Document:

Exhibit 10.21

 

SPECIAL MEETING & RESOLUTION OF THE
BOARD OF DIRECTORS

MCTC HOLDINGS, INC.

A Nevada Corporation

 

The undersigned Directors of MCTC Holdings,
Inc., a Nevada Corporation (the “Company”), hereby adopt the following recitals and resolutions after the holding of
a Special Meeting of the Board of Directors pursuant to Article 4, Section 2 of the Company’s By Laws, effective as of May
19, 2020, the Directors hereby waiving all notice of, and the holding of, a meeting of the directors to act upon such matters and
resolutions, pursuant to Title 8, §141, et seq. of the General Corporation Law of Delaware and the Company’s By-Laws.
Notice of the Special Meeting having been waived verbally by the Directors present at the Special Meeting, a quorum was found to
be present sufficient to conduct business.

 

RECITALS

 

WHEREAS, the Company met to consider
an offer for the sale of 495,000 shares of its registered common stock in the direct offering under its From S-1 made effective
by the SEC on September 16, 2019; The buyer is K&J Funds, LLC, a Nevada Corporation.

 

WHEREAS, the Company has conducted
negotiations with K&J Funds LLC and determined to sell 495,000 shares of its registered common stock to K$J in exchange for
$75,000;

 

WHEREAFORE, THE COMPANY RESOLVES:
to execute the stock purchase agreement with K&J and to issue K&J 495,000 shares of its fully paid, non-assessable registered
common stock in book entry form as follows:

 

Name: K&J Funds LLC

Address: 11055 East Colorado Street 5th
Floor, Pasadena, CA 91106

EIN 82-5394879

 

RESOLVED FURTHER, that the appropriate
Officers of the Company be, and they hereby are, authorized and empowered to execute such documents, take such steps and perform
such acts as, in their judgment, may be necessary or convenient in carrying out the foregoing resolutions consistent with the Company’s
By Laws, including placing this Resolution in the appropriate Books and Records of the Company, and that any such documents executed
or acts taken by them shall be conclusive evidence of authority in so doing.

 

    

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed this Resolution as of date first written above.

 

DIRECTORS OF MCTC HOLDINGS, INC.

 

	 	/s/ Arman Tabatabaei
	 	Arman Tabatabaei, Director Chairman
	 	 
	 	/s/ Edward Manolos
	 	Edward Manolos, Director
	 	 
	 	/s/ Dan Nguyen
	 	Dan Nguyen, Director

 

    

     

    

 

STOCK PURCHASE AGREEMENT

 

by and among

 

MCTC HOLDINGS, INC.,

 

a Nevada Corporation

 

and

 

K&J Funds

 

a Nevada Corporation

 

dated as of

 

May 19,2020

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”),
dated as of May 19, 2020, is entered into by and among MCTC Holdings, Inc., a Nevada corporation (“Seller” or
the “Company”) and K&J Funds LLC, a Nevada corporation (“Buyer”).

 

RECITALS

 

WHEREAS, Seller is a corporation formed
and operating in good standing under the laws of the State of Nevada. Seller is a reporting company under the 1934 Securities and
Exchange Act, with its common stock registered under Section 12g thereof. Seller files reports with the Securities and Exchange
Commission (“SEC”) and is compliant with its filing obligations as of the date hereof. Seller’s common
stock is listed on the OTC Markets listing service on the “OTC” trading tier under the trading symbol “MCTC.”

 

    1

     

    

 

WHEREAS, Seller filed a Form S-1 registration
statement with the SEC on August 26, 2019, as amended on September 4 and September 9, 2019. The SEC made Seller’s registration
statement effective on September 17, 2019.

 

WHEREAS, Seller’s registration statement
included a direct public offering of One million three hundred thirty three thousand three hundred thirty three (1,333,333) shares
of Seller’s common stock. Seller will conduct its direct public offering through its officer and director, Mr. Arman Tabatabaei,
who may be considered an underwriter as that term is defined in Section 2(a) (11). Seller and Mr. Tabatabaei will be rely on, and
comply with, Rule 3a4-1(a)(4)(ii) of the Exchange Act as a “safe harbor” from registration as a broker-dealer in connection
with the offer and sale of the shares.

 

WHEREAS, the Company is authorized to issue
a total of two hundred ninety million (290,000,000) shares of common stock, par value $0.001 per share;

 

WHEREAS, as of the date of this Agreement,
there were 15,843,128 shares of the registrant’s common stock outstanding;

 

WHEREAS, Seller wishes to sell to Buyer,
and Buyer wishes to purchase from Seller, a total of 495,000 registered Shares of Seller common stock (the “Shares”),
in exchange for $75,000.00, subject to the terms and conditions set forth herein; and,

 

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

 

ARTICLE I

 

DEFINITIONS

 

The following terms have the meanings specified
or referred to in this Article I:

 

“Act” means the 1934
Securities and Exchange Act, as amended from time to time.

 

“Action” means any claim,
action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons,
subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

 

“Affiliate” of a Person
means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with, such Person. The term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement” means this
Stock Purchase Agreement, including the Recitals, which are a material part hereof, and which may be used to interpret and enforce
this Agreement.

 

    2

     

    

 

“Ancillary Documents”
means (i) Seller’s Form S-1 registration statement, as amended; (ii) Seller’s reports filed with the SEC; and, (iii)
any other transaction documents necessary to consummate the sale of the Shares to Buyer..

 

“Audited Financial Statements”
has the meaning set forth in Section 3.06.

 

“Balance Sheet” has
the meaning set forth in Section 3.06.

 

“Balance Sheet Date”
has the meaning set forth in Section 3.06.

 

“Business Day” means
any day except Saturday, Sunday or any other day on which commercial banks located in Los Angeles, California, are authorized or
required by Law to be closed for business

 

“Buyer” means K&J
Funds, LLC.

 

“Buyer Indemnitees”
has the meaning set forth in Section 7.02.

 

“Closing” means after
this Agreement is signed by the Buyer and Sellers; Buyer’s concurrent payment of the Purchase Price to Seller; and, Seller’s
issuance of 495,000 registered shares to Buyer, for delivery to Buyer upon directions supplied by Buyer herein.

 

“Code” means the Internal
Revenue code of 1986, as amended.

 

“Common Stock” has the
meaning set forth in Section 3.03(a).

 

“Company” has the meaning
set forth in the Recitals.

 

“Direct Claim” has the
meaning set forth in Section 7.05(c).

 

“Disclosure Schedules”
means the Disclosure Schedules delivered by Sellers and Buyer concurrently with the execution and delivery of this Agreement.

 

“Dollars or $” means
the lawful currency of the United States.

 

“Encumbrance” means
any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security
interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction
on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Financial Statements”
has the meaning set forth in Section 3.06.

 

    3

     

    

  

“GAAP” means United
States generally accepted accounting principles in effect from time to time.

 

“Governmental Authority”
means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such
government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any
arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental Order”
means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

 

“Indemnified Party”
has the meaning set forth in Section 7.04.

 

“Indemnifying Party”
has the meaning set forth in Section 7.04.

 

“Interim Financial Statements”
has the meaning set forth in Section 3.06.

 

“Knowledge of Sellers or Sellers’s
Knowledge” or any other similar knowledge qualification, means the actual or constructive knowledge of Sellers, after
due inquiry.

 

“Law” means any statute,
law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of
law of any Governmental Authority.

 

“Liabilities” has the
meaning set forth in Section 3.07.

 

“Losses” means losses,
damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind,
including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing
any insurance providers; provided, however, that “Losses” shall not include punitive damages, except
to the extent actually awarded to a Governmental Authority or other third party.

 

“Person” means an individual,
corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust,
association or other entity.

 

“Purchase Price” has
the meaning set forth in Section 2.02.

 

“Representative” means,
with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and
other agents of such Person.

 

“Seller” means MCTC
Holdings, Inc.

 

“Sellers Indemnitees”
has the meaning set forth in Section 7.02.

 

    4

     

    

 

“Shares” has the meaning
set forth in the recitals.

 

“Taxes” means all federal,
state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration,
profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental,
stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes,
fees, assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto and
any interest in respect of such additions or penalties.

 

“Third Party Claim”
has the meaning set forth in Section 7.04(a).

 

ARTICLE II

 

PURCHASE AND SALE

 

Section 2.01 Purchase and Sale. Subject
to the terms and conditions set forth herein, at the Closing, Seller shall sell to Buyer, and Buyer shall purchase from Sellers,
Four Hundred Ninety Five Thousand (495,000) Shares registered under Seller’s Form S-1 registration statement, free and clear
of all Encumbrances, for the consideration specified in Section 2.02.

 

Section 2.02 Purchase Price. The
aggregate purchase price for the Shares shall be Seventy Five Thousand Dollars ($75,000) (the “Purchase Price”).
Buyer shall pay the Purchase Price at the Closing.

 

Section 2.03 Transactions to be Effected
at the Closing.

 

(a) At the Closing, Buyer shall:

 

(i) Tender
the Purchase Price by wire transfer of immediately available funds in the amount:Seventy Five Thousand dollars ($75,000.00) concurrent
with execution of this Agreement.

 

(b) At the Closing, Seller shall concurrently
deliver to Buyer:

 

(i) A copy of a resolution of the
board of director of Seller authorizing the issuance and delivery of the Shares to Buyer, along with any other ancillary
documents required to effect the issuance and delivery

 

(ii) Confirmation
from Seller’s transfer agent of the issuance to Buyer. Buyer’s information for issuance of the Shares is as follows:
K&J Funds LLC; EIN 82-5394879.

 

Section 2.04 Closing. Subject to
the terms and conditions of this Agreement, the purchase and sale of the Shares contemplated hereby shall take place at a closing
(the “Closing”) to be held at 12:00 pm at the office of Seller, or at such other time or on such other date
or at such other place as mutually agreed by Seller and Buyer.

 

    5

     

    

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller represents and warrants to Buyer
that the statements contained in this Article III are true and correct as of the date hereof.

 

Section 3.01 Authority of Seller. Seller
has full power and authority to enter into this Agreement and any Ancillary Documents to which Seller is a party, to carry out
its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby. The execution and
delivery by Seller of this Agreement, and any Ancillary Document to which Seller is a party, the performance by Seller of its obligations
hereunder and thereunder, and the consummation by Seller of the transactions contemplated hereby and thereby, have been duly authorized
by all requisite action on the part of Seller, in conjunction with its financial and legal advisors. This Agreement has been duly
executed and delivered by Seller, and, assuming due authorization, execution and delivery by Buyer, this Agreement constitutes
a legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms. When each other Ancillary
Document to which Seller is or will be a party has been duly executed and delivered by Seller (assuming due authorization, execution
and delivery by each other party thereto), such Ancillary Document will constitute a legal and binding obligation of Seller enforceable
against it in accordance with its terms.

 

Section 3.02 Organization, Authority
and Qualification of the Company – Ancillary Representations. Seller represents that it is a corporation duly organized,
validly existing and in good standing under the Laws of the state of Nevada, and has full corporate power and authority to own,
operate or lease the properties and assets now owned, operated or leased by it, if any, and to carry on its business as it has
been and is currently conducted, if any. The Company is duly licensed or qualified to do business and is in good standing in each
jurisdiction in which the properties owned or leased by it, if any, or the operation of its business as currently conducted, if
any, makes such licensing or qualification necessary.

 

Section 3.03 Capitalization.

 

(a) The
authorized capital stock of the Company consists of a total of two hundred ninety million (290,000,000) authorized shares, par
value $0.001 per share, of which 15,843,128 shares are issued and outstanding common shares. All of the Shares have been registered
under Seller’s effective Form S-1 registration statement and are duly authorized, validly issued, fully paid and non-assessable,
and are free and clear of all Encumbrances. Upon consummation of the transactions contemplated by this Agreement, Buyer shall own
all of the Shares, free and clear of all restrictions and Encumbrances.

 

(b) All
of the Shares were issued in compliance with applicable Laws. None of the Shares were issued in violation of any agreement, arrangement
or commitment to which Seller is a party, or is subject to or in violation of any preemptive or similar rights of any Person.

 

Section 3.04 No Subsidiaries. Seller
does not own, or have any interest in any shares or have an ownership interest in any other Person or entity.

 

    6

     

    

 

Section 3.05 No Conflicts; Consents.
The execution, delivery and performance by Seller of this Agreement, and the Ancillary Documents to which it is a party, and
the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) require the consent, notice or other
action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without
notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right
to accelerate, terminate, modify or cancel any Contract to which Seller is a party or by which Seller is bound; or (b) result in
the creation or imposition of any Encumbrance on the Shares. No consent, approval, Permit, or Governmental Order is required by
or with respect to Seller in connection with the execution and delivery of this Agreement and Ancillary Documents, and the consummation
of the transactions contemplated hereby and thereby.

 

Section 3.06 Financial Statements. Buyer
has had access to complete copies of Seller’s audited financial statements in Seller’s Form 10-K annual report filed
with the SEC on October 21, 2019, and all of the representations, risk factors, financial information and related disclosures in
Seller’s Form S-1 registration statement; the foregoing including, but not limited to Seller’s the balance sheet and
the related statements of income and retained earnings, and cash flow for the years ended August 31, 2019 and 2018 (the “Audited
Financial Statements”), and the related statements of income and retained earnings, stockholders’ equity and cash
flow for the periods then ended. The Financial Statements have been prepared in accordance with GAAP applied on a consistent basis
throughout the periods involved, subject to normal and recurring year-end adjustments (the effect of which will not be materially
adverse) and the absence of notes (that, if presented, would not differ materially from those presented in the Audited Financial
Statements). The Financial Statements are based on the books and records of Seller, and fairly present in all material respects
the financial condition of Seller as of the respective dates they were prepared and the results of the operations of seller for
the periods indicated. Seller maintains a standard system of accounting established and administered in accordance with GAAP.

 

Section 3.07 Undisclosed Liabilities.
Seller has no material liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown,
absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise (“Liabilities”), that would
have a Material Adverse Effect on it, except (a) those which are adequately reflected or reserved against in the Balance Sheet
as of the Balance Sheet Date, and (b) those which have been incurred in the ordinary course of business consistent with past practice
since the Balance Sheet Date and which are not, individually or in the aggregate, material in amount.

 

Section 3.08 Absence of Certain Changes,
Events and Conditions. Since the Balance Sheet Date, and other than in the ordinary course of business consistent with past
practice, there has not been, with respect to the Company, any:

 

(a) event,
occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect;

 

(b) amendment
of the charter, by-laws or other organizational documents of the Company;

 

(c) split,
combination or reclassification of any shares of its capital stock;

 

(d) issuance,
sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain
(including upon conversion, exchange or exercise) any of its capital stock;

 

(e) declaration
or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase or acquisition
of its capital stock;

 

    7

     

    

 

(f) material
change in any method of accounting or accounting practice of the Company, except as required by GAAP or as disclosed in the notes
to the Financial Statements;

 

(g) material
change in the Company’s cash management practices and its policies, practices and procedures with respect to collection of
accounts receivable, establishment of reserves for uncollectible accounts, accrual of accounts receivable, inventory control, prepayment
of expenses, payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer deposits;

 

(h) entry
into any Contract that would constitute a Material Contract;

 

(i) incurrence,
assumption or guarantee of any indebtedness for borrowed money except unsecured current obligations and Liabilities incurred in
the ordinary course of business consistent with past practice;

 

(j) transfer,
assignment, sale or other disposition of any of the assets shown or reflected in the Balance Sheet or cancellation of any debts
or entitlements;

 

(k) transfer
or assignment of or grant of any license or sublicense under or with respect to any material Company Intellectual Property or Company
IP Agreements except non-exclusive licenses or sub-licenses granted in the ordinary course of business consistent with past practice;

 

(l) abandonment
or lapse of or failure to maintain in full force and effect any material Company IP Registration, or failure to take or maintain
reasonable measures to protect the confidentiality or value of any material Trade Secrets included in the Company Intellectual
Property;

 

(m) material
damage, destruction or loss whether or not covered by insurance to its property;

 

(n) any
capital investment in, or any loan to, any other Person;

 

(o) acceleration,
termination, material modification to or cancellation of any material Contract (including, but not limited to, any Material Contract)
to which the Company is a party or by which it is bound;

 

(p) any
material capital expenditures;

 

(q) imposition
of any Encumbrance upon any of the Company properties, capital stock or assets, tangible or intangible;

 

(r) (i)
grant of any bonuses, whether monetary or otherwise, or increase in any wages, salary, severance, pension or other compensation
or benefits in respect of its current or former employees, officers, directors, independent contractors or consultants, other than
as provided for in any written agreements or required by applicable Law, (ii) change in the terms of employment for any employee
or any termination of any employees for which the aggregate costs and expenses exceed ten thousand dollars ($10,000), or (iii)
action to accelerate the vesting or payment of any compensation or benefit for any current or former employee, officer, director,
independent contractor or consultant;

 

    8

     

    

 

(s) hiring
or promoting any person as an officer or director, hiring or promoting any employee except to fill a vacancy in the ordinary course
of business;

 

(t) adoption,
modification or termination of any: (i) employment, severance, retention or other agreement with any current or former employee,
officer, director, independent contractor or consultant, (ii) Benefit Plan or (iii) collective bargaining or other agreement with
a Union, in each case whether written or oral;

 

(u) any
loan to (or forgiveness of any loan to), or entry into any other transaction with, any of its stockholders or current or former
directors, officers and employees;

 

(v) entry
into a new line of business or abandonment or discontinuance of existing lines of business;

 

(w) adoption
of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any
provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar
Law;

 

(x) purchase,
lease or other acquisition of the right to own, use or lease any property or assets for an amount in excess of ten thousand dollars
($10,000);

 

(y) acquisition
by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any
business or any Person or any division thereof;

 

(z) action
by the Company to make, change or rescind any Tax election, amend any Tax Return or take any position on any Tax Return, take any
action, omit to take any action or enter into any other transaction that would have the effect of increasing the Tax liability
or reducing any Tax asset of Buyer in respect of any Post-Closing Tax Period; or

 

(aa) any Contract to do any of the foregoing,
or any action or omission that would result in any of the foregoing.

 

Section 3.09 Material Contracts.

 

(a) Seller’s
Form S-1 lists all Material Contracts and other material documents currently in force concerning the Company.

 

(b) Each
Material Contract is valid and binding on the Company in accordance with its terms and is in full force and effect. To Seller’s
knowledge, no other party thereto is in breach of or default under (or is alleged to be in breach of or default under) in any material
respect, or has provided or received any notice of any intention to terminate, any Material Contract. No event or circumstance
has occurred that, with notice or lapse of time or both, would constitute an event of default under any Material Contract or result
in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of any
benefit thereunder. Complete and correct copies of each Material Contract (including all modifications, amendments and supplements
thereto and waivers thereunder) have been made available to Buyer.

 

    9

     

    

 

Section 3.10 Legal Proceedings; Governmental
Orders.

 

(a) There
are no Actions pending or threatened (a) against or by Seller affecting any of its properties or assets (or by or against Seller
or any Affiliate thereof and relating to Seller); or (b) against or by Seller or any Affiliate of Seller that challenges or seeks
to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist
that may give rise to, or serve as a basis for, any such Action.

 

(b) There
are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Company or any
of its properties or assets or the Shares.

 

Section 3.11 Compliance With Laws; Permits.

 

(a) To
the best of the Sellers knowledge, it has complied, and is now complying, with all Laws applicable to it or its business, properties
or assets.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer represents and warrants to Sellers
that the statements contained in this Article IV are true and correct as of the date hereof.

 

Section 4.01 Organization and Authority
of Buyer. Buyer is a corporation duly organized, validly existing and in good standing under the Laws of the state of Nevada.
Buyer has full corporate power and authority to enter into this Agreement and Ancillary Documents to which Buyer is a party, to
carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby. The execution
and delivery by Buyer of this Agreement and any Ancillary Document to which Buyer is a party, the performance by Buyer of its obligations
hereunder and thereunder, and the consummation by Buyer of the transactions contemplated hereby and thereby, have been duly authorized
by all requisite corporate action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer, and this
Agreement constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms.

 

Section 4.02 No Conflicts; Consents.
The execution, delivery and performance by Buyer of this Agreement, the Escrow Agreement and Ancillary Documents to which it
is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or
result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws or other organizational
documents of Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable
to Buyer; or (c) require the consent, notice or other action by any Person under any Contract to which Buyer is a party. No consent,
approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with
respect to Buyer in connection with the execution and delivery of this Agreement, the Escrow Agreement and Ancillary Documents
and the consummation of the transactions contemplated hereby and thereby.

 

    10

     

    

 

Section 4.03 Investment Purpose. Buyer
is acquiring the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection
with, any distribution thereof. Buyer acknowledges that the Shares are registered under the Securities Act of 1933, as amended,
by virtue of the effectiveness of the Seller’s Form S-1 registration by the SEC. Buyer understands: (i) the risks involved
in this investment, including the speculative nature of the investment; (ii) the financial hazards involved in this investment,
including the risk of losing Buyer’s entire investment; and, (iii) the tax consequences of this investment. Buyer has consulted
with Buyer’s own legal, accounting, tax, investment and other advisers with respect to the tax treatment of an investment
by Buyer in the Shares and the merits and risks of an investment in the Shares.

 

(a) Buyer
Not Affiliated with Company. Buyer, either alone or with Buyer’s professional advisers (i) are unaffiliated with,
have no equity interest in, and are not compensated by, the Seller or any affiliate or selling agent of the Company, directly or
indirectly; (ii) has such knowledge and experience in financial and business matters that Buyer is capable of evaluating the merits
and risks of an investment in the Securities; and (iii) has the capacity to protect Buyer’s own interests in connection with
the Purchaser’s proposed investment in the Securities.

 

(b) Buyer
is an “accredited investor” and “sophisticated investor” within the meaning of Rules 501 and 506(b) of
Regulation D promulgated under the Securities Act.

 

(c) Without
in any way limiting the representations set forth above, Buyer further agrees not to make any disposition of all or any portion
of the shares of the Shares, except in compliance with applicable securities laws.

 

Section 4.04 Brokers. No broker,
finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions
contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on behalf of Buyer.

 

Section 4.05 Sufficiency of Funds. Buyer
has sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Purchase Price
and consummate the transactions contemplated by this Agreement.

 

Section 4.06 Legal Proceedings. There
are no Actions pending or, to Buyer’s knowledge, threatened against or by Buyer or any Affiliate of Buyer that challenge
or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances
exist that may give rise or serve as a basis for any such Action.

 

    11

     

    

 

ARTICLE V

 

COVENANTS

 

Section 5.01 Compliance with Securities
Laws. From the date hereof until the termination of the direct offering under Seller’s Form S-1 registration statement,
Seller shall take all action including filing prospectus updates and related SEC filings to comply with Securities Laws governing
its Form S-1 registration statement to maintain its effectiveness. Additionally, Seller shall file all reports, schedules, forms,
statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant
to Section 13(a) or 15(d) thereof.

 

Section 5.02 Further Assurances. Following
the Closing, each of the parties hereto shall, as a material condition of this Agreement, execute and deliver such additional documents,
instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions
hereof and give effect to the transactions contemplated by this Agreement.

 

Section 5.06 Governmental Approvals
and Consents. Each party hereto shall, as promptly as possible, (i) make, or cause or be made, all filings and submissions
required under any Law applicable to such party or any of its Affiliates; and (ii) use reasonable best efforts to obtain, or cause
to be obtained, all consents, authorizations, orders and approvals from all Governmental Authorities that may be or become necessary
for its execution and delivery of this Agreement and the performance of its obligations pursuant to this Agreement. Each party
shall cooperate fully with the other party and its Affiliates in promptly seeking to obtain all such consents, authorizations,
orders and approvals. The parties hereto shall not willfully take any action that will have the effect of delaying, impairing or
impeding the receipt of any required consents, authorizations, orders and approvals.

 

ARTICLE VI

 

CONDITIONS TO CLOSING

 

Section 6.01 Conditions to Obligations
of All Parties. The obligations of each party to consummate the transactions contemplated by this Agreement shall be subject
to the fulfillment, at or prior to the Closing, of each of the following conditions:

 

(a) The
Parties shall have duly performed and complied in all material respects with all agreements, covenants and conditions required
by this Agreement and the Ancillary Documents to be performed or complied with by it prior to or on the Closing Date.

 

(b) No
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and
has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation
of such transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

(c) No injunction or restraining
order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits any material
transaction contemplated hereby.

 

Section 6.02 Conditions to Obligations
of Seller.

 

(a) The
representations and warranties of Buyer contained in this Agreement, and the Ancillary Documents and any certificate or other writing
delivered pursuant hereto shall be true and correct in all respects on and as of the date hereof and on and as of the Closing Date
with the same effect as though made at and as of such date.

 

    12

     

    

 

(b) Buyer shall have duly performed
and complied in all material respects with all agreements, covenants and conditions required by this Agreement and the
Ancillary Documents to be performed or complied with by it prior to or on the Closing Date.

 

(c) No Action shall have been
commenced against Buyer, which would prevent the Closing. No injunction or restraining order shall have been issued by any
Governmental Authority, and be in effect, which restrains or prohibits any transaction contemplated hereby.

 

Section 6.03 Conditions to Obligations
of Buyer.

 

(a) The
representations and warranties of Seller contained in this Agreement, and the Ancillary Documents and any certificate or other
writing delivered pursuant hereto shall be true and correct in all respects (in the case of any representation or warranty qualified
by materiality or Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified
by materiality or Material Adverse Effect) on and as of the date hereof and on and as of the Closing Date with the same effect
as though made at and as of such date (except those representations and warranties that address matters only as of a specified
date, the accuracy of which shall be determined as of that specified date in all respects).

 

(b) Seller
shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement and the Ancillary Documents to be performed or complied with by it prior to or on the Closing Date.

 

(c) To
the best of Seller’s knowledge and belief the offer and sale of the Shares to Buyer pursuant to this Agreement shall be fully
registered under the Securities Act and the qualification requirements of all other applicable state securities laws. (d) No Action
shall have been commenced against Buyer or Seller which would prevent the Closing. No injunction or restraining order shall have
been issued by any Governmental Authority, and be in effect, which restrains or prohibits any transaction contemplated hereby.

 

(e) All
approvals, consents and waivers that are contained in the Ancillary documents have been received, and executed counterparts thereof
shall have been delivered to Seller and Buyer at or prior to the Closing.

 

(f) From
the date of this Agreement, there shall not have occurred any Material Adverse Effect, nor shall any event or events have occurred
that, individually or in the aggregate, with or without the lapse of time, could reasonably be expected to result in a Material
Adverse Effect to the Company.

 

ARTICLE VII

 

INDEMNIFICATION

 

Section 7.01 Survival. Subject to
the limitations and other provisions of this Agreement, the representations and warranties contained herein shall survive the Closing
and shall remain in full force and effect until the date that is one year from the Closing Date.

 

    13

     

    

 

Section 7.02 Indemnification. Each
party (an “Indemnifying Party”) agrees to indemnify and hold harmless the other party along with its officers, directors,
employees, and authorized agents, and each Person or entity, if any, who controls such party within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act (an “Indemnified Party”) from and against any Damages, joint or
several, and any action in respect thereof to which the Indemnified Party becomes subject to, resulting from, arising out of or
relating to (i) any misrepresentation, breach of warranty or nonfulfillment of or failure to perform any covenant or agreement
on the part of the Indemnifying Party contained in this Agreement, (ii) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or any post-effective amendment thereof or supplement thereto, or the omission or
alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading,
(iii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the
light of the circumstances under which the statements therein were made, not misleading, or (iv) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the Securities
Act, the Exchange Act or any state securities law, as such Damages are incurred, except to the extent such Damages result primarily
from the Indemnified Party’s failure to perform any covenant or agreement contained in this Agreement or the Indemnified
Party’s negligence, recklessness or bad faith in performing its obligations under this Agreement; provided, however, that
the foregoing indemnity agreement shall not apply to any Damages of an Indemnified Party to the extent, but only to the extent,
arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made by an Indemnifying
Party in reliance upon and in conformity with written information furnished to the Indemnifying Party by the Indemnified Party
expressly for use in the Registration Statement, any post-effective amendment thereof or supplement thereto, or any preliminary
prospectus or final prospectus (as amended or supplemented).

 

Section 7.04 Indemnification Procedures.
The party making a claim under this Article VII is referred to as the “Indemnified Party”, and the party
against whom such claims are asserted under this Article VII is referred to as the “Indemnifying Party”.

 

(a) Third
Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by any Person
who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a “Third
Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification
under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in
any event not later than thirty (30) calendar days after receipt of such notice of such Third Party Claim. The failure to give
such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only
to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof
and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified
Party. The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to
assume the defense of any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own
counsel, and the Indemnified Party shall cooperate in good faith in such defense; provided, that if the Indemnifying Party
is Seller, such Indemnifying Party shall not have the right to defend or direct the defense of any such Third Party Claim that
(x) is asserted directly by or on behalf of a Person that is a supplier or customer of the Company, or (y) seeks an injunction
or other equitable relief against the Indemnified Party. In the event that the Indemnifying Party assumes the defense of any Third
Party Claim, it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims
pertaining to any such Third Party Claim in the name and on behalf of the Indemnified Party. The Indemnified Party shall have the
right to participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying Party’s
right to control the defense thereof. The fees and disbursements of such counsel shall be at the expense of the Indemnified Party,
provided, that if in the reasonable opinion of counsel to the Indemnified Party, (A) there are legal defenses available
to an Indemnified Party that are different from or additional to those available to the Indemnifying Party; or (B) there exists
a conflict of interest between the Indemnifying Party and the Indemnified Party that cannot be waived, the Indemnifying Party shall
be liable for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified
Party determines counsel is required. If the Indemnifying Party elects not to compromise or defend such Third Party Claim, fails
to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, or fails to diligently
prosecute the defense of such Third Party Claim, the Indemnified Party may, subject to Section 8.05(b), pay, compromise, defend
such Third Party Claim and seek indemnification for any and all Losses based upon, arising from or relating to such Third Party
Claim. Sellers and Buyer shall cooperate with each other in all reasonable respects in connection with the defense of any Third
Party Claim, including making available records relating to such Third Party Claim and furnishing, without expense (other than
reimbursement of actual out-of-pocket expenses) to the defending party, management employees of the non-defending party as may
be reasonably necessary for the preparation of the defense of such Third Party Claim.

 

    14

     

    

 

(b) Settlement
of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement
of any Third Party Claim without the prior written consent of the Indemnified Party. If a firm offer is made to settle a Third
Party Claim without leading to liability or the creation of a financial or other obligation on the part of the Indemnified Party
and provides, in customary form, for the unconditional release of each Indemnified Party from all liabilities and obligations in
connection with such Third Party Claim and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying Party
shall give written notice to that effect to the Indemnified Party. If the Indemnified Party fails to consent to such firm offer
within ten (10) days after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third Party
Claim and in such event, the maximum liability of the Indemnifying Party as to such Third Party Claim shall not exceed the amount
of such settlement offer. If the Indemnified Party fails to consent to such firm offer and also fails to assume defense of such
Third Party Claim, the Indemnifying Party may settle the Third Party Claim upon the terms set forth in such firm offer to settle
such Third Party Claim. If the Indemnified Party has assumed the defense, it shall not agree to any settlement without the written
consent of the Indemnifying Party (which consent shall not be unreasonably withheld or delayed).

 

(c) Direct
Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a Third Party Claim (a “Direct
Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof,
but in any event not later than thirty (30) days after the Indemnified Party becomes aware of such Direct Claim. The failure to
give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and
only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall
indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party.
The Indemnifying Party shall have thirty (30) days after its receipt of such notice to respond in writing to such Direct Claim.
The Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance
alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim and
the Indemnified Party shall assist the Indemnifying Party’s investigation by giving such information and assistance (including
access to the Company’s premises and personnel and the right to examine and copy any accounts, documents or records) as the
Indemnifying Party or any of its professional advisors may reasonably request. If the Indemnifying Party does not so respond within
such thirty (30) day period, the Indemnifying Party shall be deemed to have rejected such claim, in which case the Indemnified
Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms and subject to the provisions
of this Agreement.

 

    15

     

    

 

(d) Tax
Claims. Notwithstanding any other provision of this Agreement, the control of any claim, assertion, event or proceeding in respect
of Taxes of the Company (including, but not limited to, any such claim in respect of a breach of the representations and warranties
in Section 3.14 hereof or any breach or violation of or failure to fully perform any covenant, agreement, undertaking or obligation
in Article III) shall be governed exclusively by Section 3.14(c) of Article III hereof.

 

ARTICLE VIII

 

TERMINATION

 

Section 8.01 Termination. This Agreement
may be terminated at any time prior to the Closing:

 

(a) by
the mutual written consent of Seller and Buyer;

 

(b) without
further obligations of any party, if this Agreement is not closed by May 19, 2020;

 

(b) by
Buyer by written notice to Seller if:

 

(i) there
has been a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Seller pursuant
to this Agreement that would give rise to the failure of any of the conditions specified in this Agreement and such breach, inaccuracy
or failure has not been cured by Seller within ten (10) days of Seller’s receipt of written notice of such breach from Buyer.

 

(c) by
Sellers by written notice to Buyer if:

 

(i) there
has been a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Buyer pursuant
to this Agreement that would give rise to the failure of any of the conditions specified in Article VI and such breach, inaccuracy
or failure has not been cured by Buyer within [ten] days of Buyer’s receipt of written notice of such breach from Seller;
or

 

(ii) any
of the conditions set forth in Article VI shall not have been, or if it becomes apparent that any of such conditions will not be,
fulfilled by May 19, 2020, unless such failure shall be due to the failure of Sellers to perform or comply with any of the covenants,
agreements or conditions hereof to be performed or complied with by it prior to the Closing; or

 

(d) by
Buyer or Seller in the event that (i) there shall be any Law that makes consummation of the transactions contemplated by this Agreement
illegal or otherwise prohibited or (ii) any Governmental Authority shall have issued a Governmental Order restraining or enjoining
the transactions contemplated by this Agreement, and such Governmental Order shall have become final and non-appealable.

 

Section 8.02 Effect of Termination.
In the event of the termination of this Agreement in accordance with this Article, this Agreement shall forthwith become void
and there shall be no liability on the part of any party.

 

 

    16

     

    

  

ARTICLE IX

 

MISCELLANEOUS

 

Section 9.01 Expenses. Except as
otherwise expressly provided herein, all costs and expenses, including, without limitation, fees and disbursements of counsel,
financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be
paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred.

 

Section 9.02 Notices. All notices,
requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have
been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business
hours of the recipient or (d) on the third (3rd) day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at
such other address for a party as shall be specified in a notice given in accordance with this Section 9.02):

 

	If to Seller: MCTC HOLDINGS, INC.	 
	 	 
	 	Attention: Mr. Arman Tabatabaei
	 	520 S. Grand Avenue, Ste. 320
	 	Los Angeles, CA 90071
	 	E-mail: arman@cannabisglobalinc.com

 

	If to Buyer:  K&J Funds LLC	 
	 	 
	 	1055 East Colorado Street 5th Floor
	 	Pasadena, CA 91106 EIN
	 	82-5394879

 

Section 9.03 Interpretation. For
purposes of this Agreement, (a) the words “include,” “includes” and “including” shall be deemed
to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words
“herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this
Agreement as a whole. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting an instrument or causing any instrument to be drafted.

 

    17

     

    

 

Section 9.04 Headings. The headings
in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section 9.05 Severability. If any
term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in
any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the greatest extent possible.

 

Section 9.06 Entire Agreement. This
Agreement and the Ancillary Documents constitute the sole and entire agreement of the parties to this Agreement with respect to
the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and agreements, both
written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of
this Agreement and those in the Ancillary Documents, the Exhibits and Disclosure Schedules, the statements in the body of this
Agreement will control.

 

Section 9.07 Successors and Assigns.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other
party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any of its
obligations hereunder.

 

Section 9.08 No Third-party Beneficiaries.
This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing
herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 9.09 Amendment and Modification;
Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.
No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by
the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default
not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after
that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement
shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

Section 9.10 Governing Law; Submission
to Jurisdiction; Waiver of Jury Trial.

 

(a) This
Agreement shall be governed by and construed in accordance with the internal laws of the State of California without giving effect
to any choice or conflict of law provision or rule (whether of the State of California or any other jurisdiction).

 

    18

     

    

 

(b) ANY
LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF CALIFORNIA
IN EACH CASE LOCATED IN THE CITY OF LOS ANGELES AND COUNTY OF LOS ANGELES, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL
TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT
IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR
ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION
OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(c) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE ANCILLARY DOCUMENTS IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE ANCILLARY DOCUMENTS] OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER
IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 9.10(c). IN THE EVENT OF ANY SUCH SUIT, LEGAL ACTION OR ARBITRATION, THE PARTY OR PARTIES IN FAVOR OF WHOM THE
JUDGE OR ARBITRATOR RULES SHALL BE IMMEDIATELY REIMBURSED FOR ALL OF ITS COSTS AND REASONABLE LEGAL FEES BY THE OTHER PARTY.

 

Section 9.11 Specific Performance. The
Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the
terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy
to which they are entitled at law or in equity.

 

Section 9.12 Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

    19

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	 	MCTC HOLDINGS, INC.
	 	 
	 	By	/s/ Arman Tabatabaei
	 	Name:  	Arman Tabatabaei
	 	Principal Executive Officer
	 	 
	 	K&J Funds LLC
	 	 
	 	By	/s/ Todd Violette
	 	Name:	Todd Violette
	 	Title:	Managing Member

 

 

20Exhibit 10.22

 

THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION
OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “1933 ACT”)

 

US $57,750.00

 

MCTC HOLDINGS INC.

10% CONVERTIBLE REDEEMABLE NOTE

DUE JANUARY 16, 2021

 

FOR
VALUE RECEIVED, MCTC HOLDINGS INC. (the “Company”) promises to pay to the order of EAGLE EQUITIES, LLC and its authorized
successors and Permitted Assigns, defined below, (“Holder”), the aggregate principal face amount FIFTY-SEVEN THOUSAND
SEVEN HUNDRED FIFTY DOLLARS (U.S. $57,750.00) on January 16, 2021 (“Maturity Date”) and to pay interest on the
principal amount outstanding hereunder at the rate of 10% per annum commencing on January 16, 2020. The interest will be paid to
the Holder in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note.
This Note shall contain a $5,250.00 Original Issue Discount (OID) such that the purchase
price shall be $52,500.00. The principal of, and interest on, this Note are payable
at 390 Whalley Avenue, New Haven, CT 06511, initially, and if changed, last appearing on the records of the Company as designated
in writing by the Holder hereof from time to time. The Company will pay each interest payment and the outstanding principal due
upon this Note before or on the Maturity Date, less any amounts required by law to be deducted or withheld, to the Holder of this
Note by check or wire transfer addressed to such Holder at the last address appearing on the records of the Company. The forwarding
of such check or wire transfer shall constitute a payment of outstanding principal hereunder and shall satisfy and discharge the
liability for principal on this Note to the extent of the sum represented by such check or wire transfer. Interest shall be payable
in Common Stock (as defined below) pursuant to paragraph 4(b) herein. Permitted Assigns means any Holder assignment, transfer or
sale of all or a portion of this Note accompanied by an Opinion of Counsel as provided for in Section 2(f) of the Securities Purchase
Agreement.

 

    1

     

    

 

This Note is subject to the following additional provisions:

 

1. This
Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by
the Holder surrendering the same. No service charge will be made for such registration or transfer or exchange, except that
Holder shall pay any tax or other governmental charges payable in connection therewith. To the extent that Holder
subsequently transfers, assigns, sells or exchanges any of the multiple lesser denomination notes, Holder acknowledges that
it will provide the Company with Opinions of Counsel as provided for in Section 2(f) of the Securities Purchase
Agreement.

 

2. The
Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3. This
Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended (“Act”), applicable
state securities laws and Sections 2(f) and 5(f) of the Securities Purchase Agreement. Any attempted transfer to a non-qualifying
party shall be treated by the Company as void. Prior to due presentment for transfer of this Note, the Company and any agent of
the Company may treat the person in whose name this Note is duly registered on the Company’s records as the owner hereof for all
other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected or bound by notice
to the contrary. Any Holder of this Note electing to exercise the right of conversion set forth in Section 4(a) hereof, in addition
to the requirements set forth in Section 4(a), and any prequalified prospective transferee of this Note, also is required to give
the Company written confirmation that this Note is being converted (“Notice of Conversion”) in the form annexed
hereto as Exhibit A. The date of receipt (including receipt by telecopy) of such Notice of Conversion shall be the Conversion
Date. All notices of conversion will be accompanied by an Opinion of Counsel.

 

4. (a) The Holder
of this Note is entitled, at its option, at any time after 180 days, to convert all or any amount of the principal face
amount of this Note then outstanding into shares of the Company’s common stock (the “Common Stock”) at a
price (“Conversion Price”) for each share of Common Stock equal to 50% of the lowest traded
price of the Common Stock as reported on the National Quotations Bureau OTC Markets exchange which the
Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future
(“Exchange”), for the Fifteen prior trading days including the day upon which a Notice
of Conversion is received by the Company (provided such Notice of Conversion is delivered together with an Opinion of
Counsel, by fax or other electronic method of communication to the Company after 4 P.M. Eastern Standard or Daylight Savings
Time if the Holder wishes to include the same day closing price). If the shares have not been delivered within 3 business
days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the Company delivering the shares of
Common Stock to the Holder within 3 business days of receipt by the Company of the Notice of Conversion. Accrued, but unpaid
interest shall be subject to conversion. No fractional shares or scrip representing fractions of shares will be issued on
conversion, but the number of shares issuable shall be rounded to the nearest whole share. To the extent the Conversion Price
of the Company’s Common Stock closes below the par value per share, the Company will take all steps necessary to
solicit the consent of the stockholders to reduce the par value to the lowest value possible under law. The Company agrees to
honor all conversions submitted pending this increase. In the event the Company experiences a DTC “Chill” on
its shares, the conversion price shall be decreased to 60% instead of 50% while that “Chill” is in effect. If
the Company fails to maintain the share reserve at the 4x discount of the note 60 days after the issuance of the note,
the conversion discount shall be increased by 10%. In no event shall the Holder be allowed to effect a conversion if such
conversion, along with all other shares of Company Common Stock beneficially owned by the Holder and its affiliates would
exceed 4.99% of the outstanding shares of the Common Stock of the Company (which may be increased up to 9.9% upon 61 days
prior written notice by the Investor). If the Company offers a conversion discount or other more favorable conversion terms
(whether via interest, rate OID or otherwise) or lookback period to another party (“Third Party Note”) or
otherwise grants any other more favorable terms to any third party than those contained herein while this note is in effect,
then, the Holder, at its option, may incorporate any or all those terms in this note. If those terms pertain to a conversion
discount or lookback period, then the Holder shall be allowed to convert this note at the same price as that which was
offered in the Third Party Note.

 

    2

     

    

 

(b) Interest
on any unpaid principal balance of this Note shall be paid at the rate of 10% per annum. Interest shall be paid by the Company
in Common Stock (“Interest Shares”). Holder may, at any time, send in a Notice of Conversion to the Company for Interest
Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest Shares shall be all or a
portion of the accrued interest calculated on the unpaid principal balance of this Note to the date of such notice.

 

(c) During
the first six months this Note is in effect, the Company may redeem this Note by paying to the Holder an amount as follows:

 

	Date	Amount
	0-60 days	130% * (P+I)
	61-120 days	140% * (P+I)
	121-180 days	150% * (P+I)

 

This Note may not be redeemed after 180
days. The redemption must be closed and paid for within 3 business days of the Company sending the redemption demand or the redemption
will be invalid and the Company may not redeem this Note. Such redemption must be closed and funded within 3 days of giving notice
of redemption of the right to redeem shall be null and void.

 

(d) Upon
(i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of related
transactions, (ii) a reclassification, capital reorganization (excluding an increase in authorized capital) or other change or
exchange of outstanding shares of the Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any
consolidation or merger of the Company with or into another person or entity in which the Company is not the surviving entity (other
than a merger which is effected solely to change the jurisdiction of incorporation of the Company and results in a reclassification,
conversion or exchange of outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii)
being referred to as a “Sale Event”), then, in each case, the Company shall, upon request of the Holder, redeem this
Note in cash for 150% of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election
of the Holder, such Holder may convert the unpaid principal amount of this Note (together with the amount of accrued but unpaid
interest) into shares of Common Stock immediately prior to such Sale Event at the Conversion Price.

 

    3

     

    

 

(e) In
case of any Sale Event (not to include a sale of all or substantially all of the Company’s assets) in connection with which
this Note is not redeemed or converted, the Company shall cause effective provision to be made so that the Holder of this Note
shall have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and number of shares of
stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other change,
consolidation or merger by a holder of the number of shares of Common Stock that could have been purchased upon exercise of the
Note and at the same Conversion Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions
shall similarly apply to successive Sale Events. If the consideration received by the holders of Common Stock is other than cash,
the value shall be as determined by the Board of Directors of the Company or successor person or entity acting in good faith.

 

5. No
provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

6. The
Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice of
dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for hereunder
and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

 

7. The
Company agrees to pay all costs and expenses, including reasonable attorneys’ fees and expenses, which may be incurred by the Holder
in collecting any amount due under this Note.

 

 8. If one or more of the following described “Events of Default” shall occur:

 

(a) The
Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company;
or

 

(b) Any
of the representations or warranties made by the Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or
the Securities Purchase Agreement under which this note was issued shall be false or misleading in any respect; or

 

(c) The
Company shall fail to perform or observe, in any respect, any covenant, term, provision, condition, agreement or obligation of
the Company under this Note or any other note issued to the Holder; or

 

(d) The Company
shall (1) become insolvent (which does not include a “going concern opinion); (2) admit in writing its inability to pay
its debts generally as they mature; (3) make an assignment for the benefit of creditors or commence proceedings for its
dissolution; (4) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial
part of its property or business; (5) file a petition for bankruptcy relief, consent to the filing of such petition or have
filed against it an involuntary petition for bankruptcy relief, all under federal or state laws as applicable; or

 

    4

     

    

 

(e) A
trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
its consent and shall not be discharged within sixty (60) days after such appointment; or

 

(f) Any
governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control
of the whole or any substantial portion of the properties or assets of the Company; or

 

(g) One
or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000) in
the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

(h) Defaulted
on or breached any term of any other note of similar debt instrument into which the Company has entered and failed to cure such
default within the appropriate grace period; or

 

(i) The
Company shall have its Common Stock delisted from an exchange (including the OTC Markets exchange) or, if the Common Stock trades
on an exchange, then trading in the Common Stock shall be suspended for more than 10 consecutive days or ceases to file its 1934
act reports with the SEC;

 

(j) If
a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of the Board;

 

(k) The
Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within 3 business
days of its receipt of a Notice of Conversion which includes an Opinion of Counsel expressing an opinion which supports the removal
of a restrictive legend; or

 

(l) The
Company shall not replenish the reserve set forth in Section 12, within 3 business days of the request of the Holder.

 

(m) The
Company shall be delinquent in its periodic report filings with the Securities and Exchange Commission; or

 

(n) The
Company shall cause to lose the “bid” price for its stock in a market (including the OTC marketplace or other exchange).

 

    5

     

    

 

Then, or at any time thereafter, unless cured within 5
days, and in each and every such case, unless such Event of Default shall have been waived in writing by the Holder (which
waiver shall not be deemed to be a waiver of any subsequent default) at the option of the Holder and in the Holder’s sole
discretion, the Holder may consider this Note immediately due and payable, without presentment, demand, protest or (further)
notice of any kind (other than notice of acceleration), all of which are hereby expressly waived, anything herein or in any
note or other instruments contained to the contrary notwithstanding, and the Holder may immediately, and without expiration
of any period of grace, enforce any and all of the Holder’s rights and remedies provided herein or any other rights or
remedies afforded by law. Upon an Event of Default, interest shall accrue at a default interest rate of 24% per annum or, if
such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. In the event of
a breach of Section 8(k) the parties agree that damages shall be difficult to determine and agree on liquidated damages in
the amount of $250 per day the shares are not issued beginning on the 4th day after the conversion notice was
delivered to the Company. The agreed liquidated damages shall increase to $500 per day beginning on the 10th day.
In the event of a breach of Section 8(n), the parties agree that damages shall be difficult to determine and hereby agree to
an increase of the outstanding principal amounts by 20% as a liquidated damages payment. In case of a breach of Section 8(i),
the parties agree that damages will be difficult to determine and agree that the outstanding principal due under this Note
shall increase by 50% as a liquidated damages payment. If this Note is not paid at maturity, or within 10 days thereof, the
outstanding principal due under this Note shall increase by 10%. Further, if a breach of Section 8(m) occurs or is continuing
after the 6 month anniversary of the Note, then the Holder shall be entitled to use the lowest closing bid price during the
delinquency period as a base price for the conversion. For example, if the lowest closing bid price during the delinquency
period is $0.01 per share and the conversion discount is 50% the Holder may elect to convert future conversions at $0.005 per
share.

 

If the Holder shall commence an action
or proceeding to enforce any provisions of this Note, including, without limitation, engaging an attorney, then if the Holder prevails
in such action, the Holder shall be reimbursed by the Company for its attorneys’ fees and other costs and expenses incurred
in the investigation, preparation and prosecution of such action or proceeding.

 

Make-Whole for Failure
to Deliver Loss. At the Holder’s election, if the Company fails for any reason to deliver to the Holder the conversion shares
by the by the 3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder incurs a Failure
to Deliver Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable to the Holder
in respect of the Failure to Deliver Loss and the Company must make the Holder whole as follows:

 

Failure to Deliver Loss = [(Highest VWAP
for the 30 trading days on or after the day of exercise) x (Number of conversion shares)]

 

The Company must pay the Failure to Deliver
Loss by cash payment, and any such cash payment must be made by the third business day from the time of the Holder’s written
notice to the Company.

 

9. In case any
provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or
unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum
extent possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected
or impaired thereby.

 

    6

     

    

 

10. Neither
this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the
Company and the Holder.

 

11. The
Company represents that it is not a “shell” issuer and that if it previously has been a “shell” issuer
that at least 12 months have passed since the Company has reported Form 10 type information indicating it is no longer a “shell
issuer.

 

12. The
Company shall issue irrevocable transfer agent instructions reserving sufficient shares of its Common Stock for conversions under
this Note (the “Share Reserve”). Upon full conversion of this Note, any shares remaining in the Share Reserve shall
be cancelled. The Company shall pay all transfer agent costs associated with issuing and delivering the share certificates to Holder.
If such amounts are to be paid by the Holder, it may deduct such amounts from the Conversion Price. The company should at all times
reserve a minimum of four times the amount of shares required if the note would be fully converted. The Holder may reasonably request
increases from time to time to maintain such reserved amounts. The Company will instruct its transfer agent to provide the outstanding
share information to the Holder in connection with its conversions.

 

13. If
it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest permitted
under applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim or take advantage
of any law that would prohibit or forgive the Company from paying all or a portion of the principal or interest on this Note.

 

14. This
Note shall be governed by and construed in accordance with the laws of Nevada applicable to contracts made and wholly to be performed
within the State of Nevada and shall be binding upon the successors and assigns of each party hereto. The Holder and the Company
hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State of New York or in
the Federal courts sitting in the county or city of New York. This Agreement may be executed in counterparts, and the facsimile
transmission of an executed counterpart to this Agreement shall be effective as an original.

 

    7

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed by an officer thereunto duly authorized.

 

Dated: January 16, 2020

 

	 	MCTC HOLDINGS INC.

 

	 	By:	/s/ Arman Tabatabaei
	 	Name:  	Arman Tabatabaei
	 	Title:	CEO

 

    8

     

    

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

(To be Executed by the Registered Holder
in order to Convert the Note)

 

The undersigned
hereby irrevocably elects to convert $___________ of the above Note into _________ Shares of
Common Stock of MCTC HOLDINGS INC. (“Shares”) according to the
conditions set forth in such Note, as of the date written below.

 

If Shares are to be issued in the name of
a person other than the undersigned, the undersigned will pay all transfer and other taxes and charges payable with respect thereto.

 

Date of Conversion: _______________________________________________________

Applicable Conversion Price:  ________________________________________________

Signature: _______________________________________________________________

[Print Name of Holder and Title of Signer]

 

Address:  _______________________________________________________

  _______________________________________________________

 

SSN or EIN:   ____________________________

Shares are to be registered in the following name:  ______________________________________

 

Name:  _______________________________________________________

Address:   _____________________________________________________

Tel: ___________________________

Fax: ___________________________

SSN or EIN:  _____________________

 

Shares are to be sent or delivered to the following account:

 

Account Name:  _______________________________________________________

Address:  ____________________________________________________________

 

     

     

    

 

UNANIMOUS CONSENT IN LIEU
OF A SPECIAL

MEETING OF DIRECTORS OF

MCTC HOLDINGS INC.

 

The undersigned, being all of
the directors of MCTC HOLDINGS INC., a corporation of the State of Delaware (the “Corporation”), do hereby authorize
and approve the actions set forth in the following resolutions without the formality of convening a meeting, and do hereby consent
to the following actions of this Corporation, which actions are hereby deemed affective as of the date hereof:

 

RESOLVED: That the officers
of this Corporation are authorized and directed to issue a $57,750.00 promissory note to Eagle Equities, LLC, a Nevada limited
liability company, which provides conversion features equal to 50% of the lowest traded Price of the Corporation’s Common
Stock for the last 15 trading days prior to conversion, as well as 10% per annum interest and shall contain a $ 5,250.00
OID such that the purchase price is $52,500.00, and becomes due and payable on January 16, 2021; and

 

RESOLVED FURTHER: That
the aforementioned note shall be paid for by Eagle Equities, LLC by the payment to the Corporation of $57,750.00; and

 

RESOLVED FURTHER: That
the officers of this corporation are authorized and directed to irrevocably reserve sufficient shares of the Company’s Common
Stock for the benefit of Eagle Equities, LLC for conversion of the above aforementioned note, to reserve four times the discount
amount of the above note at all times; and

 

RESOLVED FURTHER: that
each of the officers of the Corporation be, and they hereby are, authorized and empowered to execute and deliver such documents,
instruments and papers and to take any and all other action as they or any of them may deem necessary or appropriate of the purpose
of carrying out the intent of the foregoing resolutions and the transactions contemplated thereby; and that the authority of such
officers to execute and deliver any such documents, instruments and papers and to take any such other action shall be conclusively
evidenced by their execution and delivery thereof or their taking thereof.

 

     

     

    

 

The undersigned, by affixing their
signatures hereto, do hereby consent to, authorize and approve the foregoing actions in their capacity as all of the directors
of MCTC HOLDINGS INC.

 

Dated: January 16,
2020

 

	/s/ Arman Tabatabaei	 	/s/ Robert Hymers
	Arman Tabatabaei	 	Robert Hymers
	 	 	 
	/s/ Dan Nguyen	 	/s/ Edward Manolos
	Dan Nguyen	 	Edward Manolos

 

     

     

    

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (the “Agreement”), dated as of January 16, 2020, by and between MCTC HOLDINGS INC.,
a Delaware corporation, with headquarters located at 520 S. Grand Avenue, Suite 320, Los Angeles, California 90071, (the “Company”),
and EAGLE EQUITIES, LLC, a Nevada limited liability company, with its address at 390 Whalley Avenue, New Haven, CT 06511
(the “Buyer”).

 

WHEREAS:

 

A. The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “1933 Act”);

 

B. Buyer desires
to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a 10%
convertible note of the Company, in the forms attached hereto as Exhibit A in the aggregate principal amount of $57,750.00
(together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in
accordance with the terms thereof, the “Note”), convertible into shares of common stock, of the Company (the
“Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note. The Note
shall contain and original discount of $5,250.00 such that the purchase price shall be $52,500.00. The note
shall be paid for by the Buyer as set forth herein.

 

C. The
Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth
immediately below its name on the signature pages hereto; and

 

NOW THEREFORE, the Company and the
Buyer severally (and not jointly) hereby agree as follows:

 

 1. Purchase and Sale of Note.

 

a. Purchase of
Note. On each Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase
from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages
hereto. 

 

AT

Company Initials

 

     

     

    

 

b. Form
of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued and
sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds
to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal
amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and
(ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase
Price.

 

c. Closing
Date. The date and time of the first issuance and sale of the Note pursuant to this Agreement (the “Closing Date”)
shall be on or about January 16, 2020, or such other mutually agreed upon time. The closing of the transactions contemplated by
this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

 2. Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a. Investment
Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of
or otherwise pursuant to the Note, such shares of Common Stock being collectively referred to herein as the “Conversion Shares”
and, collectively with the Note, the “Securities”) for its own account and not with a present view towards the public
sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act; provided,
however, that by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum
or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration
statement or an exemption under the 1933 Act.

 

b. Accredited
Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an
“Accredited Investor”). Any of Buyer’s transferees, assignees, or purchasers must be “accredited investors”
in order to qualify as prospective transferees, permitted assignees in the case of Buyer’s or Holder’s transfer, assignment
or sale of the Note.

 

c. Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the
Buyer to acquire the Securities.

 

d. Information.
The Buyer and its advisors, if any, have been, and for so long as the Note remain outstanding will continue to be, furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and
sale of the Securities which have been requested by the Buyer or its advisors. The Buyer and its advisors, if any, have been,
and for so long as the Note remain outstanding will continue to be, afforded the opportunity to ask questions of the Company.
Notwithstanding the foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will not
disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure
to the Buyer. Neither such inquiries nor any other due diligence investigation conducted by Buyer or any of its advisors or
representatives shall modify, amend or affect Buyer’s right to rely on the Company’s representations and
warranties contained in Section 3 below. The Buyer understands that its investment in the Securities involves a significant
degree of risk. The Buyer is not aware of any facts that may constitute a breach of any of the Company’s representations and
warranties made herein.

 

    2

     

    

 

e. Governmental
Review. The Buyer understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Securities.

 

f. Transfer
or Re-sale. The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not being registered under
the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities are sold
pursuant to an effective registration statement under the 1933 Act, (b) in the case of subparagraphs (c), (d) and (e) below, the
Buyer shall have delivered to the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance and
scope customary for opinions of counsel in comparable transactions to the effect that the Securities to be sold or transferred
may be sold, or transferred pursuant to an exemption from such registration, including the removal of any restrictive legend which
opinion shall be accepted by the Company, (c) the Securities are sold or transferred to an “affiliate” (as defined
in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”) of the Buyer who agrees to sell or otherwise
transfer the Securities only in accordance with this Section 2(f) and who is an Accredited Investor, (d) the Securities are sold
pursuant to Rule 144, or (e) the Securities are sold pursuant to Regulation S under the 1933 Act (or a successor rule) (“Regulation
S”); (ii) any sale of such Securities made in reliance on Rule 144 may be made only in accordance with the terms of said
Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances in which the seller (or the
person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require
compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii) neither the
Company nor any other person is under any obligation to register such Securities under the 1933 Act or any state securities laws
or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding the foregoing or anything
else contained herein to the contrary, the Securities may be pledged as collateral in connection with a bona fide margin
account or other lending arrangement.

 

    3

     

    

 

g. Legends.
The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act will
be sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular date that
can then be immediately sold, the Conversion Shares may bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of the certificates for such Securities):

 

“NEITHER THE ISSUANCE
AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID
ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

The legend set forth
above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon which it
is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an
effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation S without
any restriction as to the number of securities as of a particular date that can then be immediately sold, and (b) such holder provides
the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions,
to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, and that legend
removal is appropriate, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees
to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with
applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided
by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation
S, within 2 business days, it will be considered an Event of Default under the Note.

 

h. Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

 

i. Residency.
The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the signature pages hereto.

 

j. No Short
Sales. Buyer/Holder, its successors and assigns, agrees that so long as the Note remains outstanding, neither the
Buyer/Holder nor any of its affiliates shall enter into or effect any “short sales” of the Common Stock or
hedging transaction which establishes a short position with respect to the Common Stock of the Company. The Company
acknowledges and agrees that upon delivery of a Conversion Notice by the Buyer/Holder, the Buyer/Holder immediately owns the
shares of Common Stock described in the Conversion Notice and any sale of those shares issuable under such Conversion Notice
would not be considered short sales.

 

    4

     

    

 

3. Representations
and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a. Organization
and Qualification. The Company and each of its subsidiaries, if any, is a corporation duly organized, validly existing and
in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other)
to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted.

 

b. Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the
transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s
Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required,
(iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign this Agreement and the other documents executed in
connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the
Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

c. Issuance
of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance
with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances
with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the
Company and will not impose personal liability upon the holder thereof.

 

d. Acknowledgment
of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance
of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Note in accordance with this Agreement, the Note is absolute and unconditional regardless of the
dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

    5

     

    

 

e. No
Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of
the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation
or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which
with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries
is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state
securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are
subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries
is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as would not, individually or in the aggregate, have a Material Adverse Effect). All consents, authorizations, orders, filings
and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on
or prior to the date hereof. The Company is not in violation of the listing requirements of the OTC Markets Exchange (the “OTC
MARKETS”) and does not reasonably anticipate that the Common Stock will be delisted by the OTC MARKETS in the foreseeable
future, nor are the Company’s securities “chilled” by FINRA. The Company and its Subsidiaries are unaware of
any facts or circumstances which might give rise to any of the foregoing.

 

f. Absence
of Litigation. Except as disclosed in the Company’s Periodic Report filings with the SEC, there is no action, suit, claim,
proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body
pending or, to the knowledge of the Company or any of its subsidiaries, threatened against or affecting the Company or any of its
subsidiaries, or their officers or directors in their capacity as such, that could have a material adverse effect. Schedule 3(f)
contains a complete list and summary description of any pending or, to the knowledge of the Company, threatened proceeding against
or affecting the Company or any of its subsidiaries, without regard to whether it would have a material adverse effect. The Company
and its subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

g. Acknowledgment
Regarding Buyer’ Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely in the
capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby. The Company
further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of its respective
representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation
and is merely incidental to the Buyer’ purchase of the Securities. The Company further represents to the Buyer that the
Company’s decision to enter into this Agreement has been based solely on the independent evaluation of the Company and its
representatives.

 

    6

     

    

 

h. No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Buyer.

 

i. Title
to Property. The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and
marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries,
in each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(i) or such as would
not have a material adverse effect. Any real property and facilities held under lease by the Company and its subsidiaries are held
by them under valid, subsisting and enforceable leases with such exceptions as would not have a material adverse effect.

 

j. Bad
Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the
basis of being a “bad actor” as that term is established in the September 19, 2013 Small Entity Compliance Guide published
by the Securities and Exchange Commission.

 

k. Breach
of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set forth
in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered
an Event of default under the Note.

 

 4. COVENANTS.

 

a. Expenses.
At the Closing, the Company shall reimburse Buyer for expenses incurred by them in connection with the negotiation, preparation,
execution, delivery and performance of this Agreement and the other agreements to be executed in connection herewith (“Documents”),
including, without limitation, reasonable attorneys’ and consultants’ fees and expenses, transfer agent fees, fees
for stock quotation services, fees relating to any amendments or modifications of the Documents or any consents or waivers of provisions
in the Documents, fees for the preparation of opinions of counsel, escrow fees, and costs of restructuring the transactions contemplated
by the Documents. When possible, the Company must pay these fees directly, otherwise the Company must make immediate payment for
reimbursement to the Buyer for all fees and expenses immediately upon written notice by the Buyer or the submission of an invoice
by the Buyer.

 

b. Listing.
The Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated
quotation system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and, so
long as the Buyer owns any of the Note Securities, shall maintain, so long as any other shares of Common Stock shall be so
listed, such listing of all Conversion Shares from time to time issuable upon conversion of the Note. The Company will obtain
and, so long as the Buyer owns any of the Securities, maintain the listing and trading of its Common Stock on the OTC MARKETS
or any equivalent replacement market, the Nasdaq stock market (“Nasdaq”), or the New York Stock Exchange
(“NYSE”), and will comply in all respects with the Company’s reporting, filing and other obligations under
the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable.
The Company shall promptly provide to the Buyer copies of any notices it receives from the OTC MARKETS and any other markets
on which the Common Stock is then listed regarding the continued eligibility of the Common Stock for listing on such
markets.

 

    7

     

    

 

c. Corporate
Existence. So long as the Buyer beneficially owns the Note, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or
substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s
obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded
corporation whose Common Stock is listed for trading on the OTC MARKETS, Nasdaq or NYSE.

 

d. No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of the
Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval provision
applicable to the Company or its securities.

 

e. Lockout
Agreement. The Company will refrain from entering into any other variable debt/financing instrument for 60 days from the date
of funding unless that financing/Funding instrument is for more than $500,000.00, or unless that funding is being provided by the
approved funder as indicated in the term sheet.

 

f. Right
of First Refusal. The Company agrees to grant Eagle Equities, LLC the exclusive “right of first refusal” on any
variable debt/financing instrument opportunities for 60 days from the date of funding. The terms of such funding opportunity shall
be provided to the Buyer in writing, whereby the Buyer shall have the exclusive option to either fund on those terms or allow the
Company to accept the terms from another party.

 

g. Breach of Covenants.
If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies available to the
Buyer pursuant to this Agreement, it will be considered an event of default under the Note.

 

    8

     

    

 

 5. Governing Law; Miscellaneous.

 

a. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the
state and county of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue
of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum
non conveniens. The Company and Buyer waive trial by jury. 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 Agreement 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 Agreement or any
other Transaction Document 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 Agreement 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.

 

b. Counterparts;
Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto by
facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

c. Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of,
this Agreement.

 

d. Severability.
In the event that any provision of this Agreement 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 provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e. Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

    9

     

    

 

f. Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or
certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
(iv) via electronic mail or (v) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such
other address as such party shall have specified most recently by written notice. Any notice or other communication required
or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate
confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a
business day during normal business hours where such notice is to be received) or delivery via electronic mail, or the first
business day following such delivery (if delivered other than on a business day during normal business hours where such
notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully
prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be:

 

If to the Company, to:

MCTC HOLDINGS INC.

520 S. Grand Avenue, Suite 320

Los Angeles, California 90071

Attn: Arman Tabatabaei, CEO

 

If to the Buyer:

EAGLE EQUITIES, LLC

390 Whalley Avenue

New Haven, CT 06511

Attn: Yakov Borenstein

 

Each party shall provide notice to the other party
of any change in address.

 

g. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any “qualified person”,
any “permitted assigns”, or “prospective transferee” that acquires or purchases Note Securities in a private
transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without the consent
of the Company with Buyer’s Opinion of Counsel. A qualified person is an “accredited investor” transferee, assignee,
or purchaser of the Note who succeeds to the Holder’s right, title and interest to all or a portion of the Note accompanied
with an Opinion of Counsel as provided for in Section 2(f).

 

h. Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

i. Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive
the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company
agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage
arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties
and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement
of expenses as they are incurred.

 

    10

     

    

 

j. Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

k. No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

l. Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

    11

     

    

 

IN WITNESS WHEREOF, the undersigned Buyer and the Company have
caused this Agreement to be duly executed as of the date first above written.

 

	MCTC HOLDINGS INC.

 

	By:	/s/ Arman Tabatabaei	 
	Name: 	 Arman Tabatabaei , CEO	 

 

EAGLE EQUITIES, LLC

 

	By: 	 	 
	Name: 	Yakov Borenstein	 
	Title:	Manager	 

  

	AGGREGATE SUBSCRIPTION AMOUNT:	 	$	57,750.00	 
	 	 	 	 	 
	Principal Amount of Note:	 	 	57,750.00	 
	 	 	 	 	 
	Aggregate Purchase Price:	 	$	52,500.00	 

 

Note: $57,750.00, less
$5,250.00 in OID, less $2,500.00 in legal fees.

 

    12

     

    

 

EXHIBIT A

144 NOTE - $57,750.00

 

 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]