Document:

Exhibit 4.1

 

CERTAIN CONFIDENTIAL INFORMATION (MARKED
BY BRACKETS AS “[***]”) 

HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT 

MATERIAL AND (II) WOULD
BE COMPETITIVELY HARMFUL IF PUBLICLY 

DISCLOSED.

 

THE SHAREHOLDERS LISTED IN SCHEDULE A

 

VIREO HEALTH INTERNATIONAL, INC.

 

- AND-

 

ODYSSEY TRUST COMPANY

 

 

COATTAIL AGREEMENT

 

MARCH 18, 2019

 

     

     

    

  

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE 1	DEFINITIONS AND INTERPRETATION	2
	 	 	 
	1.1	Definitions	2
	1.2	Interpretation not Affected by Headings, etc.	2
	1.3	Number, Gender, etc.	2
	1.4	Including	2
	 	 	 
	ARTICLE 2	PURPOSE OF AGREEMENT	2
	 	 	 
	2.1	Establishment of Trust	2
	2.2	Restriction on Sale	3
	2.3	Permitted Sale	3
	2.4	Improper Sale	4
	2.5	Assumptions	4
	2.6	Prevention of Improper Sales	5
	2.7	Supplemental Agreements	5
	2.8	Security Interest	5
	2.9	All Transfers Subject to Articles	5
	 	 	 
	ARTICLE 3	ACCEPTANCE OF TRUST	5
	 	 	 
	3.1	Acceptance and Conditions of Trust	5
	3.2	Enquiry by Trustee	6
	3.3	Request by the Holders	7
	3.4	Condition to Action	7
	3.5	Limitation on Action by the Holder	7
	 	 	 
	ARTICLE 4	COMPENSATION	7
	 	 	 
	4.1	Fees and Expenses of the Trustee	7
	 	 	 
	ARTICLE 5	INDEMNIFICATION	8
	 	 	 
	5.1	Indemnification of the Trustee	8
	 	 	 
	ARTICLE 6	CHANGE OF TRUSTEE	9
	 	 	 
	6.1	Resignation	9
	6.2	Removal	9
	6.3	Successor Trustee	9
	6.4	Notice of Successor Trustee	9
	 	 	 
	ARTICLE 7	TERMINATION	10
	 	 	 
	7.1	Term	10
	7.2	Survival of Agreement	10
	 	 	 
	ARTICLE 8	GENERAL	10
	 	 	 
	8.1	Obligations of the Shareholders not Joint	10
	8.2	Compliance with Privacy Laws	10
	8.3	Anti-Money Laundering Regulations	11

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	8.4	Third Party Interests	11
	8.5	Severability	11
	8.6	Amendments, Modifications, etc.	11
	8.7	Ministerial Amendments	12
	8.8	Force majeure	12
	8.9	Amendments only in Writing	12
	8.10	Meeting to Consider Amendments	12
	8.11	Enurement	12
	8.12	Notices	12
	8.13	Notice to a Holder	13
	8.14	Further Acts	13
	8.15	Entire Agreement	13
	8.16	Counterparts	14
	8.17	Governing Law	14

 

    -ii-

     

    

 

COATTAIL AGREEMENT

 

THIS
AGREEMENT dated the 18 day of March, 2019,

 

BETWEEN:

 

THE SHAREHOLDERS LISTED IN
SCHEDULE A

 

(the “Shareholders”)

 

- and -

 

VIREO
HEALTH INTERNATIONAL, INC., a corporation incorporated under the Business Corporations Act (British Columbia),

 

(the “Corporation”)

 

- and -

 

ODYSSEY
TRUST COMPANY, a trust company incorporated under the laws of the Loan and Trust Corporations Act (Alberta) with
an office in the City of Vancouver in the Province of British Columbia, as trustee for the benefit of the Holders (as defined below)

 

(the “Trustee”)

 

WHEREAS
by notice of alteration on March 18, 2019, the Corporation amended its notice of articles (which, as amended, are
referred to as the “Articles”) so that the authorized share capital of the Corporation would thereafter be comprised
of an unlimited number of super voting shares of the Corporation (the “Super Voting Shares”), subordinate voting
shares of the Corporation (the “Subordinate Voting Shares”) and Multiple Voting Shares of the Corporation (the
 “Multiple Voting Shares”);

 

AND
WHEREAS the Shareholders, on the date hereof hold all of the Super Voting Shares, of which 65,411 are issued and outstanding
as of the date of this Agreement;

 

AND
WHEREAS it is the expectation of the Shareholders that the Subordinate Voting Shares will be listed on the Canadian
Securities Exchange (the “CSE”);

 

AND
WHEREAS the Shareholders and the Corporation wish to enter into this Agreement for the purpose of ensuring that the
holders, from time to time, of the Subordinate Voting Shares (collectively, the “SVS Holders”) and that the
holders, from time to time, of the Multiple Voting Shares (collectively, the “MVS Holders” and, together with
the SVS Holders, the “Holders”) will not be deprived of any rights under applicable take-over bid legislation
to which they would have been entitled in the event of a take-over bid for the Super Voting Shares if the Super Voting Shares had
been Subordinate Voting Shares or Multiple Voting Shares, as applicable;

 

AND
WHEREAS pursuant to the Articles, Super Voting Shares will automatically convert into Multiple Voting Shares upon any
transfer that is not a transfer to a Permitted Holder (as defined in the Articles);

 

    

     

    

  

AND
WHEREAS the Shareholders and the Corporation hereby acknowledge that any transfer or sale of Super Voting Shares, whether
in accordance with this Agreement or otherwise, shall in all circumstances be subject to the provisions of the Articles, including
those relating to the automatic conversion of Super Voting Shares into Multiple Voting Shares;

 

AND
WHEREAS the Shareholders and the Corporation wish to constitute the Trustee as a trustee for the Holders so that the
Holders, through the Trustee, will receive the benefits of this Agreement, including the covenants of the Shareholders and the
Corporation contained herein;

 

AND
WHEREAS these recitals and any statements of fact in this Agreement are, and shall be deemed to be, made by the Shareholders
and the Corporation and not by the Trustee;

 

NOW
THEREFORE in consideration of the mutual covenants and agreements contained in this Agreement and for other good and
valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties) the parties hereto
agree as follows:

 

ARTICLE 1

DEFINITIONS AND INTERPRETATION

 

1.1          Definitions

 

In this Agreement, capitalized terms that
are not otherwise defined shall have the meaning given to them in the Articles.

 

1.2          Interpretation
not Affected by Headings, etc.

 

The division of this Agreement into articles,
sections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect the construction
or interpretation of this Agreement.

 

1.3          Number,
Gender, etc.

 

Words importing the singular number only
shall include the plural and vice versa. Words importing the use of any gender shall include all genders.

 

1.4          Including

 

The word “including” shall
mean including, without limitation.

 

ARTICLE 2

PURPOSE OF AGREEMENT

 

2.1          Establishment
of Trust

 

The purpose of this Agreement is to ensure
that the Holders will not be deprived of any rights under applicable take-over bid legislation to which they would have been entitled
in the event of a take-over bid for the Super Voting Shares if the Super Voting Shares had been Subordinate Voting Shares or Multiple
Voting Shares, as applicable.

 

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2.2          Restriction
on Sale

 

Subject to Section 2.3 and the Articles,
each of the Shareholders shall not transfer, directly or indirectly, any Super Voting Shares pursuant to a take-over bid (as defined
in applicable securities legislation) under circumstances in which securities legislation would have required the same offer to
be made to the SVS Holders or the MVS Holders, as applicable, if the sale by such Shareholder had been a sale of Subordinate Voting
Shares or Multiple Voting Shares, as applicable, rather than Super Voting Shares, but otherwise on the same terms.

 

For the purposes of this section, it shall
be assumed that the offer that would have resulted in the sale of Subordinate Voting Shares or Multiple Voting Shares by such Shareholder
would have constituted a takeover bid under applicable securities legislation, regardless of whether this actually would have been
the case, and the varying of any material term of an offer shall be deemed to constitute the making of a new offer. For the avoidance
of doubt, the determination of whether an offer constitutes a take-over bid (as defined in applicable securities legislation) for
purposes of this Section 2.2 shall not be made by reference solely to the number of issued and outstanding Subordinate Voting
Shares or Multiple Voting Shares, as applicable.

 

2.3          Permitted
Sale

 

Subject to the provisions of the Articles,
Section 2.2 shall not apply to prevent a sale by any Shareholder of Super Voting Shares if concurrently an offer is made to
purchase Subordinate Voting Shares and Multiple Voting Shares that:

 

		(a)	offers a price per Subordinate Voting Share and a price per Multiple Voting Share (on an as-converted
to Subordinate Voting Shares basis) at least as high as the highest price per share paid pursuant to such offer for the Super Voting
Shares (on an as-converted to Subordinate Voting Share basis);

 

		(b)	provides that the percentage of outstanding Subordinate Voting Shares to be taken up (exclusive
of shares owned immediately prior to the offer by the offeror or persons acting jointly or in concert with the offeror) and the
percentage of outstanding Multiple Voting Shares to be taken up (exclusive of shares owned immediately prior to the offer by the
offeror or persons acting jointly or in concert with the offeror) is at least as high as the percentage of Super Voting Shares
to be sold (exclusive of Super Voting Shares owned immediately prior to the offer by the offeror and persons acting jointly or
in concert with the offeror);

 

		(c)	has no condition attached other than the right not to take up and pay for Subordinate Voting Shares
and Multiple Voting Shares tendered if no shares are purchased pursuant to the offer for Super Voting Shares; and

 

		(d)	is in all other material respects identical to the offer for Super Voting Shares.

 

Notwithstanding the foregoing, subject
to the provisions of the Articles, Section 2.2 shall not apply to prevent the transfer of Super Voting Shares by any Shareholder
to a Permitted Holder, subject to Section 2.7 of this Agreement.

 

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For greater certainty, the conversion of
Super Voting Shares into Multiple Voting Shares, whether or not such Multiple Voting Shares are subsequently sold, shall not constitute
a disposition of Super Voting Shares for the purposes of this Agreement.

 

2.4          Improper
Sale

 

If any person or company, other than the
Shareholders, carries out or purports to carry out a sale (including an indirect sale) of Super Voting Shares that the Shareholders
are restricted from carrying out pursuant to Section 2.2, the Shareholders shall not and the Trustee shall take all necessary
steps to ensure that the Shareholders shall not and shall not be permitted to, at or after the time such sale becomes effective,
do any of the following with respect to any of the Super Voting Shares so sold or purported to be sold:

 

		(a)	dispose of them without the prior written consent of the Trustee;

 

		(b)	convert them into Multiple Voting Shares without the prior written consent of the Trustee; or

 

		(c)	exercise any voting rights attaching to them except in accordance with the written instructions
of the Trustee, with which the Shareholders shall comply.

 

Without limiting the generality of the
foregoing, the Trustee shall exercise the above rights in a manner that the Trustee, on the advice of counsel, considers to be:
(i) in the best interests of the Holders, other than the Shareholders and the Holders who, in the opinion of the Trustee,
participated directly or indirectly in the transaction that triggered the operation of this Section 2.4; and (ii) consistent
with the intentions of the Shareholders and the Corporation in entering into this Agreement as such intentions are set out in the
Recitals hereto.

 

2.5          Assumptions

 

For the purposes of this Article 2:

 

		(a)	any sale that would result in a direct or indirect acquisition of Super Voting Shares, Subordinate
Voting Shares or Multiple Voting Shares, or in the direct or indirect acquisition of control or direction over those shares, shall
be construed to be a sale of those Super Voting Shares, Subordinate Voting Shares or Multiple Voting Shares, as the case may be;
and

 

		(b)	if there is an offer to acquire that would have been a take-over bid for the purposes of applicable
securities legislation if not for the provisions of the Articles that cause the Super Voting Shares to automatically convert into
Multiple Voting Shares in certain circumstances, that offer to acquire shall nonetheless be construed to be a take-over bid for
the purposes of this Agreement.

 

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2.6          Prevention
of Improper Sales

 

Each Shareholder shall use its best efforts
to prevent any person or company from carrying out a sale (including an indirect sale) in breach of this Agreement in respect of
any Super Voting Shares, regardless of whether that person or company is a party to this Agreement.

  

2.7          Supplemental
Agreements

 

Without limiting any provision of this
Agreement, the Shareholders shall not dispose of any Super Voting Shares unless the disposition is conditional upon the person
or company acquiring those shares entering into an agreement substantially in the form of this Agreement and under which that person
or company has the same rights and obligations as the Shareholders have under this Agreement. Neither the conversion of Super Voting
Shares into Subordinate Voting Shares nor any subsequent disposition of those Subordinate Voting Shares shall constitute a disposition
of Super Voting Shares for the purposes of this section.

 

2.8          Security
Interest

 

Nothing in this Agreement shall prevent
any Shareholder from time to time, directly or indirectly, from granting a bona fide security interest, by way of pledge,
hypothecation or otherwise, whether directly or indirectly, in Super Voting Shares to any financial institution with which it deals
at arm’s length (within the meaning of the Income Tax Act (Canada)) in connection with a bona fide borrowing, provided
that the financial institution agrees in writing to become a party to and abide by the terms of this Agreement as if such financial
institution were a Shareholder as defined herein until such time as the pledge, hypothecation or other security interest has been
released or the Super Voting Shares which were subject thereto have been disposed of in accordance with the terms of this Agreement.

 

2.9          All
Transfers Subject to Articles

 

The Shareholders and the Corporation hereby
acknowledge that any transfer or sale of Super Voting Shares, whether in accordance with this Agreement or otherwise, shall in
all circumstances be subject to the provisions of the Articles, including those relating to the automatic conversion of Super Voting
Shares into Multiple Voting Shares.

 

ARTICLE 3

ACCEPTANCE OF TRUST

 

3.1          Acceptance
and Conditions of Trust

 

The Trustee hereby accepts the trust created
by this Agreement (the “Trust”) and assumes the duties created and imposed upon it pursuant to its appointment
as trustee for the Holders by this Agreement, provided that it:

 

		(a)	shall not be liable for any action taken or omitted to be taken by it under or in connection with
this Agreement, except for its own negligence, misconduct or bad faith;

 

		(b)	may employ or retain such counsel, auditors, accountants or other experts or advisers, whose qualifications
give authority to any opinion or report made by them, as the Trustee may reasonably require for the purpose of determining and
discharging its duties hereunder and shall not be responsible for any misconduct or negligence on the part of any of them. The
Trustee may, if it is acting in good faith, rely on the accuracy of any such opinion or report;

 

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		(c)	may, if it is acting in good faith, rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any instruction, advice, notice, opinion or other document believed by it to be genuine
and to have been signed or presented by the proper party or parties and, subject to subsection 3.1(a), shall be under no liability
with respect to any action taken or omitted to be taken in accordance with such instruction, advice, notice, opinion or other document;

 

		(d)	exercises its rights under this Agreement in a manner that it considers to be in the best interests
of the Holders (other than the Shareholders and the Holders who, in the opinion of the Trustee, participated directly or indirectly
in a transaction restricted by Section 2.2) and consistent with the purpose of this Agreement; and

 

		(e)	none of the provisions of this Agreement shall require the Trustee under any circumstances whatsoever
to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or the exercise
of any of its rights or powers in connection with the Agreement.

 

In the exercise of its rights and duties
hereunder, the Trustee will exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise
in comparable circumstances.

 

The Trustee represents that at the time
of the execution and delivery hereof no material conflict of interest exists in the Trustee’s role as a fiduciary hereunder
and agrees that in the event of a material conflict of interest arising hereafter it will, within three months after ascertaining
that it has such material conflict of interest, either eliminate the same or resign its trust hereunder. Subject to the foregoing,
the Trustee, in its personal or any other capacity, may buy, lend upon and deal in securities of the Corporation and generally
may contract with and enter into financial transactions with the Corporation, any of its affiliates or any of the Shareholders
or any of their affiliates without being liable to account for any profit made thereby.

 

3.2          Enquiry
by Trustee

 

Subject to Section 3.4, if and whenever
the Trustee receives written notice from an interested party, other than the Holders, stating in sufficient detail that any one
or more of the Shareholders or the Corporation may have breached, or may intend to breach, any provision of this Agreement, the
Trustee shall, acting on the advice of counsel, make reasonable enquiry to determine whether such a breach has occurred or is intended.
If the Trustee determines that a breach has occurred, or is intended to occur, the Trustee shall forthwith deliver to the Corporation
a certificate stating that the Trustee has made such determination. Upon delivery of that certificate, the Trustee shall be entitled
to take, and subject to Section 3.4 shall take, and the Corporation shall assist the Trustee in taking, such action as the
Trustee, acting upon the advice of counsel, considers necessary to enforce its rights under this Agreement on behalf of the Holders.

 

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3.3          Request
by the Holders

 

Subject to Section 3.4, if and whenever
the Holders representing not less than 10% of the then outstanding Subordinate Voting Shares and/or the Multiple Voting Shares
determine that any one or more of the Shareholders or the Corporation has breached, or intends to breach, any provision of this
Agreement, such Holders may require the Trustee to take action in connection with that breach or intended breach by delivering
to the Trustee a requisition in writing signed in one or more counterparts by those Holders and setting forth the action to be
taken by the Trustee. Subject to Section 3.4, upon receipt by the Trustee of such a requisition, the Trustee shall forthwith
take such action as is specified in the requisition and/or any other action that the Trustee considers necessary to enforce its
rights under this Agreement on behalf of the Holders.

  

3.4          Condition
to Action

 

The obligation of the Trustee to take any
action on behalf of the Holders pursuant to Sections 3.2 and 3.3 shall be conditional upon the Trustee receiving from either the
interested party referred to in Section 3.2, the Corporation or from one or more Holders such funds and indemnity as the Trustee
may reasonably require in respect of any costs or expenses which it may incur in connection with any such action. The Corporation
shall provide such reasonable funds and indemnity to the Trustee if the Trustee has delivered to the Corporation the certificate
referred to in Section 3.2.

 

3.5          Limitation
on Action by the Holder

 

No Holder shall have the right, other than
through the Trustee, to institute any action or proceeding or to exercise any other remedy for the purpose of enforcing any rights
arising from this Agreement unless the Holders shall have:

 

		(a)	requested that the Trustee act in the manner specified in Section 3.3; and

 

		(b)	provided reasonable funds and indemnity to the Trustee, and the Trustee shall have failed to so
act within thirty (30) days after the provision of such funds and indemnity. In such case, any Holder, acting on behalf of itself
and all other Holders, shall be entitled to take those proceedings in any court of competent jurisdiction that the Trustee might
have taken.

 

ARTICLE 4

COMPENSATION

 

4.1          Fees
and Expenses of the Trustee

 

The Corporation agrees to pay to the Trustee
reasonable compensation for all of the services rendered by it under this Agreement and shall reimburse the Trustee for all reasonable
expenses and disbursements. Notwithstanding the foregoing, the Corporation shall have no obligation to compensate the Trustee or
reimburse the Trustee for any expenses or disbursements paid, incurred or suffered by the Trustee:

 

		(a)	in connection with any action taken by the Trustee pursuant to Section 3.2 if the Trustee
has not delivered to the Corporation the certificate referred to in Section 3.2 in respect of that action; or

 

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		(b)	in any suit or litigation in which the Trustee is determined to have acted in bad faith or with
negligence or misconduct.

  

On all invoices issued by the Trustee for
its services rendered hereunder which remain unpaid for a period of thirty days or more, interest at a rate per annum equal to
the then current rate of interest charged by the Trustee to its corporate customers will be incurred, from thirty days after the
issuance of the invoice until the date of payment.

 

ARTICLE 5

INDEMNIFICATION

 

5.1          Indemnification
of the Trustee

 

The Corporation agrees to indemnify and
hold harmless the Trustee and its officers, directors, employees and agents (the “Indemnified Parties”) from
and against all claims, losses, damages, costs, penalties, fines and reasonable expenses (including reasonable expenses of the
Trustee’s legal counsel) which, without negligence, misconduct or bad faith on the part of any of the Indemnified Parties,
may be paid, incurred or suffered by any of the Indemnified Parties by reason of or as a result of the Trustee’s acceptance
or administration of the Trust, its compliance with its duties set forth in this Agreement or any written or oral instructions
delivered to the Trustee by the Corporation pursuant hereto. In no case shall the Corporation be liable under this indemnity for
any claim against the Indemnified Parties unless the Corporation shall be notified by the Trustee of the written assertion of a
claim or of any action commenced against any of the Indemnified Parties, promptly after the Trustee shall have received any such
written assertion of a claim, or shall have been served with a summons or other first legal process giving information as to the
nature and basis of the claim. The Corporation shall be entitled to participate at its own expense in the defence of the assertion
or claim. Subject to subsection 5.1(b), the Corporation may elect at any time after receipt of such notice to assume the defence
of any suit brought to enforce any such claim. The Indemnified Parties shall have the right to employ separate counsel in any such
suit and participate in the defence thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified
Parties unless:

 

		(a)	the employment of such counsel has been authorized by the Corporation; or

 

		(b)	the named parties to any such suit include both an Indemnified Party and the Corporation and such
Indemnified Party shall have been advised by counsel acceptable to the Corporation that there may be one or more legal defences
available to such Indemnified Party that are different from or in addition to those available to the Corporation (in which case
the Corporation shall not have the right to assume the defence of such suit on behalf of such Indemnified Party but shall be liable
to pay the reasonable fees and expenses of counsel for such Indemnified Party).

 

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ARTICLE 6

CHANGE OF TRUSTEE

 

6.1          Resignation

 

The Trustee, or any trustee subsequently
appointed, may resign at any time by giving written notice of such resignation to the Corporation specifying the date on which
its desired resignation shall become effective, provided that such notice shall be provided at least three (3) months in advance
of such desired effective date unless the Shareholders and the Corporation otherwise agree. Such resignation shall take effect
upon the date of the appointment of a successor trustee and the acceptance of such appointment by the successor trustee. Upon receiving
such notice of resignation, the Corporation shall promptly appoint a successor trustee (which shall be a corporation or company
licensed or authorized to carry on the business of a trust company in British Columbia) by written instrument, in duplicate, one
copy of which shall be delivered to the resigning trustee and one copy to the successor trustee. If the Corporation does not appoint
a successor trustee, the Trustee or any Holder may apply to a court of competent jurisdiction in British Columbia for the appointment
of a successor trustee.

  

6.2          Removal

 

The Trustee, or any trustee subsequently
appointed, may be removed at any time on thirty (30) days’ prior notice by written instrument executed by the Corporation,
in duplicate, provided that the Trustee is not at such time taking any action which it may take under Section 3.2 or 3.3 hereof.
One copy of that instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The removal of
the Trustee shall become effective upon the appointment of a successor trustee in accordance with Section 6.3.

 

6.3          Successor
Trustee

 

Any successor trustee appointed as provided
under this Agreement shall execute, acknowledge and deliver to the Shareholders and the Corporation and to its predecessor trustee
an instrument accepting such appointment. Thereupon the resignation or removal of the predecessor trustee shall become effective
and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties
and obligations of its predecessor under this Agreement, with like effect as if originally named as trustee in this Agreement.
However, on the written request of the Shareholders and the Corporation or of the successor trustee, the trustee ceasing to act
shall, upon payment of any amounts then due to it pursuant to the provisions of this Agreement, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon the request of any such
successor trustee, the Shareholders, the Corporation and such predecessor trustee shall execute any and all instruments in writing
for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers.

 

6.4          Notice
of Successor Trustee

 

Upon acceptance of appointment by a successor
trustee as provided herein, the Corporation shall cause to be mailed notice of the succession of such trustee hereunder to the
Holders. If the Shareholders or the Corporation shall fail to cause such notice to be mailed within ten (10) days after acceptance
of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Shareholders
and the Corporation.

 

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ARTICLE 7

TERMINATION

  

7.1          Term

 

The Trust created by this Agreement shall
continue until no Super Voting Shares remain outstanding, provided that such Trust shall continue in the event of a breach of section
2.2 or 2.4, as long as such breach is ongoing.

 

7.2          Survival
of Agreement

 

This Agreement shall survive any termination
of the Trust and shall continue until there are no Super Voting Shares outstanding; provided that this Agreement shall continue
in force in the event of a breach of section 2.2 or 2.4, as long as such breach is ongoing; and provided further that the provisions
of Article 4 and Article 5 shall survive any such termination of this Agreement.

 

ARTICLE 8

GENERAL

 

8.1          Obligations
of the Shareholders not Joint

 

The obligations of the Shareholders pursuant
to this Agreement are several. and not joint and several, and no Shareholder shall be liable to the Company, the SVS Holders, the
MVS Holders, the Trustee or any other party for the failure of any other Shareholder to comply with its covenants and obligations
under this Agreement.

 

8.2          Compliance
with Privacy Laws

 

The Shareholders and the Corporation acknowledge
that federal and/or provincial legislation that addresses the protection of individuals’ personal information (collectively,
 “Privacy Laws”) applies to certain obligations and activities under this Agreement. Notwithstanding any other
provision of this Agreement, neither party shall take or direct any action that would contravene, or cause the other to contravene,
applicable Privacy Laws. The Shareholders and the Corporation shall, prior to transferring or causing to be transferred personal
information to the Trustee, obtain and retain required consents of the relevant individuals to the collection, use and disclosure
of their personal information, or shall have determined that such consents either have previously been given upon which the parties
can rely or are not required under the Privacy Laws. The Trustee shall use commercially reasonable efforts to ensure that its services
hereunder comply with Privacy Laws. Specifically, the Trustee agrees: (a) to have a designated chief privacy officer; (b) to
maintain policies and procedures to protect personal information and to receive and respond to any privacy complaint or inquiry;
(c) to use personal information solely for the purposes of providing its services under or ancillary to this Agreement and
to comply with applicable laws and not to use it for any other purpose except with the consent of or direction from the other parties
to this Agreement or the individual involved; (d) not to sell or otherwise improperly disclose personal information to any
third party; and (e) to employ administrative, physical and technological safeguards to reasonably secure and protect personal
information against loss, theft, or unauthorized access, use or modification.

 

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8.3          Anti-Money
Laundering Regulations

  

The Trustee shall retain the right not
to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee,
in its sole judgment and acting reasonably, determines that such act might cause it to be in non-compliance with any applicable
anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Trustee, in its sole judgment
and acting reasonably, determine at any time that its acting under this Agreement has resulted in its being in non-compliance with
any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign
on 10 days’ written notice to the Corporation or any shorter period of time as agreed to by the Corporation, provided that:
(a) the Trustee’s written notice shall describe the circumstances of such non-compliance; and (b) if such circumstances
are rectified to the Trustee’s satisfaction within such 10-day period, then such resignation shall not be effective.

 

8.4          Third
Party Interests

 

The other parties to this Agreement hereby
represents to the Trustee that any account to be opened by, or interest to be held by, the Trustee in connection with this Agreement,
for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is
intended to be used by or on behalf of a third party, in which case such party hereto agrees to complete and execute forthwith
a declaration in the Trustee’s prescribed form as to the particulars of such third party.

 

8.5          Severability

 

If any provision of this Agreement is held
to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remainder of this Agreement shall not
in any way be affected or impaired thereby and this Agreement shall be carried out as nearly as possible in accordance with its
original terms and conditions.

 

8.6          Amendments,
Modifications, etc.

 

This Agreement shall not be amended, and
no provision thereof shall be waived, except with (i) the consent of any applicable securities regulatory authorities in Canada,
(ii) the approval of at least two-thirds of the votes cast by the SVS Holders present or represented at a meeting duly called
for the purpose of considering such amendment or waiver, excluding votes attached to any Subordinate Voting Shares held by the
Shareholders and their respective affiliates, and any persons who have an agreement to purchase Super Voting Shares on terms which
would constitute a sale or disposition for purposes of Section 2.2, other than as permitted herein, prior to giving effect
to such amendment or waiver, and (iii) the approval of at least two-thirds of the votes cast by the MVS Holders present or
represented at a meeting duly called for the purpose of considering such amendment or waiver, excluding votes attached to any Multiple
Voting Shares held by the Shareholders and their respective affiliates, and any persons who have an agreement to purchase Super
Voting Shares on terms which would constitute a sale or disposition for purposes of Section 2.2, other than as permitted herein,
prior to giving effect to such amendment or waiver. The provisions of this Agreement shall only come into effect contemporaneously
with the listing of the Subordinate Voting Shares on the CSE and shall terminate at such time as there remain no outstanding Super
Voting Shares.

 

    11

     

    

  

8.7          Ministerial
Amendments

 

Notwithstanding the provisions of Section 8.5,
the parties to this Agreement may in writing, at any time and from time to time, without the approval of the Holders amend or modify
this Agreement to cure any ambiguity or to correct or supplement any provision contained in this Agreement or in any amendment
to this Agreement that may be defective or inconsistent with any other provision contained in this Agreement or that amendment,
or to make such other provisions in regard to matters or questions arising under this Agreement, as shall not adversely affect
the interest of the Holders.

 

8.8          Force
majeure

 

Neither party shall be liable to the other,
or held in breach of this Agreement, if prevented, hindered, or delayed in the performance or observance of any provision contained
herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or
any other similar causes (including, but not limited to, general mechanical, electronic or communication interruptions, disruptions
or failures). Performance times under this Agreement shall be extended for a period of time equivalent to the time lost because
of any delay that is excusable under this Section 8.7.

 

8.9          Amendments
only in Writing

 

No amendment to or modification or waiver
of any of the provisions of this Agreement shall be effective unless made in writing and signed by all of the parties hereto.

 

8.10        Meeting
to Consider Amendments

 

The Corporation, at the request of the
Shareholders, shall call a meeting for the purpose of considering any proposed amendment or modification requiring approval pursuant
to Section 8.5.

 

8.11        Enurement

 

This Agreement shall be binding upon and
enure to the benefit of the parties and their respective heirs, administrators, legal representatives, successors and permitted
assigns. Except as specifically set forth in this Agreement, nothing in this Agreement is intended to or shall be deemed to confer
upon any other person any rights or remedies under or by reason of this Agreement.

 

8.12        Notices

 

All notices and other communications between
the parties hereunder shall be in writing and shall be deemed given if delivered personally or sent by registered mail, or by facsimile
transmission or other form of recorded communication to the parties at the following addresses (or at such other address for such
party as shall be specified in like notice):

 

		(a)	if to the Shareholders at the address set out in Schedule A

 

    12

     

    

 

		(b)	if to the Corporation:

  

Vireo Health International, Inc

1330 Lagoon Avenue, 4th Floor

Minneapolis, MN 55408

 

Attention : Michael Schroeder

E-mail: [***]

 

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

 

Cassels Brock &
Blackwell LLP

Suite 2100, Scotia Plaza

40 King St. West

Toronto, ON M5H 3C2

 

Attention: Frank DeLuca

E-mail: [***]

 

		(c)	If to
                                         the Trustee:

 

Odyssey Trust Company

350 – 300 5th Ave SW

Calgary, AB T2P 3C2

 

Attention : VP, Corporate
Trust

E-mail: [***]

 

8.13        Notice
to a Holder

 

Any and all notices to be given and any
documents to be sent to any Holder may be given or sent to the address of such holder shown on the register of the Holders in any
manner permitted by the by-laws of the Corporation from time to time in force in respect of notices to shareholders and shall be
deemed to be received (if given or sent in such a manner) at the time specified in such bylaws, the provisions of which by-laws
shall apply mutatis mutandis to notices or documents as aforesaid sent to such holders.

 

8.14        Further
Acts

 

The parties hereto shall do and perform
and cause to be done and performed such further and other acts and things as may be necessary or desirable in order to give full
force and effect to this Agreement.

 

8.15        Entire
Agreement

 

This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof.

 

    13

     

    

 

8.16        Counterparts

  

This Agreement may be executed in one or
more counterparts, each of which so executed shall be deemed to be an original and all of which, when taken together, shall be
deemed to constitute one and the same agreement. This Agreement may signed and sent by fax copy or electronic means and such signature
shall be valid and binding.

 

8.17        Governing
Law

 

This Agreement shall be governed by and
construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

 

[Remainder of page intentionally
left blank; signature page follows]

 

    14

     

    

  

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

  

	/s/
    Michael Schroeder	 	/s/ Kyle
    Kingsley
	Michael Schroeder	 	Kyle Kingsley 
	 	 	 
	 	 	VIREO HEALTH INTERNATIONAL, INC.
	 	 	 
	 	 	 
	 	By:	/s/
    Kyle Kingsley
	 	 	Name:	Kyle Kingsley                                   
	 	 	Title:	CEO

 

    15

     

    

  

	 	 	ODYSSEY TRUST COMPANY
	 	 	 
	 	 	 
	 	By:	/s/
    Jenna Kaye
	 	 	Name: Jenna Kaye 
	 	 	Title: CEO
	 	 	 
	 	 	 
	 	By:	/s/ Jay
    Campbell
	 	 	Name: Jay Campbell 
	 	 	Title: President

 

    16

     

    

  

SCHEDULE A

SHAREHOLDERS

 

	Shareholder	Address for Notice
	Kyle Kingsley	(redacted personal information)Exhibit 4.2

 

CERTAIN
CONFIDENTIAL INFORMATION (MARKED BY BRACKETS AS “[***]”) HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH
(I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Unless
permitted under securities legislation, the holder of thIS securitY MUST not trade the securitY before ●, 2020.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE CANADIAN SECURITIES EXCHANGE
OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL ●,
2020 AND THEN ONLY IN ACCORDANCE WITH ALL APPLICABLE LAWS.

 

[THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THESE WARRANTS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS WARRANT MAY NOT BE EXERCISED IN THE
UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS THIS
WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE
SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES”
AND “U.S. PERSON” ARE AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT.]

 

[THE SECURITIES REPRESENTED HEREBY AND
THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR U.S. STATE SECURITIES LAWS. BY PURCHASING OR OTHERWISE HOLDING SUCH
SECURITIES, THE HOLDER AGREES FOR THE BENEFIT OF VIREO HEALTH INTERNATIONAL, INC. (THE “CORPORATION”) THAT THESE
SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION;
OR (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, IF AVAILABLE,
AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; OR (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 OR (II) RULE 144A THEREUNDER, IF AVAILABLE,
AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE
REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE U.S. SECURITIES ACT, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(I) OR (D) ABOVE,
THE HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN
EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY”
IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.]

 

THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE
AT OR BEFORE 5:00 P.M. (TORONTO TIME) ON ●, 2023 AFTER WHICH TIME THE
WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.

 

     

     

    

 

WARRANTS TO PURCHASE UP TO [●]
SUBORDINATE VOTING SHARES OF

 

Vireo Health International, Inc.

(existing under the laws of British Columbia)

 

Void After

●, 2023

 

	Warrant Certificate Number – 2020-●	Number of Warrants represented

by this certificate: ●

 

THIS CERTIFIES that,
for value received, ● (the “Holder”), is the registered holder of ● warrants (collectively,
the “Warrants”; each a “Warrant”), each Warrant entitling the Holder, subject to the terms
and conditions set forth in this Warrant Certificate (the “Certificate”), to purchase from Vireo Health International, Inc.
(the “Corporation”), one subordinate voting share in the capital of the Corporation (a “Share”),
at any time until 5:00 p.m. (Toronto time) on ●, 2023, at which
time the Warrants evidenced by this Certificate shall become wholly void and the unexercised portion of the subscription right
represented hereby will expire and terminate (the “Time of Expiry”), on payment of a price per Share equal to
CAD$[***] (the “Exercise Price”). The number of Shares which the Holder is entitled to acquire upon exercise
of the Warrants and the Exercise Price are subject to adjustment as hereinafter provided.

 

The Holder shall be
entitled to the rights evidenced by this Certificate free from all equities and rights of set-off or counterclaim between the Corporation
and the original or any interim holder and all persons may act accordingly and the receipt by the Holder of the Shares issuable
upon exercise hereof shall be a good discharge to the Corporation.

 

		1.	Exercise of Warrants.

 

(a)          Election
to Purchase. The rights evidenced by this Certificate may be exercised by the Holder in whole or in part and in accordance
with the provisions hereof by delivery of an election to purchase in substantially the form attached hereto as Schedule 1
(the “Election to Purchase”), properly completed and executed, together with payment by wire transfer, certified
cheque or bank draft of the Exercise Price for the number of Shares specified in the Election to Purchase, at the office of the
Corporation at 1330 Lagoon Avenue, 5th Floor, Minneapolis, Minnesota, 55408 or such other address as may be notified in writing
by the Corporation (the “Corporation Office”). In the event that the rights evidenced by this Certificate are
exercised in part, the Corporation shall, contemporaneously with the issuance of the Shares issuable on the exercise of the Warrants
so exercised, issue to the Holder a Warrant Certificate on identical terms in respect of that number of Shares in respect of which
the Holder has not exercised the rights evidenced by this Certificate.

 

(b)          Forced
Exercise. Upon and subject to the terms and conditions hereinafter set forth, the Corporation shall have the right (the “Forced
Exercise Right”) to require the Holder to exercise all of the outstanding Warrants represented by this Certificate for
Shares at the Exercise Price if, prior to the Time of Expiry, the five-trading day volume-weighted average trading price (“VWAP”)
of the Shares on the Canadian Securities Exchange (or such other Canadian stock exchange on which the Shares may be listed and
traded) equals or exceeds CAD$[***], subject to adjustment in certain events (the “Forced Exercise Conditions”).
The Forced Exercise Right may be exercised by the Corporation by delivering written notice (the “Forced Exercise Notice”)
to the Holder within 30 days of the Forced Exercise Conditions being met. The Forced Exercise Notice shall provide that the Forced
Exercise Right is being exercised and shall specify the period during which the five-trading day VWAP of the Shares on the Canadian
Securities Exchange (or such other Canadian stock exchange on which the Shares may be listed and traded) equaled or exceeded CAD$[***].
Promptly following delivery of the Forced Exercise Notice, and in any event within five business days of such delivery, the Holder
shall deliver an Election to Purchase, properly completed and executed, together with payment by wire transfer, certified cheque
or bank draft of the Exercise Price for the number of Shares specified in the Election to Purchase (which shall be a number of
Shares equal to the number of outstanding Warrants represented by this Certificate at the time of the Forced Exercise Notice),
or such other manner of payment of the aggregate Exercise Price as may be agreed to by the Corporation, acting reasonably, at the
Corporation Office.

 

     

     

    

 

(c)          Exercise.
The Corporation shall, on the next business day after receiving a duly executed Election to Purchase and the Exercise Price for
the number of Shares specified in the Election to Purchase (the “Exercise Date”), issue that number of Shares
specified in the Election to Purchase.

 

(d)          Certificates
and Electronic Deposits. As promptly as practicable after the Exercise Date (but no later than three business days after the
Exercise Date), the Corporation shall, as specified by the Holder in the Election to Purchase, either (i) issue and deliver
to the Holder, registered in the name of the Holder, a certificate or an ownership statement issued under a direct registration
statement for the number of Shares issuable on exercise of the Warrants so exercised and a Certificate or an ownership statement
issued under a direct registration statement representing the balance of any unexercised Warrants, or (ii) in the case of
the Shares, issue and cause to be deposited electronically with CDS Clearing and Depository Services Inc. (“CDS”),
an ownership statement issued under a direct registration statement, or other electronic book entry system, that number of Shares
issuable on exercise of the Warrants so exercised and, in the case of the Warrants, a Certificate representing the balance of any
unexercised Warrants. To the extent permitted by law, such exercise shall be deemed to have been effected as of the close of business
on the Exercise Date, and at such time the rights of the Holder with respect to the number of Warrants which have been exercised
as such shall cease, and the Shares and any unexercised Warrants shall then be issuable upon such exercise as outlined above and
the Holder shall be deemed to have become the holder of record of the Shares and unexercised Warrants represented thereby. Notwithstanding
the above, all Shares issued to a United States “accredited investor” as defined in Rule 501(a) of Regulation
D under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), who is not a “qualified
institutional buyer” (as that term is used in Rule 144A of the U.S. Securities Act), will be evidenced by physical certificates.

 

(e)          Fractional
Shares. No fractional Shares shall be issued upon exercise of the Warrants represented by this Certificate.

 

		(f)	Adjustments. The subscription rights in effect under the Warrants for Shares issuable upon
the exercise of the Warrants shall be subject to adjustment from time to time as follows:

 

		(i)	If, at any time from the date hereof until the Time of Expiry (the “Adjustment Period”),
the Corporation shall:

 

		(A)	subdivide, re-divide or change its outstanding Shares into a greater number of Shares;

 

		(B)	reduce, combine or consolidate its outstanding Shares into a lesser number of Shares; or

 

     

     

    

 

		(C)	issue Shares or securities exchangeable for, or convertible into Shares to all or substantially
all of the holders of Shares by way of stock dividend or other distribution (other than, if applicable, a dividend paid in the
ordinary course or a distribution of Shares upon the exercise of warrants, options, restricted share units or other exchangeable
or convertible securities of the Corporation or rights, options or warrants issued pursuant to a Rights Offering);

 

(any of such events in subsections
1(f)(i)(A), (B) or (C) being called a “Share Reorganization”) then, in each such event, the Exercise
Price shall be adjusted as of the effective date or record date of such Share Reorganization, as the case may be, and shall, in
the case of the events referred to in (A) or (C) above, be decreased in proportion to the increase in the number of outstanding
Shares resulting from such subdivision, re-division, change or distribution, or shall, in the case of the events referred to in
(B) above, be increased in proportion to the decrease in the number of outstanding Shares resulting from such reduction, combination
or consolidation by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction,
the numerator of which shall be the number of Shares outstanding on such effective date or record date before giving effect to
such Share Reorganization and the denominator of which shall be the number of Shares outstanding as of the effective date or record
date after giving effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible
into Shares are distributed, the number of Shares that would have been outstanding had such securities been exchanged for or converted
into Shares on such record date or effective date). Such adjustment shall be made successively whenever any event referred to in
this subsection 1(f)(i) shall occur. Upon any adjustment of the Exercise Price pursuant to subsection 1(f)(i), the Exchange
Rate (as defined below) shall be contemporaneously adjusted by multiplying the number of Shares theretofore obtainable on the exercise
thereof by a fraction of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the
denominator shall be the Exercise Price resulting from such adjustment. “Exchange Rate” means the number of
Shares subject to the right of purchase under each Warrant, which, as of the date hereof, is one Share for one Warrant.

 

		(ii)	If and whenever at any time during the Adjustment Period, the Corporation shall fix a record date
for the issuance of rights, options or warrants to all or substantially all the holders of its outstanding Shares entitling them,
for a period expiring not more than 45 days after such record date, to subscribe for or purchase Shares (or securities convertible
or exchangeable into Shares) at a price per Share (or having a conversion or exchange price per Share) less than 95% of the Current
Market Price (as defined below) on such record date (a “Rights Offering”), the Exercise Price shall be adjusted
immediately after such record date so that it shall equal the amount determined by multiplying the Exercise Price in effect on
such record date by a fraction, of which the numerator shall be the total number of Shares outstanding on such record date plus
a number of Shares equal to the number arrived at by dividing the aggregate price of the total number of additional Shares offered
for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered)
by the Current Market Price, and of which the denominator shall be the total number of Shares outstanding on such record date plus
the total number of additional Shares offered for subscription or purchase or into which the convertible or exchangeable securities
so offered are convertible or exchangeable. Any Shares owned by or held for the account of the Corporation shall be deemed not
to be outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date
is fixed. To the extent that no such rights or warrants are exercised prior to the expiration thereof, the Exercise Price shall
be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or, if any such rights
or warrants are exercised, to the Exercise Price which would then be in effect based upon the number of Shares (or securities convertible
or exchangeable into Shares) actually issued upon the exercise of such rights or warrants, as the case may be. Upon any adjustment
of the Exercise Price pursuant to this subsection 1(f)(ii), the Exchange Rate will be adjusted immediately after such record date
so that it will equal the rate determined by multiplying the Exchange Rate in effect on such record date by a fraction, of which
the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise
Price resulting from such adjustment. Such adjustment will be made successively whenever such a record date is fixed, provided
that if two or more such record dates or record dates referred to in this subsection 1(f)(ii) are fixed within a period of
25 trading days, such adjustment will be made successively as if each of such record date occurred on the earliest of such record
dates.

 

     

     

    

 

		(iii)	If and whenever at any time during the Adjustment Period the Corporation shall fix a record date
for the making of a distribution to all or substantially all the holders of its outstanding Shares of (i) securities of any
class, whether of the Corporation or any other entity (other than Shares), (ii) rights, options or warrants to subscribe for
or purchase Shares (or other securities convertible into or exchangeable for Shares), other than pursuant to a Rights Offering;
(iii) evidences of its indebtedness or (iv) any cash, securities or other property or other assets (other than, if applicable,
dividends paid in the ordinary course) and if such issue or distribution does not constitute a Share Reorganization, a Rights Offering
or a distribution of Shares upon the exercise of Warrants or any outstanding options, then, in each such case, the Exercise Price
shall be adjusted immediately after such record date so that it shall equal the price determined by multiplying the Exercise Price
in effect on such record date by a fraction, of which the numerator shall be the total number of Shares outstanding on such record
date multiplied by the Current Market Price on such record date, less the excess, if any, of the fair market value on such record
date, as determined by the directors of the Corporation, acting reasonably (whose determination shall be conclusive, subject to
stock exchange approval), of such cash, securities or other property or other assets so issued or distributed over the fair market
value of any consideration received therefor by the Corporation from the holders of the Shares, and of which the denominator shall
be the total number of Shares outstanding on such record date multiplied by the Current Market Price. Any Shares owned by or held
for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such computation. Such adjustment
shall be made successively whenever such a record date is fixed. To the extent that such distribution is not so made, the Exercise
Price shall be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed. Upon any
adjustment of the Exercise Price pursuant to this subsection 1(f)(iii), the Exchange Rate will be adjusted immediately after such
record date so that it will equal the rate determined by multiplying the Exchange Rate in effect on such record date by a fraction,
of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be
the Exercise Price resulting from such adjustment. Such adjustment will be made successively whenever such a record date is fixed,
provided that if two or more such record dates or record dates referred to in this subsection 1(f)(iii) are fixed within a
period of 25 trading days, such adjustment will be made successively as if each of such record date occurred on the earliest of
such record dates.

 

     

     

    

 

		(iv)	If and whenever at any time during the Adjustment Period, there is a reclassification of the Shares
or a capital reorganization of the Corporation other than as described in subsection 1(f)(i) or a consolidation, amalgamation,
arrangement or merger of the Corporation with or into any other body corporate, trust, partnership or other entity, or a sale or
conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety to any other body corporate,
trust, partnership or other entity, any Holder that has not exercised its Warrants prior to the effective date of such reclassification,
capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, upon the exercise of such Warrant
thereafter, shall be entitled to receive upon payment of the Exercise Price and shall accept, in lieu of the number of Shares that
prior to such effective date the Holder would have been entitled to receive, the number of shares or other securities or property
of the Corporation or of the body corporate, trust, partnership or other entity resulting from such merger, amalgamation or consolidation,
or to which such sale or conveyance may be made, as the case may be, that such Holder would have been entitled to receive on such
reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance, if, on the effective
date thereof, as the case may be, the Holder had been the registered holder of the number of Shares to which prior to such effective
date it was entitled to acquire upon the exercise of the Warrants. If determined appropriate by the Corporation, relying on advice
of legal counsel, to give effect to or to evidence the provisions of this subsection 1(f)(iv), the Corporation, its successor,
or such purchasing body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously
with any such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance, enter
into an agreement or certificate which shall provide, to the extent possible, for the application of the provisions set forth in
this Certificate with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in
this Certificate shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares,
other securities or property to which the Holder is entitled on the exercise of its acquisition rights thereafter. Any agreement
or certificate entered into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership,
trust or other entity and the Holder shall provide for adjustments which shall be as nearly equivalent as may be practicable to
the adjustments provided in this subsection 1(f) and which shall apply to successive reclassifications, capital reorganizations,
amalgamations, consolidations, mergers, sales or conveyances arrangements.

 

     

     

    

 

		(v)	In any case in which this subsection 1(f) shall require that an adjustment shall become effective
immediately after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such event,
issuing to the Holder of any Warrant exercised after the record date and prior to completion of such event the additional Shares
issuable by reason of the adjustment required by such event before giving effect to such adjustment; provided, however, that the
Corporation shall deliver to the Holder an appropriate instrument evidencing the Holder’s right to receive such additional
Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional
Shares declared in favour of holders of record of Shares on and after the relevant date of exercise or such later date as the Holder
would, but for the provisions of this subsection 1(f)(vi), have become the holder of record of such additional Shares pursuant
to this subsection 1(f).

 

		(vi)	In any case in which subsection 1(f)(i)(C), subsection 1(f)(ii) or subsection 1(f)(iii) require
that an adjustment be made to the Exercise Price, no such adjustment shall be made if the Holder of the outstanding Warrants receives,
subject to any required stock exchange or regulatory approval, the rights or warrants referred to in subsection 1(f)(i)(C), subsection
1(f)(ii) or the shares, rights, options, warrants, evidences of indebtedness or assets referred to in subsection 1(f)(iii),
as the case may be, in such kind and number as they would have received if they had been holders of Shares on the applicable record
date or effective date, as the case may be, by virtue of their outstanding Warrants having then been exercised into Shares at the
Exercise Price in effect on the applicable record date or effective date, as the case may be.

 

		(vii)	The adjustments provided for in this subsection 1(f) are cumulative, and shall, in the case
of adjustments to the Exercise Price be computed to the nearest whole cent and shall apply to successive subdivisions, re-divisions,
reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions
of this subsection 1(f), provided that, notwithstanding any other provision of this Section, no adjustment of the Exercise Price
shall be required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price then in effect
or the number of Shares issuable upon the exercise of a Warrant by at least one one-hundredth of a Share; provided, however, that
any adjustments which by reason of this subsection 1(f)(viii) are not required to be made shall be carried forward and taken
into account in any subsequent adjustment.

 

		(viii)	After any adjustment pursuant to this subsection 1(f), the term “Shares”, where used
in this Certificate, shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and
all prior adjustments pursuant to this subsection 1(f), the Holder is entitled to receive upon the exercise of Warrants, and the
number of Shares indicated by any exercise made pursuant to a Warrant shall be interpreted to mean the number of Shares or other
property or securities the Holder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to
this subsection 1(f), upon the full exercise of a Warrant.

 

     

     

    

 

		(ix)	All Shares or shares of any class or other securities, which the Holder is at the time in question
entitled to receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this subsection
1(f), shall, for the purposes of the interpretation of this Certificate, be deemed to be Shares which such Holder is entitled to
acquire pursuant to such Warrant.

 

		(x)	Notwithstanding anything in this subsection 1(f), no adjustment shall be made in the acquisition
rights attached to the Warrants if the issue of Shares is being made pursuant to this Certificate or in connection with (a) any
share incentive plan or restricted share unit plan or share purchase plan in force from time to time for directors, officers, employees,
consultants or other service providers of the Corporation; or (b) the satisfaction of existing instruments issued as of the
date hereof.

 

		(xi)	As a condition precedent to the taking of any action which would require an adjustment in any of
the acquisition rights pursuant to any of the Warrants, including the number of Shares which are to be received upon the exercise
thereof, the Corporation shall take any action which may, in the opinion of legal counsel, be necessary in order that the Corporation
has unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the
Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions
hereof.

 

		(xii)	The Corporation shall from time to time immediately after the occurrence of any event which requires
an adjustment or readjustment as provided in subsection 1(f), deliver a certificate of the Corporation to the Holder specifying
the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth
in reasonable detail the method of calculation and the facts upon which such calculation is based.

 

		(xiii)	The Corporation covenants to and in favour of the Holder that so long as this Warrant remains outstanding,
it will give notice to the Holder of the effective date or of its intention to fix a record date for any event referred to in this
subsection 1(f) whether or not such action would give rise to an adjustment in the Exercise Price or the number and type of
securities issuable upon the exercise of the Warrants, and, in each case, such notice shall specify the particulars of such event
and the record date and the effective date for such event; provided that the Corporation shall only be required to specify in such
notice such particulars of such event as have been fixed and determined on the date on which such notice is given. Such notice
shall be given not less than 14 days in each case prior to such applicable record date or effective date.

 

		(xiv)	The Corporation covenants with the Holder that it will not close its transfer books or take any
other corporate action which might deprive the Holder of the opportunity to exercise its right of acquisition hereunder during
the period of 10 business days after the giving of the certificate set forth in subsection 1(f)(xiii).

 

		(xv)	If the Corporation, after the date hereof, shall take any action affecting the Shares other than
action described in subsection 1(f), which in the reasonable opinion of the directors of the Corporation would materially affect
the rights of the Holder, the Exercise Price and/or the Exchange Rate, the number of Shares which may be acquired upon exercise
of the Warrants shall be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith,
in their sole discretion as they may determine to be equitable to the Holder in the circumstances, provided that no such adjustment
will be made unless any requisite prior approval of any stock exchange on which the Shares are listed for trading has been obtained.

 

     

     

    

 

		(xvi)	No adjustments shall be made pursuant to this subsection 1(f) if the Holder is entitled to
participate in any event described in this subsection 1(f) on the same terms, mutatis mutandis, as if the Holder had
exercised their Warrants prior to, or on the effective date or record date of, such event.

 

		(xvii)	If at any time a question or dispute arises with respect to adjustments provided for in this subsection
1(f), such question or dispute will be conclusively determined by the auditor of the Corporation or, if they are unable or unwilling
to act, by such other firm of independent chartered accountants as may be selected by action of the directors of the Corporation
and any such determination, subject to regulatory approval and absent manifest error, will be binding upon the Corporation and
the Holder. The Corporation will provide such auditor or chartered accountant with access to all necessary records of the Corporation.

 

(g)          Shares
to be Reserved. The Corporation will at all times keep available and reserve out of its authorized Shares, solely for the purpose
of issuing upon the exercise of the Warrants, such number of Shares as shall then be issuable upon the exercise of the Warrants.
The Corporation covenants and agrees that all such Shares which shall be so issuable will, upon issuance and receipt of the Exercise
Price therefor, be duly authorized and issued as fully paid and non-assessable. The Corporation will take all such actions as may
be necessary to ensure that all such Shares may be so issued without violation of any applicable requirements of any exchange upon
which the Shares may be listed or in respect of which the Shares are qualified for unlisted trading privileges. The Corporation
will take all such actions as are within its power to ensure that all such Shares may be so issued without violation of any applicable
law.

 

(h)          Issue
Tax. Upon the exercise of Warrants, the issuance of certificates, if any, for the Shares and the issuance of Certificates for
any unexercised Warrants shall be made without charge to the Holder, including for any issuance tax in respect thereto, provided
that the Corporation shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance
and delivery of any such certificate(s) in a name other than that of the Holder.

 

(i)           Listing.
The Corporation will, at its expense and as expeditiously as possible, use its reasonable commercial efforts to cause all Shares
issuable upon the exercise of the Warrants to be duly listed on the Canadian Securities Exchange and/or any other stock exchange
upon which the Shares may be then listed prior to the issuance of such Shares.

 

(j)           Current
Market Price. For the purposes of any computation hereunder, the “Current Market Price” at any date shall
be the volume weighted average trading price per Share for the 20 consecutive trading days ending five trading days prior to the
relevant date on the most senior stock exchange in Canada on which the Shares may then be listed and on which there is the greatest
volume of trading of the Shares for such 20 day period, or, if the Shares or any other security in respect of which a determination
of Current Market Price is being made are not listed on any stock exchange, which includes the Canadian Securities Exchange, the
Current Market Price shall be determined in good faith by the directors of the Corporation, which determination shall be conclusive,
absent fraud or manifest error. The volume weighted average trading price shall be determined by dividing the aggregate sale price
of all such Shares sold on the said exchange during the said 20 consecutive trading days by the total number of such Shares so
sold.

 

     

     

    

 

2.            Transfer
of Warrants. No transfer of the Warrants represented by this Certificate shall be effective unless this Certificate is
accompanied by a duly executed transfer form in substantially the form attached hereto as Schedule 2 (the “Transfer
Form”) or such other instrument of transfer in such form as the Corporation may from time to time prescribe and delivered
to the Corporation. The Warrants may be offered, sold, pledged or otherwise transferred only: (A) to the Corporation, (B) pursuant
to an effective registration statement under the U.S. Securities Act, (C) in accordance with Rule 144A under the U.S.
Securities Act, if available, and in compliance with applicable state securities laws, (D) outside the United States in accordance
with the provisions of Rule 904 of Regulation S under the U.S. Securities Act, if available, or (E) in a transaction
that does not otherwise require registration under the U.S. Securities Act or any applicable state securities laws. Provided, that
if any of the Warrants are being sold in accordance with Rule 904 of Regulation S under the U.S. Securities Act, the legend
may be removed by providing a declaration to the registrar and transfer agent, together with any other evidence, which may include
an opinion of counsel of recognized standing reasonably satisfactory to the Corporation, to the effect that the legend is no longer
required under applicable requirements of the U.S. Securities Act; provided further, that if any of Warrants, are being sold pursuant
to Rule 144 of the U.S. Securities Act, if available, the legend may be removed by delivering to the Corporation and the Corporation’s
transfer agent an opinion of counsel of recognized standing in form and substance satisfactory to the Corporation, to the effect
that the legend is no longer required under applicable requirements of the U.S. Securities Act. No transfer of the Warrants represented
by this Certificate shall be made if in the opinion of counsel to the Corporation such transfer would result in the violation of
any applicable securities laws. Subject to the foregoing, the Corporation shall issue and mail as soon as practicable, and in any
event within five business days of such delivery, a new Certificate registered in the name of the transferee or as the transferee
may direct and shall take all other necessary actions to effect the transfer as directed. Upon the transfer of any Warrant, the
Corporation shall enter the name of the transferee in the register as the registered holder of such transferred Warrants.

 

3.            U.S.
Registration.

 

		(a)	Neither the Warrants represented by this Certificate nor the Shares issuable upon exercise hereof
have been or will be registered under the U.S. Securities Act nor under the securities laws of any state of the United States.
The Warrants represented by this Certificate may only be exercised by or on behalf of a holder who, at the time of exercise, either:

 

		(i)	(A)	is not, and is not exercising the Warrant for the account or benefit of, a U.S. person or a person in the United States;

 

		(B)	did not execute or deliver the exercise form while in the United States;

 

		(C)	delivery of the Shares will not be to an address in the United States; and

 

		(D)	has in all other respects complied with the terms of Regulation S of the U.S. Securities Act; or

 

		(ii)	is the original subscriber for the Warrants, on its own behalf or on behalf of the original beneficial
purchaser (if any), it and such beneficial purchaser (if any) are “accredited investors” that satisfy one or more of
the criteria set forth in Rule 501(a) of Regulation D under the U.S. Securities Act, it delivered a U.S. Accredited Investor
Certificate to the Corporation in connection with the subscription for securities pursuant to which the Warrants were acquired,
and the representations, warranties and covenants made by the undersigned therein are true and correct on the date of exercise
of the Warrants in respect to the exercise of the Warrants and it represents to the Corporation as such; or

 

     

     

    

 

		(iii)	is tendering with the exercise form a written opinion of counsel of recognized standing in form
and substance reasonably satisfactory to the Corporation to the effect that the Shares to be delivered upon exercise of the Warrants
have been registered under the U.S. Securities Act and all applicable state securities laws of the United States or are exempt
from such registration requirements.

 

“U.S. person” and “United
States” are as defined in Regulation S under the U.S. Securities Act.

 

		(b)	All certificates representing Shares issued to persons who exercise the Warrants pursuant to subparagraphs
3(a)(ii) or 3(a)(iii) above on the exercise of the rights represented by this Certificate will, unless such Shares are
registered under the U.S. Securities Act and the securities laws of all applicable states of the United States bear the following
legend:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES
ACT”) OR U.S. STATE SECURITIES LAWS. BY PURCHASING OR OTHERWISE HOLDING SUCH SECURITIES, THE HOLDER AGREES FOR THE BENEFIT
OF VIREO HEALTH INTERNATIONAL, INC.  (THE “CORPORATION”) THAT THESE SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION; OR (B) OUTSIDE THE UNITED
STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE
LOCAL LAWS AND REGULATIONS; OR (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES
ACT PROVIDED BY (I) RULE 144 OR (II) RULE 144A THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS; OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS; OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, PROVIDED
THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(I) OR (D) ABOVE, THE HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED
TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION.
DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES
IN CANADA.”

 

provided, that if the Shares
are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S, the legend set forth
above may be removed by providing an executed declaration to the registrar and transfer agent of the Corporation and to the Corporation,
in such form as the Corporation may prescribe from time to time and, if requested by the Corporation or the registrar and transfer
agent, an opinion of counsel of recognized standing in form and substance satisfactory to the Corporation and the registrar and
transfer agent to the effect that such sale is being made in compliance with Rule 904 of Regulation S;

 

provided further, that if
any of the Shares are being sold pursuant to Rule 144 under the U.S. Securities Act and in compliance with any applicable
state securities laws, the legend may be removed by delivery to the Corporation’s registrar and transfer agent of an opinion
satisfactory to the Corporation and its registrar and transfer agent to the effect that the legend is no longer required under
applicable requirements of the U.S. Securities Act or applicable state securities laws.

 

     

     

    

 

4.            Replacement.
Upon receipt of evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Certificate
and, if requested by the Corporation, upon delivery of a bond of indemnity satisfactory to the Corporation (or, in the case of
mutilation, upon surrender of this Certificate), the Corporation will issue to the Holder a replacement Certificate (containing
the same terms and conditions as this Certificate), without expense to Holder.

 

5.            Expiry
Date. The Warrants represented by this Certificate shall expire and all rights to purchase Shares hereunder shall
cease and become null and void at 5:00 p.m. (Toronto time) on ●, 2023.

 

6.            Successor
Corporations.

 

		(a)	The Corporation shall not enter into any transaction whereby all or substantially all of its undertaking,
property and assets would become the property of any other corporation (herein called a “successor corporation”)
whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise,
unless prior to or contemporaneously with the consummation of such transaction the Corporation and the successor corporation shall
have executed such instruments and done such things as the Corporation, acting reasonably, considers necessary or advisable to
establish that upon the consummation of such transaction:

 

		(i)	the successor corporation will have assumed all the covenants and obligations of the Corporation
under this Certificate; and

 

		(ii)	the Warrants and the terms set forth in this Certificate will be a valid and binding obligation
of the successor corporation entitling the Holder, as against the successor corporation, to all the rights of the Holder under
this Certificate.

 

		(b)	Whenever the conditions of subsection 6(a) shall have been duly observed and performed, the
successor corporation shall possess, and from time to time may exercise, each and every right and power of the Corporation under
this Certificate in the name of the Corporation or otherwise and any act or proceeding by any provision hereof required to be done
or performed by any director or officer of the Corporation may be done and performed with like force and effect by the like directors
or officers of the successor corporation.

 

     

     

    

 

7.            Covenants
and Compliance Obligations. So long as any Warrants remain outstanding the Corporation covenants that:

 

		(a)	it shall do or cause to be done all things necessary to preserve and maintain its corporate existence
and its status as a reporting issuer not in default in the Provinces of British Columbia, Alberta and Ontario; and

 

		(b)	if the issuance of the Shares upon the exercise of the Warrants requires any filing or registration
with or approval of any Canadian securities regulatory authority or other Canadian governmental authority or compliance with any
other requirement under any Canadian law before such Shares may be validly issued, the Corporation agrees to take such actions
as may be necessary to secure such filing, registration, approval or compliance, as the case may be.

 

8.            Governing
Law. The laws of the Province of Ontario and the federal laws of Canada applicable therein shall govern the Warrants.

 

9.            Successors.
This Certificate shall inure to the benefit of the Holder and its successors or assigns and shall be binding on the Corporation
and its successors.

 

10.          General.
All amounts of money referred to in this Certificate are expressed in lawful money of Canada.

 

     

     

    

 

IN WITNESS WHEREOF
the Corporation has caused this Certificate to be signed by a duly authorized officer.

 

DATED as of _______________________________,
2020.

 

	 	VIREO HEALTH INTERNATIONAL, INC.
	 	 
	 	 
	 	Per:	
	 	 	Authorized Signing Officer

 

     

     

    

 

Schedule 1

 

Election to Purchase

 

TO:         Vireo Health International, Inc.

 

The undersigned hereby
irrevocably elects to exercise the number of Warrants of Vireo Health International, Inc. for the number of Shares (or other
property or securities subject thereto) as set forth below:

 

Payment of Exercise Price

 

(a)          Number
of Warrants to be Exercised:                            #____________

 

(b)          Number
of Shares to be Acquired:          #____________

 

(c)          Exercise
Price per Share:                         $____________

 

(d)          Aggregate
Purchase Price [(b) multiplied by (c)]          $____________

 

and hereby tenders a certified cheque,
bank draft or cash for such aggregate purchase price, and directs such Shares to be registered and a certificate therefor, if applicable,
to be issued as directed below.

 

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

 

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

 

		 ̈	(B)         the undersigned holder is the original purchaser of the Warrants and (a) purchased
the Warrants directly from the Corporation pursuant to the terms and conditions of the Offering; (b) is exercising the Warrants
solely for its own account or for the account of the original beneficial owner, if any; (c) each of it and any beneficial
owner was on the date the Warrants were purchased from the Corporation, and is on the date of exercise of the Warrants, an “accredited
investor” within the meaning of Rule 501(a) under the U.S. Securities Act; and (d) all the representations,
warranties and covenants agreed upon or made by the Holder during the purchase of the Warrants from the Corporation continue to
be true and correct as if duly executed as of the date hereof; OR

 

     

     

    

 

	 	 ̈	(C)         the
undersigned holder

 

		(i)	is (1) present in the United States, (2) a U.S. Person, (3) a person exercising
the Warrants for the account or benefit of a U.S. Person or a person in the United States, or (4) requesting delivery in the
United States of the Shares issuable upon such exercise, and

 

		(ii)	the undersigned holder has an exemption from the registration requirements of the U.S. Securities
Act and all applicable state securities laws available for the exercise of the Warrants, and has delivered to the Corporation a
written opinion of U.S. counsel, in form and substance reasonably satisfactory to the Corporation, or such other evidence reasonably
satisfactory to the Corporation to that effect.

 

The undersigned holder understands that
unless Box A above is checked, the certificate representing the Shares will be issued in definitive physical certificated form
and bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws
unless an exemption from registration is available (as described in the Warrant Certificate and the subscription documents). If
Box B above is checked, holders are encouraged to consult with the Corporation in advance to determine that the legal opinion tendered
in connection with the exercise will be satisfactory in form and substance to the Corporation. “U.S. Person”
and “United States” are as defined under Regulation S under the U.S. Securities Act.

 

If Box B or Box C is checked, any certificate
representing the Shares issuable upon exercise of these Warrants will bear an applicable United States restrictive legend.

 

The undersigned hereby acknowledges that
the undersigned is aware that the Shares received on exercise may be subject to restrictions on resale under applicable securities
legislation. The undersigned hereby further acknowledges that the Corporation will rely upon the confirmations, acknowledgements
and agreements set forth herein, and agrees to notify the Corporation promptly in writing if any of the representations or warranties
herein ceases to be accurate or complete.

 

[Remainder of page intentionally
left blank. Signature page follows.]

 

DATED this ______ day
of ____________, 20__.

 

●

 

	Per:	 	 	Address of Registered Holder:
	 	 	 
	 	 	 
	Name of Registered Holder:	 	 
	 	 	 
	 	 	 

 

     

     

    

 

Schedule 2

 

Transfer Form

 

TO:       Vireo Health International, Inc.
(the “Corporation”)

 

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

 

 

	

	(Transferee)
	 
	 
	

	(Address)

 

_________of the Warrants registered
in the name of the undersigned transferor represented by the attached Certificate.

 

In the case of a warrant certificate that
contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following
must be checked):

 

(A)            the
transfer is being made only to the Corporation; or

 

(B)            the
transfer is being made outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act,
and in compliance with any applicable local securities laws and regulations and the undersigned has furnished to the Corporation
an opinion of counsel of recognized standing or other evidence of exemption, in either case in form and substance reasonably satisfactory
to the Corporation to such effect; or

 

(C)            the
transfer is being made within the United States or to, or for the account or benefit of, U.S. Persons, in accordance with a transaction
that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has
furnished to the Corporation an opinion of counsel of recognized standing or other evidence of exemption, in either case in form
and substance reasonably satisfactory to the Corporation to such effect.

 

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

 

 ̈         If
transfer is to a U.S. Person, check this box.

 

 

DATED this                   
day of                         
,             .

 

     

     

    

 

	 	Signature of Registered Holder	 
	 	(Transferor)	 
	 	 	 
	 	 	 
	 	Print name of Registered Holder	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Address	 

 

NOTE: The signature on this transfer
form must correspond with the name as recorded on the face of the Certificate in every particular without alteration or enlargement
or any change whatsoever or this transfer form must be signed by a duly authorized trustee, executor, administrator, curator, guardian,
attorney of the Holder or a duly authorized signing officer in the case of a corporation. If this transfer form is signed by any
of the foregoing, or any person acting in a fiduciary or representative capacity, the Certificate must be accompanied by evidence
of authority to sign.

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