Document:

Exhibit 10.7

 

[*]
Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

 

 

 

RESTRUCTURING
SUPPORT AGREEMENT

 

Made
as of July 10, 2020

 

Among

 

IANTHUS
CAPITAL HOLDINGS, INC.

(“iAnthus” or the “Company”) and

 

EACH
OF THE SUBSIDIARIES LISTED ON SCHEDULE A HERETO

(collectively, the “Subsidiaries” and each a “Subsidiary”)

 

and

 

EACH
OF THE OTHER SIGNATORIES TO THIS SUPPORT AGREEMENT THAT IS A LENDER

 

and

 

EACH
OF THE OTHER SIGNATORIES TO THIS SUPPORT AGREEMENT THAT IS A CONSENTING DEBENTURE HOLDER

 

and

 

EACH
OF THE OTHER SIGNATORIES TO THIS SUPPORT AGREEMENT BY JOINDER AGREEMENT

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	RECITALS	 
	 	 
	Section
    1.1 Recapitalization Transaction	2
	 	 
	Section
    1.2 Representations and Warranties of the Consenting Debenture Holders	2
	 	 
	Section
    1.3 Representations and Warranties of the Lenders	5
	 	 
	Section
    1.4 Representations and Warranties of the iAnthus Parties	8
	 	 
	Section
    1.5 Consenting Debenture Holders’ Covenants and Agreements	11
	 	 
	Section
    1.6 Lenders’ Covenants and Agreements	14
	 	 
	Section
    1.7 iAnthus Parties’ Covenants and Agreements	17
	 	 
	Section
    1.8 Interim Financing	22
	 	 
	Section
    1.9 Negotiation of Documents	24
	 	 
	Section
    1.10 Alternative Implementation Process	25
	 	 
	Section
    1.11 Conditions to the Consenting Debenture Holders’ Support Obligations	25
	 	 
	Section
    1.12 Conditions to the Lenders’ Support Obligations	27
	 	 
	Section
    1.13 Conditions to the iAnthus Parties’ Support Obligations	28
	 	 
	Section
    1.14 Conditions to the Recapitalization Transaction	29
	 	 
	Section
    1.15 Releases	34
	 	 
	Section
    1.16 Termination	34
	 	 
	Section
    1.17 Effect of Termination	39
	 	 
	Section
    1.18 Reaffirmation	40
	 	 
	Section
    1.19 Further Assurances	40
	 	 
	Section
    1.20 Public Announcements	40
	 	 
	Section
    1.21 Lender Consents	40
	 	 
	Section
    1.22 Miscellaneous	41
	 	 
	Schedule A – Subsidiaries	A – 1
	 	 
	Schedule B – Definitions	B – 1
	 	 
	Schedule C – Term Sheet	C – 1
	 	 
	Schedule D – Joinder Agreement	D – 1
	 	 
	Schedule E – CCAA Proceedings Terms And Timeline	E – 1
	 	 
	Schedule F – Form of Drawdown Request	F – 1
	 	 
	Schedule G – Amended Secured Debenture Purchase Agreement	G – 1
	 	 
	Schedule H – Interim Financing Budget	H – 1

 

    (i)

     

    

 

RESTRUCTURING
SUPPORT AGREEMENT

 

This
Support Agreement is made as of July 10, 2020 among

 

IANTHUS
CAPITAL HOLDINGS, INC.

(“iAnthus” or the “Company”)

 

and

 

EACH
OF THE SUBSIDIARIES LISTED ON SCHEDULE A HERETO

(collectively, the “Subsidiaries” and each a “Subsidiary”)

 

and

 

EACH
OF THE OTHER SIGNATORIES TO THIS SUPPORT AGREEMENT THAT IS A LENDER

 

and

 

EACH
OF THE OTHER SIGNATORIES TO THIS SUPPORT AGREEMENT THAT IS A CONSENTING DEBENTURE HOLDER

 

and

 

EACH
OF THE OTHER SIGNATORIES TO THIS SUPPORT AGREEMENT BY JOINDER AGREEMENT

 

RECITALS

A. This
restructuring support agreement (the “Support Agreement”) sets out the agreement among (i) iAnthus, (ii) the
Subsidiaries, (iii) each of the other signatories to this Support Agreement that is a Lender (as defined herein), (iv) each
of the other signatories to this Support Agreement that is a Consenting Debenture Holder (as defined herein), and (v) a party
by Joinder Agreement (as defined herein), regarding a recapitalization transaction (the “Recapitalization Transaction”)
in respect of the Company and the Subsidiaries (iAnthus and the Subsidiaries, the “iAnthus Parties” and each
an “iAnthus Party”), as more fully described in the recapitalization term sheet attached as Schedule C (the
“Term Sheet”, with the terms of the Recapitalization Transaction set out therein and herein being, collectively,
the “Recapitalization Transaction Terms”), which Recapitalization Transaction Terms are to form the basis of
the Recapitalization Transaction to be implemented pursuant to (i) a plan of arrangement (the “Plan”)
to be filed by the Company in proceedings to be commenced under the British Columbia Business Corporations Act (the “BCBCA”
and, such proceedings, the “Arrangement Proceedings”) before the Court (as defined herein), or alternatively
(ii) the CCAA Plan (as defined herein) pursuant to a CCAA Proceeding (as defined herein) in accordance with the terms of this
Support Agreement, before the Court.

 

     

     

    

 

B. Capitalized
terms used but not otherwise defined in the main body of this Support Agreement have the meanings given to them in Schedule B.

 

FOR
VALUE RECEIVED, the parties agree as follows:

 

Section
1.1 Recapitalization Transaction

 

The Recapitalization Transaction Terms
as agreed among the Parties are set forth in this Support Agreement and the Term Sheet, which Term Sheet is incorporated herein
and made a part of this Support Agreement. In the case of a conflict between the provisions contained in the main body of this
Support Agreement and the Term Sheet, the provisions of the main body of this Support Agreement shall govern. In the case of a
conflict between the provisions contained in this Support Agreement or the Term Sheet and the Plan, the terms of the Plan shall
govern.

 

Section
1.2 Representations and Warranties of the Consenting Debenture Holders

 

Each Consenting Debenture Holder, severally
and not jointly, hereby represents and warrants to each Lender and each iAnthus Party (and acknowledges that each Lender and each
iAnthus Party is relying on such representations and warranties) that:

 

		(a)	except as otherwise disclosed by such Consenting Debenture Holder to each Lender and the Company
in writing on or prior to the date of this Support Agreement, it is either the sole beneficial owner of, or has the sole voting
and investment discretion over:

 

		(i)	2023 Debentures in the aggregate principal amount(s) set forth on its signature page to this Support
Agreement (collectively, the “Relevant Unsecured Debt”), together with all obligations owing in respect of the
Relevant Unsecured Debt, including accrued and unpaid interest and any other amount that such Consenting Debenture Holder is entitled
to claim in respect of the Relevant Unsecured Debt pursuant to the Unsecured Debt Documents or otherwise, and no other Unsecured
Debt (except as set forth herein); and

 

		(ii)	(ii)that number of Common Shares set forth on its signature page to this Support Agreement
(the “Debenture Holder Relevant Shares”), and no other Existing Shares (except as set forth herein);

 

		(b)	it has the authority to vote or direct the voting of its Relevant Unsecured Debt and Debenture
Holder Relevant Shares in the Arrangement Proceedings or the CCAA Proceeding;

 

		(c)	it: (i) is a sophisticated party with sufficient knowledge and experience to evaluate properly
the terms and conditions of this Support Agreement; (ii) has conducted its own analysis and made its own decision to enter
into this Support Agreement; (iii) has obtained such independent advice in this regard as it deemed appropriate; and (iv) has
not relied in such analysis or decision on any Person other than its own independent advisors;

 

    2

     

    

 

		(d)	this Support Agreement has been duly authorized, executed and delivered by it, and, assuming the
due authorization, execution and delivery by the other Parties, this Support Agreement constitutes the legal, valid and binding
obligation of such Consenting Debenture Holder, enforceable against such Consenting Debenture Holder in accordance with its terms,
subject to laws of general application and bankruptcy, insolvency and other similar laws affecting creditors’ rights generally
and general principles of equity;

 

		(e)	it is duly organized, validly existing, and in good standing under the laws of the jurisdiction
of its organization and has all approvals necessary to execute and deliver this Support Agreement and to perform its obligations
hereunder;

 

		(f)	the execution and delivery of this Support Agreement by it and the completion by it of the Recapitalization
Transactions contemplated herein do not and will not violate or conflict with any judgment, order, notice, decree, statute, law,
ordinance, rule or regulation applicable to such Consenting Debenture Holder or any of its properties or assets;

 

		(g)	except as contemplated by this Support Agreement or otherwise disclosed by such Consenting Debenture
Holder to the Company in writing on or prior to the date of this Support Agreement, it has not deposited any of its Relevant Unsecured
Debt or Debenture Holder Relevant Shares into a voting trust, or granted (or permitted to be granted) any proxies or powers of
attorney or attorney in fact, or entered into a voting agreement, understanding or arrangement, with respect to the voting of its
Relevant Unsecured Debt or Debenture Holder Relevant Shares, or caused any of its Relevant Unsecured Debt or Debenture Holder Relevant
Shares, where such trust, grant, agreement, understanding, arrangement, lien, charge, encumbrance or similar restriction would
reasonably be expected to restrict in any material manner the ability of such Consenting Debenture Holder to comply with its obligations
under this Support Agreement, including the obligations in Section 1.5; and

 

		(h)	it is:

 

		(i)	an “accredited investor” as defined in Rule 501(a) of Regulation D, or

 

		(ii)	a “qualified institutional buyer” as defined under Rule 144A of the 1933 Act,
or

 

		(iii)	it was outside the United States when it received the offer of the Transaction Securities, and
at the time it executed and delivered this Agreement, and it is not acting for the account or benefit of a U.S. Person or a person
in the United States;

 

    3

     

    

 

		(i)	it acknowledges and agrees that:

 

		(i)	iAnthus is currently subject to a cease trade order (the “Cease Trade Order”)
issued by the Ontario Securities Commission on June 22, 2020 for failure to file certain financial statements and related
periodic disclosure. As a result of the Cease Trade Order, pursuant to Multilateral Instrument 11-103 – Failure-to-File
Cease Trade Orders and Revocations in Multiple Jurisdictions, a person or company must not trade in or purchase a security of iAnthus
except in accordance with the conditions that are contained in the Cease Trade Order, for so long as the Cease Trade Order remains
in effect;

 

		(ii)	none of the Transaction Securities have been or will be registered or qualified under the 1933
Act or any applicable securities laws of any jurisdiction by reason of a specific exemption from such registration or qualification
provisions, the availability of which depends on, among other things, the bona fide nature of the investment intent and the accuracy
of such Party’s representations as expressed herein or otherwise made pursuant hereto;

 

		(iii)	the Transaction Securities are “restricted securities” as defined in Rule 144(a)(3)
under the 1933 Act and subject to applicable resale restrictions under Canadian Securities Laws that, pursuant to these laws, the
Party acquiring such Transaction Securities must hold them indefinitely unless they are registered with the United States Securities
and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements
and any applicable Canadian prospectus requirements is available, and if such an exemption is available, it may be conditioned
on, among other things, the time and manner of sale, the holding period for the Transaction Securities, information requirements
or affiliate restrictions, and there can be no assurances that such requirements can be satisfied;

 

		(iv)	no public market now exists for certain of the Transaction Securities and there can be no assurances
that a public market will ever exist;

 

		(v)	iAnthus has determined that it ceased to qualify as a Foreign Private Issuer as of June 28, 2019
(being the last business day of the second fiscal quarter of the fiscal year ended December 31, 2019), and ceased to be eligible
to rely on the rules and forms available to Foreign Private Issuers after December 31, 2019;

 

		(vi)	Rule 905 of Regulation S provides in substance that any “restricted securities” that
are equity securities of a U.S. Domestic Issuer, including an issuer that, like iAnthus, has ceased to be eligible to rely on the
rules and forms available to Foreign Private Issuers, will continue to be deemed to be restricted securities notwithstanding that
they were acquired in a resale transaction pursuant to Rule 901 or 904 of Regulation S, and, as interpreted by Staff at the SEC,
Rule 905 applies to equity securities that, at the time of issuance were those of a U.S. Domestic Issuer; and

 

		(vii)	the Transaction Securities and any securities issued in respect of or in
exchange for such securities may be notated with the following or a substantially similar legends, together with any other legend
pursuant to applicable securities laws of any other state or jurisdiction:

 

    4

     

    

 

“THE SECURITIES REPRESENTED
HEREBY 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, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS,
OR PURSUANT TO AN EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS. [If the Transaction Securities are being issued in an offshore transaction pursuant to Rule 903 of Regulation S,
add: FURTHERMORE, THE SECURITIES REPRESENTED HEREBY CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE
CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES ACT.]”;

 

Section
1.3 Representations and Warranties of the Lenders

 

Each Lender, severally and not jointly,
hereby represents and warrants to each Consenting Debenture Holder and each iAnthus Party (and acknowledges that each Consenting
Debenture Holder and each iAnthus Party is relying on such representations and warranties) that:

 

		(a)	except as otherwise disclosed by such Lender to each Consenting Debenture Holder and the Company
in writing on or prior to the date of this Support Agreement, as of the date hereof it is the registered holder of:

 

		(i)	Secured Debentures in the aggregate principal amount(s) set forth on its signature page to this
Support Agreement (collectively, the “Relevant Secured Debt”), and no other Secured Debentures (except as set
forth herein or as contemplated in the Amended Secured Debenture Purchase Agreement); and

 

		(ii)	that number of outstanding Common Shares set forth on its signature page to this Support Agreement
(the “Lender Relevant Shares”), and no other outstanding Common Shares (except as set forth herein);

 

    5

     

    

 

		(b)	it has, or it has given Gotham Green Admin 1, LLC, the authority to vote or direct the voting of
the Relevant Secured Debt and the Lender Relevant Shares in the Arrangement Proceedings or the CCAA Proceeding;

 

		(c)	it: (i) is a sophisticated party with sufficient knowledge and experience to evaluate properly
the terms and conditions of this Support Agreement; (ii) has conducted its own analysis and made its own decision to enter
into this Support Agreement; (iii) has obtained such independent advice in this regard as it deemed appropriate; and (iv) has
not relied in such analysis or decision on any Person other than its own independent advisors;

 

		(d)	this Support Agreement has been duly authorized, executed and delivered by it, and, assuming the
due authorization, execution and delivery by the other Parties, this Support Agreement constitutes the legal, valid and binding
obligation of such Lender, enforceable against such Lender in accordance with its terms, subject to laws of general application
and bankruptcy, insolvency and other similar laws affecting creditors’ rights generally and general principles of equity;

 

		(e)	it is duly organized, validly existing, and in good standing under the laws of the jurisdiction
of its organization and has all approvals necessary to execute and deliver this Support Agreement and to perform its obligations
hereunder;

 

		(f)	the execution and delivery of this Support Agreement by it and the completion by it of the Recapitalization
Transactions contemplated herein do not and will not violate or conflict with any judgment, order, notice, decree, statute, law,
ordinance, rule or regulation applicable to such Lender or any of its properties or assets;

 

		(g)	it is:

 

		(i)	an “accredited investor” as defined in Rule 501(a) of Regulation D, or

 

		(ii)	it was outside the United States when it received the offer of the Transaction Securities, and
at the time it executed and delivered this Agreement, and it is not acting for the account or benefit of a U.S. person or
a person in the United States;

 

		(h)	it acknowledges and agrees that:

 

		(i)	none of the Transaction Securities have been or will be registered or qualified under the 1933
Act or any applicable securities laws of any jurisdiction by reason of a specific exemption from such registration or qualification
provisions, the availability of which depends on, among other things, the bona fide nature of the investment intent and the accuracy
of such Party’s representations as expressed herein or otherwise made pursuant hereto;

 

    6

     

    

 

		(ii)	the Transaction Securities are “restricted securities” as defined in Rule 144(a)(3)
under the 1933 Act and subject to applicable resale restrictions under Canadian Securities Laws that, pursuant to these laws, the
Party acquiring such Transaction Securities must hold them indefinitely unless they are registered with the United States Securities
and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements
and any applicable Canadian prospectus requirements is available, and if such an exemption is available, it may be conditioned
on, among other things, the time and manner of sale, the holding period for the Transaction Securities, information requirements
or affiliate restrictions, and there can be no assurances that such requirements can be satisfied;

 

		(iii)	no public market now exists for certain of the Transaction Securities and there can be no assurances
that a public market will ever exist;

 

		(iv)	iAnthus has determined that it ceased to qualify as a Foreign Private Issuer as of June 28, 2019
(being the last business day of the second fiscal quarter of the fiscal year ended December 31, 2019), and ceased to be eligible
to rely on the rules and forms available to Foreign Private Issuers after December 31, 2019;

 

		(v)	Rule 905 of Regulation S provides in substance that any “restricted securities” that
are equity securities of a U.S. Domestic Issuer, including an issuer that, like iAnthus, has ceased to be eligible to rely on the
rules and forms available to Foreign Private Issuers, will continue to be deemed to be restricted securities notwithstanding that
they were acquired in a resale transaction pursuant to Rule 901 or 904 of Regulation S, and, as interpreted by Staff at the SEC,
Rule 905 applies to equity securities that, at the time of issuance were those of a U.S. Domestic Issuer; and

 

		(vi)	the Transaction Securities and any securities issued in respect of or in exchange for such securities
may be notated with the following or a substantially similar legends, together with any other legend pursuant to applicable securities
laws of any other state or jurisdiction:

 

“THE SECURITIES REPRESENTED
HEREBY 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, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS,
OR PURSUANT TO AN EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
[If the Transaction Securities are being issued in an offshore transaction pursuant to Rule 903 of Regulation S, add: FURTHERMORE,
THE SECURITIES REPRESENTED HEREBY CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE
WITH THE U.S. SECURITIES ACT.]”;

 

    7

     

    

 

Section
1.4 Representations and Warranties of the iAnthus Parties

 

Each iAnthus Party (except if the representation
is explicitly applicable to the Company only) jointly and severally represents and warrants to each Lender and each Consenting
Debenture Holder (and each iAnthus Party acknowledges that each Lender and each Consenting Debenture Holder is relying upon such
representations and warranties) that:

 

		(a)	the board of directors of iAnthus and the boards of directors of each Subsidiary have (i) reviewed
the Term Sheet, the Recapitalization Transaction Terms, the Interim Financing and this Support Agreement, (ii) approved the
transactions contemplated by the Recapitalization Transaction and Term Sheet, and (iii) determined that such transactions
are in the best interest of the Company and each Subsidiary, as applicable;

 

		(b)	it: (i) is a sophisticated party with sufficient knowledge and experience to evaluate properly
the terms and conditions of this Support Agreement; (ii) has conducted its own analysis and made its own decision to enter
into this Support Agreement; (iii) has obtained such independent advice in this regard as it deemed appropriate; and (iv) has
not relied in such analysis or decision on any Person other than its own independent advisors;

 

		(c)	this Support Agreement has been duly authorized, executed and delivered by it, and, assuming the
due authorization, execution and delivery by each of the other Parties, this Support Agreement constitutes a legal, valid and binding
obligation of it, enforceable against it in accordance with its terms, subject to laws of general application and bankruptcy, insolvency
and other similar laws affecting creditors’ rights generally and general principles of equity;

 

		(d)	it is duly organized, validly existing, and in good standing with respect to filing annual reports
under the Laws of the jurisdiction of its incorporation or formation, as the case may be, and it has all requisite corporate power
and corporate capacity to enter into this Support Agreement and to perform its obligations hereunder and consummate the transactions
contemplated hereby;

 

		(e)	the execution and delivery of this Support Agreement by it and satisfaction of the obligations
hereunder, and the completion of the transactions contemplated herein do not and will not (i) subject to obtaining all requisite
approvals required pursuant to the Plan, violate or conflict in any material respect with any Law applicable to it or any of its
property or assets or (ii) result (with due notice or the passage of time or both) in a violation, conflict or breach of, or constitute
a default under, or require any consent to be obtained under its certificate of incorporation, articles, by-laws or other constating
documents;

 

    8

     

    

 

		(f)	all financial information that has been provided or made available to the Consenting Debenture
Holders and the Lenders, their affiliates or their respective Creditor Advisors by the Company or the Company’s financial
advisors, has been prepared in good faith and fairly reflects in all material respects as of the dates thereof, its financial condition
and the results of its operations;

 

		(g)	no litigation or proceeding is pending against it before any court, arbitrator, or administrative
or governmental body that would materially and adversely affect its ability to enter into this Support Agreement or perform its
obligations hereunder, except such actions that first require the Plan to be sanctioned;

 

		(h)	it is conducting its business in compliance with all applicable Laws in all material respects,
and neither it, nor any of the other specified entities has received any notice to the effect that, or otherwise has been advised
that, it, or any of the other specified entities is not in compliance with such Laws;

 

		(i)	no person has any written or oral agreement, option, understanding or commitment, or any right
or privilege capable of becoming such for the purchase, or other acquisition from it, of any of its material properties and assets,
other than (i) inventory to be sold in the ordinary course of business or pursuant to contractual wholesale arrangements,
or (ii) relating to the sale of the Non-Material Properties (as defined herein);

 

		(j)	except as otherwise disclosed by the Company to each Lender and to each Consenting Debenture Holder
in writing on or prior to the date of this Support Agreement, there are no “change of control” payments or similar
payments or compensation that would be payable to its senior officers or to any of its directors, officers or employees as a result
of the implementation of the transactions contemplated by this Support Agreement and the Plan;

 

		(k)	no event or circumstance has occurred which constitutes, or which with the giving of notice, lapse
of time, or both would constitute an event of default under any material contracts, to which it is a party, that would be reasonably
expected to result in a Material Adverse Change;

 

		(l)	neither the Recapitalization Transaction nor the Arrangement Proceedings will cause a material
default or event of default under any material contract now in effect that is expected to remain in effect upon the implementation
of the Plan in accordance with its terms (other than those defaults or events of default that are remedied, waived, stayed, extinguished,
or otherwise in any way rendered inoperative as part of the Arrangement Proceedings);

 

    9

     

    

 

		(m)	except as otherwise disclosed by the Company to each Lender and to each Consenting Debenture Holder
in writing on or prior to the date of this Support Agreement, it is not a party to any contract with any person that would give
rise to a valid claim against the Company, the Lenders or the Consenting Debenture Holders for a brokerage commission, finder’s
fee or like payment in connection with the Recapitalization Transaction;

 

		(n)	other than as set forth herein, the capital stock, limited liability company interests, partnership
interests or other equity ownership or profits interests, and any options, warrants, conversion privileges or rights of any kind
to acquire any capital stock, limited liability company interests, partnership interests or other equity, ownership or profits
interests (collectively, the “Equity Interests”) in each of the iAnthus Parties constitute 100% of the issued and outstanding
Equity Interests. The issued and outstanding Equity Interests have been duly authorized, validly issued, fully paid and are non-assessable.
Such Equity Interests are not subject to any voting trusts, proxies or other contracts or understandings with respect to voting
any of such Equity Interests;

 

		(o)	its properties are insured with financially sound and reputable insurance companies that are not
affiliates of any of the iAnthus Parties or any of the other specified entities, in such amounts, with such deductibles and covering
such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where
it operates;

 

		(p)	it has implemented and maintains in effect policies and procedures designed to ensure compliance
by it and its respective directors, officers, employees and agents and other persons acting on behalf of it with money laundering
Laws, anti-corruption Laws and applicable sanctions. It and its respective directors, officers, employees and agents and other
persons acting on behalf of it are in compliance with money laundering Laws, anti-corruption Laws and applicable sanctions. Neither
it nor its respective directors, officers, employees and agents and other persons acting on behalf of them is a sanctioned person;

 

		(q)	for the purposes of the Recapitalization Transaction, it is indebted to the Unsecured Debenture
Holders under the 2023 Debentures in the principal amount of US$60,000,000, plus accrued but unpaid interest and all other amounts
(including fees, costs and expenses); and

 

		(r)	for the purposes of the Recapitalization Transaction, as of the date hereof, it is indebted to
the Lenders under the Existing Secured Debenture Purchase Agreement in the principal amount of US$97,507,777.78, plus accrued but
unpaid interest and all other amounts (including fees, costs and expenses).

 

    10

     

    

 

Section
1.5 Consenting Debenture Holders’ Covenants and Agreements

 

Subject to, and in consideration of, the
matters set forth in Section 1.6 and Section 1.7, as long as this Support Agreement has not expired or been terminated in
accordance with the terms hereof, each Consenting Debenture Holder (severally and not jointly) hereby acknowledges, covenants and
agrees, subject to the terms set forth herein:

 

		(a)	to consent to and support the Recapitalization Transaction Terms and the implementation of same
pursuant to a Plan in the Arrangement Proceedings in accordance with the Recapitalization Transaction Terms, provided that the
Plan is consistent with the Recapitalization Transaction Terms, including, without limitation, treatment of affected stakeholders;

 

		(b)	not to, directly or indirectly, from the date hereof to the date this Support Agreement is terminated:

 

		(i)	except as contemplated by the Term Sheet, sell, assign, lend, pledge, hypothecate, dispose or otherwise
transfer (in each case, “Transfer”) any of its Relevant Unsecured Debt or Debenture Holder Relevant Shares or
any rights or interests therein (or permit any of the foregoing with respect to any of its Relevant Unsecured Debt or Debenture
Holder Relevant Shares) or enter into any agreement, arrangement or understanding in connection therewith except with the prior
written consent of iAnthus, provided that each Consenting Debenture Holder may, subject to applicable securities laws, without
the consent of iAnthus, Transfer some or all of its Relevant Unsecured Debt or Debenture Holder Relevant Shares to: (I) any
other fund managed by the Consenting Debenture Holder (or an Affiliate) for which the Consenting Debenture Holder (or such Affiliate)
has the voting and investment discretion, including discretionary authority to manage or administer funds and continues to exercise
investment and voting authority with respect to the transferred Relevant Unsecured Debt or Debenture Holder Relevant Shares and
such Consenting Debenture Holder (or such Affiliate) shall continue to be bound by this Support Agreement in respect of any such
Relevant Unsecured Debt or Debenture Holder Relevant Shares, (II) any other Consenting Debenture Holder, in which event, (x) the
transferor shall be deemed to relinquish its rights (and be released from its obligations) under this Support Agreement in respect
of such transferred Relevant Unsecured Debt or Debenture Holder Relevant Shares, and (y) the transferee shall be bound by
the terms of this Support Agreement in respect of such transferred Relevant Unsecured Debt or Debenture Holder Relevant Shares,
and (III) any other Person provided that in the case of any such Transfer pursuant to this clause (III), such
Person has executed a Joinder Agreement with respect to the transferred Relevant Unsecured Debt or Debenture Holder Relevant Shares,
in which event, the transferor shall be deemed to relinquish its rights (and be released from its obligations) under this Support
Agreement in respect of such transferred Relevant Unsecured Debt or Debenture Holder Relevant Share. Notwithstanding the foregoing,
no Transfer may be made if, after reasonable consultation with the Company, such Consenting Debenture Holder and the Company conclude
that such Transfer could reasonably be expected to hinder or delay the Company in obtaining regulatory approval of the Recapitalization
Transaction; or

 

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		(ii)	except as contemplated by this Support Agreement, to deposit any of its Relevant Unsecured Debt
or Debenture Holder Relevant Shares into a voting trust, or grant (or permit to be granted) any proxies or powers of attorney or
attorney in fact, or enter into a voting agreement, understanding or arrangement, with respect to the voting of its Relevant Unsecured
Debt or Debenture Holder Relevant Shares if such trust, grant, agreement, understanding or arrangement would in any manner restrict
the ability of the Consenting Debenture Holder to comply with its obligations under this Support Agreement, including the obligations
in this Section 1.5;

 

		(c)	to act in good faith and take all commercially reasonable actions that are reasonably necessary
or appropriate to promptly consummate the Recapitalization Transactions in accordance with the terms and conditions set forth in
the Recapitalization Transaction Terms and use its reasonable best efforts to support the Recapitalization Transactions contemplated
by this Support Agreement and the Term Sheet, as applicable, including, without limitation, assisting with applicable regulatory
approvals and license transfers;

 

		(d)	not to take any action that is inconsistent, in any material respect, with its obligations under
this Support Agreement or that would frustrate, hinder or delay the consummation of the Recapitalization Transaction and the Plan;
provided that nothing in this Support Agreement shall restrict, limit, prohibit, or preclude, in any manner not inconsistent with
its obligations under this Support Agreement, any of the Consenting Debenture Holders from, (A) enforcing any rights under
this Support Agreement, including any consent or approval rights set forth herein, or (B) contesting whether any matter, fact,
or thing is a breach of, or is inconsistent with, this Support Agreement, or exercising any rights or remedies reserved herein;

 

		(e)	with respect solely to Oasis Investments II Master Fund Inc., from the date of the Support Agreement
until the earlier of its expiry or termination, not to take any steps to advance towards trial the claim and counterclaim proceeding
under Ontario Superior Court of Justice Court File Number CV-20-00637038-0000 (the “Oasis Litigation”), whether
pursuant to the Rules of Civil Procedure (Ontario) or otherwise, including, without limitation, the service of any pleading, request
for discovery from iAnthus or any relief or direction from the aforementioned court;

 

		(f)	to vote (or cause to be voted) all of its Relevant Unsecured Debt and Debenture Holder Relevant
Shares (including any Existing Shares acquired by such Consenting Debenture Holder after execution of this Support Agreement),
as applicable:

 

		(i)	in favour of the approval, consent, ratification and adoption of the Plan (and any actions required
in furtherance thereof) in accordance with the terms herein, provided that the Plan is consistent in all respects with the Recapitalization
Transaction Terms; and

 

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		(ii)	against the approval, consent, ratification and adoption of any matter or transaction that, if
approved, consented to, ratified or adopted could reasonably be expected to delay, challenge, frustrate or hinder the consummation
of the Recapitalization Transaction or the Plan, as applicable,

 

and that it shall tender its proxy
for any such vote in compliance with any deadlines set forth in the Interim Order;

 

		(g)	not to withdraw, amend, or revoke, its tender, consent, or vote with respect to the Plan; provided,
however, that such vote may be revoked (and, upon such revocation, deemed void ab initio) by such Consenting Debenture Holder
at any time if this Support Agreement is terminated with respect to such Consenting Debenture Holder (it being understood by the
Parties that any modification of the Plan that results in a termination of this Support Agreement pursuant to Section 1.16
hereof shall entitle such Consenting Debenture Holder an opportunity to change its vote);

 

		(h)	not to propose, file, solicit, vote for or otherwise support any alternative offer, restructuring,
liquidation, workout or plan of compromise or arrangement or reorganization of or for the Company, including any proceeding under
the BCBCA, other legislation or otherwise, that is inconsistent with the Recapitalization Transaction and the Plan, except with
the prior written consent of the Company and the Lenders;

 

		(i)	to support, and to instruct their respective advisors to support all motions filed by the Company
in the Arrangement Proceedings that are consistent with and in furtherance of the Recapitalization Transaction and the Plan and,
if requested by the Company, provide commercially reasonable assistance to the Company in obtaining any required regulatory approvals
and/or required material third party approvals to effect the Recapitalization Transaction, in each case at the expense of the Company;

 

		(j)	not to take any other action that is materially inconsistent with its obligations under this Support
Agreement and the Term Sheet;

 

		(k)	to, until termination or expiration of this Support Agreement, forbear from further exercising
any rights or remedies in connection with any events of default that now exist or may in future arise under any Unsecured Debt
Document or any other agreement to which the Consenting Unsecured Debenture Holders are party with the Company, (the “Unsecured
Document Defaults”) and shall take such steps as are necessary to stop any current or pending enforcement efforts in
relation thereto; and

 

		(l)	subject to Section 1.20 hereof, to allow the Company to disclose the existence and factual details
of this Support Agreement with respect to any public disclosure, including, without limitation, press releases and court materials,
and the filing of this Support Agreement on SEDAR and with the Court in connection with the Arrangement Proceedings.

 

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Section
1.6 Lenders’ Covenants and Agreements

 

Subject to, and in consideration of, the
matters set forth in Section 1.5 and Section 1.7, as long as this Support Agreement has not expired or been terminated in accordance
with the terms hereof, each Lender (severally and not jointly) hereby acknowledges, covenants and agrees:

 

		(a)	to the Recapitalization Transaction Terms and the implementation of same pursuant to the Arrangement
Proceedings in accordance with the terms of this Support Agreement and the Milestones;

 

		(b)	to execute the Amended Secured Debenture Purchase Agreement (as defined herein) concurrently with
this Support Agreement;

 

		(c)	with respect only to the Tranche 4 Lenders (as defined in the Amended Secured Debenture Purchase
Agreement), within three (3) Business Days following the execution of this Support Agreement, to advance US$14,000,000 to iAnthus
Capital Management, LLC in accordance with the Amended Secured Debenture Purchase Agreement;

 

		(d)	not to, directly or indirectly, from the date hereof to the date this Support Agreement is terminated:

 

		(i)	except as contemplated by the Term Sheet, Transfer any of its Relevant Secured Debt, Tranche 4
Debentures or Lender Relevant Shares or any rights or interests therein (or permit any of the foregoing with respect to any of
its Relevant Secured Debt, Tranche 4 Debentures or Lender Relevant Shares) or enter into any agreement, arrangement or understanding
in connection therewith except with the prior written consent of iAnthus, provided that each Lender may, subject to applicable
securities laws, without the consent of iAnthus, Transfer some or all of its Relevant Secured Debt, Tranche 4 Debentures or Lender
Relevant Shares to: (I) any other fund managed by the Lender (or an Affiliate) for which the Lender (or such Affiliate) has
the voting and investment discretion, including discretionary authority to manage or administer funds and continues to exercise
investment and voting authority with respect to the transferred Relevant Secured Debt, Tranche 4 Debentures or Lender Relevant
Shares and such Lender (or such Affiliate) shall continue to be bound by this Support Agreement in respect of any such Relevant
Secured Debt, Tranche 4 Debentures or Lender Relevant Shares, and (II) any other Person provided that in the case of
any such Transfer pursuant to this clause (II), such Person has executed a Joinder Agreement with respect to the transferred Relevant
Secured Debt, Tranche 4 Debentures or Debenture Holder Relevant Shares, in which event, the transferor shall be deemed to relinquish
its rights (and be released from its obligations) under this Support Agreement in respect of such transferred Relevant Secured
Debt, Tranche 4 Debentures or Lender Relevant Share. Notwithstanding the foregoing, no Transfer may be made if, after reasonable
consultation with the Company, such Lender and the Company conclude that such Transfer could reasonably be expected to hinder or
delay the Company in obtaining regulatory approval of the Recapitalization Transaction; or

 

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		(ii)	except as contemplated by this Support Agreement, deposit any of its Lender Relevant Shares into
a voting trust, or grant (or permit to be granted) any proxies or powers of attorney or attorney in fact, or enter into a voting
agreement, understanding or arrangement, with respect to the voting of its Lender Relevant Shares if such trust, grant, agreement,
understanding or arrangement would in any manner restrict the ability of the Lender to comply with its obligations under this Support
Agreement, including the obligations in this Section 1.5;

 

		(e)	to act in good faith and take all commercially reasonable actions that are reasonably necessary
or appropriate to promptly consummate the Recapitalization Transactions in accordance with the Recapitalization Transaction Terms
and use its reasonable best efforts to support the Recapitalization Transactions contemplated by this Support Agreement and the
Recapitalization Transaction Terms, as applicable, including, without limitation, assisting with applicable regulatory approvals
and license transfers;

 

		(f)	not to take any action that is inconsistent, in any material respect, with its obligations under
this Support Agreement or that would frustrate, hinder or delay the consummation of the Recapitalization Transaction and the Plan;
provided that nothing in this Support Agreement shall restrict, limit, prohibit, or preclude, in any manner not inconsistent
with its obligations under this Support Agreement, any of the Lenders from, (A) enforcing any rights under this Support Agreement,
including any consent or approval rights set forth herein, or (B) contesting whether any matter, fact, or thing is a breach
of, or is inconsistent with, this Support Agreement, or exercising any rights or remedies reserved herein;

 

		(g)	to vote (or cause to be voted) all of its Relevant Secured Debt, Tranche 4 Debentures and Lender
Relevant Shares (including any Existing Shares acquired by such Lender after execution of this Support Agreement), as applicable:

 

		(i)	in favour of the approval, consent, ratification and adoption of the Plan (and any actions required
in furtherance thereof) in accordance with the terms herein, provided that the Plan is consistent in all respects with the Recapitalization
Transaction Terms; and

 

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		(ii)	against the approval, consent, ratification and adoption of any matter or transaction that, if
approved, consented to, ratified or adopted could reasonably be expected to delay, challenge, frustrate or hinder the consummation
of the Recapitalization Transaction or the Plan, as applicable,

 

and that it shall tender its proxy
for any such vote in compliance with any deadlines set forth in the Interim Order;

 

		(h)	not to withdraw, amend, or revoke, its tender, consent, or vote with respect to the Plan; provided,
however, that such vote may be revoked (and, upon such revocation, deemed void ab initio) by such Lender at any time if
this Support Agreement is terminated with respect to such Lender (it being understood by the Parties that any modification of the
Plan that results in a termination of this Support Agreement pursuant to Section 1.16 hereof shall entitle such Lender an opportunity
to change its vote);

 

		(i)	not to propose, file, solicit, vote for or otherwise support any alternative offer, restructuring,
liquidation, workout or plan of compromise or arrangement or reorganization of or for the Company, including any proceeding under
the BCBCA, other legislation or otherwise, that is inconsistent with the Recapitalization Transaction and the Plan, except with
the prior written consent of the Company and the Initial Consenting Debenture Holders;

 

		(j)	to support, and to instruct their respective Creditor Advisors to support all motions filed by
the Company in the Arrangement Proceedings that are consistent with and in furtherance of the Recapitalization Transaction and
the Plan and, if requested by the Company, provide commercially reasonable assistance to the Company in obtaining any required
regulatory approvals and/or required material third party approvals to effect the Recapitalization Transaction, in each case at
the expense of the Company;

 

		(k)	not to take any other action that is materially inconsistent with its obligations under this Support
Agreement and the Term Sheet;

 

		(l)	to, until termination or expiration of this Support Agreement, (i) forbear from exercising
or continuing to exercise any rights or remedies in connection with any events of default that now exist or may in the future arise
under the Secured Debentures or any other Transaction Agreement (as defined in the Secured Debentures) or any other agreement to
which a Lender is party with any iAnthus Party (the “Secured Debenture Defaults”), (ii) (and is hereby
deemed to) withdraw and revoke any attempted exercise of an Irrevocable Proxy Coupled with an Interest issued by any iAnthus Party,
and (iii) take such steps as are necessary to stop any current or pending enforcement efforts or exercise of rights including
but not limited to taking the following actions in relation to the UCC Sale Process (as defined in the Term Sheet): (a) cancel
and cease the UCC Sale Process, including any marketing efforts by Roth Capital Partners and any discussions, diligence or any
activity in furtherance of such a sale process, and (b) cause the Collateral Agent to immediately issue, or cause to be issued,
necessary notices to cancel any sale transaction contemplated by the UCC Sale Process; and

 

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		(m)	subject to Section 1.15 and Section 1.16 hereof, to allow the Company to disclose the existence
and factual details of this Support Agreement with respect to any public disclosure, including, without limitation, press releases
and court materials, and the filing of this Support Agreement on SEDAR and with the Court in connection with the Arrangement Proceedings.

 

Section
1.7 iAnthus Parties’ Covenants and Agreements

 

Subject to, and in consideration of, the
matters set forth in Section 1.5 and Section 1.6, as long as this Support Agreement has not expired or been terminated in accordance
with the terms hereof, each iAnthus Party (jointly and severally) acknowledges, covenants and agrees:

 

		(a)	to the Recapitalization Transaction Terms;

 

		(b)	to pursue the completion of the Recapitalization Transaction in good faith by way of the Plan on
the timetable set forth herein, and not to take any action that is inconsistent with the terms of this Support Agreement or that
it would be prohibited from doing directly or indirectly under this Support Agreement;

 

		(c)	to file the Plan on a timely basis consistent with the terms and conditions of this Support Agreement,
to recommend to any Person entitled to vote on the Plan that they vote to approve the Plan and to take all reasonable actions necessary
to obtain any regulatory approvals for the Recapitalization Transaction and to achieve the following timeline with respect to the
Arrangement Proceedings (which timeline may be extended at any time as agreed by the Company, the Lenders and the Initial Consenting
Debenture Holders):

 

		(i)	filing the application in the Arrangement Proceedings seeking the Interim Order by no later than
July 30, 2020;

 

		(ii)	obtaining entry of the Interim Order by the Court, in form and substance satisfactory to the Company,
Lenders and Initial Consenting Debenture Holders, each acting reasonably, by no later than August 7, 2020;

 

		(iii)	commencing solicitation procedures with respect to the Plan on or before August 17, 2020;

 

		(iv)	calling, holding and conducting the meetings contemplated by the Interim Order by no later than
September 21, 2020;

 

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		(v)	causing the Plan to be approved by the Court pursuant to the Final Order, in form and substance
satisfactory to the Company, Lenders, and Initial Consenting Debenture Holders, each acting reasonably, by no later than September 28,
2020;

 

		(vi)	implementing the Recapitalization Transaction pursuant to the Plan on or prior to the Outside Date;
and

 

		(vii)	if applicable, complying with the timelines and terms set forth in Schedule E;

 

Each of the foregoing deadlines
shall be automatically extended by up to three (3) Business Days on written notice by the Company to the Lenders and the Initial
Consenting Debenture Holders, delivered no later than the applicable deadline set out above, that it is taking all reasonable actions
necessary to meet its obligations thereunder.

 

		(d)	to cooperate and work in good faith with Cassels Brock & Blackwell LLP (“Cassels”)
and such other counsel to the Initial Consenting Debenture Holders, and Davies Ward Phillips & Vineberg LLP (“Davies”)
and such other counsel to the Lenders, (A) to prepare or cause to be prepared the Definitive Documents, each of which as applicable,
for the avoidance of doubt, shall contain terms and conditions consistent with this Support Agreement and shall otherwise be in
form and substance satisfactory to the Company, the Lenders and the Initial Consenting Debenture Holders, each acting reasonably,
(B) to provide draft copies of the Definitive Documents and all other pleadings and documents the Company intends to file with
the Court or otherwise disseminate, in each case, to the Creditor Advisors at least four (4) Business Days prior to the date
when the Company intends to file or otherwise disseminate such documents (or, where circumstances make it impracticable to allow
for four (4) Business Days’ review, with as much opportunity for review and comment as is practically possible in the
circumstances, but in no event less than two (2) Business Days’ review unless otherwise agreed by the Lenders and the
Initial Consenting Debenture Holders), and all such filings, proposed orders and other documents submitted to the Court shall be
in a form consistent with this Support Agreement and the Term Sheet and otherwise acceptable to the Company, Lenders and the Initial
Consenting Debenture Holders, each acting reasonably;

 

		(e)	without the prior written consent of the Lenders, and Initial Consenting Debenture Holders, amend,
modify, replace, terminate, repudiate, disclaim or waive any rights under or in respect of (i) its material contracts (other
than as expressly required by such material contracts, by this Support Agreement or in the ordinary course of performing their
obligations under such material contracts) in any manner that would reasonably be expected to be material, or (ii) this Support
Agreement (except as permitted by the terms hereof);

 

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		(f)	to promptly notify each of the Lenders and each of the Consenting Debenture Holders of any claims
threatened or brought against it which may impede or delay the consummation of the Recapitalization Transaction or the Plan;

 

		(g)	to timely file a formal written response in opposition to or take all appropriate actions to oppose
(if circumstances do not allow for the filing of a formal written response) any objection filed with the Court by any Person which
objection is inconsistent with the Plan and the Recapitalization Transaction;

 

		(h)	to take all appropriate actions to oppose any insolvency or other proceeding brought against the
Company or any of its subsidiaries;

 

		(i)	subject to Section 1.7(v), to not, without the prior written consent of the Lenders and the Initial
Consenting Debenture Holders, enter into or agree to any settlement, settlement proposal, commitment, commitment proposal or otherwise
settle (i) any outstanding claim, litigation, proceeding or action individually in excess of US$50,000 (provided that, in
consultation with the Lenders and the Initial Consenting Debenture Holders, an iAnthus Party may settle claims between US$50,001
to US$100,000, individually or up to US$250,000 in the aggregate), or (ii) with any regulatory authority or Governmental Entity
in respect of any investigation into any iAnthus Party;

 

		(j)	to promptly notify the Lenders and the Consenting Debenture Holders if, at any time before the
Effective Time, it becomes aware that any material application for a regulatory approval or any other material order, registration,
consent, filing, ruling, exemption or approval under applicable laws contains a statement which is materially inaccurate or incomplete
or of information that otherwise requires an amendment or supplement to such application, and the Company shall co-operate in the
preparation of such amendment or supplement as required;

 

		(k)	except with the prior written consent of the Lenders and the Initial Consenting Debenture Holders,
to operate its business in the ordinary course of business, having regard to its current financial condition and the COVID-19 pandemic;

 

		(l)	to not, except with the prior written consent of the Lenders and the Initial Consenting Debenture
Holders, enter into any agreement for any acquisition or divestiture by the Company or any of its direct or indirect subsidiaries
or affiliates of any of its assets or business with a purchase price that exceeds US$100,000, other than the sales of the Non-Material
Properties;

 

		(m)	except with the prior written consent of the Lenders and the Initial Consenting Debenture Holders,
or as specifically permitted by this Support Agreement and the Recapitalization Transaction, to not: (i) prepay, redeem prior
to maturity, defease, repurchase or make other prepayments in respect of any non-revolving funded debt, other than the Small Business
Loan; (ii) other than in the ordinary course of business consistent with past practice and any changes resulting from the
COVID-19 pandemic, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable
with respect to any indebtedness of any kind whatsoever; (iii) create, incur, assume or otherwise cause or suffer to exist
or become effective any new lien, charge, mortgage, hypothec or security interest of any kind whatsoever on, over or against any
of their assets or property (except for any lien, charge, mortgage, hypothec or security interest that is incurred in the ordinary
course of business and that is not material); or (iv) except in connection with the ordinary cash management procedures between
the Company and its direct and indirect subsidiaries and affiliates or any intercompany dividends or distributions made that are
consistent with past practice, declare or pay any dividends or distributions on or in respect of any shares in the Company or any
of its direct or indirect subsidiaries or affiliates or redeem, retract, purchase or acquire any of such shares, provided that
no such dividends or distributions shall be made to an entity that is not subject to the security interests held by the Lenders;

 

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		(n)	to promptly notify the Lenders and each of the Consenting Debenture Holders upon becoming aware
of any new claims threatened in writing or brought against it in excess of US$250,000 in the aggregate;

 

		(o)	to promptly notify the Lenders and each of the Consenting Debenture Holders of any event, condition,
or development that has resulted in the inaccuracy or breach of any representation or warranty, covenant or agreement contained
in this Support Agreement made by or to be complied with by any iAnthus Party in any material respect;

 

		(p)	to not, except pursuant to the Plan, amalgamate, consolidate with or merge into, transfer or sell
all, substantially all, or a material portion of their assets to, another entity, or change the nature of its business or its corporate
or capital structure;

 

		(q)	to provide, upon reasonable request and with reasonable prior notice, the Lenders, the Initial
Consenting Debenture Holders, and Creditor Advisors with reasonable access to the books and records of the Company and its subsidiaries
and affiliates (other than books or records that are subject to solicitor-client privilege or other type of privilege, as applicable)
for review in connection with the Recapitalization Transaction, in each case in accordance with, and only to the extent permitted
or required by, the terms of any confidentiality agreements with the Company;

 

		(r)	to take all steps reasonably in the control of the iAnthus Parties to be in compliance with all
applicable securities laws in Canada and the United States, including having the Cease Trade Order lifted by filing all financial
statements and other continuous disclosure that is required to be filed under applicable securities laws in Canada;

 

		(s)	to not, except (i) as permitted by this Support Agreement; or (ii) with the prior written
consent of the Lenders and the Initial Consenting Debenture Holders, commence, consummate an agreement to commence, make, solicit,
assist, initiate, encourage, facilitate, propose, file, initiate any discussions or negotiations regarding any alternative offer,
restructuring, liquidation, workout or plan of compromise or arrangement, reorganization under the CCAA, BCBCA, other legislation
or otherwise;

 

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		(t)	to pay in full upon the advance of the Interim Financing all reasonable and documented accrued
but unpaid fees and expenses for the period prior to and including the date of this Support Agreement of Cassels, Davies, Stikeman
Elliott LLP and such other advisors to (and on such terms) each of the Initial Consenting Debenture Holders and Lenders as may
be separately agreed to with the Company (collectively, the “Creditor Advisors”);

 

		(u)	from and after the date of the advance of the Interim Financing and until the termination of this
Support Agreement, and regardless of whether or not the Recapitalization Transaction is consummated, to pay all documented fees
and expenses of each of the Creditor Advisors on a current basis and no later than seven (7) days following receipt by the Company
of an invoice;

 

		(v)	within five (5) Business Days from the date of the Support Agreement, and regardless of whether
or not the Recapitalization Transaction is consummated, to serve and file a Notice of Discontinuance on a “with prejudice”
basis in respect of the statement of claim issued by iAnthus against Oasis Investments II Master Fund Ltd. on February 27, 2020
in the Oasis Litigation;

 

		(w)	to not, except with the prior written consent of the Initial Consenting Debenture Holders and the
Lenders, amend any existing employment contract or enter into any new employment contract with any officer or senior manager of
an iAnthus Party;

 

		(x)	that, during the period from the date of this Support Agreement until the earlier of the Effective
Time and the time that this Support Agreement is terminated in accordance with its terms, except: (i) with the prior written
consent of the Lenders and Initial Consenting Debenture Holders, such consent not to be unreasonably withheld or delayed; or (ii)
as required by applicable Law, to conduct its business in the ordinary course of business consistent with past practice and any
changes resulting from the COVID-19 pandemic and in accordance with, in all material respects, all applicable Laws; and

 

		(y)	to use reasonable best efforts to cause its controlled affiliates, directors, officers, employees,
advisors, and any other persons acting under the direction of any of them, and the representatives of any of the foregoing, without
the express written knowledge and consent of the Lenders and the Initial Consenting Debenture Holders, to not initiate, solicit,
encourage or otherwise request inquiries or proposals with respect to, or engage or participate in any negotiations concerning,
or provide any confidential or non-public information or data to, any person or entity relating to, or approve or recommend, or
propose to approve or recommend, or execute or enter into, any letter of intent, agreement in principle, or other agreement related
to, any offer, proposal, or inquiry relating to, or any third-party indication of interest in (i) any proposal for an alternative
refinancing, recapitalization or other extraordinary transaction other than the Recapitalization Transaction or any purchase, sale,or
other disposition of all or a material portion of the Company’s business or assets, except for the sale of assets in the
ordinary course of business, (ii) any issuance, sale, or other disposition of any equity interest (including, without limitation,
securities or instruments directly or indirectly convertible or exchangeable into equity but excluding any intercompany transactions
necessary or desirable in connection with the Recapitalization Transaction) in the Company (by the Company) or any Subsidiaries,
(iii) any merger, acquisition, consolidation or similar business combination transaction, involving the Company or any Subsidiaries
(excluding any intercompany transaction necessary or desirable in connection with the Recapitalization Transaction) or (iv) any
other transaction the purpose or effect of which would be reasonably expected to, or which would prevent or render impractical,
or otherwise frustrate or impede in any material respect, the Recapitalization Transaction.

 

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Section
1.8 Interim Financing

 

		(a)	Certain of the Lenders shall make available to the iAnthus Parties a secured non- revolving credit
facility on the terms and conditions set out in the Amended Secured Debenture Purchase Agreement (defined below) including the
issuance of the Tranche 4 Debentures (as defined therein) (the “Interim Financing”).

 

		(b)	(b)The proceeds of the Interim Financing shall be funded into an existing account of the Borrower
(the “Loan Account”). The Interim Financing shall be advanced from the Loan Account subject to draw requests
(each, a “Draw Request”) in accordance with the Interim Financing Budget, which requests shall be made no less
than two (2) Business Days prior to the advance of funding in the form attached hereto as Schedule F. The Company shall be entitled
to draw from the Loan Account based on the Draw Requests as approved in writing by the Lenders or Davies.

 

		(c)	By no later than three (3) Business Days following the execution of this Support Agreement by all
Parties, the Lenders shall make the Interim Financing available to the Borrower on the following terms and conditions:

 

		(i)	The Interim Financing will mature on the earlier of July 13, 2025 and the date the iAnthus
Parties’ obligations thereunder are accelerated pursuant to the terms thereof. The principal amount of the debentures issued
in connection with the Interim Financing will accrue interest at a rate of 8% per annum, such interest being payable in kind
by adding the amount thereof to the principal amount of the Interim Financing on a monthly basis. The iAnthus Parties shall not
be permitted to prepay any portion of the principal or interest of the Interim Financing until on or after July 13, 2023.
The Interim Financing shall be subject to a second amended and restated secured debenture purchase agreement among the Lenders
and the iAnthus Parties, in the form attached hereto as Schedule G, to be entered into and executed concurrently with the
execution hereof (the “Amended Secured Debenture Purchase Agreement”). The Tranche 4 Debentures evidencing
the Interim Financing shall be issued by the Borrower to the Lenders or their affiliates that provide the Interim Financing. The
Interim Financing will be guaranteed by, and secured by the assets of, the Company and its Subsidiaries in the same manner and
subject to the same terms and conditions as such iAnthus Parties have previously guaranteed and secured the Obligations (as defined
in the Existing Secured Debenture Purchase Agreement). With respect to the Interim Financing terms, to the extent there is any
inconsistency between this Support Agreement on the one hand, and the Amended Secured Debenture Purchase Agreement and all debentures
and other Transaction Agreements (as defined in the Amended Secured Debenture Purchase Agreement) entered into in connection therewith
on the other, then the terms of this Support Agreement shall be paramount and prevail to the extent of the inconsistency. For greater
certainty, the Lenders acknowledge and agree none of the indebtedness under the Amended Secured Debenture Purchase Agreement may
be converted into equity of the Company (except in accordance with the Plan) while the Cease Trade Order remains in effect;

 

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		(ii)	the iAnthus Parties shall use the proceeds of the Interim Financing, in each case in accordance
with the Interim Financing Budget, (x) to fund the iAnthus Parties’ funding requirements during the period of the Support
Agreement, including funding working capital and other general corporate purposes of the iAnthus Parties, and (y) pay the
professional fees and expenses of (A) the iAnthus Parties, including all unpaid invoices and reasonable future fees and expenses
of McMillan LLP, Duane Morris LLP, Lax O’Sullivan Lisus Gottlieb LLP, FTI Consulting Canada Inc. and its counsel, and Canaccord
Genuity Corp. (collectively, the “Company Advisors”), and (B) the Creditor Advisors;

 

		(iii)	attached hereto as Schedule H is a copy of the agreed summary Interim Financing Budget (excluding
the supporting documentation provided directly to the Lenders in connection therewith), which is in form and substance satisfactory
to the Lenders and Initial Consenting Debenture Holders;

 

		(iv)	iAnthus may update and propose a revised Interim Financing Budget to the Lenders, after consultation
with the Initial Consenting Debenture Holders, no more frequently than every two weeks (unless otherwise consented to by the Lenders),
in each case to be delivered to the Lenders, no earlier than the Friday of the second week following the date of the delivery of
the prior Interim Financing Budget. If the Lenders, (x) acting reasonably, approve such revised Interim Financing Budget,
or (y) in the event that the Lenders do not deliver to the Borrower written notice within three (3) Business Days after receipt
by the Lenders of a proposed revised Interim Financing Budget that such proposed revised Interim Financing Budget is not acceptable
to them, such proposed revised Interim Financing Budget shall automatically and without further action be deemed to have been accepted
by the Lenders and, in either case such revised Interim Financing Budget shall become the Interim Financing Budget for purposes
of this Interim Financing;

 

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		(v)	on the last Business Day of every week, the Borrower shall deliver to the Lenders, with a copy
to the Initial Consenting Debenture Holders, a variance calculation to the Sunday of the prior week certified by an officer of
the Borrower (the “Variance Report”) setting forth (i) actual receipts and disbursements for the week,
and (ii) actual receipts and disbursements on a cumulative basis since the beginning of the period covered by the then-current
Interim Financing Budget, in each case as against the then- current Interim Financing Budget, and setting forth all the variances,
on a line-item and aggregate basis in comparison to the amounts set forth in respect thereof in the Interim Financing Budget. Each
Variance Report shall include reasonably detailed explanations for any material variances during the relevant period; and

 

		(vi)	the Borrower shall comply with the Interim Financing Budget subject to the Permitted Variance.

 

Section
1.9 Negotiation of Documents

 

		(a)	Subject to the terms and conditions of this Support Agreement, the Parties shall reasonably cooperate
with each other and shall coordinate their activities (to the extent practicable) in respect of (i) the timely satisfaction
of conditions with respect to the effectiveness of the Recapitalization Transaction and the Plan as set forth herein and therein
and otherwise ancillary thereto, (ii) all matters concerning the implementation of the Recapitalization Transaction and the
Plan as set forth herein and therein and otherwise ancillary thereto, and (iii) the pursuit and support of the Recapitalization
Transaction and the Plan. Furthermore, subject to the terms and conditions of this Support Agreement, each of the Parties shall
take such actions as may be reasonably necessary to carry out the purposes and intent of this Support Agreement, including making
and filing any required regulatory filings, in each case at the expense of the Company.

 

		(b)	Subject to the terms and conditions of this Support Agreement, to the extent the Support Agreement
has not been terminated in accordance with its terms, each Party hereby covenants and agrees (i) to reasonably cooperate and
negotiate in good faith, and consistent with this Support Agreement, the Definitive Documents and all ancillary documents relating
thereto, as applicable, and (ii) to the extent it is a party thereto, to execute, deliver and perform its obligations under
such documents.

 

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Section
1.10 Alternative Implementation Process

 

		(a)	In the event that either:

 

		(i)	the requisite shareholder approval has not been obtained on the Plan by the Voting Deadline, at
a meeting held on or before the meeting deadline set out in Section 1.7(c)(iv) or at a meeting held at a later date, with
the consent of the Initial Consenting Debenture Holders and the Lenders; or

 

		(ii)	the Company, the Lenders and the Initial Consenting Debenture Holders agree to seek the approval
of the Plan by the Court notwithstanding a failure, if any, to obtain shareholder approval by the Voting Deadline, and the Court
does not approve the Plan and enter the Final Order by the requisite deadline set forth in Section 1.7(c)(v)

 

then the Company shall immediately,
but not later than five (5) Business Days following such deadlines, commence an application in the Court for an initial order
under the CCAA and an amended and restated initial order (collectively, the “Initial CCAA Order”) each in form
and substance satisfactory to the Company, the Lenders, and the Initial Consenting Debenture Holders, each acting reasonably, all
in accordance with the terms and timeline set forth in Schedule E hereto.

 

		(b)	Except as modified by this Section 1.10, all of the obligations and commitments of the Parties
under this Support Agreement shall apply mutatis mutandis in the context of the CCAA Proceeding and references to the “Plan”
are deemed to be references to the “CCAA Plan” where applicable.

 

Section
1.11 Conditions to the Consenting Debenture Holders’ Support Obligations

 

Notwithstanding anything to the contrary
contained in this Support Agreement and without limiting any other rights of the Consenting Debenture Holders hereunder, each Consenting
Debenture Holder’s obligation to vote in favour of the Plan pursuant to Section  1.5(f)(i) hereof, shall be subject
to the satisfaction of the following conditions, each of which may be waived, in whole or in part, by the Initial Consenting Debenture
Holders (provided that such conditions shall not be enforceable by a Consenting Debenture Holder, if any failure to satisfy such
conditions results directly from an action, error or omission by or within the control of such Consenting Debenture Holder, seeking
enforcement):

 

		(a)	each iAnthus Party shall have executed this Support Agreement;

 

		(b)	the Plan and all Definitive Documents shall be in form and substance acceptable to the Initial
Consenting Debenture Holders, acting reasonably;

 

		(c)	all orders made and judgments rendered by any competent court of law and all rulings and decrees
of any competent regulatory body, agent or official in respect of the Arrangement Proceedings and the Recapitalization Transaction
shall be satisfactory to the Initial Consenting Debenture Holders, acting reasonably;

 

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		(d)	the Interim Order, the Plan, the proposed Final Order in respect of the Plan, and all other materials
filed by or on behalf of the Company in the Arrangement Proceedings shall have been filed (and, if applicable, issued) in form
and substance acceptable to the Initial Consenting Debenture Holders, acting reasonably;

 

		(e)	each iAnthus Party shall have complied in all material respects with each covenant and obligation
in this Support Agreement that is to be performed on or before the date that is three (3) Business Days prior to the Voting Deadline
(subject to any agreed upon extension of the Milestones set out herein);

 

		(f)	there shall not exist or have occurred any Material Adverse Change from and after the date of this
Support Agreement;

 

		(g)	all accrued and unpaid accounts of Creditor Advisors shall have been paid in full, in accordance
with the Interim Financing Budget, on or before the date that is one (1) Business Day prior to the Voting Deadline;

 

		(h)	there shall have been no appointment of any new senior executive officers of the Company or any
of the Subsidiaries or members of the board of directors of the Company, or any chief restructuring officer of the Company, unless
such appointment(s), including its terms, was on terms satisfactory to the Initial Consenting Debenture Holders, other than the
appointment of an existing executive or employee of the Company or any of the Subsidiaries to such office in order to maintain
compliance with state regulatory requirements;

 

		(i)	there shall not be in effect any preliminary or final decision, order or decree by a Governmental
Entity, no application (other than a frivolous or vexatious application by a Person other than a Governmental Entity) shall have
been made to any Governmental Entity, and no action or investigation shall have been announced, threatened or commenced by any
Governmental Entity, in consequence of or in connection with the Recapitalization Transaction that restrains, impedes or prohibits
(or if granted could reasonably be expected to restrain, impede or inhibit) the Recapitalization Transaction or any material part
thereof or requires or purports to require a material variation of the Recapitalization Transaction;

 

		(j)	the representations and warranties of each iAnthus Party set forth in this Support Agreement shall
continue to be true and correct in all material respects (except for those representations and warranties which expressly include
a materiality standard, which shall be true and correct in all respects giving effect to such materiality standard) at and as of
the date hereof and at and as of the Effective Date (except to the extent such representations and warranties are by their terms
given as of a specified date, in which case such representations and warranties shall be true and correct in all material respects
as of such date), except as such representations and warranties may be affected by the occurrence of events or transactions contemplated
and permitted by this Support Agreement; and

 

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		(k)	all actions taken by the iAnthus Parties in furtherance of the Recapitalization Transaction and
the Plan shall be consistent in all material respects with this Support Agreement.

 

Section
1.12 Conditions to the Lenders’ Support Obligations

 

Notwithstanding anything to the contrary
contained in this Support Agreement and without limiting any other rights of the Lenders hereunder, each Lender’s obligation
to vote in favour of the Plan pursuant to Section 1.6(g)(i) hereof, shall be subject to the satisfaction of the following
conditions, each of which may be waived, in whole or in part, by the Lenders (provided that such conditions shall not be enforceable
by a Lender, if any failure to satisfy such conditions results directly from an action, error or omission by or within the control
of such Lender, seeking enforcement):

 

		(a)	each iAnthus Party shall have executed this Support Agreement;

 

		(b)	the Plan and all Definitive Documents shall be in form and substance acceptable to the Lenders,
acting reasonably;

 

		(c)	all orders made and judgments rendered by any competent court of law and all rulings and decrees
of any competent regulatory body, agent or official in respect of the Arrangement Proceedings and the Recapitalization Transaction
shall be satisfactory to the Lenders, acting reasonably;

 

		(d)	the Interim Order, the Plan, the proposed Final Order in respect of the Plan, and all other materials
filed by or on behalf of the Company in the Arrangement Proceedings shall have been filed (and, if applicable, issued) in form
and substance acceptable to the Lenders, acting reasonably;

 

		(e)	each iAnthus Party shall have complied in all material respects with each covenant and obligation
in this Support Agreement that is to be performed on or before the date that is three (3) Business Days prior to the Voting Deadline
(subject to any agreed upon extension of the Milestones set out herein);

 

		(f)	there shall not exist or have occurred any Material Adverse Change from and after the date of this
Support Agreement;

 

		(g)	all accrued and unpaid accounts of Creditor Advisors shall have been paid in full, in accordance
with the Interim Financing Budget, on or before the date that is one (1) Business Day prior to the Voting Deadline;

 

		(h)	there shall have been no appointment of any new senior executive officers of the Company or any
of the other Subsidiaries or members of the board of directors of the Company, or any chief restructuring officer of the Company,
unless such appointment(s), including its terms, was on terms satisfactory to the Lenders, other than the appointment of an existing
executive or employee of the Company or any of the Subsidiaries to such office in order to maintain compliance with state regulatory
requirements;

 

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		(i)	there shall not be in effect any preliminary or final decision, order or decree by a Governmental
Entity, no application (other than a frivolous or vexatious application by a Person other than a Governmental Entity) shall have
been made to any Governmental Entity, and no action or investigation shall have been announced, threatened or commenced by any
Governmental Entity, in consequence of or in connection with the Recapitalization Transaction that restrains, impedes or prohibits
(or if granted could reasonably be expected to restrain, impede or inhibit) the Recapitalization Transaction or any material part
thereof or requires or purports to require a material variation of the Recapitalization Transaction;

 

		(j)	the representations and warranties of each iAnthus Party set forth in this Support Agreement shall
continue to be true and correct in all material respects (except for those representations and warranties which expressly include
a materiality standard, which shall be true and correct in all respects giving effect to such materiality standard) at and as of
the date hereof and at and as of the Effective Date (except to the extent such representations and warranties are by their terms
given as of a specified date, in which case such representations and warranties shall be true and correct in all material respects
as of such date), except as such representations and warranties may be affected by the occurrence of events or transactions contemplated
and permitted by this Support Agreement; and

 

		(k)	all actions taken by the iAnthus Parties in furtherance of the Recapitalization Transaction and
the Plan shall be consistent in all material respects with this Support Agreement.

 

Section
1.13 Conditions to the iAnthus Parties’ Support Obligations

 

Notwithstanding anything to the contrary
contained in this Support Agreement and without limiting any other rights of the iAnthus Parties hereunder, the iAnthus Parties
obligation to commence the Arrangement Proceedings or put forward the Plan for a vote in the Arrangement Proceedings, shall be
subject to the satisfaction of the following conditions, each of which may be waived, in whole or in part, by the iAnthus Parties
(provided that such conditions shall not be enforceable by an iAnthus Party, if any failure to satisfy such conditions results
directly from an action, error or omission by or within the control of such the iAnthus Party, seeking enforcement):

 

		(a)	the Interim Financing shall have been advanced in full in accordance with Section 1.8;

 

		(b)	each Lender and each Consenting Debenture Holders shall have complied in all material respects
with each covenant and obligation in this Support Agreement that is to be performed on or before the date that is three (3)
Business Days prior to the Voting Deadline (subject to any agreed upon extension of the Milestones set out herein).

 

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Section
1.14 Conditions to the Recapitalization Transaction

 

		(a)	The Recapitalization Transaction shall be subject to the satisfaction of the following conditions
prior to or at the Effective Time, each of which is for the mutual benefit of the iAnthus Parties, on the one hand, and the Lenders
and the Consenting Debenture Holders, on the other hand, and may be waived in whole or in part jointly by the Company on behalf
of the iAnthus Parties and the Lenders and the Initial Consenting Debenture Holders (provided that such conditions shall not be
enforceable by any iAnthus Party, a Lender or a Consenting Debenture Holder, as the case may be, if any failure to satisfy such
conditions results directly from an action, error or omission by or within the control of the Party seeking enforcement):

 

		(i)	by no later than December 31, 2020:

 

		(A)	the Plan shall have been approved by (A) the Court; and (B) the requisite threshold of
affected creditors and other securityholders of the Company, as and to the extent set out in the Interim Order;

 

		(B)	the Final Order (A) shall have been entered by the Court and (B) shall have become a final
order, the implementation, operation or effect of which shall not have been stayed, varied in a manner not acceptable to the Company
or the Lenders and the Initial Consenting Debenture Holders, vacated or subject to pending appeal and as to which order any appeal
periods relating thereto shall have expired;

 

		(C)	the Plan and all Definitive Documents shall be in form and substance acceptable to the Company,
the Lenders and the Initial Consenting Debenture Holders, each acting reasonably;

 

		(D)	all disclosure documents (including the Information Circular), solicitation forms with respect
to the Arrangement Proceedings and press releases in respect of the Recapitalization Transaction shall be in form and substance
acceptable to the Company the Lenders and the Initial Consenting Debenture Holders, each acting reasonably; provided that, nothing
herein shall prevent a Party from making public disclosure in respect of the Recapitalization Transaction to the extent required
by applicable Law;

 

		(E)	there shall not be in effect any preliminary or final decision, order or decree by a Governmental
Entity, no application (other than a frivolous or vexatious application by a Person other than a Governmental Entity) shall have
been made to any Governmental Entity, and no action or investigation shall have been announced, threatened or commenced by any
Governmental Entity, in consequence of or in connection with the Recapitalization Transaction that restrains, impedes or prohibits
(or if granted could reasonably be expected to restrain, impede or inhibit) the Recapitalization Transaction or any material part
thereof or requires or purports to require a material variation of the Recapitalization Transaction;

 

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		(F)	all non-regulatory consents, waivers and filings required to be made by the iAnthus Parties shall
have been obtained or made, as applicable, on terms satisfactory to the Company, the Lenders and the Initial Consenting Debenture
Holders, each acting reasonably; and

 

		(G)	as applicable, the Director appointed pursuant to section 400 of the BCBCA shall have issued
a certificate of arrangement giving effect to the articles of arrangement in respect of the Plan; and

 

		(ii)	by no later than the Outside Date:

 

		(A)	all regulatory consents, waivers and filings required to be made by the iAnthus Parties shall have
been obtained or made, as applicable, on terms satisfactory to the Company, the Lenders and the Initial Consenting Debenture Holders,
each acting reasonably;

 

		(B)	all filings that are required under applicable Laws in connection with the Recapitalization Transaction
required to be made by the iAnthus Parties shall have been made and any material regulatory consents or approvals that are required
in connection with the Recapitalization Transaction shall have been obtained and, in the case of waiting or suspensory periods,
such waiting or suspensory periods shall have expired or been terminated;

 

		(C)	the representations and warranties of the Company under this Support Agreement or any document
related hereto shall be true and correct in all material respects on the Plan Effective Date;

 

		(D)	the covenants of the Company under this Support Agreement or any document related hereto requested
to be performed at or prior to the Plan Effective Date shall have been performed and complied with in all material respects;

 

		(E)	on the Effective Date, all of the documented fees and expenses of the Creditor Advisors up to and
including the Effective Date shall have been paid in full in accordance with the Interim Financing Budget, provided that the Creditor
Advisors shall have provided the Company with invoices for all such fees and expenses incurred up to the date that is three (3)
Business Days prior to the Effective Date, and shall have also provided the Company with a non-binding estimate of all such fees
and expenses to be incurred by the Creditor Advisors, as applicable, in the period from that date to the Effective Date;

 

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		(F)	in the event of a CCAA Proceeding, the treatment of the claims against and contracts with the Company
shall in each case be consistent with the terms of the Term Sheets or otherwise reasonably acceptable to the Company, the Lenders
and the Initial Consenting Debenture Holders, acting reasonably; and

 

		(G)	the Effective Date shall have occurred.

 

		(b)	The obligation of the iAnthus Parties to complete the Recapitalization Transaction and the other
transactions contemplated hereby and the consummation of the Recapitalization Transaction are subject to the satisfaction of the
following conditions prior to or at the Effective Time, each of which is for the benefit of the iAnthus Parties and may be waived,
in whole or in part, by the Company on behalf of the iAnthus Parties (provided that such conditions shall not be enforceable by
the iAnthus Parties if any failure to satisfy such conditions results directly from an action, error or omission by or within the
control of any iAnthus Party):

 

		(i)	the Lenders and the Consenting Debenture Holders shall have complied in all material respects with
each covenant and obligation in this Support Agreement that is to be performed by them on or before the Effective Date;

 

		(ii)	the Plan shall provide that effective at the Effective Time each of the Lenders and the Unsecured
Debenture Holders shall have irrevocably waived all Debenture Document Defaults and Secured Debenture Defaults, and the Lenders
shall have taken all steps required to withdraw, revoke and/or terminate the UCC Sale Process;

 

		(iii)	the representations and warranties of the Lenders and the Consenting Debenture Holders set forth
in this Support Agreement shall be true and correct in all material respects (except for those representations and warranties which
expressly include a materiality standard, which shall be true and correct in all respects giving effect to such materiality standard)
at and as of the date hereof and at and as of the Effective Date with the same force and effect as if made at and as of such date,
except (A) that representations and warranties that are given as of a specified date shall be true and correct in all material
respects as of such date and (B) as such representations and warranties may be affected by the occurrence of events or transactions
contemplated and permitted by this Support Agreement;

 

		(iv)	by the Effective Date, iAnthus and Oasis Investments II Master Fund Ltd. shall, by their lawyers
of record, have delivered in escrow an executed consent to an order dismissing on a without costs and with prejudice basis the
Oasis Litigation (the “Consent to Dismissal”), which Consent to Dismissal shall be filed with the applicable
court by Oasis Investments II Master Fund Ltd. within three (3) Business Days following the Effective Date; and

 

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		(v)	on the Effective Date, all of the documented fees and expenses of the Company Advisors up to and
including the Effective Date shall have been paid in full in accordance with the Interim Financing Budget, provided that the Company
Advisors shall have provided the Company with invoices for all such fees and expenses incurred up to the date that is three (3)
Business Days prior to the Effective Date, and shall have also provided the Company with a non-binding estimate of all such fees
and expenses to be incurred by the Company Advisors, as applicable, in the period from that date to the Effective Date.

 

		(c)	The obligations of the Lenders and the Consenting Debenture Holders to complete the Recapitalization
Transaction and the other transactions contemplated hereby and the consummation of the Recapitalization Transaction are subject
to the satisfaction of the following conditions prior to or at the Effective Time, each of which is for the benefit of the Lenders
and the Consenting Debenture Holders and may be waived, in whole or in part, by the Lenders and the Initial Consenting Debenture
Holders (provided that such conditions shall not be enforceable by any conditions results directly from an action, error or omission
by or within the control of such Lender or the Consenting Debenture Holder seeking enforcement):

 

		(i)	the Company shall have (A) achieved the Milestones on or before the applicable dates set forth
herein (unless such dates have been extended with the consent of the Lenders and the Initial Consenting Debenture Holders), and
(B) complied in all material respects with each covenant and obligation in this Support Agreement that is to be performed by them
on or before the Effective Date;

 

		(ii)	the representations and warranties of the iAnthus Parties set forth in this Support Agreement shall
be true and correct in all material respects as of the Effective Date with the same force and effect as if made at and as of such
date, except (A) that representations and warranties that are given as of a specified date shall be true and correct in all material
respects as of such date and (B) as such representations and warranties may be affected by the occurrence of events or transactions
contemplated and permitted by this Support Agreement;

 

		(iii)	the Final Order, the Plan, the other Definitive Documents and all orders made and judgments rendered
by any competent court of law, and all rulings and decrees of any competent regulatory body, agent or official in relation to the
BCBCA shall be in form and substance satisfactory to the Lenders and the Initial Consenting Debenture Holders, acting reasonably;

 

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		(iv)	all actions taken by the iAnthus Parties in furtherance of the Recapitalization Transaction and
the Plan shall be consistent in all material respects with the Plan and this Support Agreement;

 

		(v)	there shall not exist or have occurred any Material Adverse Change from and after the date of this
Support Agreement;

 

		(vi)	on the Effective Date, all of the documented fees and expenses of the Creditor Advisors, up to
and including the Effective Date, shall have been paid in full, provided that the Creditor Advisors shall have provided the Company
with invoices for all such fees and expenses incurred up to the date that is three (3) business days prior to the Effective Date,
and shall have also provided the Company with a non-binding estimate of all such fees and expenses to be incurred by the Creditor
Advisors, as applicable, in the period from that date to the Effective Date;

 

		(vii)	as of the Effective Date, the Company shall remain a reporting issuer in each province of Canada
in which it is currently a reporting issuer and the Company: (i) will take all such actions as are commercially reasonable,
subject to the Company being able to satisfy listing and applicable public float and public holder requirements, to maintain a
listing of its common shares on the CSE, or on such other recognized stock exchange acceptable to the Lenders, Initial Consenting
Debenture Holders and the Company, and (ii) shall be in compliance with all applicable securities Laws in Canada and the United
States and not subject to any cease trade orders. For the purposes of this Section 1.14(c)(vii) and Section 1.14(c)(viii),
“public float” and “public holder” have the meanings ascribed thereto in the CSE’s Policy 1
– Interpretation and General Provisions. For the avoidance of doubt, the NEO Exchange Inc. is a recognized stock exchange
that is acceptable to the Lenders, Initial Consenting Debenture Holders and the Company;

 

		(viii)	all Transaction Securities, when issued and delivered, shall be duly authorized, validly issued
and fully paid and non-assessable and the Company will take all such actions as are commercially reasonable, subject to the Company
being able to satisfy listing and applicable public float and public holder requirements, to have the Common Shares listed and
posted for trading on the CSE, or on such other recognized stock exchange acceptable to the Lenders, Initial Consenting Debenture
Holders and the Company, and all necessary notices and filings shall have been made with, and all consents, approvals and authorizations
shall have been obtained by the Company from, the CSE, or from such other recognized stock exchange acceptable to the Lenders,
Initial Consenting Debenture Holders and the Company, to ensure that the Common Shares to be issued as Transaction Securities will
be listed and posted for trading on the CSE, or on such other recognized stock exchange acceptable to the Lenders, Initial Consenting
Debenture Holders and the Company, upon their issuance free from restrictions except to the extent set out in this Support Agreement
and escrow requirements required by the CSE or such other recognized stock exchange acceptable to the Lenders, Initial Consenting
Debenture Holders and the Company, or as agreed to in writing by the Lenders and the Initial Consenting Debenture Holders;

 

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		(ix)	the Company and/or its securities shall not be subject to any “cease trade” or similar
orders and all existing cease trade orders shall have ceased to be of any force or effect immediately prior to the effective time
of the Recapitalization Transaction; and

 

		(x)	the Company shall have provided the Lenders and each Consenting Debenture Holder with a certificate
signed by an officer of iAnthus certifying compliance with the terms of this Section 1.13(b) as of the Effective Date.

 

Section
1.15 Releases

 

The Parties agree that there shall be usual
and customary releases in connection with the implementation of the Recapitalization Transaction under the Arrangement Proceedings
to be effective as of the Effective Date (the “Releases”) pursuant to the Plan (or, to the extent applicable,
a CCAA Plan) and the Final Order (or Sanction Order). The Releases shall provide, inter alia, that iAnthus and all of its direct
and indirect subsidiaries, the Lenders, the Unsecured Debenture Holders, and each of the foregoing Persons’ respective current
and former directors, officers, managers, partners, employees, auditors, financial advisors, legal counsel and agents (collectively,
the “Released Parties”) shall be released and discharged from all present and future actions, causes of action,
damages, judgments, executions, obligations and claims of any kind or nature whatsoever (other than liabilities or claims attributable
to any of Released Party’s gross negligence, willful misconduct or fraud as determined by the final, non-appealable judgment
of a court of competent jurisdiction) arising on or prior to the Effective Date in connection with or relating in any way to the
Common Shares, the Secured Debt, the Secured Debentures, the Unsecured Debt, the Unsecured Debt Documents, the Recapitalization
Transaction, the Plan, CCAA Plan (as applicable), the Arrangement Proceedings (or CCAA Proceeding, as applicable), this Support
Agreement, and any of the transactions contemplated herein, and any other actions or matters related directly or indirectly to
the foregoing, provided that the Released Parties shall not be released from or in respect of any of their respective obligations
under this Support Agreement, the Plan, or any document ancillary to the foregoing.

 

Section
1.16 Termination

 

(1) This
Support Agreement (and, for certainty, any Joinder Agreement) may be terminated by the Consenting Debenture Holders in their sole
discretion, by providing written notice to the Company and the Lenders in accordance with Section 1.22(13) hereof:

 

		(a)	if the Interim Financing has not been advanced in full in accordance with Section 1.8;

 

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		(b)	if the Lenders fail to approve any Draw Request delivered by the Borrower in compliance with the
Interim Financing Budget (subject to the Permitted Variance), which failure is not cured within three (3) Business Days after receipt
of written notice thereof;

 

		(c)	if the Company fails to meet any of the Milestones on or before the applicable dates set forth
herein (as may be extended with the consent of the Initial Consenting Debenture Holders);

 

		(d)	if an Event of Default (as defined in the Amended Secured Debenture Purchase Agreement) has occurred
under the Interim Financing and such Event of Default has not been waived within three (3) Business Days of its occurrence;

 

		(e)	if any iAnthus Party publicly recommends, enters into a written agreement to pursue, or directly
or indirectly proposes, supports, assists, solicits or files a motion or pleading seeking approval of a transaction other than
the Recapitalization Transaction;

 

		(f)	if the board of directors of the Company or any other iAnthus Party changes its recommendation
to stakeholders that they vote in favour of the Recapitalization Transaction or fails to reconfirm such recommendation within three
(3) Business Days of having been requested to do so by the Initial Consenting Debenture Holders or the Lenders;

 

		(g)	if any iAnthus Party takes any action materially inconsistent with this Support Agreement or fails
to comply with, or defaults in the performance or observance of, in all material respects, any term, condition, covenant or agreement
set forth in this Support Agreement that, if capable of being cured, is not cured within the longer of (i) three (3) Business Days
after receipt of written notice of such failure or default, or (ii) to the extent that such failure or default constitutes a default
under the Amended Secured Debenture Purchase Agreement, the cure period for such default set out in the Amended Secured Debenture
Purchase Agreement;

 

		(h)	if any Lender takes any action materially inconsistent with this Support Agreement or fails to
comply with, or defaults in the performance or observance of, in all material respects, any term, condition, covenant or agreement
set forth in this Support Agreement that, if capable of being cured, is not cured within three (3) Business Days after receipt
of written notice of such failure or default;

 

		(i)	if any Lender accelerates, or makes a demand for payment under, the Interim Financing or seeks
to take any action to enforce on the indebtedness thereunder;

 

		(j)	if any representation, warranty or acknowledgement of any iAnthus Party made in this Support Agreement
shall prove untrue in any material respect as of the date when made that, if capable of being cured, is not cured within three
(3) Business Days after receipt of written notice of such failure or default;

 

    35

     

    

 

		(k)	upon the issuance of any final decision, order or decree by a Governmental Entity, in consequence
of or in connection with the Recapitalization Transaction or the Plan, which restrains, impedes or prohibits the Recapitalization
Transaction or the Plan;

 

		(l)	if the Arrangement Proceedings (other than to comply with Section 1.10 hereof) or the CCAA Proceeding,
are dismissed or a receiver, interim receiver, receiver and manager, trustee in bankruptcy, liquidator or administrator is appointed
with respect to any iAnthus Party, unless such appointment is made with the prior written consent of the Initial Consenting Debenture
Holders, acting reasonably;

 

		(m)	upon the amendment or modification of, the filing of a motion or pleading by any iAnthus Party
seeking to amend or modify, the Recapitalization Transaction Terms or the Plan or any material document or order relating thereto,
unless such amendment, modification, or filing is acceptable to the Initial Consenting Debenture Holders, acting reasonably;

 

		(n)	if (i) any of the conditions set forth in Section 1.11 are not satisfied or waived by the Voting
Deadline or (ii) any of the conditions set forth in Section 1.13 are not satisfied or waived by the Outside Date;

 

		(o)	if any court of competent jurisdiction has entered a final non-appealable judgment or order declaring
this Support Agreement or any material portion thereof to be unenforceable;

 

		(p)	upon the issuance of any order by the Court that is inconsistent with the terms of this Support
Agreement, the Term Sheet or the Recapitalization Transaction Terms, that could reasonably be expected to affect any of the foregoing,
or the timely completion of the Recapitalization Transaction in accordance with the timelines set forth in this Support Agreement,
or that is adverse to the interests or rights of the Consenting Debenture Holders;

 

		(q)	upon the failure by the Company to promptly pay all fees and expenses of the Creditor Advisors,
in accordance with the Interim Financing Budget, within the timeframes provided for herein;

 

		(r)	if any of the conditions set forth in Section 1.14(a)(i) are not satisfied or waived by December
31, 2020; or

 

		(s)	if the Recapitalization Transaction has not been completed and/or the Plan has not been implemented
by the Outside Date,

 

in each case unless the event giving rise
to the termination right is waived or cured in accordance with the terms hereof.

 

    36

     

    

 

(2) This
Support Agreement (and, for certainty, any Joinder Agreement) may be terminated by the Lenders, in their sole discretion, by providing
written notice to the Company and each of the Consenting Debenture Holders in accordance with Section 1.22(13) hereof:

 

		(a)	if the Company fails to meet any of the Milestones on or before the applicable dates set forth
herein (as may be extended with the consent of the Lenders);

 

		(b)	if any iAnthus Party publicly recommends, enters into a written agreement to pursue, or directly
or indirectly proposes, supports, assists, solicits or files a motion or pleading seeking approval of a transaction other than
the Recapitalization Transaction;

 

		(c)	if any Consenting Debenture Holder takes any action materially inconsistent with this Support Agreement
or fails to comply with, or defaults in the performance or observance of, in all material respects, any term, condition, covenant
or agreement set forth in this Support Agreement that, if capable of being cured, is not cured within three (3) Business Days after
receipt of written notice of such failure or default;

 

		(d)	if any iAnthus Party takes any action materially inconsistent with this Support Agreement or fails
to comply with, or defaults in the performance or observance of, in all material respects, any term, condition, covenant or agreement
set forth in this Support Agreement that, if capable of being cured, is not cured within the longer of (i) three (3) Business Days
after receipt of written notice of such failure or default, or (ii) to the extent that such default constitutes a default under
the Amended Secured Debenture Purchase Agreement, the cure period for such default set out in the Amended Secured Debenture Purchase
Agreement;

 

		(e)	if any representation, warranty or acknowledgement of any iAnthus Party made in this Support Agreement
shall prove untrue in any material respect as of the date when made that, if capable of being cured, is not cured within three
(3) Business Days after receipt of written notice of such failure or default;

 

		(f)	upon the issuance of any order by the Court that is inconsistent with the terms of this Support
Agreement, the Term Sheet or the Recapitalization Transaction Terms, that could reasonably be expected to affect any of the foregoing,
or the timely completion of the Recapitalization Transaction in accordance with the timelines set forth in this Support Agreement,
or that is adverse to the interests or rights of the Lenders;

 

		(g)	upon the issuance of any final decision, order or decree by a Governmental Entity, in consequence
of or in connection with the Recapitalization Transaction or the Plan, which restrains, impedes or prohibits the Recapitalization
Transaction or the Plan;

 

		(h)	if the Arrangement Proceedings (other than to comply with Section 1.10 hereof) or the CCAA Proceeding,
are dismissed or a receiver, interim receiver, receiver and manager, trustee in bankruptcy, liquidator or administrator is appointed
with respect to any iAnthus Party, unless such appointment is made with the prior written consent of the Lenders, acting reasonably;

 

    37

     

    

 

		(i)	the amendment or modification of, the filing of a motion or pleading by any iAnthus Party seeking
to amend or modify, the Recapitalization Transaction Terms or the Plan or any material document or order relating thereto, unless
such amendment, modification, or filing is acceptable to the Lenders, acting reasonably;

 

		(j)	(A) any of the conditions set forth in Section 1.12 are not satisfied or waived by the Voting Deadline
or (B) any of the conditions set forth in Section 1.13 are not satisfied or waived by the Outside Date;

 

		(k)	if any court of competent jurisdiction has entered a final non-appealable judgment or order declaring
this Support Agreement or any material portion thereof to be unenforceable;

 

		(l)	if any of the conditions set forth in Section 1.14(a)(i)are not satisfied or waived by December
31, 2020; or

 

		(m)	if the Recapitalization Transaction has not been completed and/or the Plan has not been implemented
by the Outside Date,

 

in each case unless the event giving rise
to the termination right is waived or cured in accordance with the terms hereof.

 

(3) This
Support Agreement may be terminated by the Company on behalf of the iAnthus Parties, by providing written notice to the Lenders
and each of the Consenting Debenture Holders in accordance with Section 1.22(13) hereof upon the occurrence and continuation of
any of the following events:

 

		(a)	if the Interim Financing has not been advanced in full in accordance with Section 1.8;

 

		(b)	if the Lenders fail to approve any Draw Request delivered by the Borrower in compliance with the
Interim Financing Budget (subject to the Permitted Variance), which failure is not cured within three (3) Business Days after receipt
of written notice thereof;

 

		(c)	if any Lender or Consenting Debenture Holder takes any action materially inconsistent with this
Support Agreement or fails to comply with, or defaults in the performance or observance of, in all material respects, any term,
condition, covenant or agreement set forth in this Support Agreement that, if capable of being cured, is not cured within three
(3) Business Days after receipt of written notice of such failure or default;

 

    38

     

    

 

		(d)	if at any time the Consenting Debenture Holders that are party to this Support Agreement hold in
the aggregate less than 75% of the principal amount of outstanding Unsecured Debt;

 

		(e)	if any Lender accelerates, or makes a demand for payment under, the Interim Financing or seeks
to take any action to enforce on the indebtedness thereunder;

 

		(f)	upon the issuance of any final, non-appealable decision, order or decree by a Governmental Entity,
in consequence of or in connection with the Recapitalization Transaction or the Plan, which prohibits the Recapitalization Transaction
or the Plan; or

 

		(g)	if the Recapitalization Transaction has not been completed and/or the Plan has not been implemented
by the Outside Date.

 

(4) This
Support Agreement may be terminated at any time by mutual written consent of the Company, the Lenders and the Consenting Debenture
Holders.

 

(5) This
Support Agreement shall terminate automatically on the Effective Date upon implementation of the Plan.

 

Section
1.17 Effect of Termination

 

(1) Subject
to Section 1.17(3) below, this Support Agreement, upon its termination, shall be of no further force and effect, and each Party
hereto shall be automatically and simultaneously released from its commitments, undertakings, covenants, and agreements under or
related to this Support Agreement, and each Party shall have the rights and remedies that it would have had it not entered into
this Support Agreement and shall be entitled to take all actions, whether with respect to the Recapitalization Transaction or otherwise,
that it would have been entitled to take had it not entered into this Support Agreement. For greater certainty, upon termination
of this Support Agreement (i) each Party’s obligations under the Term Sheet will terminate, and (ii) any and all votes
submitted in respect of the Plan will be deemed to be withdrawn and shall have no effect in any other restructuring proceeding
involving the iAnthus Parties.

 

(2) Each
Party shall be responsible and shall remain liable for any breach of this Support Agreement by such Party occurring prior to the
termination of this Support Agreement.

 

(3) Notwithstanding
the termination of this Support Agreement pursuant to Section 1.16, the agreements and obligations of the Parties in Section
1.7(u) and Section 1.7(t) hereof shall survive such termination and shall continue in full force and effect for the benefit
of the Parties in accordance with the terms hereof. Upon the occurrence of any termination of this Support Agreement, any and all
votes, consents and proxies tendered by any Lender or Consenting Debenture Holder prior to such termination shall be deemed, for
all purposes, to be withdrawn, and null and void from the first instance and shall not be considered or otherwise used in any manner
by the Parties in connection with the Recapitalization Transaction, this Support Agreement, a CCAA Proceeding, or otherwise.

 

    39

     

    

 

Section
1.18 Reaffirmation

 

Subject to the terms and conditions of
this Support Agreement (and so long as this Support Agreement has not been terminated), each iAnthus Party hereby extends, reaffirms,
ratifies and confirms all of its obligations and the terms and conditions of each Transaction Agreement (as defined in the Amended
Secured Debenture Purchase Agreement) in their entirety, and ratifies and confirms that (a) each Transaction Agreement remains
in full force and effect and enforceable against each iAnthus Party in accordance with its terms; (b) there are no defenses,
setoffs or counterclaims with respect to any Transaction Agreement; and (c) each guaranty and lien granted under the Transaction
Agreements continues to guaranty and secure the Obligations (as defined in the Amended Secured Debenture Purchase Agreement) of
the iAnthus Parties under the Transaction Agreements in accordance with their terms.

 

Section
1.19 Further Assurances

 

Subject to the terms and conditions of
this Support Agreement, each Party shall take all such actions as are commercially reasonable, deliver to the other Parties such
further information and documents and execute and deliver to the other Parties such further instruments and agreements as another
Party shall reasonably request to consummate or confirm the transactions provided for in this Support Agreement, to accomplish
the purpose of this Support Agreement or to assure to the other Party the benefits of this Support Agreement, including, the consummation
of the Recapitalization Transaction in all cases at the expense of the iAnthus Parties.

 

Section
1.20 Public Announcements

 

All public announcements made in respect
of the Recapitalization Transaction shall be made solely by the Company, provided that such public announcements shall be in form
and substance acceptable to the Lenders, the Initial Consenting Debenture Holders and the Company, each acting reasonably. Notwithstanding
the foregoing, nothing herein shall prevent a party from making public disclosure in respect of the Recapitalization Transaction
to the extent required by applicable Law.

 

Section
1.21 Lender Consents

 

The Lenders acknowledge that (i) Gotham
Green Admin 1, LLC, in its capacity as collateral agent under the Amended Secured Debenture Purchase Agreement (the “GGP
Agent”), has been appointed to act for them under the Amended Secured Debenture Purchase Agreement and that where a consent,
approval or waiver is required from the Lenders under this Support Agreement, the written consent, approval or waiver of the GGP
Agent shall be sufficient to meet that requirement as to any matter, provided, however, the Lenders’ prior unanimous written
consent will be required to amend the Support Agreement or the Recapitalization Transaction Terms; (ii) delivery by any iAnthus
Party of a request for Lender consent, approval or waiver to the GGP Agent shall satisfy any requirement to deliver such request
to the Lenders hereunder; and (iii) each iAnthus Party shall be entitled to rely on any written consent, approval or waiver
granted by the GGP Agent.

 

    40

     

    

 

Section
1.22 Miscellaneous

 

(1) The
headings in this Support Agreement are for reference only and shall not affect the meaning or interpretation of this Support Agreement.

 

(2) Unless
the context otherwise requires, words importing the singular shall include the plural and vice versa and words importing any gender
shall include all genders.

 

(3) This
Support Agreement (including the Term Sheet and the other schedules attached to this Support Agreement) constitutes the entire
agreement and supersedes all prior agreements and understandings, both oral and written, among the Parties with respect to the
subject matter hereof; provided, however, that this Support Agreement does not alter or supersede any confidentiality or non- disclosure
agreement between the Company and any of the Consenting Debenture Holders or any of the Lenders. No prior history, pattern or practice
of sharing confidences among or between the Parties shall in any way affect or negate this understanding and agreement.

 

(4) Unless
as expressly otherwise set forth herein, this Support Agreement may be modified, amended, waived or supplemented as to any matter
in writing (which may include e-mail) by the Company (on behalf of the iAnthus Parties), the Lenders and the Initial Consenting
Debenture Holders;

 

(5) No
failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise.

 

(6) No
Party shall have any responsibility by virtue of this Support Agreement for any trading by any other entity. No prior history,
pattern, or practice of sharing confidences among or between the Parties shall in any way affect or negate this Support Agreement.

 

(7) Any
date, time or period referred to in this Support Agreement shall be of the essence except to the extent to which the Company (on
behalf of the iAnthus Parties), the Lenders and the Initial Consenting Debenture Holders agree in writing to vary any date, time
or period, in which event the varied date, time or period shall be of the essence.

 

(8) (The
agreements, representations and obligations of the Lenders and the Consenting Debenture Holders under this Support Agreement are,
in all respects, several and not joint and several.

 

(9) This
Support Agreement shall be governed by, construed and interpreted in accordance with the laws of the Province of Ontario and the
laws of Canada applicable therein (excluding any conflict of laws rule or principle which might refer such construction to the
laws of another jurisdiction) and all actions or proceedings arising out of or relating to this Support Agreement shall be heard
and determined exclusively in the courts of the Province of Ontario.

 

(10) It
is understood and agreed by the Parties that money damages would not be a sufficient remedy for any breach of this Support Agreement
and each non- breaching Party shall be entitled, in addition to any other remedy that may be available under applicable law, to
specific performance and injunctive or other equitable relief as a remedy of any such breach, including an order by a court of
competent jurisdiction requiring any Party to comply promptly with any of such obligations, without the necessity of proving the
inadequacy of money damages as a remedy. Each Party hereby waives any requirement for the security or posting of any bond in connection
with such remedies.

 

    41

     

    

 

(11) Unless
expressly stated otherwise herein, this Support Agreement is intended to solely bind and inure to the benefit of the Parties and
their respective successors, permitted assigns, heirs, executors, administrators and representatives. No other person or entity
shall be a third party beneficiary hereof.

 

(12) Except
as otherwise set forth in Section 1.5(b)(ii) and Section 1.6(d)(ii), no Party may assign, delegate or otherwise transfer any of
its rights, interests or obligations under this Support Agreement without the prior written consent of the other Parties hereto.

 

(13) All
notices, requests, consents and other communications hereunder to any Party shall be deemed to be sufficient if contained in a
written instrument delivered in person or sent by facsimile, internationally-recognized overnight courier or email. All notices
required or permitted hereunder shall be deemed effectively given: (i) upon personal delivery to the Party to be notified, (ii)
when sent by facsimile or email if sent during normal business hours of the recipient, if not, then on the next Business Day of
the recipient; or (iii) one (1) Business Day after deposit with an internationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. All deliveries required or permitted hereunder shall be deemed effectively
made: (A) upon personal delivery to the Party receiving the delivery; (B) one (1) Business Day after deposit with an internationally
recognized overnight courier, specifying next day delivery, with written verification of receipt; or (C) upon receipt of delivery
in accordance with instructions given by the Party receiving the delivery. Any Party may change the address to which notice should
be given to such Party by providing written notice to the other Parties hereto of such change. The address, facsimile and email
for each of the Parties shall be as follows:

 

		(a)	If to the Company or the iAnthus Parties at: iAnthus Capital Holdings, Inc.

 

c/o McMillan LLP

Brookfield Place

181 Bay Street, Suite 4400

Toronto, ON M5J 2T3

 

Attention: Wael Rostom, Tushara Weerasooriya
and James Munro

 

Email:

 

		(b)	If to one or more of the Lenders at the addresses set forth in the notice provision in Article 18
of the Amended Secured Debenture Purchase Agreement, with a copy (which shall not be deemed notice) to:

 

Davies Ward Phillips & Vineberg
LLP

155 Wellington Street West

Toronto ON, M5V 3J7

 

    42

     

    

 

Attention:Robin B. Schwill

 

Email:rschwill@dwpv.com

 

and

 

SkyLaw Professional Corporation

3 Bridgman Avenue, Suite 204

Toronto, ON M5R 3V4

 

Attention:Kevin R. West

 

Email:kevin.west@skylaw.ca

 

		(c)	If to one or more of the Consenting Unsecured Debenture Holders at:

 

The address set forth for each applicable
Consenting Unsecured Debenture Holder on its signature page to this Support Agreement, with a required copy (except in respect
of Oasis Investments II Master Fund Ltd.) (which shall not be deemed notice) to:

 

Cassels Brock & Blackwell LLP

Suite 2100, 40 King Street West

Scotia Plaza

Toronto, Ontario M5H 3C2

 

Attention:

 

		Email:	

in respect of Oasis Investments
II Master Fund Inc., with a copy to:

 

Stikeman Elliott LLP

Suite 5300, 199 Bay Street

Commerce Court West

Toronto, Ontario M5L 1B9

 

Attention:

 

		Email:	

 

(14) If
any term, provision, covenant or restriction of this Support Agreement is held by a court of competent jurisdiction to be invalid,
void or unenforceable, the remainder of the provisions, including terms, covenants and restrictions, of this Support Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated and the parties shall negotiate
in good faith to modify this Support Agreement so as to effect the original intent of the Parties as closely as possible in a reasonably
acceptable manner so that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent
possible.

 

(15) This
Support Agreement may be executed by facsimile or other electronic means and in one or more counterparts, all of which shall be
considered one and the same agreement.

 

[Remainder of Page Intentionally Left
Blank]

 

    43

     

    

 

The Parties have executed this Support
Agreement effective as of the date first written above.

 

COMPANY:

 

	 	IANTHUS CAPITAL HOLDINGS, INC.
	 	 	 
	 	By: 	/s/ Randy Maslow
	 	Name: 	Randy Maslow
	 	Title:	Interim Chief Executive Officer & President

 

SUBSIDIARY GUARANTORS:

 

	S8 RENTAL SERVICES, LLC	 	MPX BIOCEUTICAL ULC
	 	 	 
	By: 	/s/ Randy Maslow	 	By:	/s/
    Julius Kalcevich
	Name: 	Randy
    Maslow	 	Name: 	Julius
    Kalcevich
	Title:	President	 	Title:	Chief
    Executive Officer
	 	 	 	 	 
	BERGAMOT PROPERTIES, LLC	 	IANTHUS CAPITAL MANAGEMENT, LLC LLC
	 	 	 
	By:	/s/
    Randy Maslow	 	By:	/s/
    Randy Maslow
	Name:	Randy
    Maslow	 	Name:	Randy
    Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	IANTHUS HOLDINGS FLORIDA, LLC LLC	 	GROWHEALTHY PROPERTIES, LLC LLC
	 	 	 
	By:	/s/
    Randy Maslow	 	By:	/s/
    Randy Maslow
	Name:	Randy
    Maslow	 	Name:	Randy
    Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	FALL RIVER DEVELOPMENT COMPANY, LLC LLC	CGX LIFE SCIENCES INC. LLC
	 	 
	By:	/s/
    Randy Maslow	 	By:	/s/
    Randy Maslow
	Name:	Randy
    Maslow	 	Name:	Randy
    Maslow
	Title:	President	 	Title:	President

 

Signature Page to Support Agreement

 

     

     

    

 

	GTL HOLDINGS, LLC	 	IANTHUS EMPIRE HOLDINGS, LLC
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name: 	Randy Maslow	 	Name:	Randy Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	AMBARY, LLC	 	MPX LUXEMBOURG SARL
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Julius Kalcevich
	Name:	Randy Maslow	 	Name:	Julius Kalcevich
	Title:	President	 	Title:	Manager
	 	 	 	 	 
	IA NORTHERN NEVADA, INC.	 	PAKALOLO, LLC
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name:	Randy Maslow	 	Name: 	Randy Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	IANTHUS ARIZONA, LLC	 	S8 MANAGEMENT, LLC
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name:	Randy Maslow	 	Name:	Randy Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	SCARLET GLOBEMALLOW, LLC	 	GHHIA MANAGEMENT, INC.
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name:	Randy Maslow	 	Name:	Randy Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	MCCRORY’S SUNNY HILL NURSERY, LLC	 	IA IT, LLC
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name:	Randy Maslow	 	Name:	Randy Maslow
	Title:	President	 	Title:	President

 

Signature Page to Support Agreement

 

     

     

    

 

	PILGRIM ROCK MANAGEMENT, LLC	 	MAYFLOWER MEDICINALS, INC.
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name:	Randy Maslow	 	Name:	Randy Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	IMT, LLC	 	GREENMART OF NEVADA NLV, LLC
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name:	Randy Maslow	 	Name:	Randy Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	IANTHUS NEW JERSEY, LLC	 	IA CBD, LLC
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name:	Randy Maslow	 	Name:	Randy Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	CITIVA MEDICAL, LLC	 	GRASSROOTS VERMONT MANAGEMENT SERVICES, LLC
	 	 	 	 	 
	By:	/s/ Randy Maslow	 	By:	/s/ Randy Maslow
	Name:	Randy Maslow	 	Name: 	Randy Maslow
	Title:	President	 	Title:	President
	 	 	 	 	 
	FWR, INC.	 	 	 
	 	 	 	 	 
	By:	/s/ Alexandra Ford	 	 	 
	Name: 	Alexandra Ford	 	 	 
	Title:	President	 	 	 

 

Signature Page to Support Agreement

 

     

     

    

 

LENDERS:

 

	 	GOTHAM GREEN FUND 1, L.P.
	 	 	 
	 	By: Gotham Green GP 1, LLC, as General Partner
	 	 	 
	 	By:	/s/ Jason Adler
	 	Name: 	Jason Adler
	 	Title:	Managing Member

 

	Principal Amount of Secured Debt	 
	US$13,993,505.56	 
	Number of Common Shares of iAnthus	 
	1,173,399	 

 

Restructuring Support Agreement

 

     

     

    

 

	 	GOTHAM GREEN FUND 1 (Q), L.P.
	 	By: Gotham Green GP 1, LLC, as General Partner
	 	 
	 	By:	/s/ Jason Adler
	 	Name: 	Jason Adler
	 	Title:	Managing Member

 

	Principal Amount of Secured Debt	 
	US$8,000,250.00	 
	Number of Common Shares of iAnthus	 
	180,006	 

 

Signature Page to Support Agreement

 

     

     

    

 

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

 

	Principal Amount of Secured Debt	 
	n/a	 
	Number of Common Shares of iAnthus	 
	n/a	 

 

Signature Page to Support Agreement

 

     

     

    

 

	 	GOTHAM GREEN FUND II, L.P.
	 	By: Gotham Green GP II, LLC, as General Partner
	 	 
	 	By:	/s/ Jason Adler
	 	Name: 	Jason Adler
	 	Title:	Managing Member

 

	Principal Amount of Secured Debt	 
	US$1,466,300.00	 
	Number of Common Shares of iAnthus	 
	n/a	 

 

Signature Page to Support Agreement

 

     

     

    

 

	 	GOTHAM GREEN FUND II (Q), L.P.
	 	By: Gotham Green GP II, LLC, as General Partner
	 	 
	 	By:	/s/ Jason Adler
	 	Name: 	Jason Adler
	 	Title:	Managing Member

 

	Principal Amount of Secured Debt	 
	US$8,533,700.00	 
	Number of Common Shares of iAnthus	 
	n/a	 

 

Signature Page to Support Agreement

 

     

     

    

 

	 	GOTHAM GREEN CREDIT PARTNERS SPV I, L.P.
	 	By: Gotham Green Partners SPV I, LLC, as General Partner
	 	 	 
	 	By:	/s/ Jason Adler
	 	Name: 	Jason Adler
	 	Title:	Managing Member

 

	Principal Amount of Secured Debt	 
	US$29,364,022.22	 
	Number of Common Shares of iAnthus	 
	2,762,646	 

 

Signature Page to Support Agreement

 

     

     

    

 

	 	GOTHAM GREEN PARTNERS SPV V, L.P.
	 	By: Gotham Green Partners SPV V, LLC, as General Partner
	 	 	 
	 	By:	/s/ Jason Adler
	 	Name: 	Jason Adler
	 	Title:	Managing Member

 

	Principal Amount of Secured Debt	 
	US$17,150,000	 
	Number of Common Shares of iAnthus	 
	n/a	 

 

Signature Page to Support Agreement

 

     

     

    

 

	Principal Amount of Secured Debt	 
	US$3,750,000	 
	Number of Common Shares of iAnthus	 
	n/a	 

 

Signature Page to Support Agreement

 

     

     

    

 

	Principal Amount of Secured Debt	 
	US$250,000	 
	Number of Common Shares of iAnthus	 
	n/a	 

 

Signature Page to Support Agreement

 

     

     

    

 

	Principal Amount of Secured Debt	 
	US$15,000,000	 
	Number of Common Shares of iAnthus	 
	n/a	 

 

Signature Page to Support Agreement

 

     

     

    

 

CONSENTING DEBENTURE HOLDERS:

 

	Jurisdiction of residence for legal purposes:	 
	 	 
	Email:	 
	 	 
	Address:	 

 

	Principal Amount of Unsecured
Debt	 
	US$25,000,000 	 
	Number of Common Shares of iAnthus 	 
	n/a 	 

 

Signature Page to Support Agreement

 

     

     

    

 

	Jurisdiction of residence for legal purposes:	United Kingdom
	 	 
	Email:	 
	 	 
	Address:	 

 

	Principal Amount of Unsecured Debt 	 
	US$7,000,000 	 
	Number of Common Shares of iAnthus 	 
	n/a 	 

 

Signature Page to Support Agreement

 

     

     

    

 

	Jurisdiction of residence for legal purposes:	 
	 	 
	Email:	 
	 	 
	Address:	 

 

	Principal Amount of Unsecured Debt 	 
	US$2,000,000 	 
	Number of Common Shares of iAnthus 	 
	n/a 	 

 

Restructuring Support Agreement

 

     

     

    

 

	Jurisdiction of residence for legal purposes:	 
	 	 
	Email:	 
	 	 
	Address:	 

 

	Principal Amount of Unsecured Debt 	 
	US$2,500,000 	 
	Number of Common Shares of iAnthus 	 
	n/a 	 

 

Restructuring Support Agreement

 

     

     

    

 

	Jurisdiction of residence for legal purposes:	Cayman
Islands
	 	 
	Email:	 
	 	 
	Address:	 

 

	Principal Amount of Unsecured
Debt	 
	US$18,500,000 	 
	Number of Common Shares of iAnthus 	 
	n/a 	 

 

Restructuring Support Agreement

 

     

     

    

 

EXECUTION COPY

 

Schedule A - Subsidiaries

 

S8 Rental Services, LLC

MPX Bioceutical ULC

Bergamot Properties, LLC

iAnthus Capital Management, LLC

iAnthus Holdings Florida, LLC

GrowHealthy Properties, LLC

Fall River Development Company, LLC

CGX Life Sciences Inc.

GTL Holdings, LLC

iAnthus Empire Holdings, LLC

Ambary, LLC

MPX Luxembourg SARL

iA Northern Nevada, Inc.

Pakalolo, LLC

iAnthus Arizona, LLC

S8 Management, LLC

Scarlet Globemallow, LLC

GHHIA Management, Inc.

McCrory’s Sunny Hill Nursery, LLC

iA IT, LLC

Pilgrim Rock Management, LLC

Mayflower Medicinals, Inc.

IMT, LLC

GreenMart of Nevada NLV, LLC

iAnthus New Jersey, LLC

iA CBD, LLC

Citiva Medical, LLC

Grassroots Vermont Management Services,
LLC

FWR, Inc.

 

    
	 	A – 1	Restructuring Support Agreement

     

    

 

EXECUTION COPY

 

Schedule B - Definitions

 

“1933 Act” means the
United States Securities Act of 1933, as amended.

 

“2023 Debentures” means
8% unsecured debentures due on March 15, 2023, in the original principal amount of US$60,000,000.

 

“Affiliate” of any Person
shall mean any Person directly or indirectly controlling, controlled by, or under common control with, such Person; provided, that,
for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by”
and “under common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise.

 

“Amended Secured Debenture Purchase
Agreement” has the meaning set out in Section 1.8(c)(i).

 

“Arrangement Proceedings”
has the meaning set out on the Recitals.

 

“BCBCA” has the meaning
set out on the Recitals.

 

“Borrower” means the
Company’s wholly owned subsidiary iAnthus Capital Management, LLC.

 

“Business Day” means
each day, other than a Saturday or Sunday or a statutory or civic holiday on which banks are open for business in Toronto, Ontario
and New York, NY.

 

“Canadian Securities Commissions”
means, collectively, the applicable securities commissions or regulatory authorities in each of the provinces of Canada.

 

“Canadian Securities Laws”
means, collectively, and, as the context may require, the applicable securities laws of each of the provinces of Canada, and the
respective regulations and rules made under those securities laws together with all applicable policy statements, instruments,
blanket orders and rulings of the Canadian Securities Commissions and all discretionary orders or rulings, if any, of the Canadian
Securities Commissions made in connection with the transactions contemplated by this Support Agreement together with applicable
published policy statements of the Canadian securities administrators, as the context may require.

 

“Cassels” has the meaning
set out in Section 1.7(d).

 

“CCAA” means the Companies’
Creditors Arrangement Act (Canada), R.S.C. 1985 c.C-36, as amended.

 

“CCAA Plan” means a
plan of reorganization, compromise or arrangement under the CCAA.

 

“CCAA Proceeding” means
a proceeding commenced under the CCAA.

 

    
	 	B – 1	Restructuring Support Agreement

     

    

 

“Collateral Agent” means
the Collateral Agent under the Existing Secured Debenture Purchase Agreement.

 

“Company” has the meaning
set out on the title page.

 

“Cease Trade Order”
has the meaning set out in Section 1.2(i)(i).

 

“Common Shares” means
the common shares of the Company.

 

“Consenting Debenture Holders”
means the Unsecured Debenture Holders that have executed this Support Agreement or a Joinder Agreement hereto.

 

“Consent to Dismissal”
has the meaning set out in Section 1.14(c)(viii).

 

“Company Advisors” has
the meaning set out in Section 1.8(c)(ii).

 

“Court” means the Supreme
Court of British Columbia.

 

“Creditor Advisors”
has the meaning set out in Section 1.7(t).

 

“CSA” has means the
U.S. Controlled Substances Act, 21 USC 801 et seq.

 

“CSE” means the Canadian
Securities Exchange.

 

“Davies” has the meaning
set out in Section 1.7(d).

 

“Debenture Holder Relevant Shares”
has the meaning set out in Section 1.2(a)(ii)

 

“Definitive Documents”
means all definitive agreements, court materials and other material documents in connection with the Recapitalization Transaction,
Interim Financing and the Arrangement Proceedings and/or the CCAA Proceedings (as applicable) and any and all amendments, modifications
or supplements relating to any of the foregoing, including, without limitation and as applicable, this Support Agreement, Plan,
the Interim Order, the Final Order, an amended Amended Secured Debenture Purchase Agreement and all material applications, motions,
pleadings, orders, rulings and other documents filed by the Company with the Court in the Arrangement Proceedings or the CCAA Proceedings,
the Information Circular and any other material documentation required in connection with the meetings of the Unsecured Debenture
Holders, and if required, shareholders and all other material transaction documents relating to the Recapitalization Transaction
and the Plan (including any new (or amended) articles of incorporation, by-laws and other constating documents of the Company),
all of the foregoing in form and substance acceptable to the Company, Lenders and Initial Consenting Debenture Holders, each acting
reasonably.

 

“Effective Date” means
the date on which the Recapitalization Transaction is implemented pursuant to the Plan.

 

“Effective Time” means
the effective time of the Plan on the Effective Date.

 

    
	 	B – 2	Restructuring Support Agreement

     

    

 

“Existing Shares” means
all issued and outstanding Common Shares of iAnthus on the Effective Date immediately prior to the implementation of the Recapitalization
Transaction.

 

“Existing Secured Debenture Purchase
Agreement” means the Amended and Restated Secured Debenture Purchase Agreement dated October 10, 2019 but effective September
30, 2019, by and among the Lenders party thereto, the iAnthus Parties party thereto and the Collateral Agent, as amended by that
certain First Amendment to Amended and Restated Secured Debenture Purchase Agreement dated December 19, 2019.

 

“Final Order” means
a final order of the Court pursuant to the BCBCA that, inter alia, approving the Plan, in form and substance acceptable to the
Company, Lenders and Initial Consenting Debenture Holders, each acting reasonably.

 

“Foreign Private Issuer”
means a “foreign private issuer” as defined in Rule 405 under the 1933 Act.

 

“Governmental Entity”
means any government, regulatory authority, governmental department, agency, commission, bureau, official, minister, Crown corporation,
court, board, tribunal or dispute settlement panel or other law, rule or regulation-making organization or entity: (a) having or
purporting to have jurisdiction on behalf of any nation, province, territory or state or any other geographic or political subdivision
of any of them; or (b) exercising, or entitled or purporting to exercise any administrative, executive, judicial, legislative,
policy, regulatory or taxing authority or power.

 

“iAnthus” has the meaning
set out on the title page.

 

“iAnthus Party” and
“iAnthus Parties” have the meanings set out on the Recitals.

 

“Information Circular”
means the notice of the meetings of the Lenders, Unsecured Debenture Holders and shareholders, if applicable, for purposes of voting
on the Plan, and accompanying management information circular in respect of the Plan, including all schedules, appendices and exhibits
to, and information incorporated by reference in, such management information circular, to be sent by the Company to security holders
in connection with the Recapitalization Transaction and the Plan, in form and substance acceptable to the Company, Lenders and
Initial Consenting Debenture Holders.

 

“Initial Consenting Debenture
Holders” means each of

 

“Interim Financing”
has the meaning set out in Section 1.8(a).

 

“Interim Financing Budget”
means the weekly financial cash flow of the iAnthus Parties, which shall be in form and substance acceptable to the Lenders and
Initial Consenting Debenture Holders, acting reasonably (as to scope, detail and content), which may be amended from time to time
with the approval of the Lenders in accordance with Section 1.8.

 

“Interim Order” means
an interim order of the B.C. Court pursuant to the BCBCA that, inter alia, approves the calling for separate meetings of the Lenders,
Unsecured Debenture Holders, and if required, shareholders, to consider and vote on the Plan, in form and substance acceptable
to the Company, Lenders and Initial Consenting Debenture Holders, each acting reasonably.

 

    
	 	B – 3	Restructuring Support Agreement

     

    

 

“Joinder Agreement”
means a joinder agreement, in the form appended hereto at Schedule D, pursuant to which a Lender or a Consenting Debenture Holder
agrees, among other things, to be bound by and subject to the terms of this Support Agreement and thereby may be a Lender or a
Consenting Debenture Holder, applicable.

 

“Laws” means all laws,
statutes, codes, ordinances, decrees, rules, regulations, municipal by- laws, judicial or arbitral or administrative or ministerial
or departmental or regulatory judgments, orders, decisions, rulings or awards, policies, voluntary restraints, guidelines of any
Governmental Body, or any provisions of the foregoing, including general principles of common and civil law and equity, binding
on or affecting the Person referred to in the context in which such word is used, whether applicable in Canada or the United States
or any other jurisdiction; and “Law” means any one of them. Notwithstanding the foregoing, the definition of
Laws excludes any U.S. federal laws, Canadian federal, provincial or territorial laws, statutes, codes, ordinances, decrees, rules,
regulations which apply to the production, trafficking, distribution, processing, extraction, sale, or any transactions promoting
the business or involving the proceeds of marijuana (cannabis) and related substances (collectively, the “Excluded Laws”);
provided, however, that Excluded Laws shall not include any provision of the U.S. Internal Revenue Code, including, without limitation,
Section 280E of the Code.

 

“Lender Relevant Shares”
has the meaning set out in Section 1.3(a)(ii).

 

“Lenders” means each
of Gotham Green Admin 1, LLC, Gotham Green Fund 1, L.P., Gotham Green Fund 1 (Q), L.P., Gotham Green Credit Partners SPV 1, L.P.,
Gotham Green Fund II, L.P., Gotham Green Fund II (Q), L.P., Gotham Green Partners SPV V, L.P., Pura Vida Master Fund, Ltd., Pura
Vida Pro Special Opportunity Master Fund, Ltd. and Parallax Master Fund, L.P. and “Lender” means any one of
them, and any party that has executed a Joinder Agreement hereto as a Lender.

 

“Material Adverse Change”
means any event, change, circumstance or effect occurring up to and including the closing of the Recapitalization Transaction that
would reasonably be expected to be or become, individually or in the aggregate, materially adverse to the Company and its Subsidiaries
(taken as a whole), or which would materially impair the Company’s ability perform its obligations under this Support Agreement
or have a materially adverse effect on or prevent or materially delay the consummation of the transactions contemplated by this
Support Agreement, provided that none of the following shall constitute a Material Adverse Change: (a) any change in applicable
accounting standards; (b) any change in global, national or regional political conditions (including, pandemics, the outbreak of
war or acts of terrorism) or in general economic, business, regulatory, political or market conditions or in national or global
financial or capital markets; (c) any change affecting any of the industries in which the Company operates, including changes in
exchange rates or commodity prices; (d) any natural disaster; (e) any change resulting from the execution, announcement, or performance
of the Term Sheet, this Support Agreement, the Plan or any other related agreement and the consummation of the Recapitalization
Transaction; (f) any change in the market price or trading volume of any securities of the Company or any suspension of trading
in securities generally on any securities exchange on which any securities of the Company trade including, but not limited to,
the Cease Trade Order, or the failure, in and of itself, of the Company to meet any internal or public projections, forecasts or
estimates of revenues or earnings (it being understood that the underlying facts giving rise to or contributing to such change
or failure may be taken into account in determining whether there has been a Material Adverse Change); or (g) any action taken
by the Company in accordance with the Arrangement Proceedings, Term Sheet, this Support Agreement or the Plan except in the cases
of clauses (b), (c) or (d), to the extent that the Company, taken as a whole, is disproportionately affected as compared with other
participants in the industries in which the Company operates.

 

    
	 	B – 4	Restructuring Support Agreement

     

    

 

“Milestones” means those
milestones set forth in Section 1.7(c) hereof or the timelines applicable to a CCAA Proceeding commenced in accordance with this
Support Agreement as set forth in Schedule E (as the same may be amended pursuant to the terms of this Support Agreement).

 

“Non-Material Properties”
means (i) 1204 E. Perkinsville Road, Chino Valley, AZ, 68323, (ii) Lots 26 & 27 of Gateway Airport Commerce Park, Mesa, AZ,
85212, and (iii) Block 375.02, Lot 3 QFarm, Block 375.01, Lot 7 QFarm, Block 375.01, Lot 9 QFarm, Block 375.01, Lot 14, Block 396,
Lot 3 QFarm, Block 396, Lot 14 QFarm, Block 429, Lot 4 Qfarm, Block 375.01, Lot 14 Qfarm, Block 375.01, Lot 8 Qfarm, Block 375.01,
Lot 15 QFarm, Block 375.02, Lot 1 QFarm, Block 375.01, Lot 15 QFarm, Block 375.02, Lot 1 QFarm, Block 375.01, Lot 5 QFarm, Block
375.01, Lot 13, Block 375.02, Lot 2 QFarm, Block 429, Lot 3, Block 429, Lot 3 QFarm, on Cologne Avenue and Leipzig Avenue in Galloway,
New Jersey, 08205.

 

“Oasis Litigation” has
the meaning set out in Section 1.5(e).

 

“Outside Date” means
(i) in respect of the Arrangement Proceedings, June 30, 2021, and (ii) in respect of the CCAA Proceedings commenced in accordance
with this Support Agreement, August 31, 2021, provided that, in either case, such dates shall be automatically extended, upon the
written consent of the Lenders and the Initial Consenting Debenture Holders, acting reasonably, to the date on which any regulatory
approval or consent condition to implementation of the Plan or the CCAA Plan, as applicable, is satisfied or waived.

 

“Party” means a signatory
to this Support Agreement.

 

“Permitted Variance”
means an adverse variance of actual cumulative receipts less cumulative disbursements as compared to budgeted cumulative receipts
less cumulative disbursements in excess of the greater of (i) 12.5% or (ii) $250,000, since the beginning of the period covered
by the then current Interim Financing Budget (excluding the amount by which actual disbursements made to the Creditor Advisors
exceed the budgeted disbursements to the Creditor Advisors for that period).

 

“Person” means and individual,
a corporation, a partnership, a limited liability company, organization, trustee, executor, administrator, a trust, an unincorporated
association, a Governmental Entity or any agency, instrumentality or political subdivision of a Governmental Entity, or any other
entity or body.

 

    
	 	B – 5	Restructuring Support Agreement

     

    

 

“Plan” has the meaning
set out on the Recitals.

 

“Recapitalization Transaction”
has the meaning set out on the Recitals.

 

“Recapitalization Transaction
Terms” has the meaning set out on the Recitals.

 

“Regulation D” means
Regulation D promulgated under the 1933 Act.

 

“Regulation S” means
Regulation S promulgated under the 1933 Act.

 

“Released Parties” has
the meaning set out in Section 1.15.

 

“Releases” has the meaning
set out in Section 1.15.

 

“Relevant Secured Debt”
has the meaning set out in Section 1.3(a)(i).

 

“Relevant Unsecured Debt”
has the meaning set out in Section 1.2(a)(i).

 

“Secured Debt” means
the debt outstanding under the Secured Debentures.

 

“Secured Debentures”
means the secured debentures issued by the Borrower under the Existing Secured Debenture Purchase Agreement and the Amended Secured
Debenture Purchase Agreement, as applicable.

 

“Secured Debenture Defaults”
has the meaning set out in Section 1.6(l).

 

“SEDAR” means the System
for Electronic Document Analysis and Retrieval.

 

“Small Business Loan”
means the loan advanced to iA CBD, LLC by the U.S. Small Business Administration in the principal amount of US$150,000 on or about
June 29, 2020, under the United States Coronavirus Aid, Relief, and Economic Security Act.

 

“Subsidiary” and “Subsidiaries”
have the meanings set out on the title page.

 

“Support Agreement”
has the meaning set out on the Recitals.

 

“Term Sheet” has the
meaning set out on the Recitals.

 

“Transaction Securities”
means the Common Shares and the Preferred Equities (as defined in the Term Sheet) issued by the iAnthus at the Effective Time.

 

“Transfer” has the meaning
set out in Section 1.5(b)(i).

 

“UCC Sale Process” means
the foreclosure sale process run by the Collateral Agent or its representatives with or on behalf of the Lenders under Article
9 of the applicable Uniform Commercial Code following one or more events of default under the Secured Debentures.

 

    
	 	B – 6	Restructuring Support Agreement

     

    

 

“United States” means
the United States of America, its territories and possessions, any state of the United States, and the District of Columbia.

 

“Unsecured Debenture Holders”
means the holders of the 2023 Debentures.

 

“Unsecured Debt” means,
collectively, the debt outstanding under the Unsecured Debt Documents.

 

“Unsecured Debt Documents”
means the applicable (i) debenture purchase agreements, (ii) debenture certificates and (iii) warrant certificates, for the 2023
Debentures.

 

“Unsecured Document Defaults”
has the meaning set out in Section 1.5(k).

 

“U.S. Domestic Issuer”
means a “domestic issuer” as defined in Rule 902(e) of Regulation S.

 

“U.S. Person” means
a “U.S. person” as defined in Rule 902(k) of Regulation S. “Variance Report” has the meaning set out in
Section 1.8(c)(v).

 

“Voting Deadline” means
the date on which votes are due in respect of the Plan, as established by the Interim Order in the Arrangement Proceedings or an
order to be entered in the CCAA Proceedings, as the same may be amended by the order of the Court or by the Company with the prior
written consent of the Lenders and the Initial Consenting Debenture Holders.

 

    
	 	B – 7	Restructuring Support Agreement

     

    

 

EXECUTION COPY

 

Schedule C – Term Sheet

 

iANTHUS CAPITAL HOLDINGS, INC.

RESTRUCTURING TERM SHEET

 

This restructuring term sheet (the “Term
Sheet”), which is attached as Schedule C to the Restructuring Support Agreement dated as of July 9, 2020 (the “RSA”)
by and among the Lenders, Consenting Debenture Holders and the Company (each as defined below or in the RSA) summarizes the principal
terms and conditions of a proposed restructuring of the Company (the “Proposed Restructuring”). The Term Sheet
does not include a description of all of the terms, conditions and other provisions that are to be contained in the Definitive
Documentation (as defined below) governing the Proposed Restructuring, which remain subject to discussion and negotiation in accordance
with the RSA. The terms and conditions set out herein are subject to the RSA.

 

Summary of Terms – Proposed Restructuring

 

	Issuer:	iAnthus Capital Management, LLC (the “Borrower”)
	 	 
	Company:	iAnthus Capital Holdings, Inc. (“Company”)
	 	 
	Credit Parties/ Guarantors:	The Company and all of its subsidiaries.
	 	 
	Lenders:	The Lenders holding secured debentures (the “Secured Debentures”) under the Amended and Restated Secured Debenture Purchase Agreement dated October 10, 2019 but effective September 30, 2019 by an among the Lenders party thereto, the Credit Parties party thereto and the Collateral Agent, as amended by that certain First Amendment to Amended and Restated Secured Debenture Purchase Agreement dated December 19, 2019 (the “Existing Secured Debenture Purchase Agreement”)
	 	 
	Unsecured Debenture Holders:	The holders of the 8% debentures due on March 15, 2023, in the original principal amount of US$60,000,000 (the “Unsecured Debentures”), (collectively, the “Unsecured Debenture Holders”)
	 	 
	Parties:	The Company, Credit Parties, Lenders and the Initial Consenting Debenture Holders (as defined below) are collectively referred to as the “Parties”
	 	 
	Effective Date of RSA:	July [ ], 2020 or such later date as mutually agreed upon by the Parties

 

    
	 	C – 1	Restructuring Support Agreement

     

    

 

	Revised Capital Structure:	
        The Parties agree to revise the capital
        structure in accordance with the following terms:

         

        1. The
        outstanding Secured Debentures shall be amended to reflect the following:

         

        a. The
        principal balance shall be reduced to $85 million, which amount shall be increased by the principal amount of all Interim Financing
        (as defined herein) (“Restructured Senior Debt”);

         

        b. First
        lien, senior secured position over all assets of the Company and the Credit Parties as currently provided for;

         

        c. Non-convertible;
        PIK interest at an 8% interest rate and a maturity date of 5 years after the consummation of the Proposed Restructuring; Non-call
        for three (3) years; and

         

        2. The
        Unsecured Debentures shall be exchanged for the Equity Consideration and Preferred Equity (each as defined below) granted to the
        Unsecured Debenture Holders as described herein.

         

        3. Lenders
        shall be issued their pro rata share of $5.0 million of non-convertible preferred equity in the Company with an 8% PIK cumulative
        dividend and a maturity date of 5 years after the consummation of the Proposed Restructuring; Non-call for three (3) years that
        shall be subordinate to the Restructured Senior Debt but senior to the common equity (“Preferred Equity”)1;

         

        4. Unsecured
        Debenture Holders shall be issued their pro rata share of $15.0 million of Preferred Equity;

         

        5. The
Lenders, on one hand, and the Unsecured Debenture Holders, on the other hand, shall each be issued an equal amount of common shares
of the Company from treasury (“Equity Consideration”) that, when added together with the Common Shareholder
Interest (as defined below), equals 100% of the total issued and outstanding common shares of the Company at the effective time
of the arrangement (prior to any anticipated dilution from any MIP (defined below)).

 

 

		1	The form of the “Preferred Equity” provided
to the Lenders and Unsecured Debenture Holders and described herein may, in order to create the most tax efficient structure,
instead be subordinated unsecured debt of the Borrower or other form of consideration that is agreed to by the Lenders, each of
the Initial Consenting Debenture Holders and the Company, and on substantially similar economic terms.

 

    
	 	C – 2	Restructuring Support Agreement

     

    

 

	 	6. The Company’s outstanding common shareholders shall retain 2.75% ownership of the common equity (“Common Shareholder Interest”);

                            

7. A to-be-determined amount of equity shall be made available for directors, management and employee incentives as determined by the new Board following the consummation of the Proposed Restructuring (the “MIP”); and

 

8. All existing warrants and options of the Company shall be cancelled upon the consummation of the Proposed Restructuring.

 

As an example, if the Common Shareholder Interest is 2.75%, then (i) each Lender shall receive its pro rata portion of 48.625% of the outstanding common shares based on the principal amount of Secured Debentures held by such Lender, and (ii) each Unsecured Debenture Holder shall receive its pro rata portion of 48.625% of the outstanding common shares based on the principal amount of Unsecured Debentures held by such Lender, in each case calculated prior to any anticipated dilution to all holders of common shares from any MIP.

	 	 
	Transaction Implementation	The Proposed Restructuring will be pursued pursuant to an arrangement process under the Business Corporations Act (British Columbia) (“BCBCA”) as determined and agreed by the Lenders, Initial Consenting Debenture Holders and Company.  In the event that either (i) the requisite shareholder approval is not obtained or, (ii) the Parties agree to seek the approval of the Arrangement by the Court notwithstanding a failure, if any, to obtain shareholder approval, and the Court does not approve the Arrangement, then the Proposed Restructuring shall be pursued pursuant to proceedings commenced by the Company for approval of a pre-packaged plan of arrangement on the terms set forth herein under the Companies’ Creditors Arrangement Act; provided that in a CCAA proceeding, the Common Shareholder Interest shall be nil.
	 	 
	Interim Financing:	
        Certain of the Lenders shall provide
        $14 million of Interim Financing to the Borrower on substantially the same terms as the Restructured Senior Debt and 5% OID (principal
        to be grossed up for OID). Interim Financing shall be funded to the Borrower within 3 Business Days of signing the RSA, which shall
        include as exhibits the requisite financing documentation under the existing Secured Debenture Purchase Agreement including an
        agreement on a budget, all in form satisfactory to the Lenders, Initial Consenting Debenture Holders and Company, each in their
        sole discretion. In the event of a CCAA proceeding, Interim Financing amount will be increased by $1million to be funded in accordance
        with an approved budget pursuant to the terms of the RSA. Any additional funding would be in Lender’s sole discretion, with
        the prior written consent of the Initial Consenting Debenture Holders.

         

        The amounts of the Interim
        Financing advanced to the Company shall be converted into and the principal balance shall be added to the Restructured Senior Debt
        amount above upon consummation of the Proposed Restructuring.

 

    
	 	C – 3	Restructuring Support Agreement

     

    

 

	Maintenance of Status	Following implementation of the Proposed Restructuring, the Company shall remain a reporting issuer in each province of Canada in which it is currently a reporting issuer and the Company will take all such actions as are commercially reasonable, subject to the Company being able to satisfy applicable listing and public float and public holder requirements, to maintain a listing of its common shares on the Canadian Securities Exchange (the “CSE”) or such other recognized stock exchange acceptable to the Lenders, Initial Consenting Debenture Holders and Company.  For the purpose of this Term Sheet, “public float” and “public holder” have the meanings ascribed thereto in the CSE’s Policy 1 – Interpretation and General Provisions.  For the avoidance of doubt, the NEO Exchange Inc. is a recognized stock exchange that is acceptable to the Lenders, Initial Consenting Debenture Holders and the Company.
	 	 
	Governance/

Management:	
        Upon execution
of the RSA (and so long as the RSA has not been terminated) the Company will (i) use commercially reasonable efforts to optimize
operations of the business, including controlling and monitoring costs (the “Optimization Efforts”), (ii) engage
Gene Davis of Pirinate Consulting Group, LLC as an advisor to the Company, on terms acceptable to the Lenders, Initial Consenting
Debenture Holders and the Company,2
and to assist the Company in connection with the Optimization Efforts, and (iii) permit the Initial Consenting Debenture Holders
to have Zachary Arrick sit as a Board observer to participate in Board meetings on the same terms on which the current Board observers
appointed by the Lenders serve. Nothing herein shall in any way affect the existing Board observer rights of the Lenders.

        

 

 

		2	The terms of such advisor’s engagement will include
(i) a limit on the fees paid to such advisor of USD$30,000 per month, and (ii) termination of such engagement on the earlier of
(A) termination of the RSA, (B) implementation of the Proposed Restructuring, or (C) six (6) months.

 

    
	 	C – 4	Restructuring Support Agreement

     

    

 

	 	Upon implementation of the Proposed Restructuring, the board of directors (“Board”) will be constituted as follows:

         

●     Lenders – three (3) nominees

 

●     Initial Consenting Debenture Holders – three (3) nominees (one; one by; one by)

 

●     CEO to be the 7th member of the Board. CEO to be agreed upon by the Lenders and Initial Consenting Debenture Holders’ nominees.

 

Board compensation to be decided by the new Board. The Board will determine how to capitalize the business in the future.

 

Key executives and day-to-day management of the Company and its subsidiaries will be subject to further determination.

	 	 
	Voting Structure; Sacred Rights:	
        The Parties will enter into
        a shareholder or voting agreement effective as of the date of the issuance of the Equity Consideration setting forth corporate
        governance matters including the nomination rights above and the following:

         

        Any decision of the Company
        involving (i) issuance of voting equity shares, (ii) any related party transactions or (iii) amendments to the Restructured Senior
        Debt or Preferred Equity shall at all times require the approval of 5 of 7 directors of the new Board or such other approval thresholds
        as the Parties may agree.

         

        For a period of three (3) years
        following the consummation of the Proposed Restructuring, (i) the Lenders’ Equity Consideration may not be used to vote more
        than 35.78% of the issued and outstanding common shares (the shares excluded from voting are also removed from the total amount
        of issued and outstanding common shares for purposes of determining voting percentage), (ii) nor may the Lenders in aggregate hold
        more than 49% of the Company’s outstanding common shares without approval from the Board.

	 	 
	Regulatory Approval:	The Lenders, Initial Consenting Debenture Holders and the Company (and its officers and directors) shall cooperate to obtain necessary regulatory approval from state regulatory agencies to effect the Proposed Restructuring. The Parties shall enter into transition service agreements and/or other agreements as may be necessary during the regulatory approval period (to be identified during negotiations and prior to entering into definitive agreements). The Parties will cooperate in exploring implementation options that minimize regulatory approval requirements and risks.

 

    
	 	C – 5	Restructuring Support Agreement

     

    

 

	Restructuring Support Agreement	which holders hold at least 75% of the principal amount of the Unsecured Debentures (those holders being referred to as the “Initial Consenting Debenture Holders”), the Lenders and Company and shall enter into a RSA to outline the terms and conditions of support, requisite milestones and means of implementation of the Proposed Restructuring.
	 	 
	Definitive Documentation	
        All definitive documentation
        necessary in connection with and to implement the Proposed Restructuring, including but not limited to all requisite court materials,
        plans, circulars, court orders, meeting materials, transaction and financing documentation, transition services agreements and
        other documentation in connection with all of the foregoing, shall be acceptable to each of the Lenders, Initial Consenting Debenture
        Holders and the Company, each acting reasonably.

         

        The Parties will seek to implement
        the transactions described herein, including the revised capital structure, in a tax efficient manner acceptable to the Parties.

	 	 
	Releases	Plan of Arrangement and Court order approving arrangement to provide for broad mutual releases among and for the benefit of the Company, Credit Parties, Lenders and Unsecured Debenture Holders, and their respective subsidiaries, officers, directors, employees, financial advisors, legal counsel and agents, in a form customary for a transaction of this nature.
	 	 
	Waiver of Events of Default /	Upon the Effective Date of the RSA and subject to the terms thereof, the Collateral Agent, the Lenders and the Consenting Debenture Holders shall agree to forbear from further exercising any rights or
	 	 
	Withdrawal of UCC Process	
        remedies in connection with any
        Events of Default that now exist or may in future arise under the Unsecured Debentures or under the Secured Debenture Purchase
        Agreement or any other transaction agreement delivered in connection therewith or any other agreement to which the Collateral Agent,
        Lenders or Consenting Debenture Holders are party with the Company (the “Defaults”), and shall take such steps
        as are necessary to stop any current or pending enforcement efforts in relation thereto including but not limited to the Notice
        of Disposition of Collateral and Public Sale issued by Gotham Green Admin 1, LLC and dated June 25, 2020 (the “UCC Sale
        Process”).

         

        Upon consummation of the Proposed
        Restructuring and subject to the terms of the RSA, the Collateral Agent, Lenders and Consenting Debenture Holders shall have irrevocably
        waived all Defaults, and the Collateral Agent and Lenders shall have taken all steps required to withdraw, revoke and/or terminate
        the UCC Sale Process.

 

    
	 	C – 6	Restructuring Support Agreement

     

    

 

EXECUTION COPY

 

Schedule D – Joinder Agreement

 

JOINDER AGREEMENT

 

This Joinder Agreement
is made as of the date below (the “Joinder Agreement”) by the undersigned (the “Consenting Debtholder”)
in connection with the restructuring support agreement dated July [X], 2020 (the “Support Agreement”) among
(i) iAnthus Capital Holdings, Inc. (“iAnthus”), (ii) the Subsidiaries (as defined in the Support Agreement),
(iii) each of the signatories to the Support Agreement that is a Lender (as defined in the Support Agreement), and (iv) each of
the Consenting Debenture Holder (as defined in the Support Agreement) party thereto. Capitalized terms used herein have the meanings
assigned in the Support Agreement unless otherwise defined herein.

 

RECITALS:

 

		A.	The Support Agreement allows holders of transferred Relevant Unsecured Debt, Debenture Holder Relevant
Shares, Relevant Secured Debt, Tranche 4 Debentures and/or Lender Relevant Shares to become a party thereto by executing a Joinder
Agreement.

 

		B.	Sections 1.5 and 1.6 of the Support Agreement require that, contemporaneously with a Transfer of
any (i) Relevant Unsecured Debt and/or Debenture Holder Relevant Shares by a Consenting Debenture Holder, and (ii) Relevant Secured
Debt, Tranche 4 Debentures and/or Lender Relevant Shares by a Lender, respectively, to a transferee who is not already a Consenting
Debenture Holder or Lender, as applicable, such transferee shall execute and deliver this Joinder Agreement.

 

		C.	The Consenting Debtholder wishes to be bound by the terms of the Support Agreement on the terms
and subject to the conditions set forth in this Joinder Agreement.

 

NOW, THEREFORE,
in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Consenting Debtholder agrees as follows:

 

		1.	The Consenting Debtholder hereby agrees to be fully bound as a Consenting Debenture Holder or Lender,
as applicable, under the Support Agreement in respect of the Relevant Unsecured Debt, Debenture Holder Relevant Shares, Relevant
Secured Debt, Tranche 4 Debentures or Lender Relevant Shares that are identified on the signature page hereto, and hereby represents
and warrants that the Relevant Unsecured Debt, Debenture Holder Relevant Shares, Relevant Secured Debt, Tranche 4 Debentures or
Lender Relevant Shares set out on the signature page constitute all of the Relevant Unsecured Debt, Debenture Holder Relevant Shares,
Relevant Secured Debt, Tranche 4 Debentures or Lender Relevant Shares, as applicable, that are legally or beneficially owned by
such Consenting Debtholder or which such Consenting Debtholder has the sole power to vote or dispose of.

 

		2.	The Consenting Debtholder hereby represents and warrants to each of the other Parties that the
representations and warranties set forth in Section 1.2 or 1.3 of the Support Agreement, as applicable, are true and correct with
respect to such Consenting Debtholder as if given on the date hereof.

 

    
	 	D – 1	Restructuring Support Agreement

     

    

 

		3.	Except as expressly modified hereby, the Support Agreement shall remain in full force and effect,
in accordance with its terms.

 

		4.	This Joinder Agreement shall be governed by and construed in accordance with the laws of the Province
of Ontario and the federal laws of Canada applicable therein, without regard to the principles of conflicts of law.

 

		5.	This Joinder Agreement may be executed by facsimile or other electronic means and in one or more
counterparts, all of which shall be considered one and the same agreement.

 

[Remainder of this page intentionally
left blank; signature page to follow]

 

    
	 	D – 2	Restructuring Support Agreement

     

    

 

STRICTLY CONFIDENTIAL

 

IN WITNESS WHEREOF, the undersigned
has caused this Joinder Agreement to be duly executed and delivered by its proper and duly authorized officer as of ,
2020.

 

	 	[NAME OF CONSENTING
	 	DEBTHOLDER]
	 	 
	 	By: 	 
	 	Name: 	
	 	Title:	

 

	Jurisdiction of residence for legal purposes:	
	 	 
	Email:	
	 	 
	Address:	

 

 

	
         Principal
Amount of Relevant [Unsecured/Secured Debt/ Tranche 4 Debentures]
	 
	$

                                                                                 
	 
	Number of [Debenture Holder/Lender] Relevant Shares	 

 

    
	 	D – 3	Restructuring Support Agreement

     

    

 

EXECUTION COPY

 

Schedule E – CCAA Proceedings
Terms And Timeline

 

In the event that the Company commences
a CCAA Proceeding, then:

 

		(a)	the Recapitalization Transaction shall be implemented on substantially the same terms as set forth
in this Support Agreement, the Term Sheet, the Plan, with any necessary amendments as the structure and implementation of the Recapitalization
Transaction may reasonably require pursuant to a CCAA Proceeding and as iAnthus, the Lenders and the Initial Consenting Debenture
Holders may agree, each acting reasonably, and in accordance with the terms and timelines set forth herein; provided that the holders
of the Existing Shares shall, after implementation of the Recapitalization Transaction, be entitled to no recovery;

 

		(b)	the Initial CCAA Order shall include, among other things: (a) appointment of FTI Consulting Canada
Inc. as CCAA Monitor, (b) a super-priority Administration Charge in the amount of $5,500,000 that ranks ahead of the Secured Debentures
and the Interim Financing and shall secure the fees and expenses the Company Advisors and the Creditor Advisors, (c) a super-priority
Directors and Officers Charge in the amount of $3,000,000 that ranks ahead of the Secured Debentures, (d) provisions confirming
that the votes cast in favour of the Plan in the Arrangement Proceedings shall stand as votes in favour of the CCAA Plan filed
in the CCAA Proceeding, which shall be in form reasonably acceptable to the Company, the Lenders and the Initial Consenting Debenture
Holders to implement a recapitalization and restructuring plan under the CCAA consistent in all respects with the Term Sheet, in
which case the Lenders and Consenting Debenture Holders shall support and vote in favour of such CCAA Plan in the same manner and
to the same extent they have agreed to support the transactions under a Plan, (e) a provision staying proceedings against the iAnthus
Parties; (f) authority to continue to pay the accounts of the Creditor Advisors during the CCAA Proceeding, (g) a provision calling
for meetings, if necessary, of the holders of the applicable secured and unsecured claims to cast votes for the CCAA Plan (the
foregoing (d) and (g), the “CCAA Solicitation”);

 

		(c)	the CCAA Solicitation shall be completed within no later than 21 Business Days after the commencement
of the CCAA Proceeding. If the statutory requisite thresholds for approval of the CCAA Plan are achieved at the applicable meetings
of creditors, the Company shall file an application for an order for sanction of the CCAA Plan, which order shall be in form reasonably
acceptable to the Company, the Lenders and the Initial Consenting Debenture Holders (the “CCAA Sanction Order”) no
later than three (3) Business Days from the date such thresholds are achieved;

 

		(d)	to the extent that the Company fails to commence a CCAA Proceeding in accordance with the terms
hereof, within five (5) Business Days of the deadlines set forth herein, the Lenders or any of the Initial Consenting Debenture
Holders shall be entitled to seek the entry of the Initial CCAA Order containing the provisions described herein and the Company
and its subsidiaries or affiliates shall not contest the granting of such relief;

 

    
	 	E – 1	Restructuring Support Agreement

     

    

 

		(e)	the implementation of the Recapitalization Transaction pursuant to the CCAA Plan shall occur no
later than the Outside Date; and

 

		(f)	the Company and the Lenders, with the consent of the Initial Consenting Debenture Holders, will
amend the Amended Secured Debenture Purchase Agreement, and the Interim Financing Budget, as reasonably necessary, to fund the
CCAA Proceedings and the incremental professional costs of the Company Advisors and the Creditor Advisors, including the costs
of the CCAA Monitor and its counsel, up to an additional US$1,000,000 subject to an approved budget; provided, however, that any
further amounts shall be funded in the Lenders’ sole discretion, with the prior written consent of the Initial Consenting
Debenture Holders.

 

    
	 	E – 2	Restructuring Support Agreement

     

    

 

EXECUTION COPY

 

Schedule F – Form of Drawdown Request

 

DRAWDOWN REQUEST

 

	TO:	THE LENDERS (AS DEFINED BELOW)
	 	 
	FROM:	iANTHUS CAPITAL MANAGEMENT, LLC (the “Borrower”)
	 	 
	DATE:	●,2020

 

Pursuant to the restructuring support agreement
dated as of July ●, 2020 (as amended, restated and otherwise modified from time to time, the “RSA”) among, inter
alios, the Borrower and Gotham Green Fund 1, L.P., Gotham Green Fund 1 (Q), L.P., Gotham Green Admin 1, LLC, Gotham Green Fund
II, L.P., Gotham Green Fund II (Q), L.P., Gotham Green Credit Partners SPV I, L.P., Gotham Green Partners SPV V, L.P., Pura Vida
Master Fund, Ltd., Pura Vida Master Fund, Ltd., and Parallax Master Fund, L.P. (collectively, the “Lenders”) and the
Amended Secured Debenture Purchase Agreement (as defined in the RSA), the Borrower is required as a condition precedent to each
advance under the Amended Secured Debenture Purchase Agreement to deliver this Drawdown Request to the Lenders. Unless otherwise
defined herein, all capitalized terms used in this Drawdown Request will have the meanings given to such terms in the RSA.

 

The Borrower hereby certifies that:

 

		(a)	the advance requested under this Drawdown Request is and the proceeds therefrom shall be used in
accordance with the Interim Financing Budget;

 

		(b)	the applicable representations and warranties set forth in Article 4 of the Amended Secured Debenture
Purchase Agreement are true and accurate in all material respects as of the date hereof, as though made on and as of the date hereof;

 

		(c)	the iAnthus Parties are in compliance with the applicable covenants and applicable terms and conditions
set forth in the Amended Secured Debenture Purchase Agreement, other than those that have been waived in writing by the Lenders;
and

 

		(d)	no Event of Default under the Amended Secured Debenture Purchase Agreement has occurred and is
continuing nor will the making of the requested advance result in the occurrence of any such event.

 

The Borrower hereby requests the Lenders’
consent to an advance under the Interim Financing by way of a disbursement from the Loan Account as follows:

 

	Date of advance:	[●]
	 	 
	Amount of advance:	[●]
	 	 
	Bank account information:	[●]

 

    
	 	F – 1	 

     

    

 

IN WITNESS WHEREOF the undersigned
has executed this Drawdown Request on the date first above written.

 

	iANTHUS CAPITAL MANAGEMENT, LLC	 
	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

  

Accepted and approved by the undersigned
on this ___day of __, 2020.

 

 

	[GOTHAM GREEN ADMIN 1, LLC, as Collateral Agent] or [Davies, Ward, Phillips and Vineberg LLP, as designated representative of the Lenders]	 
	 	 
	By:		 
	 	Name:	 	 
	 	Title:	 	 

 

    
	 	F – 2	 

     

    

 

EXECUTION COPY

 

Schedule G – Amended Secured Debenture
Purchase Agreement

 

    
	 	G – 1	Restructuring Support Agreement

     

    

 

EXECUTION COPY

 

Schedule H – Interim Financing
Budget

 

[*]

 

    
	 	H – 1	Restructuring Support AgreementExhibit
10.8

 

WARRANT
CERTIFICATE

 

[UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE SEPTEMBER 1, 2019.]

 

[THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF 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.
THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER
THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE
144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (C)
OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO
THE COMPANY TO SUCH EFFECT.

 

THESE
WARRANTS MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS THE SHARES ISSUABLE UPON
EXERCISE OF THESE WARRANTS HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY
SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE. “UNITED STATES” AND “U.S. PERSON”
ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.]

 

THE
WARRANTS REPRESENTED HEREBY WILL BE VOID AND OF NO VALUE AFTER 5:00 P.M. EASTERN TIME) ON MARCH 15, 2022 UNLESS HOLDER HAS EXERCISED
ITS RIGHTS PRIOR THERETO.

 

iANTHUS
CAPITAL HOLDINGS, INC.

(Incorporated
under the laws of British Columbia)

 

 

 

	Certificate
Number:	Warrants to Purchase           Shares

 

COMMON
SHARE PURCHASE WARRANTS

 

THIS
IS TO CERTIFY THAT, for value
received,               , a               existing under the
laws of                , or its lawful assignee
(the “Holder”) is entitled to subscribe for and purchase on or prior to 5:00 p.m. (Eastern time) March 15,
2022 (the “Expiry Date”), up to common shares (collectively the “Shares” and
individually, a “Share”) in the capital of iAnthus Capital Holdings Inc. (the “Company) at a
price of $6.43 per Share. Notwithstanding the foregoing, the Company shall be entitled to accelerate the expiry of this
Warrant (an “Acceleration Event”) to the date that is 30 days following the date a notice is provided to
the holder (the “Notice”) announcing the accelerated Expiry Date in the event that the Shares trade at a
price greater than $[10.29] / [10.30] for any ten consecutive trading days on the OTCQX and provided that the Shares trade on
at least ten of those trading days on the OTCQX (or if the Company is not quoted on the OTCQX then, such other stock exchange
on which the Shares are listed or quoted, as the case may be, and where a majority of the trading volume occurs). If an
Acceleration Event occurs and the Company wishes to accelerate the Expiry Date on the foregoing terms, the Company must
provide the Notice by issuing a news release not later than five business days from the date of an Acceleration Event. In the
event of an acceleration of the Expiry Date in accordance with the foregoing, all references to Expiry Date shall be deemed
modified accordingly.

 

     

     

    

 

This
Warrant is subject to the provisions of the Terms and Conditions attached hereto as SCHEDULE “A” and forming
part hereof.

 

The
rights represented by this Warrant Certificate may be exercised by the Holder, in whole or in part (but not as to a fraction of
a Share) by surrender of this Warrant Certificate (properly endorsed as required), together with a Warrant Exercise Form in the
form attached hereto as APPENDIX “B”, duly completed and executed, to the Company at 420 Lexington Avenue,
Suite 414, New York, New York 10170, United States (Attention: Chief Financial Officer), or such other address as the Company
may from time to time in writing direct, together with a certified cheque or bank draft payable to or to the order of the Company
in payment of the purchase price of the number of Shares subscribed for. The Holder is advised to read “Instruction to Holders”
attached hereto as APPENDIX “A” for details on how to complete the Warrant Exercise Form (as such term is defined
in SCHEDULE “A”).

 

[Signature
Page Follows]

 

IN
WITNESS WHEREOF the Company has caused this Warrant Certificate to be executed by its duty authorized officer, this               day
of               , 2019

 

     

     

    

 

SCHEDULE
“A”

 

TERMS
AND CONDITIONS

ATTACHED
TO COMMON SHARE PURCHASE WARRANTS 

ISSUED BY iANTHUS CAPITAL HOLDINGS, INC.

(the
“Company”)

 

Each
Warrant of the Company, whether single or part of a series, is subject to these Terms and Conditions as they were at the date
of issue of the Warrant.

 

PART
1

DEFINITIONS
AND INTERPRETATION

 

Definitions

 

Section
1.1 In these Terms and Conditions, except as otherwise expressly provided herein, the following words and phrases will have
the following meanings:

 

		(a)	“Affiliate”
                                         has the meaning ascribed thereto in the Business Corporations Act (British Columbia);

 

		(b)	“Canadian
                                         Securities Laws” means, collectively, all applicable securities laws of each
                                         of the Qualifying Provinces and the respective rules and regulations under such laws
                                         together with the applicable published policy statements, blanket orders, instruments
                                         and notices of the Securities Commissions and all discretionary orders or rulings, if
                                         any, of the Securities Commissions made in connection with the transactions contemplated
                                         in the offering in which the Warrants were issued;

 

		(c)	“Company”
                                         means iAnthus Capital Holdings, Inc., a corporation incorporated under the Business
Corporations Act (British Columbia) and includes any successor corporations;

  

		(d)	“Company’s
                                         auditor” means the accountant duly appointed as auditor of the Company;

 

		(e)	“Exercise
                                         Price” means $6.43 per Share or as may be adjusted pursuant to Section 5;

 

		(f)	“Expiry
                                         Date” means March 15, 2022;

 

		(g)	“Expiry
                                         Time” means 5:00 p.m. (Eastern time) on the Expiry Date;

 

		(h)	“Holder”
                                         means the registered holder of a Warrant;

 

		(i)	“Joint
                                         Actors” has the meaning ascribed thereto in Section 7.1;

 

		(j)	“person”
                                         means an individual, corporation, partnership, trustee or any unincorporated organization,
                                         and words importing persons have a similar meaning;

 

		(k)	“Qualifying
                                         Provinces” means all provinces of Canada, other than the Province of Quebec;

 

		(l)	“Securities
                                         Commissions” means collectively, the applicable securities commission or securities
                                         regulatory authority in each of the Qualifying Provinces, the United States and any
other jurisdiction in which securities were issued in the offering in which the Warrants were issued;

 

    - 1 -

     

    

 

		(m)	“Shares”
                                         or “shares” means the common shares in the capital of the Company
                                         as constituted at the date of issue of a Warrant;

 

		(n)	“Warrant”
                                         means a warrant as evidenced by the certificate, one (1) Warrant entitles the Holder
                                         to purchase one (1) Common Shares (subject to adjustment) at the Exercise Price;

 

		(o)	“Warrant
                                         Certificate” means the certificate evidencing the Warrant; and

 

		(p)	“Warrant
                                         Exercise Form” means APPENDIX “B” hereof.

 

Interpretation

 

Section
1.2 In these Terms and Conditions, except as otherwise expressly provided herein:

 

		(a)	the
                                         words “herein”, “hereof”, and “hereunder” and other
                                         words of similar import refer to this Warrant Certificate as a whole and not to any particular
                                         Part, clause, subclause or other subdivision;

 

		(b)	a
                                         reference to a Part or a Section means a Part or a Section, as applicable, of these Terms
                                         and Conditions;

 

		(c)	the
                                         headings are for convenience only, do not form a part of these Terms and Conditions and
                                         are not intended to interpret, define or limit the scope, extent or intent of these Terms
                                         and Conditions or any of its provisions;

 

		(d)	all
                                         dollar amounts referred to herein are expressed in United States dollars funds;

 

		(e)	time
                                         will be of the essence hereof; and

 

		(f)	words
                                         importing the singular number include the plural and vice versa, and words importing
                                         the masculine gender include feminine and neuter genders.

 

Applicable
Law

 

Section
1.3 The Warrants will be construed in accordance with the laws of the Province of British Columbia and the laws of Canada
applicable thereto and will be treated in all respects as legal contracts under the laws of the Province of British Columbia.

 

PART
2

ISSUE
OF WARRANTS

 

Additional
Warrants

 

Section
2.1 The Company may at any time and from time to time issue Warrants or grant options or similar rights to purchase shares
of in its capital.

 

    - 2 -

     

    

 

Issue
in Substitution for Lost Warrants

 

Section
2.2 In case a Warrant Certificate will become mutilated, lost, destroyed or stolen, the Company in its discretion may issue
and deliver a new Warrant Certificate of like date and tenor as the one mutilated, lost, destroyed or stolen in exchange for,
and in place of, and upon cancellation of, such mutilated Warrant Certificate, or in lieu of and in substitution for such lost,
destroyed or stolen Warrant Certificate, and the Warrants represented by such substituted Warrant Certificate will be entitled
to the benefit hereof and rank equally in accordance with its terms with all other Warrants of the same issue. The Company may
charge a reasonable fee for the issuance and delivery of a new Warrant Certificate.

 

Section
2.3 The applicant for the issue of a new Warrant Certificate pursuant hereto will bear the cost of the issue thereof and in
the case of loss, destruction or theft furnish to the Company such evidence of ownership, and of loss, destruction or theft of
the Warrant Certificate so lost, destroyed or stolen as will be satisfactory to the Company in its discretion; and such applicant
may also be required to furnish indemnity in amount and form satisfactory to the Company in its discretion and will pay the reasonable
charges of the Company in connection therewith.

 

Holder
not a Shareholder

 

Section
2.4 The holding of a Warrant will not constitute the Holder a shareholder of the Company, nor entitle the Holder to any right
or interest in respect thereof, except as expressly provided in the Warrant Certificate.

 

Securities
Law Exemption

 

Section
2.5 The Holder acknowledges and agrees that the Warrants and any Shares issued pursuant to the exercise of any Warrants have
been or will be issued only on a “private placement” basis and that the Company has no obligation to, and does not
intend to, file any prospectus or registration statement in any jurisdiction in order to qualify any of such Warrants and/or Shares
for resale.

 

Assignment

 

Section
2.6 The Warrants are not assignable. Notwithstanding the foregoing, subject to prior written consent of the Company, which
consent may not be unreasonably withheld, the Holder may assign the Warrants to an Affiliate of the Holder.

 

PART
3 

OWNERSHIP

 

Exchange
of Warrants

 

Section
3.1 A Warrant Certificate in any authorized denomination, upon compliance with the reasonable requirements of the Company,
may be exchanged for a Warrant Certificate(s) in any other authorized denomination of the same issue entitling the Holder to purchase
an equal aggregate number of Shares at the same Exercise Price and on the same terms as the Warrant Certificate so exchanged.

 

Section
3.2 Warrant Certificates may be exchanged only with the Company. Any Warrant Certificates tendered for exchange will be surrendered
to the Company and cancelled.

 

    - 3 -

     

    

 

Charges
for Exchange

 

Section
3.3 On exchange of Warrant Certificates, the Company, except as otherwise herein provided, may charge a reasonable fee for
each new Warrant Certificate issued, and payment of any transfer taxes or governmental or other charges required to be paid will
be made by the party requesting such exchange.

 

Ownership
of Warrants

 

Section
3.4 The Company may deem and treat the Holder of a Warrant as the absolute owner of such Warrant for all purposes and will
not be affected by any notice or knowledge to the contrary.

 

Notice
to Holder

 

Section
3.5 Unless herein otherwise expressly provided, any notice to be given hereunder to a Holder will be deemed to be validly
given, if mailed to the address of the Holder as set out on the Warrant Certificate. Any notice so given will be deemed to have
been received five days from the date of mailing to the Holder or any market intermediary then holding the Warrants of the Holder
in any trust account.

 

PART
4 

EXERCISE OF WARRANTS

 

Method
of Exercise of Warrants

 

Section
4.1 The right to purchase Shares conferred by a Warrant may be exercised by the Holder surrendering the Warrant Certificate
and delivering to the Company payment for such Warrants along with a duly completed and executed Warrant Exercise Form at the
address as set out on the Warrant Certificate, for the purchase price applicable at the time of surrender in respect of the Shares
subscribed for in lawful money of the United States to the Company at the address as set out on the Warrant Exercise Form.

 

Effect
of Exercise of Warrants

 

Section
4.2 Upon surrender and payment as aforesaid, the Shares so subscribed for will be deemed to have been issued, and the Holder
will be deemed to have become the holder of such Shares on the date of such surrender and payment, and such Shares will be issued
at the Exercise Price as may be adjusted in the events and in the manner described herein.

 

Section
4.3 Within two business days after surrender and payment as aforesaid, the Company will forthwith cause to be delivered to
the person in whose name the Shares are directed to be registered as specified in such Warrant Exercise Form, or if no such direction
is given, the Holder, a certificate for the appropriate number of Shares not exceeding those which the Holder is entitled to purchase
pursuant to the Warrant Certificate surrendered.

 

Subscription
for Less than Entitlement

 

Section
4.4 A Holder may purchase a number of Shares less than the number which the Holder is entitled to purchase pursuant to the
surrendered Warrant Certificate. In the event of any purchase of a number of Shares less than the number which can be purchased
pursuant to a Warrant Certificate, the Holder, upon exercise thereof, will, in addition to certificates representing Shares issued
on such exercise, and be entitled to receive a new Warrant Certificate in respect of the balance of the Shares which the Holder
was entitled to purchase pursuant to the surrendered Warrant Certificate but which were not then purchased.

 

    - 4 -

     

    

 

Warrants
for Fractions of Shares

 

Section
4.5 To the extent that a Holder is entitled to receive on the exercise or partial exercise thereof a fraction of a Share,
such right may be exercised in respect of such fraction only in combination with another Warrant which in the aggregate will entitle
the Holder to receive a whole number of Shares.

 

Expiration
of Warrants

 

Section
4.6 After the Expiry Date, all rights under the Warrants will wholly cease and terminate, and the Warrants will thereupon
be void and of no effect.

 

Exercise
Price

 

Section
4.7 The price per Share which must be paid to exercise a Warrant is the Exercise Price, as may be adjusted in the events and
in the manner described herein.

 

PART
5 

ADJUSTMENTS AND ACCELERATION

 

Section
5.1 Adjustments

 

		(1)	Definitions:
                                         For the purposes of this Part 5, unless there is something in the subject matter or context
                                         inconsistent therewith, the words and terms defined below shall have the respective meanings
                                         specified therefor in this subsection:

 

		(a)	“Adjustment
                                         Period” means the period commencing on the date of issue of this Warrant and
                                         ending at the Expiry Time;

 

		(b)	“Current
                                         Market Price” means the price per share equal to the weighted average price
                                         at which the Shares have traded on the Canadian Securities Exchange or a senior stock
                                         exchange or, if the Shares are not then listed on such an exchange, in the over-the-counter
                                         market, during the period of any twenty (20) consecutive trading days ending not more
                                         than five (5) business days before such date;

 

		(c)	“director”
                                         means a director of the Company at the relevant time and, unless otherwise specified
                                         herein, a reference to action “by the directors” means action by the directors
                                         of the Company as a board or, whenever empowered, action by any committee of the directors
                                         of the Company; and

 

		(d)	“trading
                                         day” with respect to a stock exchange or over-the-counter market means a day
                                         on which such stock exchange or market is open for business.

 

		(2)	Adjustments:
                                         The Exercise Price and the number of Shares issuable to the Holder pursuant to this Warrant
                                         shall be subject to adjustment from time to time in the events and in the manner provided
                                         as follows:

 

		(a)	If
                                         at any time during the Adjustment Period the Company shall:

 

		(i)	fix
                                         a record date for the issue of, or issue, Shares to the holders of all or substantially
                                         all of the outstanding Shares by way of a stock dividend;

 

    - 5 -

     

    

 

		(ii)	fix
                                         a record date for the distribution to, or make a distribution to, the holders of all
                                         or substantially all of the Shares payable in Shares or securities exchangeable or exercisable
                                         for or convertible into Shares;

 

		(iii)	subdivide
                                         the outstanding Shares into a greater number of Shares; or

 

		(iv)	consolidate
                                         the outstanding Shares into a lesser number of Shares;

 

(any
of such events in subclauses 5.1(2)(a)(i), 5.1(2)(a)(ii), 5.1(2)(a)(iii) and 5.1(2)(a)(iv) above being herein called a “Share
Reorganization”), the Exercise Price shall be adjusted on the earlier of the record date on which holders of Shares
are determined for the purposes of the Share Reorganization and the effective date of the Share Reorganization to the amount determined
by multiplying the Exercise Price in effect immediately prior to such record date or effective date, as the case may be, by a
fraction:

 

		(A)	the
                                         numerator of which shall be the number of Shares outstanding on such record date or effective
                                         date, as the case may be, before giving effect to such Share Reorganization; and

 

		(B)	the
                                         denominator of which shall be the number of Shares which will be outstanding immediately
                                         after giving effect to such Share Reorganization (including in the case of a distribution
                                         of securities exchangeable or exercisable for or convertible into Shares, the number
                                         of Shares that would be outstanding had such securities all been exchanged or exercised
                                         for or converted into Shares on such date).

 

To
the extent that any adjustment in the Exercise Price occurs pursuant to this Subsection 5.1(2)(a) as a result of the fixing by
the Company of a record date for the distribution of securities exchangeable for or convertible into Shares, the Exercise Price
shall be readjusted immediately after the expiry of any relevant exchange or conversion right to the Exercise Price which would
then be in effect based upon the number of Share actually issued and remaining issuable after such expiry and shall be further
readjusted in such manner upon the expiry of any further such right. If the Holder has not exercised its right to subscribe for
and purchase Shares on or prior to the record date of such stock dividend or distribution or the effective date of such subdivision
or consolidation, as the case may be, upon the exercise of such right thereafter shall be entitled to receive and shall accept
in lieu of the number of Shares then subscribed for and purchased by the Holder, at the Exercise Price determined in accordance
with this Subsection 5.1(2)(a) the aggregate number of Shares that the Holder would have been entitled to receive as a result
of such Share Reorganization, if, on such record date or effective date, as the case may be, the Holder had been the holder of
record of the number of Shares so subscribed for and purchased.

 

		(b)	If
                                         at any time during the Adjustment Period the Company shall fix a record date for the
                                         issue or distribution to the holders of all or substantially all of the outstanding Share
                                         of rights, options or warrants pursuant to which such holders are entitled, during a
                                         period expiring not more than 45 days after the record date for such issue (such period
                                         being the “Rights Period”), to subscribe for or purchase  Share
or securities exchangeable for or convertible into Shares at a price per share to the holder (or in the case of securities exchangeable
for or convertible into Shares, at an exchange or conversion price per share) at the date of issue of such securities of less
than 95% of the Current Market Price of the Shares on such record date (any of such events being called a “Rights Offering”),
the Exercise Price shall be adjusted effective immediately after the record date for such Rights Offering to the amount determined
by multiplying the Exercise Price in effect on such record date by a fraction:

 

    - 6 -

     

    

 

		(i)	the
                                         numerator of which shall be the aggregate of:

 

		(A)	the
                                         number of Shares outstanding on the record date for the Rights Offering; and

 

		(B)	the
                                         quotient determined by dividing:

 

either:
(a) the product of the number of Shares offered during the Rights Period pursuant to the Rights Offering and the price at which
such Shares are offered; or (b) the product of the exchange, exercise or conversion price of the securities so offered and the
number of Shares for or into which the securities offered pursuant to the Rights Offering may be exchanged, exercised or converted,
as the case may be; by

 

the
Current Market Price of the Shares as of the record date for the Rights Offering; and

 

		(ii)	the
                                         denominator of which shall be the aggregate of the number of Shares outstanding on such
                                         record date and the number of Shares offered pursuant to the Rights Offering (including
                                         in the case of the issue or distribution of securities exchangeable or exercisable for
                                         or convertible into Shares, the number of Shares into which such securities may be exchanged,
                                         exercised or converted).

 

Any
Share owned by or held for the account of the Company shall be deemed not to be outstanding for the purpose of any such calculation.
To the extent that any adjustment in the Exercise Price occurs pursuant to this Subsection 5.1(2)(b) as a result of the fixing
by the Company of a record date for the issue or distribution of rights, options or warrants referred to in this Subsection 5.1(2)(b),
the Exercise Price shall be readjusted immediately after the expiry of any relevant exchange, conversion or exercise right to
the Exercise Price which would then be in effect based upon the number of Shares actually issued and remaining issuable after
such expiry and shall be further readjusted in such manner upon the expiry of any further such right.

 

		(c)	If
                                         at any time during the Adjustment Period the Company shall fix a record date for the
                                         issue or distribution to the holders of all or substantially all of the Share of:

 

		(i)	shares
                                         of the Company of any class other than Shares;

 

    - 7 -

     

    

 

		(ii)	rights,
                                         options or warrants to acquire Shares or securities exchangeable or exercisable for or
                                         convertible into Shares (other than rights, options or warrants pursuant to which holders
                                         of Shares are entitled, during a period expiring not more than 45 days after the record
                                         date for such issue, to subscribe for or purchase Shares or securities exchangeable or
                                         exercisable for or convertible into Shares at a price per share (or in the case of securities
                                         exchangeable or exercisable for or convertible into Shares at an exchange, exercise or
                                         conversion price per share on the record date for the issue of such securities) of at
                                         least 95% of the Current Market Price of the Shares on such record date);

 

		(iii)	evidences
                                         of indebtedness of the Company; or

 

		(iv)	any
                                         property or assets of the Company;

 

and
if such issue or distribution does not constitute a Share Reorganization or a Rights Offering (any of such non-excluded events
being herein called a “Special Distribution”), the Exercise Price shall be adjusted effective immediately after
the record date for the Special Distribution to the amount determined by multiplying the Exercise Price in effect on the record
date for the Special Distribution by a fraction:

 

		(A)	the
                                         numerator of which shall be the difference between

 

the
product of the number of Shares outstanding on such record date and the Current Market Price of the Shares on such record date,
and

 

the
fair value, as determined by the directors of the Company, to the holders of Shares of the shares, rights, options, warrants,
evidences of indebtedness or property or assets to be issued or distributed in the Special Distribution, and

 

		(B)	the
                                         denominator of which shall be the product obtained by multiplying the number of Shares
                                         outstanding on such record date by the Current Market Price of the Shares on such record
                                         date.

 

Any
Shares owned by or held for the account of the Company shall be deemed not to be outstanding for the purpose of such calculation.
To the extent that any adjustment in the Exercise Price occurs pursuant to this Subsection 5.1(2)(c) as a result of the fixing
by the Company of a record date for the issue or distribution of rights, options or warrants to acquire Shares or securities exchangeable
or exercisable for or convertible into Shares referred to in this Subsection 5.1(2)(c), the Exercise Price shall be readjusted
immediately after the expiry of any relevant exchange, exercise or conversion right to the amount which would then be in effect
if the fair market value had been determined on the basis of the number of Shares issued and remaining issuable immediately after
such expiry, and shall be further readjusted in such manner upon the expiry of any further such right.

 

		(d)	If
                                         at any time during the Adjustment Period there shall occur:

 

    - 8 -

     

    

 

		(i)	a
                                         reclassification or redesignation of the Shares, any change of the Shares into other
                                         shares or securities or any other capital reorganization involving the Shares other than
                                         a Share Reorganization;

 

		(ii)	a
                                         consolidation, amalgamation or merger of the Company with or into any other body corporate
                                         which results in a reclassification or redesignation of the Shares or a change of the
                                         Shares into other shares or securities; or

 

		(iii)	the
                                         transfer of the undertaking or assets of the Company as an entirety or substantially
                                         as an entirety to another corporation or entity;

 

(any
of such events being herein called a “Capital Reorganization”), after the effective date of the Capital Reorganization,
the Holder shall be entitled to receive, and shall accept, for the same aggregate consideration, upon exercise of this Warrant,
in lieu of the number of Shares which the Holder was theretofore entitled to purchase or receive upon the exercise of this Warrant,
the kind and aggregate number of shares and other securities or property resulting from the Capital Reorganization which the Holder
would have been entitled to receive as a result of the Capital Reorganization if, on the effective date thereof, the Holder had
been the registered holder of the number of Shares to which the Holder was theretofore entitled to purchase or receive upon the
exercise of this Warrant. If necessary, as a result of any Capital Reorganization, appropriate adjustments shall be made in the
application of the provisions of this Warrant Certificate with respect to the rights and interest thereafter of the Holder to
the end that the provisions of this Warrant Certificate shall thereafter correspondingly be made applicable as nearly as may reasonably
be possible in relation to any shares or other securities or property thereafter deliverable upon the exercise of this Warrant.

 

		(e)	If
                                         at any time during the Adjustment Period any adjustment or readjustment in the Exercise
                                         Price shall occur pursuant to the provisions of Subsections 5.1(2)(a), 5.1(2)(b), or
                                         5.1(2)(c) hereof, then the number of Shares purchasable upon the subsequent exercise
                                         of this Warrant shall be simultaneously adjusted or readjusted, as the case may be, by
                                         multiplying the number of Shares purchasable upon the exercise of this Warrant immediately
                                         prior to such adjustment or readjustment by a fraction which shall be the reciprocal
                                         of the fraction used in the adjustment or readjustment of the Exercise Price.

 

		(3)	Rules:The
                                         following rules and procedures shall be applicable to adjustments made pursuant to Subsection
                                         5.1(2) of this Warrant.

 

		(a)	Subject
                                         to the following provisions of this Subsection 5.1(3), any adjustment made pursuant to
                                         Subsection 5.1(2) hereof shall be made successively whenever an event referred to therein
                                         shall occur.

 

		(b)	No
                                         adjustment in the Exercise Price shall be required unless such adjustment would result
                                         in a change of at least one per cent in the then Exercise Price; provided, however, that
                                         any adjustments which except for the provision of this Subsection 5.1(3)(b) would otherwise
                                         have been required to be made shall be carried forward and taken into account in any
                                         subsequent adjustment. Notwithstanding any other provision of Subsection 5.1(2) hereof,
                                         no adjustment of the Exercise Price shall be made which would result in an increase in
                                         the Exercise Price
or a decrease in the number of Shares issuable upon the exercise of this Warrant (except in respect of the Share Reorganization
described in Subsection 5.1(2)(a)(iv) hereof or a Capital Reorganization described in Subsection 5.1(2)(d)(ii) hereof).

 

    - 9 -

     

    

 

		(c)	No
                                         adjustment in the Exercise Price or in the number or kind of securities purchasable upon
                                         the exercise of this Warrant shall be made in respect of any event described in Section
                                         5.1 hereof if the Holder is entitled to participate in such event on the same terms mutatis
                                         mutandis as if the Holder had exercised this Warrant prior to or on the record date
                                         or effective date, as the case may be, of such event.

 

		(d)	No
                                         adjustment in the Exercise Price or in the number of Shares purchasable upon the exercise
                                         of this Warrant shall be made pursuant to Subsection 5.1(2) hereof in respect of the
                                         issue from time to time of Shares and Shares pursuant to this Warrant Certificate or
                                         pursuant to any stock option, stock purchase or stock bonus plan in effect from time
                                         to time for directors, officers or employees of the Company and/or any subsidiary of
                                         the Company and any such issue, and any grant of options in connection therewith, shall
                                         be deemed not to be a Share Reorganization, a Rights Offering nor any other event described
                                         in Subsection 5.1(2) hereof.

 

		(e)	If
                                         at any time during the Adjustment Period the Company shall take any action affecting
                                         the Shares, other than an action described in Subsection 5.1(2) hereof, which in the
                                         opinion of the directors, acting reasonably and in good faith, would have a material
                                         adverse effect upon the rights of the Holder, either or both the Exercise Price and the
                                         number of Shares purchasable upon exercise of this Warrant shall be adjusted in such
                                         manner and at such time by action by the directors, in their sole discretion acting reasonably,
                                         as may be equitable in the circumstances; provided, however, that any such adjustment
                                         shall be subject to the approval of the applicable recognized stock exchange (if the
                                         Shares are then listed on such stock exchange) and any other required regulatory approvals.

 

		(f)	If
                                         the Company shall set a record date to determine holders of Shares for the purpose of
                                         entitling such holders to receive any dividend or distribution or any subscription or
                                         purchase rights and shall, thereafter and before the distribution to such holders of
                                         any such dividend, distribution or subscription or purchase rights, legally abandon its
                                         plan to pay or deliver such dividend, distribution or subscription or purchase rights,
                                         then no adjustment in the Exercise Price or the number of Shares purchasable upon exercise
                                         of this Warrant shall be required by reason of the setting of such record date.

 

		(g)	In
                                         any case in which this Warrant shall require that an adjustment shall become effective
                                         immediately after a record date for an event referred to in Subsection 5.1(2) hereof,
                                         the Company may defer, until the occurrence of such event:

 

		(i)	issuing
                                         to the Holder, to the extent that this Warrant is exercised after such record date and
                                         before the occurrence of such event, the additional Shares issuable upon such exercise
                                         by reason of the adjustment required by such event; and

 

    - 10 -

     

    

 

		(ii)	delivering
                                         to the Holder any distribution declared with respect to such additional Shares after
                                         such record date and before such event;

 

provided,
however, that the Company shall deliver to the Holder an appropriate instrument evidencing the right of the Holder, upon the occurrence
of the event requiring the adjustment, to an adjustment in the Exercise Price and the number of Shares purchasable upon the exercise
of this Warrant and to such distribution declared with respect to any such additional Shares issuable on this exercise of this
Warrant.

 

		(h)	In
                                         the absence of a resolution of the directors fixing a record date for a Rights Offering,
                                         the Company shall be deemed to have fixed as the record date therefor the date of the
                                         issue of the rights, options or warrants issued pursuant to the Rights Offering.

 

		(i)	If
                                         a dispute shall at any time arise with respect to adjustments of the Exercise Price or
                                         the number of Shares purchasable upon the exercise of this Warrant, such disputes shall
                                         be conclusively determined by a firm of independent chartered accountants other than
                                         the auditors of the Company and any such determination shall be conclusive evidence of
                                         the correctness of any adjustment made pursuant to Subsection 5.1(2) hereof and shall
                                         be binding upon the Company and the Holder.

 

		(j)	As
                                         a condition precedent to the taking of any action which would require an adjustment pursuant
                                         to Subsection 5.1(2) hereof, including the Exercise Price and the number or class of
                                         Shares or other securities which are to be received upon the exercise thereof, the Company
                                         shall take any action which may, in the opinion of counsel to the Company, be necessary
                                         in order that the Company may validly and legally issue as fully paid and non-assessable
                                         shares all of the Shares or other securities which the Holder is entitled to receive
                                         in accordance with the provisions of this Warrant Certificate.

 

		(4)	Notice:
                                         At least seven (7) days prior to any record date or effective date, as the case may be,
                                         for any event which requires or might require an adjustment in any of the rights of the
                                         Holder under this Warrant, including the Exercise Price and the number of Shares which
                                         are purchasable under this Warrant, the Company shall deliver to the Holder a certificate
                                         of the Company specifying the particulars of such event and, if determinable, the required
                                         adjustment and the calculation of such adjustment. In case any adjustment for which a
                                         notice in this Subsection 5.1(4) has been given is not then determinable, the Company
                                         shall promptly after such adjustment is determinable deliver to the Holder a certificate
                                         providing the calculation of such adjustment. The Company hereby covenants and agrees
                                         that the register of transfers and transfer books for the Shares will be open, and that
                                         the Company will not take any action which might deprive the Holder of the opportunity
                                         of exercising the rights of subscription contained in this Warrant Certificate, during
                                         such seven (7) day period.

 

Determination
of Adjustments

 

Section
5.2 If any question will at any time arise with respect to any adjustments to be made under Part 5, such question will be
conclusively determined by the Company’s auditor, or, if the Company’s auditor declines to so act, any other chartered
accountant that the Company may designate (acting reasonably) and who
will have access to all appropriate records, and such determination will be binding upon the Company and the Holder.

 

    - 11 -

     

    

 

Hold
Period

 

Section
5.3 The Shares received by the Holder upon the exercise of the Warrants may be subject to a hold period as determined by the
policies of the Canadian Securities Exchange and/or other applicable securities laws of stock exchange polices the Company is
then listed on.

 

PART
6 

COVENANTS BY THE COMPANY

 

Reservation
of Shares

 

Section
6.1 The Company will reserve, and there will remain unissued out of its authorized capital, a sufficient number of shares
to satisfy the rights of purchase provided for in all Warrants from time to time outstanding.

 

Section
6.2 The Company shall use reasonable commercial efforts to maintain the listing of the Shares on the Canadian Securities Exchange
and to maintain the Company’s status as a “reporting issuer” not in default of Canadian Securities Laws.

 

PART
7 

RESTRICTION ON EXERCISE

 

Blocking
Language

 

Section
7.1 Notwithstanding anything contained herein to the contrary, the rights represented by this Warrant Certificate will not
be exercisable by the Holder, in whole or in part, and the Company will not give effect to any such exercise, if, after giving
effect to such exercise, the Holder, together with any person or company acting jointly or in concert with the Holder (the “Joint
Actors”) would in the aggregate beneficially own, or exercise control or direction over that number of voting securities
of the Company which is twenty percent (20%) or greater of the total issued and outstanding voting securities of the Company,
immediately after giving effect to such exercise. For greater certainty, the rights represented by this Warrant Certificate will
not be exercisable by the Holder, in whole or in part, and the Company will not give effect to any such exercise, if, after giving
effect to such exercise, the Holder, together with its Joint Actors, would be deemed to hold a number of voting securities sufficient
to materially affect the control of the Company. The Company hereby acknowledges and agrees that the members of the Holder, in
the event that the Warrants held by the Holder are distributed to such persons, will not constitute Joint Actors on the basis
that they are or were each members of the Holder.

 

Section
7.2 Any certificates representing Shares issued upon exercise of the Warrants prior to the date that is four months and one
day after the date of issue of the Warrants, and any Shares issued in exchange for such Shares, will bear the following legends:

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE          , 2019.”

 

provided
that at any time subsequent to the date which is four months and one day after the date hereof, any certificate representing any
such Shares may be exchanged for a certificate bearing no such legends.

 

    - 12 -

     

    

 

Section
7.3 This Warrant and the Shares to be issued upon its exercise have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the
United States. This Warrant may not be exercised in the United States, or by or for the account or benefit of a U.S. person or
a person in the United States, unless (i) the Shares are registered under the U.S. Securities Act and the applicable laws of any
such state or (ii) an exemption from such registration requirements is available and, in either case, the Holder has complied
with the requirements set forth in the Warrant Exercise Form attached hereto as APPENDIX “B”. “United
States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.

 

Section
7.4 Any Shares issued upon exercise of this Warrant in the United States, or to or for the account or benefit of a U.S. person
or a person in the United States, will be “restricted securities”, as defined in Rule 144(a)(3) under the U.S. Securities
Act. The certificates representing such Shares, as well as all certificates issued in exchange or in substitution therefor, until
such time as is no longer required under the applicable requirements of the U.S. Securities Act, or applicable state securities
laws, will bear, on the face of such certificate, the following legends:

 

“THE
SECURITIES REPRESENTED HEREBY 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. THE HOLDER HEREOF, BY PURCHASING
SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES
ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER,
IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE
REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (C) OR
(D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO
THE COMPANY TO SUCH EFFECT.

 

THE
PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT “GOOD DELIVERY” OF THE SECURITIES REPRESENTED
HEREBY ON A CANADIAN STOCK EXCHANGE.”

 

provided,
that if the Shares are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S under
the U.S. Securities Act (“Regulation S”) and such Shares were acquired at a time when the Company is a “foreign
issuer” as defined in Regulation S, the legends set forth above in this Section 7.4 may be removed by providing a declaration
to the registrar and transfer agent of the Company, as set forth in Appendix “D” attached hereto (or in such other
form as the Company may prescribe from time to time); and provided, further, that, if the Shares are being sold otherwise than
in accordance with Rule 904 of Regulation S and other than to the Company, the legends may be removed by delivery to the registrar
and transfer agent and the Company of an opinion of counsel of recognized standing in form and substance satisfactory to the Company
that such legends are no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

 

    - 13 -

     

    

 

Section
7.5 Notwithstanding any provision to the contrary contained herein, no Shares will be issued pursuant to the exercise of any
Warrant if the issuance of such securities would constitute a violation of the securities laws of any applicable jurisdiction,
and the certificates evidencing the Shares thereby issued may bear such legend as may, in the opinion of legal counsel to the
Company, be necessary in order to avoid a violation of any securities laws of any applicable jurisdiction or to comply with the
requirements of any stock exchange on which the Shares of the Company are listed, provided that, at any time, in the opinion of
legal counsel to the Company, such legends are no longer necessary in order to avoid a violation of any such laws, or the holder
of any such legended certificate, at that holder’s expense, provides the Company with evidence satisfactory in form and
substance to the Company (which may include an opinion of legal counsel satisfactory to the Company) to the effect that such holder
is entitled to sell or otherwise transfer such Shares in a transaction in which such legends are not required, such legended certificate
may thereafter be surrendered to the Company in exchange for a certificate which does not bear such legend.

 

PART
8

MODIFICATION OF TERMS, SUCCESSORS

 

Modification
of Terms and Conditions for Certain Purposes

 

Section
8.1 From time to time the Company may, subject to the provisions of the Warrant Certificate, when so directed by the Holder,
modify the terms and conditions hereof, for any one or more or all of the following purposes:

 

		(a)	adding
                                         to the provisions hereof such additional covenants and enforcement provisions as, in
                                         the opinion of counsel for the Company, are necessary or advisable in the circumstances;

 

		(b)	making
                                         such provisions not inconsistent herewith as may be necessary or desirable with respect
                                         to matters or questions arising hereunder or for the purpose of obtaining a listing or
                                         quotation of Warrants on any stock exchange or house;

 

		(c)	adding
                                         to or altering the provisions hereof in respect of the registration of Warrants making
                                         provision for the exchange of Warrant Certificates of different denominations; and making
                                         any modification in the form of Warrant Certificates which does not affect the substance
                                         thereof;

 

		(d)	for
                                         any other purpose not inconsistent with the terms hereof, including the correction or
                                         rectification of any ambiguities, defective provisions, errors or omissions herein; and

 

		(e)	to
                                         evidence any succession of any corporation and the assumption by any successor of the
                                         covenants of the Company herein and in the Warrants contained as provided hereafter in
                                         this Part 8.

 

The
Company may Amalgamate on Certain Terms

 

Section
8.2 Nothing herein contained will prevent any amalgamation or merger of the Company with or into any other company, or the
sale of the property or assets of the Company to any company lawfully entitled to acquire the same; provided however that the
company formed by such merger or amalgamation or which acquires by conveyance or transfer all or substantially all the properties
and assets of the Company will be a company organized and existing under the laws of Canada or of the United States of America
or any Province, State, District or Territory thereof, which will, simultaneously with such amalgamation, merger, conveyance or
transfer, assume the due and punctual performance and observance of all the covenants and conditions hereof to be performed or
observed by the Company and will succeed to and be substituted for the Company, and such changes in phraseology and form (but
not in substance) may be made in the Warrant Certificate as may be appropriate in view of such amalgamation, merger or transfer.

 

    - 14 -

     

    

 

Additional
Financings

 

Section
8.3 Nothing herein contained will prevent the Company from issuing any other securities or rights with respect thereto during
the period within which a Warrant is exercisable, upon such terms as the Company may deem appropriate.

 

[End
of Schedule “A”]

 

    - 15 -

     

    

 

APPENDIX “A”

 

INSTRUCTIONS
TO HOLDERS

 

TO
EXERCISE:

 

To
exercise Warrants, the Holder must complete, sign and deliver the Warrant Exercise Form, attached as Appendix “B”
and deliver the Warrant Certificate(s) to the Company, indicating the number shares to be acquired. The Warrants are not transferable
other than to Affiliates of the Holder.

 

TO
TRANSFER:

 

To
transfer Warrants, the Holder must complete, sign and deliver the Warrant Transfer Form, attached as Appendix “C”
and deliver the Warrant Certificate(s) to the Company. The Company may require such other certificates or opinions to evidence
compliance with applicable securities legislation in Canada.

 

To
transfer Warrants, the Warrant Holder’s signature on the Warrant Transfer Form must be guaranteed by an authorized officer
of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange.

 

GENERAL:

 

If
forwarding any documents by mail, registered mail must be employed.

 

If
the Warrant Exercise Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation
or any person acting in a fiduciary or representative capacity, the Warrant Certificate must also be accompanied by evidence of
authority to sign satisfactory to the Company.

 

The
address of the Company is:

 

iAnthus
Capital Holdings, Inc.

420 Lexington Avenue, Suite 414

New York, New York 10170

United States

 

Attention:
Chief Financial Officer

 

[End
of Appendix “A”]

 

     

     

    

 

APPENDIX “B”

 

WARRANT
EXERCISE FORM

 

		TO:	iAnthus
Capital Holdings, Inc.

420
Lexington Avenue, Suite 414

New York, New York 10170

United States

 

Attention:
Chief Financial Officer

 

The
undersigned Holder of the within Warrants hereby subscribes for                               
common shares (the “Shares”) of iAnthus Capital Holdings, Inc. (the “Company”) pursuant
to the within Warrants on the terms and price specified in the Warrants. This subscription is accompanied by a certified
cheque or bank draft payable to or to the order of the Company or by wire transfer at instructions provided by the Company,
for the whole amount of the purchase price of the Shares.

 

The
undersigned hereby directs that the Shares be registered as follows:

 

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

 

As
at the time of exercise hereunder, the undersigned Holder represents, warrants and certifies as follows (check one):

 

		☐	(A)
                                         the undersigned holder at the time of exercise of the Warrant is not in the United States,
                                         is not a “U.S. person” as defined in Regulation S under the United States
                                         Securities Act of 1933, as amended (the “U.S. Securities Act”), and
                                         is not exercising the Warrant for the account or benefit of a U.S. person or a person
                                         in the United States (as defined in Regulation S), and did not execute or deliver this
                                         exercise form in the United States; OR

 

		☐	(B)
                                         the undersigned holder is resident in the United States, is a U.S. person, or is exercising
                                         the Warrant for the account or benefit of a U.S. person or a person in the United States
                                         (a “U.S. Holder”), and is an “accredited investor”, as
                                         defined in Rule 501(a) of Regulation D under the U.S. Securities Act (a “U.S.
                                         Accredited Investor”), and has completed the U.S. Accredited Investor Status
                                         Certificate in the form attached to this exercise form; OR

 

		☐	(C)
                                         if the undersigned holder is a U.S. Holder, the undersigned holder has delivered to the
                                         Company and the Company’s transfer agent an opinion of counsel of recognized standing
                                         (which will not be sufficient unless it is in form and substance satisfactory to the
                                         Company) or such other evidence satisfactory to the Company to the effect that with respect
                                         to the Shares to be delivered upon exercise of the Warrant, the issuance of such securities
                                         has been registered under the U.S. Securities Act and applicable state securities laws,
                                         or an exemption from the registration requirements of the U.S. Securities Act and applicable
                                         state securities laws is available.

 

Note:
Certificates representing common shares will not be registered or delivered to an address in the United States unless box (B)
or (C) immediately above is checked.

 

     

     

    

 

If
the undersigned Holder has indicated that the undersigned Holder is a U.S. Accredited Investor by marking box (B) above, the undersigned
Holder additionally represents and warrants to the Company that:

 

		(2)	the
                                         undersigned Holder has such knowledge and experience in financial and business matters
                                         as to be capable of evaluating the merits and risks of an investment in the Shares, and
                                         the undersigned is able to bear the economic risk of loss of his or her entire investment;

 

		(3)	the
                                         undersigned is: (i) purchasing the Shares for his or her own account or for the account
                                         of one or more U.S. Accredited Investors with respect to which the undersigned is exercising
                                         sole investment discretion, and not on behalf of any other person; (ii) is purchasing
                                         the Shares for investment purposes only and not with a view to resale, distribution or
                                         other disposition in violation of United States federal or state securities laws; and
                                         (iii) in the case of the purchase by the undersigned of the Shares as agent or trustee
                                         for any other person or persons (each a “Beneficial Owner”), the undersigned
                                         holder has due and proper authority to act as agent or trustee for and on behalf of each
                                         such Beneficial Owner in connection with the transactions contemplated hereby; provided
                                         that: (x) if the undersigned holder, or any Beneficial Owner, is a corporation or a partnership,
                                         syndicate, trust or other form of unincorporated organization, the undersigned holder
                                         or each such Beneficial Owner was not incorporated or created solely, nor is it being
                                         used primarily to permit purchases without a prospectus or registration statement under
                                         applicable law; and (y) each Beneficial Owner, if any, is a U.S. Accredited Investor;
                                         and

 

		(4)	the
                                         undersigned has not exercised the Warrants as a result of any form of general solicitation
                                         or general advertising (as such terms are used in Rule 502 of Regulation D under the
                                         U.S. Securities Act), including advertisements, articles, notices or other communications
                                         published in any newspaper, magazine or similar media, or broadcast over radio, television,
                                         the Internet or other form of telecommunications, or any seminar or meeting whose attendees
                                         have been invited by general solicitation or general advertising.

 

If
the undersigned has indicated that the undersigned is a U.S. Accredited Investor by marking box (B) above, the undersigned also
acknowledges and agrees that:

 

		(5)	the
                                         Company has provided to the undersigned the opportunity to ask questions and receive
                                         answers concerning the terms and conditions of the offering, and the undersigned has
                                         had access to such information concerning the Company as the undersigned has considered
                                         necessary or appropriate in connection with the undersigned’s investment decision
                                         to acquire the Shares;

 

		(6)	if
                                         the undersigned decides to offer, sell or otherwise transfer any of the Shares, the undersigned
                                         must not, and will not, offer, sell or otherwise transfer any of such Shares directly
                                         or indirectly, unless:

 

		(a)	the
                                         sale is to the Company;

 

		(b)	the
                                         sale is made outside the United States in a transaction meeting the requirements of Rule
                                         904 of Regulation S under the U.S. Securities Act and in compliance with applicable local
                                         laws and regulations;

 

		(c)	the
                                         sale is made pursuant to the exemption from the registration requirements under the U.S.
Securities Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or “blue
sky” laws; or

 

     

     

    

 

		(d)	the
                                         Shares are sold in a transaction that does not require registration under the U.S. Securities
                                         Act or any applicable state laws and regulations governing the offer and sale of securities,
                                         and it has prior to such sale furnished to the Company an opinion of counsel of recognized
                                         standing in form and substance satisfactory to the Company;

 

		(7)	the
                                         Shares are “restricted securities” under applicable federal securities laws
                                         and that the U.S. Securities Act and the rules of the United States Securities and Exchange
                                         Commission provide in substance that the undersigned may dispose of the Shares only pursuant
                                         to an effective registration statement under the U.S. Securities Act or an exemption
                                         therefrom;

 

		(8)	the
                                         Company has no obligation to register any of the Shares or to take action so as to permit
                                         sales pursuant to the U.S. Securities Act (including Rule 144 thereunder);

 

		(9)	the
                                         certificates representing the Shares (and any certificates issued in exchange or substitution
                                         for the Shares) will bear a legend stating that such securities have not been registered
                                         under the U.S. Securities Act or the securities laws of any state of the United States,
                                         and may not be offered for sale or sold unless registered under the U.S. Securities Act
                                         and the securities laws of all applicable states of the United States, or unless an exemption
                                         from such registration requirements is available;

 

		(10)	delivery
                                         of certificates bearing such a legend may not constitute “good delivery”
                                         in settlement of transactions on Canadian stock exchanges or over-the-counter markets,
                                         but a new certificate without such a legend will be made available to the undersigned
                                         upon provision by the undersigned of a declaration to the registrar and transfer agent
                                         (the “Transfer Agent”) of the Company’s common shares in the
                                         form attached as Appendix “D” to the Warrant Certificate (or in such
                                         other form as the Company may prescribe from time to time) and, if requested by the Company
                                         or the Transfer Agent, an opinion of counsel of recognized standing in form and substance
                                         satisfactory to the Company and the Transfer Agent, to the effect that such sale is being
                                         made in compliance with Rule 904 of Regulation S in circumstances where Rule 905 of Regulation
                                         S does not apply; and provided, further, that, if any Shares are being sold otherwise
                                         than in accordance with Rule 904 of Regulation S and other than to the Company, the legend
                                         may be removed by delivery to the Transfer Agent and the Company of an opinion of counsel
                                         of recognized standing in form and substance satisfactory to the Company that such legend
                                         is no longer required under applicable requirements of the U.S. Securities Act or state
                                         securities laws;

 

		(11)	the
                                         financial statements of the Company have been prepared in accordance with Canadian generally
                                         accepted accounting principles or International Financial Reporting Standards, which
                                         differ in some respects from United States generally accepted accounting principles,
                                         and thus may not be comparable to financial statements of United States companies;

 

		(12)	there
                                         may be material tax consequences to the undersigned of an acquisition or disposition
                                         of the Shares;

 

		(13)	the
                                         Company gives no opinion and makes no representation with respect to the tax consequences
                                         to the undersigned under United States, state, local or foreign tax law of the undersigned’s
                                         acquisition or disposition of any Shares; in particular, no determination has been made
                                         whether the Company will be a “passive foreign investment company” (commonly
                                         known as a “PFIC”) within the meaning of Section 1297 of the United
                                         States Internal Revenue Code;

 

     

     

    

 

		(14)	funds
                                         representing the subscription price for the Shares which will be advanced by the undersigned
                                         to the Company upon exercise of the Warrants will not represent proceeds of crime for
                                         the purposes of the United States Uniting and Strengthening America by Providing Appropriate
                                         Tools Required to
Intercept and Obstruct Terrorism Act (the “PATRIOT Act”), and the undersigned acknowledges that the Company
may in the future be required by law to disclose the undersigned’s name and other information relating to this exercise
form and the undersigned’s subscription hereunder, on a confidential basis, pursuant to the PATRIOT Act. No portion of the
subscription price to be provided by the undersigned (i) has been or will be derived from or related to any activity that is deemed
criminal under the laws of the United States of America, or any other jurisdiction, or (ii) is being tendered on behalf of a person
or entity who has not been identified to or by the undersigned, and it shall promptly notify the Company if the undersigned discovers
that any of such representations ceases to be true and provide the Company with appropriate information in connection therewith;

 

		(15)	the
                                         Company is not obligated to remain a “foreign issuer”; and

 

		(16)	the
                                         undersigned consents to the Company making a notation on its records or giving instructions
                                         to any transfer agent of the Company in order to implement the restrictions on transfer
                                         set forth and described in this Warrant Exercise Form.

 

In
the absence of instructions to the contrary, the securities or other property will be issued in the name of or to the holder hereof
and will be sent by first class mail to the last address of the holder appearing on the register maintained for the Warrants.

 

DATED
this                             day
of                                       ,
20_____.

 

In the presence of:

 

 

	Signature
of Witness	 	Signature of Holder
	 	 	 
	 	 	 
	Witness’s Name	 	Name
and Title of Authorized Signatory for the Holder

  

 

INSTRUCTIONS
FOR SUBSCRIPTION

 

The
signature to the subscription must correspond in every particular with the name written upon the face of the Warrant Certificate
without alteration. If the registration in respect of the certificates representing the Shares to be issued upon exercise of the
Warrants differs from the registration of the Warrant Certificates the signature of the registered holder must be guaranteed by
an authorized officer of a Canadian chartered bank, or of a major Canadian trust company, or by a medallion signature guarantee
from a member recognized under the Signature Medallion Guarantee Program, or from a similar entity in the United States, if this
transfer is executed in the United States, or in accordance with industry standards.

 

In
the case of persons signing by agent or attorney or by personal representative(s), the authority of such agent, attorney or representative(s)
to sign must be proven to the satisfaction of the Company.

 

If
the Warrant Certificate and the form of subscription are being forwarded by mail, registered mail must be employed.

 

     

     

    

 

U.S.
ACCREDITED INVESTOR STATUS CERTIFICATE

 

In
connection with the exercise of certain outstanding warrants of iANTHUS CAPITAL HOLDINGS, INC. (the “Company”)
by the holder, the holder hereby represents and warrants to the Company that the holder, and each beneficial owner (each a “Beneficial
Owner”), if any, on whose behalf the holder is exercising such warrants, satisfies one or more of the following categories
of Accredited Investor (please write “W/H” for the undersigned holder, and “B/O” for each beneficial
owner, if any, on each line that applies):

 

	_____(1)	 	Any
                                         bank as defined in Section 3(a)(2) of the United States Securities Act of 1933, as amended
                                         (the “U.S. Securities Act”), or any savings and loan association or
                                         other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act whether
                                         acting in its individual or fiduciary capacity; any broker or dealer registered pursuant
                                         to Section 15 of the U.S. Securities Exchange Act of 1934; any insurance company as defined
                                         in Section 2(a)(13) of the U.S. Securities Act; any investment company registered under
                                         the U.S. Investment Corporation Act of 1940 or a business development company as defined
                                         in Section 2(a)(48) of that Act; any Small Business Investment Corporation licensed by
                                         the U.S.
Small Business Administration under Section 301(c) or (d) of the U.S. Small Business Investment Act of 1958; any plan established
and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions,
for the benefit of its employees, if such plan has total assets in excess of US$5,000,000; any employee benefit plan within the
meaning of the U.S. Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as
defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment
adviser, or if the employee benefit plan has total assets in excess of US$5,000,000, or, if a self-directed plan, with investment
decisions made solely by persons that are “accredited investors” (as such term is defined in Rule 501 of Regulation
D of the U.S. Securities Act);

 

	_____(2)	 	Any
                                         private business development company as defined in Section 202(a)(22) of the U.S. Investment
                                         Advisers Act of 1940;

 

	_____(3)	 	Any
                                         organization described in Section 501(c)(3) of the U.S. Internal Revenue Code, corporation,
                                         Massachusetts or similar business trust, or partnership, not formed for the specific
                                         purpose of acquiring the securities offered, with total assets in excess of US$5,000,000;

 

	_____(4)	 	Any trust with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person (being defined as a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment);

 

	_____(5)	 	A
                                         natural person whose individual net worth, or joint net worth with that person’s
                                         spouse, at the time of purchase, exceeds US$1,000,000 (for the purposes of calculating
                                         net worth, (i) the
person’s primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person’s primary
residence, up to the estimated fair market value of the primary residence at the time of this certification, shall not be included
as a liability (except that if the amount of such indebtedness outstanding at the time of this certification exceeds the amount
outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess
shall be included as a liability);
and (iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of
the primary residence shall be included as a liability);

 

     

     

    

 

	_____(6)	 	A
                                         natural person who had annual gross income during each of the last two full calendar
                                         years in excess of US$200,000 (or together with his or her spouse in excess of US$300,000)
                                         and reasonably expects to have annual gross income in excess of US$200,000 (or together
                                         with his or her spouse in excess of US$300,000) during the current calendar year, and
                                         no reason to believe that his or her annual gross income will not remain in excess of
                                         US$200,000 (or that together with his or her spouse will not remain in excess of US$300,000)
                                         for the foreseeable future;

 

	_____(7)	 	Any
director or executive officer of the Company; or

 

	_____(8)	 	Any
                                         entity in which all of the equity owners meet the requirements of at least one of the
                                         above categories – if this alternative is selected you must identify each equity
                                         owner and provide statements from each demonstrating how they qualify as an accredited
                                         investor.

 

[End
of Appendix “B”]

 

     

     

    

 

APPENDIX
“C”

 

WARRANT
TRANSFER FORM

 

		TO:	iAnthus
Capital Holdings, Inc.

420
Lexington Avenue, Suite 414

New York, New York 10170

United States

 

Attention:
Chief Financial Officer

 

The
Warrants are not assignable. Notwithstanding the foregoing, subject to prior written consent of the Company, which consent may
not be unreasonably withheld, the holder of the warrants may assign the Warrants to an Affiliate (as such term is defined in the
Warrant certificate governing the Warrants) of the Holder.

 

FOR
VALUE RECEIVED, the undersigned holder (the “Transferor”) of the within Warrants hereby sells, assigns
and transfers to                                                                ,
an Affiliate of the holder (the “Transferee”), 
                                        
Warrants of iAnthus Capital Holdings, Inc. (the “Company”) registered in the name of the undersigned
on the records of the Company and irrevocably appoints                                         
the attorney of the undersigned to transfer the said securities on the books or register with full power of
substitution.

 

The
undersigned hereby directs that the Warrants hereby transferred be issued and delivered as follows:

 

	NAME
    IN FULL	ADDRESS	NUMBER
    OF WARRANTS
	  

                                                                                 
	 	 

 

The
Transferor hereby certifies that (check either A or B):

 

	_____    (A)	 	the
                                         transfer of the Warrants is being completed pursuant to an exemption from the registration
                                         requirements of the United States Securities Act of 1933, as amended (the “U.S.
                                         Securities Act”), in which case the Transferor has delivered or caused to be
                                         delivered by the Transferee a written opinion of U.S. legal counsel of recognized standing
                                         in form and substance reasonably satisfactory to the Company to the effect that the transfer
                                         of the Warrants is exempt from the registration requirements of the U.S. Securities Act;
                                         or

 

	_____    (B)	 	the
                                         transfer of the Warrants is being made in reliance on Rule 904 of Regulation S under
                                         the U.S. Securities Act, and certifies that:

 

		(1)	the
                                         undersigned is not an “affiliate” (as defined in Rule 405 under the U.S.
                                         Securities Act) of the Company (except solely by virtue of being an officer or director
                                         of the Company) or a “distributor”, as defined in Regulation S, or an affiliate
                                         of a “distributor”;

 

		(2)	the
                                         offer of such securities was not made to a person in the United States and either (a) at
the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf
reasonably believe that the buyer was outside the United States or (b) the transaction was executed on or through the facilities
of a designated offshore securities market within the meaning of
Rule 902(b) of Regulation S under the U.S. Securities Act, and neither the seller nor any person acting on its behalf knows that
the transaction has been prearranged with a buyer in the United States;

 

     

     

    

 

		(3)	neither
                                         the seller nor any affiliate of the seller nor any person acting on their behalf engaged
                                         in any directed selling efforts in connection with the offer and sale of the Warrants;

 

		(4)	the
                                         sale is bona fide and not for the purpose of “washing off” the resale restrictions
                                         imposed because the Warrants are “restricted securities” (as such term is
                                         defined in Rule 144(a)(3) under the U.S. Securities Act);

 

		(5)	the
                                         Transferor does not intend to replace the securities sold in reliance on Rule 904 of
                                         the U.S. Securities Act with fungible unrestricted securities; and

 

		(6)	the
                                         contemplated sale is not a transaction, or part of a series of transactions which, although
                                         in technical compliance with Regulation S, is part of a plan or a scheme to evade the
                                         registration provisions of the U.S. Securities Act.

 

Unless
otherwise specified, terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

 

DATED
this                             day
of                                       ,
20_____.

 

 

	Signature
    of Warrant Holder	 	Signature
    Guaranteed

 

 

INSTRUCTIONS
FOR TRANSFER

 

Signature
of the Warrant Holder must be the signature of the person appearing on the face of this Warrant Certificate.

 

If
the Transfer Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any
person acting in a fiduciary or representative capacity, the certificate must be accompanied by evidence of authority to sign
satisfactory to the Company.

 

The
signature on the Transfer Form must be guaranteed by a chartered bank or trust company, or a member firm of an approved signature
guarantee medallion program. The guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”.

 

The
Warrants will only be transferable in accordance with applicable laws. The Warrants and the common shares issuable upon exercise
thereof have not been and will not be registered under the U.S. Securities Act or under the securities laws of any state of the
United States, and may not be transferred to or for the account or benefit of a U.S. person or any person in the United States
without registration under the U.S. Securities Act and applicable state securities laws, or compliance with the requirements of
an exemption from registration. “United States” and “U.S. person” are as defined in Regulation
S under the U.S. Securities Act.

 

[End
of Appendix “C”]

 

     

     

    

 

APPENDIX
“D”

 

FORM
OF DECLARATION FOR REMOVAL OF LEGEND

 

	TO:	Registrar
and transfer agent for the shares of iAnthus Capital Holdings, Inc. (the “Issuer”)

 

The
undersigned (A) acknowledges that the sale of the                                     
common shares in the capital of the Issuer represented by certificate number                                     ,
to which this declaration relates, is being made in reliance on Rule 904 of Regulation S under the United States Securities
Act of 1933, as amended (the “U.S. Securities Act”), and (B) certifies that (1) the undersigned is not an
“affiliate” (as defined in Rule 405 under the U.S. Securities Act) of the Issuer (except solely by virtue of
being an officer or director of the Issuer) or a “distributor”, as defined in Regulation S, or an affiliate of a
“distributor”; (2) the offer of such securities was not made to a person in the United States and either (a) at
the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its
behalf reasonably believe that the buyer was outside the United States, or (b) the transaction was executed on or through the
facilities of a designated offshore securities market within the meaning of Rule 902(b) of Regulation S under the U.S.
Securities Act, and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged
with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their
behalf has engaged in any directed selling efforts in connection with the offer and sale of such securities; (4) the sale is
bona fide and not for the purpose of “washing off” the resale restrictions imposed because the securities are
“restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act); (5) the seller
does not intend to replace the securities sold in reliance on Rule 904 of Regulation S under the U.S. Securities Act with
fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions
which, although in technical compliance with Regulation S, is part of a plan or a scheme to evade the registration provisions
of the U.S. Securities Act. Unless otherwise specified, terms used herein have the meanings given to them by Regulation S
under the U.S. Securities Act.

 

	Dated:	 	 

 

	 	Signature
of Individual (if Seller is an individual)
	 	 
	 	 
	 	Authorized
signatory (if Seller is not an individual)
	 	 
	 	 
	 	Name
of Seller (please print)
	 	 
	 	 
	 	Name
of authorized signatory (please print)
	 	 
	 	 
	 	Official
capacity of authorized signatory (print print)

 

     

     

    

 

Affirmation
by Seller’s Broker-Dealer 

(Required for sales pursuant to Section (B)(2)(b) above)

 

We
have read the representations of our customer                                     
(the “Seller”) contained in the foregoing Declaration for Removal of Legend, dated                                     ,
20  ___ , with regard to the sale, for such Seller’s account, of                                     
common shares (the “Securities”) of the Issuer represented by certificate number                                     .
We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”), on behalf of the Seller. In that connection, we hereby represent
to you as follows:

 

	(17)	(no
                                         offer to sell Securities was made to a person in the United States;

 

	(18)	the
                                         sale of the Securities was executed in, on or through the facilities of the Canadian
                                         Securities Exchange or another designated offshore securities market (as defined in Rule
                                         902(b) of Regulation S under the U.S. Securities Act), and, to the best of our knowledge,
                                         the sale was not pre-arranged with a buyer in the United States;

 

	(19)	no
                                         “directed selling efforts” were made in the United States by the undersigned,
                                         any affiliate of the undersigned, or any person acting on behalf of the undersigned;
                                         and

 

	(20)	we
                                         have done no more than execute the order or orders to sell the Securities as agent for
                                         the Seller and will receive no more than the usual and customary broker’s commission
                                         that would be received by a person executing such transaction as agent.

 

For
purposes of these representations: “affiliate” means a person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the undersigned; “directed selling efforts”
means any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the
market in the United States for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities
from persons in the United States); and “United States” means the United States of America, its territories
or possessions, any State of the United States, and the District of Columbia.

 

Legal
counsel to the Issuer shall be entitled to rely upon the representations, warranties and covenants contained herein to the same
extent as if this affirmation had been addressed to them.

 

 

	Name
of Firm	 

 

 

	Per:		 
	 	Authorized Signatory	 

 

[End
of Appendix “D”]

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