Federal Controlled Substances Act, imposes prohibitions, limitations, or regulations with respect to the cultivation,
processing, transport, sale, purchase, distribution, marketing, or other trafficking of cannabis, products containing cannabis or cannabis
derivatives or cannabis paraphernalia which constitutes any business activity of the Company in any state that are inconsistent with
the laws of such state, then, solely with respect to such business activity, the term “Law” shall refer only to such provisions
of the laws of such state, and shall expressly exclude such conflicting provisions of federal or state law.

 

“Liquidity
Event” means an amalgamation, share exchange, merger, plan or arrangement, or other form of business combination pursuant to
which the Company’s Common Stock (or the common shares of the resulting issuer) becomes listed on the Canadian Securities Exchange
or any other securities exchange.

 

    -10-

     

    

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust or any other entity, group (as such term
is used in Section 13 of the Exchange Act) or organization, including a governmental entity.

 

“Proceeding”
means any claim, action, arbitration, mediation, audit, hearing, investigation, proceeding, litigation or suit (whether civil, criminal,
administrative, investigative or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any governmental
entity or arbitrator or mediator.

 

“U.S.”
means the United States of America.

 

“VWAP”
means the daily volume-weighted average price (rounded to the nearest one hundredth of one cent) of the Common Stock on the Canadian
Securities Exchange (or such other securities exchange as the Common Stock is then listed) as calculated by Bloomberg Financial LP (or
another equivalent provider determined in good faith by the Company) under the function “VWAP” or any successor page or function.

 

19.             
Construction. The parties hereto intend that each representation, warranty, covenant and agreement contained in this Warrant
will have independent significance. The headings are for convenience only and will not be given effect in interpreting this Warrant.
References to sections or exhibits are to the sections and exhibits contained in or attached to this Warrant, unless otherwise specified.
The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Warrant,
refer to this Warrant as a whole and not to any particular provision of this Warrant. The words “include,” “includes”
and “including” in this Warrant mean “include/includes/including without limitation.” All references to $, currency,
monetary values and dollars set forth herein means U.S. dollars. The use of the masculine, feminine or neuter gender or the singular
or plural form of words will not limit any provisions of this Warrant. References to a Person also include its permitted assigns and
successors. Any reference to a statute refers to the statute, any amendments or successor legislation and all rules and regulations promulgated
under or implementing the statute, as in effect at the relevant time. Whenever this Warrant refers to a number of days, such number will
refer to calendar days unless Business Days are specified. Whenever any action must be taken hereunder on or by a day that is not a Business
Day, then such action may be validly taken on or by the next day that is a Business Day. Any reference herein to any Law or contract
will be construed as referring to such Law or contract as amended or modified or, in the case of a Law, codified or reenacted, in each
case, in whole or in part, and as in effect from time to time. The parties hereto acknowledge and agree that (a) each party and its counsel
has reviewed, or has had the opportunity to review, the terms and provisions of this Warrant, (b) any rule of construction to the effect
that any ambiguities are resolved against the drafting party will not be used to interpret this Warrant and (c) the provisions of this
Warrant will be construed fairly as to all parties and not in favor of or against any party, regardless of which party was generally
responsible for the preparation of this Warrant.

 

[Remainder of page intentionally left
blank]

 

    -11-

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Warrant to be duly executed and delivered as of the date first written above.

 

	 	COMPANY:
	 	 
	 	Jushi Inc
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE TO COMMON STOCK WARRANT]

 

     

     

    

 

	 	HOLDER:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Email:
	 	 	Address:

 

[SIGNATURE PAGE TO COMMON STOCK WARRANT]

 

     

     

    

 

EXHIBIT A

 

Notice of Exercise Form

 

	BR-02	Dated:

 

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant (the “Warrant”), hereby irrevocably elects
to purchase                       
Warrant Shares (as such term is defined in the Warrant) and [herewith surrenders Warrant Shares with a value of $       ,
representing the full purchase price for such shares at the exercise
price per share provided for in such Warrant] / [the undersigned herewith tenders cash payment for such shares in the amount

$       
].

 

Please
issue a certificate or certificates representing the shares issuable in respect hereof under the terms of the attached Warrant, as follows:

 

	 	 
	 	 
	(Name of Holder/Transferee)

 

and
deliver such certificate or certificates to the following address:

 

	 	 
	 	 
	 	(Address
    of Holder/Transferee)

 

The
undersigned represents that the aforesaid shares are being acquired for the account of the undersigned for investment and not with a
view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing
or reselling such shares.

 

	 	[Holder]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

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