Document:

Exhibit 10.9

 

Certain identified information has been omitted from this document
because it is not material and is treated as private or confidential. Such information has been marked with “[***]” to indicate
where omissions have been made.

 

JUNIOR SECURITY AGREEMENT

 

This JUNIOR SECURITY
AGREEMENT, dated as of November 1, 2019 (as amended, supplemented or otherwise modified from time to time in accordance with the
provisions hereof, this “Agreement”), is made by and among each of the undersigned parties executing this Agreement
as a “Grantor” (collectively, the “Grantors” and each, a “Grantor”), in favor of [REDACTED
NAME] (in such capacity, the “Secured Party”) on behalf of the purchasers named in the Purchase Agreement (the “Purchasers”).

 

WHEREAS, on the
date hereof, Jimmy Jang, L.P., a Delaware limited partnership, Baker Technologies, Inc., a Delaware corporation, Commonwealth Alternative
Care, Inc., a Massachusetts corporation, and Jupiter Research, LLC, an Arizona limited liability company (together, the “Borrowers”),
as borrowers, and the Secured Party, as noteholder representative, and the other parties thereto, executed and delivered a Junior Secured
Note Purchase Agreement (as amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”)
providing for the issuance of up to U.S. Thirty Six Million One Hundred Eighty Thousand and No/100 Dollars (U.S. $36,180,000.00) in Notes.
Subject to Section 1(b) below, all capitalized terms not otherwise defined herein shall have the respective meanings given
in the Purchase Agreement.

 

WHEREAS, pursuant
to a Junior Guaranty dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Guaranty”),
delivered in favor of the Secured Party by each of the Grantors listed as “Guarantors” on the signature page hereof,
such Grantors have guaranteed the payment and performance of the Borrowers’ obligations under or relating to the Notes, as more
fully set forth therein.

 

WHEREAS, this Agreement
is given by the Grantors in favor of the Secured Party to secure the payment and performance of all the Secured Obligations; and

 

WHEREAS,
it is a condition under the Purchase Agreement that the Grantors shall execute and deliver this Agreement to the Secured Party for
the benefit of the Purchasers;

 

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

 

1.            Definitions.

 

(a)            Unless
otherwise specified herein, all references to Sections and Schedules herein are to Sections and Schedules of this Agreement.

 

(b)            Unless
otherwise defined herein, terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC. However,
if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified
in Article 9.

 

(c)            For
purposes of this Agreement, the following terms shall have the following meanings:

 

     

     

    

 

“Collateral” has the meaning set forth
in Section 2.

 

“Event of Default” has the meaning set
forth in the Purchase Agreement.

 

“First
Priority Liens” means any Liens granted by the Grantors in favor of NR1, LLC pursuant to that certain Security Agreement, dated
as of the date hereof.

 

“Laws” has the meaning set forth in the
Purchase Agreement.

 

“Proceeds”
means “proceeds” as such term is defined in section 9-102 of the UCC and, in any event, shall include, without limitation,
all dividends or other income from the Collateral, collections thereon or distributions with respect thereto.

 

“Second
Priority” means, with respect to any lien and security interest purported to be created in any Collateral pursuant to this
Agreement, such lien and security interest is the second-most senior lien to which such Collateral is subject (subject only to First
Priority Liens and Permitted Liens).

 

“Secured Obligations” has the
meaning set forth in Section 3.

 

“Subordination
Agreement” means (i) that certain Subordination and Intercreditor Agreement by and among the Secured Party, on behalf
of and for the benefit of the Purchasers, and NR1, LLC as representative on behalf of and for the benefit of certain senior creditors
and (ii) any other subordination agreement with respect to Permitted Subordinated Debt that the Secured Party may approve.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the Commonwealth of Massachusetts or, when the laws of any other
state govern the method or manner of the perfection or enforcement of any security interest in any of the Collateral, the Uniform Commercial
Code as in effect from time to time in such state.

 

2.            Grant
of Security Interest. Each Grantor hereby pledges and grants to the Secured Party, and hereby creates a continuing Second Priority
lien and security interest in favor of the Secured Party in and to all of its right, title and interest in and to the following, wherever
located, whether now existing or hereafter from time to time arising or acquired (collectively, the “Collateral”):

 

		(i)	all personal property of every kind and
                                            nature including but not limited to all accounts, goods (including inventory and equipment),
                                            documents (including, if applicable, electronic documents), instruments, promissory notes,
                                            chattel paper (whether tangible or electronic), letters of credit, letter-of-credit rights
                                            (whether or not the letter of credit is evidenced by a writing), securities and all other
                                            investment property, general intangibles (including all payment intangibles), money, deposit
                                            accounts, and any other contract rights or rights to the payment of money; and

 

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		(ii)	all Proceeds and products of each of the
                                            foregoing, all books and records relating to the foregoing, all supporting obligations related
                                            thereto, and all accessions to, substitutions and replacements for, and rents, profits and
                                            products of, each of the foregoing, and any and all Proceeds of any insurance, indemnity,
                                            warranty or guaranty payable to the Grantors from time to time with respect to any of the
                                            foregoing.

 

Notwithstanding
the foregoing or anything contained in this Agreement or any other Loan Document to the contrary, the term “Collateral” shall
not include, and a security interest is not granted in, any right or interest in any permit, license, lease or contract if under the
terms of such permit, license, lease or contract, or applicable Laws with respect thereto, the grant of a security interest or lien therein
is prohibited and such prohibition or restriction has not been waived or the requisite consent in respect of such permit, license, lease
or contract has not been obtained (or is not able to be obtained) or the grant of a security interest or lien therein would, under the
terms of such permit, license, lease or contract, result in the voiding or termination of or give rise to a right of termination of such
permit, license, lease or contract, provided that, such permit, license, lease or contract shall be included in the term “Collateral”
and a security interest shall be granted therein, at such time as the grant of a security interest therein is no longer prohibited, or
the requisite consent in respect thereof has been obtained.

 

3.            Secured
Obligations. The Collateral secures the due and prompt payment in full and performance of all loans, advances, debts, covenants,
duties, obligations and liabilities of any kind and description of the Grantors under or in connection with the Notes, the Purchase Agreement,
each Guaranty, and each of the other Loan Documents, including all interest, fees, charges, expenses, attorneys’ fees and costs
and accountants’ fees and costs chargeable to and payable by the Grantors, in each case, whether direct or indirect, absolute or
contingent, now existing or hereafter arising, due or to become due, and whether or not arising after the commencement of a proceeding
under Title 11 of the United States Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition
interest) and whether or not allowed or allowable as a claim in any such proceeding (collectively, the “Secured Obligations”).

 

4.            Perfection
of Security Interest and Further Assurances.

 

(a)            Each
Grantor shall, from time to time, as may be required or requested by the Secured Party with respect to all Collateral, take all actions
necessary to perfect the security interest of the Secured Party in the Collateral, including, without limitation, with respect to all
Collateral over which control may be obtained within the meaning of sections 8-106, 9-104, 9105, 9-106 and 9-107 of the UCC, section
201 of the federal Electronic Signatures in Global and National Commerce Act and section 16 of the Uniform Electronic Transactions Act,
as applicable. The Grantor shall take all actions as may be required or requested from time to time by the Secured Party so that control
of such Collateral is obtained and at all times held by the Secured Party. All of the foregoing shall be at the sole cost and expense
of the Grantors.

 

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(b)            Each
Grantor hereby irrevocably authorizes, but does not obligate, the Secured Party at any time and from time to time to file in any relevant
jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each
applicable jurisdiction for the filing of any financing statement or amendment relating to the Collateral, including any financing or
continuation statements or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security
interest granted by such Grantor hereunder, without the signature of such Grantor where permitted by law, including the filing of a financing
statement describing the Collateral as all assets now owned or hereafter acquired by such Grantor, or words of similar effect. Each Grantor
agrees to provide all information required by the Secured Party pursuant to this Section promptly to the Secured Party upon request.

 

(d)            If
any Collateral is at any time in the possession of a bailee, the Grantor with title to such Collateral shall promptly notify the Secured
Party thereof and, at the Secured Party’s request and option, shall promptly obtain an acknowledgment from the bailee, in form
and substance satisfactory to the Secured Party, that the bailee holds such Collateral for the benefit of the Secured Party and the bailee
agrees to comply, without further consent of the Grantor, at any time with instructions of the Secured Party as to such Collateral.

 

(e)            Each
Grantor agrees that at any time and from time to time, at the expense of such Grantor, such Grantor will promptly execute and deliver
all further instruments and documents, obtain such agreements from third parties, and take all further action, that may be necessary
or desirable, or that the Secured Party may reasonably request, in order to create and/or maintain the validity, perfection or priority
of and protect any security interest granted or purported to be granted hereby or to enable the Secured Party to exercise and enforce
its rights and remedies hereunder or under any other agreement with respect to any Collateral.

 

5.            Representations
and Warranties. The representations and warranties contained in the Purchase Agreement, to the extent that they relate to a Grantor,
are herein expressly incorporated by reference, and each Grantor agrees to be bound by such representations and warranties as though
such representations and warranties were expressly stated herein. In addition, each Grantor hereby represents and warrants as follows:

 

(a)            At
the time the Collateral becomes subject to the lien and security interest created by this Agreement, the Grantor will be the sole, direct,
legal and beneficial owner thereof, free and clear of any lien, security interest, encumbrance, claim, option or right of others except
for the First Priority Liens and Permitted Liens.

 

(b)            The
grant of the Collateral pursuant to this Agreement creates a valid and perfected Second Priority security interest in the Collateral,
securing the payment and performance when due of the Secured Obligations.

 

(c)            It
has full power, authority and legal right to pledge its Collateral pursuant to this Agreement.

 

(d)            This
Agreement and the Guaranty have been duly authorized, executed and delivered by the Grantor and each constitutes a legal, valid and binding
obligation of the Grantor enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting creditors’ rights generally and subject to equitable principles (regardless of whether enforcement
is sought in equity or at law).

 

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(e)            No
authorization, approval, or other action by, and no notice to or filing with, any Governmental Authority or regulatory body is required
for the pledge by the Grantor of the Collateral pursuant to this Agreement or for the execution and delivery of this Agreement by the
Grantor or the performance by the Grantor of its obligations hereunder.

 

(f)            The
execution and delivery of this Agreement by the Grantor and the performance by the Grantor of its obligations hereunder, will not violate
any provision of any applicable Laws or regulation or any order, judgment, writ, award or decree of any court, arbitrator or governmental
authority, domestic or foreign, applicable to the Grantor or any of its property, or the organizational or governing documents of the
Grantor or any agreement or instrument to which the Grantor is party or by which it or its property is bound.

 

(g)            The
Collateral consisting of securities has been duly authorized and validly issued, and is fully paid and non-assessable and subject to
no options to purchase or similar rights. None of the Collateral constitutes, or is the proceeds of, (i) [reserved], (ii) as-extracted
collateral, (iii) manufactured homes, (iv) health-care-insurance receivables, (v) timber to be cut, (vi) aircraft,
aircraft engines, satellites, ships or railroad rolling stock. None of the account debtors or other persons obligated on any of the Collateral
is a governmental authority covered by the Federal Assignment of Claims Act or like federal, state or local statute or rule in respect
of such Collateral.

 

(h)            No
person other than the Grantors or the Secured Party has control or possession of all or any part of the Collateral.

 

(i)            The
Grantors have delivered to the Secured Party an information certificate containing, inter alia, the Grantor’s exact legal
name, its jurisdiction of incorporation, its places of business and the location of its assets. All information provided therein is true,
complete and correct in all material respects.

 

6.            Voting,
Distributions and Receivables.

 

(a)            The
Secured Party agrees that unless an Event of Default shall have occurred and be continuing, each Grantor may, to the extent the Grantor
has such right as a holder of the Collateral consisting of securities, other Equity Interests or indebtedness owed by any obligor, vote
and give consents, ratifications and waivers with respect thereto.

 

(b)            The
Secured Party agrees that each Grantor may, unless an Event of Default shall have occurred and be continuing, receive and retain all
dividends and other distributions with respect to the Collateral consisting of securities, other Equity Interests or indebtedness owed
by any obligor.

 

(c)            If
any Event of Default shall have occurred and be continuing, the Secured Party may, or at the request and option of the Secured Party,
each Grantor shall, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured
Party in any account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly
to the Secured Party.

 

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7.            Covenants.
The covenants contained in the Purchase Agreement, to the extent that they relate to a Grantor, are herein expressly incorporated by
reference, and each Grantor agrees to observe, perform and be bound by such covenants as though such covenants were expressly stated
herein. In addition, each Grantor hereby covenants as follows:

 

(a)            The
Grantor will not, without providing at least 30 days’ prior written notice to the Secured Party, change its legal name, identity,
type of organization, jurisdiction of organization, corporate structure, location of its chief executive office or its principal place
of business or its organizational identification number. The Grantor will, prior to any change described in the preceding sentence, take
all actions reasonably required or requested by the Secured Party to maintain the perfection and priority of the Secured Party’s
security interest in the Collateral.

 

(b)            The
Grantor shall, at its own cost and expense, defend title to the Collateral and the Second Priority lien and security interest of the
Secured Party therein against the claim of any person claiming against or through the Grantor and shall maintain and preserve such perfected
Second Priority security interest for so long as this Agreement shall remain in effect.

 

(c)            The
Grantor will not sell, offer to sell, dispose of, convey, assign or otherwise transfer, grant any option with respect to, restrict, or
grant, create, permit or suffer to exist any mortgage, pledge, lien, security interest, option, right of first offer, encumbrance or
other restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein except for Permitted Dispositions
and Permitted Liens.

 

(d)            The
Grantor will keep the Collateral in good order and repair and will not use the same in violation of Applicable Law or any policy of insurance
thereon. The Grantor will permit the Secured Party, or its designee, to inspect the Collateral at any reasonable time, wherever located;
provided, however, that such an inspection shall not be made more than once every sixty (60) days in the absence of a continuing Event
of Default.

 

(e)            The
Grantor will pay promptly when due all taxes, assessments, governmental charges, and levies upon the Collateral or incurred in connection
with the use or operation of the Collateral or incurred in connection with this Agreement.

 

(f)            The
Grantor will continue to operate its business in compliance with all applicable provisions of the federal Fair Labor Standards Act, as
amended, and other Applicable Law.

 

8.            Secured
Party Appointed Attorney-in-Fact. Each Grantor hereby appoints the Secured Party as the Grantor’s attorney-in-fact, with full
authority in the place and stead of the Grantor and in the name of the Grantor or otherwise, from time to time during the continuance
of an Event of Default in the Secured Party’s discretion to take any action and to execute any instrument which the Secured Party
may deem necessary or advisable to accomplish the purposes of this Agreement (but the Secured Party shall not be obligated to and shall
have no liability to the Grantor or any third party for failure to do so or take action). This appointment, being coupled with an interest,
shall be irrevocable. Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof.

 

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9.            Secured
Party May Perform. If a Grantor fails to perform any obligation contained in this Agreement, the Secured Party may itself perform,
or cause performance of, such obligation, and the expenses of the Secured Party incurred in connection therewith shall be payable by
the Grantor; provided that the Secured Party shall not be required to perform or discharge any obligation of any Grantor.

 

10.            Reasonable
Care. The Secured Party shall have no duty with respect to the care and preservation of the Collateral beyond the exercise of reasonable
care. The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession
if the Collateral is accorded treatment substantially equal to that which the Secured Party accords its own property, it being understood
that the Secured Party shall not have any responsibility for (a) ascertaining or taking action with respect to any claims, the nature
or sufficiency of any payment or performance by any party under or pursuant to any agreement relating to the Collateral or other matters
relative to any Collateral, whether or not the Secured Party has or is deemed to have knowledge of such matters, or (b) taking any
necessary steps to preserve rights against any parties with respect to any Collateral. Nothing set forth in this Agreement, nor the exercise
by the Secured Party of any of the rights and remedies hereunder, shall relieve any Grantor from the performance of any obligation on
the Grantor’s part to be performed or observed in respect of any of the Collateral.

 

11.              Remedies
Upon Default.

 

(a)            Upon
the occurrence and continuance of an Event of Default, the Secured Party, following good faith consultation with the Board of Directors
of TILT Holdings, Inc., may exercise any or all of the following rights and remedies:

 

		(i)	those rights and remedies provided in this
                                            Security Agreement, the Purchase Agreement, the Subordination Agreement or any other Loan
                                            Document; provided that, this Section 11(a) shall not be understood to limit
                                            any rights or remedies available to the Secured Party prior to an Event of Default;

 

		(ii)	those rights and remedies available to
                                            a secured party under the UCC (whether or not the UCC applies to the affected Collateral)
                                            or under any other applicable law (including, without limitation, any law governing the exercise
                                            of a bank’s right of setoff or bankers’ lien) when a debtor is in default under
                                            a security agreement;

 

		(iii)	give notice of sole control or any other
                                            instruction under any Deposit Account Control Agreement or and other control agreement with
                                            any securities intermediary and take any action therein with respect to such Collateral;

 

		(iv)	without notice (except as specifically
                                            provided in Section 8.1 or elsewhere herein), demand or advertisement of any kind to
                                            any Grantor or any other Person, enter the premises of any Grantor where any Collateral is
                                            located (through self-help and without judicial process) to collect, receive, assemble, process,
                                            appropriate, sell, lease, assign, grant an option or options to purchase or otherwise dispose
                                            of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at
                                            public or private sale or sales (which sales may be adjourned or continued from time to time
                                            with or without notice and may take place at any Grantor’s premises or elsewhere),
                                            for cash, on credit or for future delivery without assumption of any credit risk, and upon
                                            such other terms as the Secured Party may deem commercially reasonable; and

 

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		(v)	upon three (3) Business Days’
                                            prior written notice to the applicable Grantor, transfer and register in its name or in the
                                            name of its nominee the whole or any part of the Pledged Collateral, exchange certificates
                                            or instruments representing or evidencing Pledged Collateral for certificates or instruments
                                            of smaller or larger denominations, exercise the voting and all other rights as a holder
                                            with respect thereto, collect and receive all cash dividends, interest, principal and other
                                            distributions made thereon and to otherwise act with respect to the Pledged Collateral as
                                            though the Secured Party was the outright owner thereof.

 

(b)            The
Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and
compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral; provided, however,
that the Secured Party shall comply with all State Cannabis Laws in connection with a disposition of the Collateral to the extent that
such compliance does not materially and adversely affect the value of the Collateral.

 

(c)            The
Secured Party shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale
or sales, to purchase for the benefit of the Secured Party and the other Purchasers, the whole or any part of the Collateral so sold,
free of any right of equity redemption, which equity redemption the Grantor hereby expressly releases.

 

(d)            Until
the Secured Party is able to effect a sale, lease, or other disposition of Collateral, the Secured Party shall have the right to hold
or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value
or for any other purpose deemed appropriate by the Secured Party. The Secured Party may, if it so elects, seek the appointment of a receiver
or keeper to take possession of Collateral and to enforce any of the Secured Party’s remedies (for the benefit of the Secured Party
and the other Purchasers), with respect to such appointment without prior notice or hearing as to such appointment.

 

(e)            Notwithstanding
the foregoing, the Secured Party nor any other Purchasers shall be required to (i) make any demand upon, or pursue or exhaust any
of its rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment
of the Secured Obligations or to pursue or exhaust any of its rights or remedies with respect to any Collateral therefor or any direct
or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral
or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.

 

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(f)            Each
Grantor recognizes that the Secured Party may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled
to resort to one or more private sales thereof in accordance with clause (a) above. Each Grantor also acknowledges that any
private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding
such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely
by virtue of such sale being private. The Secured Party shall be under no obligation to delay a sale of any of the Pledged Collateral
for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for public
sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and the
issuer would agree to do so.

 

Notwithstanding the foregoing,
any rights and remedies provided in this Section 11 shall be subject to the Subordination Agreement.

 

12.           Grantor’s
Obligations Upon Default. Upon the request of the Secured Party after the occurrence of an Event of Default, each Grantor will:

 

		(i)	assemble and make available to the Secured
                                            Party the Collateral and all books and records relating thereto at any place or places specified
                                            by the Secured Party, whether at a Grantor’s premises or elsewhere;

 

		(ii)	permit the Secured Party, by the Secured
                                            Party’s representatives and agents, to enter, occupy and use any premises where all
                                            or any part of the Collateral, or the books and records relating thereto, or both, are located,
                                            to take possession of all or any part of the Collateral or the books and records relating
                                            thereto, or both, to remove all or any part of the Collateral or the books and records relating
                                            thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the
                                            applicable Grantor for such use and occupancy;

 

		(iii)	prepare and file, or cause an issuer of
                                            Pledged Collateral to prepare and file, with the Securities and Exchange Commission or any
                                            other applicable government agency, registration statements, a prospectus and such other
                                            documentation in connection with the Pledged Collateral as the Secured Party may request,
                                            all in form and substance satisfactory to the Secured Party, and furnish to the Secured Party,
                                            or cause an issuer of Pledged Collateral to furnish to the Secured Party, any information
                                            regarding the Pledged Collateral in such detail as the Secured Party may specify;

 

		(iv)	take, or cause an issuer of Pledged Collateral
                                            to take, any and all actions necessary to register or qualify the Pledged Collateral to enable
                                            the Secured Party to consummate a public sale or other disposition of the Pledged Collateral;
                                            and

 

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		(v)	at its own expense, cause the independent
                                            certified public accountants then engaged by each Grantor to prepare and deliver to the Secured
                                            Party, at any time, and from time to time, promptly upon the Secured Party’s request,
                                            the following reports with respect to the applicable Grantor: (i) a reconciliation of
                                            all Accounts; (ii) an aging of all Accounts; (iii) trial balances; and (iv) a
                                            test verification of such Accounts.

 

13.            Grant
of Intellectual Property License. For the purpose of enabling the Secured Party to exercise the rights and remedies under this Agreement
at such time as the Secured Party shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby (a) grants
to the Secured Party, for the benefit of itself and the other Secured Parties, an irrevocable, nonexclusive license (exercisable without
payment of royalty or other compensation to any Grantor) to use, license or sublicense any intellectual property rights now owned or
hereafter acquired by such Grantor, and wherever the same may be located, and including in such license access to all media in which
any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof
and (b) irrevocably agrees that the Secured Party may sell any of such Grantor’s Inventory directly to any person, including
without limitation persons who have previously purchased the Grantor’s Inventory from such Grantor and in connection with any such
sale or other enforcement of the Secured Party’s rights under this Security Agreement, may sell Inventory which bears any Trademark
owned by or licensed to such Grantor and any Inventory that is covered by any Copyright owned by or licensed to such Grantor and the
Secured Party may finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell such Inventory as
provided herein.

 

14.            No
Waiver and Cumulative Remedies. The Secured Party shall not by any act (except by a written instrument pursuant to Section 16),
delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default
or Event of Default. All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided
by law.

 

15.            Security
Interest Absolute. Each Grantor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made,
credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices of any description.
All rights of the Secured Party and liens and security interests hereunder, and all Secured Obligations of the Grantors hereunder, shall
be absolute and unconditional irrespective of:

 

		(i)	any illegality or lack of validity or enforceability
                                            of any Secured Obligation or any related agreement or instrument;

 

		(ii)	any change in the time, place or manner
                                            of payment of, or in any other term of, the Secured Obligations, or any rescission, waiver,
                                            amendment or other modification of the Purchase Agreement, the Guaranty, this Agreement or
                                            any other agreement, including any increase in the Secured Obligations resulting from any
                                            extension of additional credit or otherwise;

 

		(iii)	any taking, exchange, substitution, release,
                                            impairment or non-perfection of any Collateral or any other collateral, or any taking, release,
                                            impairment, amendment, waiver or other modification of any guaranty, for all or any of the
                                            Secured Obligations;

 

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		(iv)	any manner of sale, disposition or application
                                            of proceeds of any Collateral or any other collateral or other assets to all or part of the
                                            Secured Obligations;

 

		(v)	any default, failure or delay, willful or
                                            otherwise, in the performance of the Secured Obligations;

 

		(vi)	any defense, set-off or counterclaim (other
                                            than a defense of payment or performance) that may at any time be available to, or be asserted
                                            by, any Grantor against the Secured Party; or

 

		(vii)	any other circumstance (including, without
                                            limitation, any statute of limitations) or manner of administering the Notes or any existence
                                            of or reliance on any representation by the Secured Party that might vary the risk of the
                                            Grantors or otherwise operate as a defense available to, or a legal or equitable discharge
                                            of, the Grantors or any other grantor, guarantor or surety.

 

16.            Amendments.
Subject to Section 11.10 of the Purchase Agreement, none of the terms or provisions of this Agreement may be amended, modified,
supplemented, terminated or waived, and no consent to any departure by any Grantor therefrom shall be effective unless the same shall
be in writing and signed by the Secured Party, and then such amendment, modification, supplement, waiver or consent shall be effective
only in the specific instance and for the specific purpose for which made or given.

 

17.            Addresses
For Notices. All notices and other communications provided for in this Agreement shall be in writing and shall be given in the manner
and become effective as set forth in the Purchase Agreement, and addressed to the respective parties at their addresses as specified
on the signature pages hereof or as to either party at such other address as shall be designated by such party in a written notice
to each other party.

 

18.            Continuing
Security Interest; Further Actions. This Agreement shall create a continuing Second Priority lien and security interest in the Collateral
and shall (a) subject to Section 17, remain in full force and effect until payment and performance in full of the Secured Obligations,
(b) be binding upon each Grantor, its successors and assigns, and (c) inure to the benefit of the Secured Party and its successors,
transferees and assigns; provided that no Grantor may assign or otherwise transfer any of its rights or obligations under this Agreement
without the prior written consent of the Secured Party.

 

19.            Termination;
Release. On the date on which all Secured Obligations have been paid and performed in full, the Secured Party will, at the request
and sole expense of the Grantors, (a) duly assign, transfer and deliver to or at the direction of the Grantors (without recourse
and without any representation or warranty) such of the Collateral as may then remain in the possession of the Secured Party, together
with any monies at the time held by the Secured Party hereunder, and (b) execute and deliver to the Grantors a proper instrument
or instruments acknowledging the satisfaction and termination of this Agreement.

 

    11 

     

    

 

20.            Governing
Law. This Agreement and all matters arising out of or relating to this Agreement, whether sounding in contract, tort, or statute,
will be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without giving effect to
the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws
of any jurisdiction other than those of the Commonwealth of Massachusetts.

 

21.            Jurisdiction
and Venue. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
SHALL BE INSTITUTED IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS, AND EACH PARTY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION
OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S
ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE
PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS
AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

22.            Waiver
of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR THE SECURITIES OR THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION,
CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS
BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY
FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

23.            Counterparts.
This Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

24.            Secured
Party Protections. In connection with the Secured Party’s performance of its obligations hereunder, the Secured Party shall
be afforded each of the rights, benefits, immunities, indemnities and protections afforded to the Noteholder Representative in the Purchase
Agreement as if such rights, benefits, immunities, indemnities and protections were set forth in full herein, mutatis mutandis.

  

[Signature pages follow]

 

    12 

     

    

 

	 	“BORROWERS”
	 	 
	Address for Notices:	BAKER
TECHNOLOGIES, INC., a Delaware corporation
	[***]	 
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	Timothy Conder
	 	 	Title:	Chief Operating Officer

 

	Address for Notices:

                                                                 [***]
	COMMONWEALTH
    ALTERNATIVE CARE, INC., a Massachusetts nonprofit corporation
	 	 
		 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	Timothy Conder
	 	 	Title:	Chief Operating Officer

 

	Address for Notices:

                                         [***]
	JIMMY
JANG, L.P., a Delaware limited partnership, by its general partner, JIMMY JANG HOLDINGS INC., a British Columbia corporation
	 	 
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	Timothy Conder
	 	 	Title:	Chief Operating Officer

 

[Signature Page to Junior
Security Agreement]

 

    

     

    

 

	Address for Notices:

                                         [***]
	JUPITER RESEARCH, LLC, an Arizona
                                            limited liability company, by its Managing Member, BAKER TECHNOLOGIES, INC., a Delaware corporation
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	Timothy Conder
	 	 	Title:	Chief Operating Officer

 

	 	“GUARANTORS”
	 	 
	Address for Notices:

                             [***]
	BLACKBIRD LOGISTICS CORPORATION, a Nevada corporation
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name: Timothy Conder
	 	 	Conder Title: President

 

	Address for Notices:

    [***]
	BLKBRD
CA, a California corporation
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	Timothy Conder
	 	 	Title:	 Sole Officer

 

	Address for Notices:

    [***]
	BLKBRD
NV LLC, a Nevada limited liability company, by its Managing Member, BLACKBIRD LOGISTICS CORPORATION, a Nevada corporation
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	Timothy Conder
	 	 	Title:	President

 

	Address for Notices: 

[***]

  	BLKBRD
SOFTWARE LLC, a Nevada limited liability company, by its Managing Member, YARIS ACQUISITION LLC, a Delaware limited liability
company
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	 Timothy Conder
	 	 	Title:	 Manager

 

[Signature Page to Junior Security Agreement]

 

    

     

    

 

	Address for Notices:

                             [***]
	BRITESIDE
                                            ECOMMERCE LLC, a Tennessee limited liability company
	 	 
	 	Per:	/s/ Mark Scatterday
	 	Name:	 Mark Scatterday
	 	Title:	Manager
	 	 
	Address for Notices:

                             [***]
	BRITESIDE
                                            HOLDINGS LLC, a Tennessee limited liability company
	 	 
	 	Per:	/s/ Mark Scatterday
	 	Name:	 Mark Scatterday
	 	Title:	 Manager

 

	Address for Notices:

                             [***]
	BRITESIDE
                                            MODULAR LLC, a Tennessee limited liability company
	 	 
	 	Per:	/s/ Mark Scatterday
	 	Name:	 Mark Scatterday
	 	Title:	Manager
	 	 
	Address for Notices:

                             [***]
	BRITESIDE
                                            OREGON LLC, an Oregon limited liability company
	 	 
	 	Per:	/s/ Mark Scatterday
	 	Name:	 Mark Scatterday
	 	Title:	 Manager

 

	Address for Notices:

                             [***]
	DEFENDER
                                            MARKETING SERVICES, LLC, a Washington limited liability company
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name: Timothy Conder
	 	 	Conder Title: Manager

 

 

	Address for Notices:

        [***]
	STANDARD
    FARMS LLC, a Pennsylvania limited liability company, by its Sole Member, BAKER TECHNOLOGIES, INC.,
    a Delaware corporation
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name: Timothy Conder

    Title: Chief Operating Officer

 

[Signature Page to
Junior Security Agreement]

 

    

     

    

 

	Address for Notices:

                             1385 Cambridge Street

                             Cambridge, MA 02139
	TILT
                                            HOLDINGS INC., a British Columbia corporation
	 	 
	 	Per:	/s/ Mark Scatterday
	 	 	Name:	Mark Scatterday
	 	 	Title:	 Interim Chief Executive Officer

 

 

	Address for Notices:

                             1385 Cambridge Street

                             Cambridge, MA 02139
	WHITE
                                            HAVEN RE LLC, a Pennsylvania limited liability company, by its Sole Member, BAKER TECHNOLOGIES,
                                            INC., a Delaware corporation
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	Timothy Conder
	 	 	Title:	 Chief Operating Officer

 

	Address for Notices:

                             [***]
	YARIS
                                            ACQUISITION LLC, a Delaware limited liability company
	 	 
	 	Per:	/s/ Timothy Conder
	 	 	Name:	Timothy Conder
	 	 	Title:	 Manager

 

[Signature Page to Junior
Security Agreement]Exhibit 10.10

 

Certain identified information has been omitted from this document
because it is not material and is treated as private or confidential.  Such information has been marked with “[***]”
to indicate where omissions have been made.

 

JUNIOR CANADIAN SECURITY AGREEMENT

 

This CANADIAN SECURITY AGREEMENT,
dated as of November 1, 2019 (as amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof,
this “Agreement”), is made by Tilt Holdings, Inc. as “Grantor” (the “Grantor”), in favor
of [***] (in such capacity, the “Secured Party”) on behalf of the purchasers named in the Purchase Agreement
(the “Purchasers”).

 

WHEREAS, on the date hereof,
Jimmy Jang, L.P., a Delaware limited partnership, Baker Technologies, Inc., a Delaware corporation, Jupiter Research, LLC, an Arizona
limited liability company, and Commonwealth Alternative Care, Inc., a Massachusetts corporation (together, the “Borrowers”),
as borrowers, the Secured Party, the Secured Party, and the other parties thereto, executed and delivered a Secured Note Purchase Agreement
(as amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”) providing for the purchase
and sale of up to U.S. Thirty-Six Million One Hundred Eighty Thousand and No/100 Dollars (U.S. $36,180,000.00). All capitalized terms
not otherwise defined herein shall have the respective meanings given in the Purchase Agreement.

 

WHEREAS, pursuant to a guaranty
dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Guaranty”), delivered
by the Grantor in favor of the Secured Party, the Grantor has guaranteed the payment and performance of the Borrowers’ obligations
under or relating to the Notes, as more fully set forth therein.

 

WHEREAS, this Agreement is
given by the Grantor in favor of the Secured Party to secure the payment and performance of all of the Secured Obligations; and

 

WHEREAS, it is a condition
under the Purchase Agreement that the Grantor shall execute and deliver this Agreement to the Secured Party for the benefit of the Purchasers;

 

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

 

1. Definitions.

 

		(a)	Unless otherwise specified herein, all references to Sections and Schedules herein are to Sections and
Schedules of this Agreement.

 

		(b)	Unless otherwise defined herein, terms used herein that are defined in the PPSA or the STA shall have
the meanings assigned to them in the PPSA or STA.

 

		(c)	For purposes of this Agreement, the following terms shall have the following meanings:

 

“Collateral” has the meaning set forth
in Section 2.

 

“Event of Default” has the meaning
set forth in the Purchase Agreement.

 

     

     

    

 

“First
Priority” means, with respect to any lien and security interest purported to be created in any Collateral pursuant to this Agreement,
such lien and security interest is the most senior lien to which such Collateral is subject (subject only to Permitted Liens).

 

“Laws” has the meaning set forth in the
Purchase Agreement.

 

“PPSA”
means the Personal Property Security Act (Ontario), including the regulations thereto, provided that, if perfection or the effect
of perfection or non-perfection or the priority of any Lien created hereunder on the Collateral is governed by the personal property security
legislation or other applicable legislation with respect to personal property security as in effect in a jurisdiction other than Ontario,
 “PPSA” means the Personal Property Security Act or such other applicable legislation as in effect from time to time in such
other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

 

“Proceeds”
means “proceeds” as such term is defined in the PPSA and, in any event, shall include, without limitation, all dividends or
other income from the Collateral, collections thereon or distributions with respect thereto.

 

“Secured Obligations” has the meaning
set forth in Section 3.

 

“STA”
means the Securities Transfer Act, 2006 (Ontario), including the regulations thereto, provided that, to the extent that perfection
or the effect of perfection or non-perfection or the priority of any Lien created hereunder on Collateral that is Investment Property
is governed by the laws in effect in any province or territory of Canada other than Ontario in which there is in force legislation substantially
the same as the Securities Transfer Act, 2006 (Ontario) (an “Other STA Province”), then STA shall mean such other legislation
as in effect from time to time in such Other STA Province for purposes of the provisions hereof referring to or incorporating by reference
provisions of the STA; and to the extent that such perfection or the effect of perfection or non-perfection or the priority of any Lien
created hereunder on the Collateral is governed by the laws of a jurisdiction other than Ontario or an Other STA Province, then references
herein to the STA shall be disregarded except for the terms “Certificated Security” and “Uncertificated Security”,
which shall have the meanings herein as defined in the Securities Transfer Act, 2006 (Ontario) regardless of whether the STA is in force
in the applicable jurisdiction.

 

2. Grant
of Security Interest. The Grantor hereby pledges and grants to the Secured Party, and hereby creates a continuing First Priority security
interest in favor of the Secured Party in and to all of its right, title and interest in and to the following, wherever located, whether
now existing or hereafter from time to time arising or acquired (collectively, the “Collateral”):

 

		(a)	all personal property of every kind and nature including but not limited to all
accounts, goods (including inventory and equipment), documents of title, instruments, promissory notes, chattel paper, letters of credit,
securities and all other investment property, intangibles, money, accounts, and any other contract rights or rights to the payment of
money; and

 

		(b)	all Proceeds and products of each of the foregoing, all books and records
relating  to the foregoing, all supporting
obligations related thereto, and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the
foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Grantor from time to time with respect
to any of the foregoing.

 

    2 

     

    

 

Notwithstanding
the foregoing or anything contained in this Agreement or any other Loan Document to the contrary, the term “Collateral” shall
not include, and a security interest is not granted in, any right or interest in any permit, license, lease or contract if under the terms
of such permit, license, lease or contract, or applicable Laws with respect thereto, the grant of a security interest or lien therein
is prohibited and such prohibition or restriction has not been waived or the requisite consent in respect of such permit, license, lease
or contract has not been obtained (or is not able to be obtained) or the grant of a security interest or lien therein would, under the
terms of such permit, license, lease or contract, result in the voiding or termination of or give rise to a right of termination of such
permit, license, lease or contract, provided that, such permit, license, lease or contract shall be included in the term “Collateral”
and a security interest shall be granted therein, at such time as the grant of a security interest therein is no longer prohibited, or
the requisite consent in respect thereof has been obtained.

 

The last day
of any term reserved by any real property lease, written or unwritten, or any agreement to lease real property, now held or subsequently
acquired by the Grantor is excepted out of the security interest granted hereunder. As further security for the payment of its Secured
Obligations, the Grantor agrees that it will stand possessed of the reversion of such last day of the term and shall hold it in trust
for the Lender for the purpose of this Agreement. The Grantor shall assign and dispose of the same in such manner as the Secured Party
may from time to time direct in writing without cost or expense to the Secured Party. Upon any sale, assignment, sublease or other disposition
of such lease or agreement to lease, the Secured Party shall, for the purpose of vesting the residue of any such term in any purchaser,
sublessee or such other acquiror of the real property lease, agreement to lease or any interest in any of them, be entitled by deed or
other written instrument to assign to such other person, the residue of any such term in place of the Grantor and to vest the residue
freed and discharged from any obligation whatsoever respecting the same.

 

3. Secured Obligations; Attachment; Value.

 

(a)    
The Collateral secures the due and prompt payment and performance of all loans, advances, debts, covenants, duties, obligations
and liabilities of any kind and description, owed by the Grantor under or in connection with the Notes, the Purchase Agreement, the Guaranty,
and each of the other Loan Documents to which the Grantor is a party, including all interest, fees, charges, expenses, attorneys’
fees and costs and accountants’ fees and costs chargeable to and payable by the Grantor, in each case, whether direct or indirect,
absolute or contingent, now existing or hereafter arising, due or to become due, and whether or not arising after the commencement of
a proceeding under the Bankruptcy and Insolvency Act (Canada) (including post-petition interest) and whether or not allowed or
allowable as a claim in any such proceeding (collectively, the “Secured Obligations”). Attachment; Value.

 

(b)    The security interest created hereby is
intended to attach, in respect of Collateral 3 in which the Grantor has rights at the time this Agreement is signed by the Grantor
and delivered to the Lender, and, in respect of Collateral in which the Grantor subsequently acquires rights, at the time the
Grantor subsequently acquires such rights. The Grantor and the Lender hereby acknowledge that (a) value has been given; (b) the
Grantor has rights in the Collateral in which it has granted a security interest; and (c) this Agreement constitutes a security
agreement as that term is defined in the PPSA.

 

    3 

     

    

 

4. Perfection of Security Interest and Further Assurances.

 

		(a)	The Grantor shall, from time to time, as may be required by the Secured Party with
respect to all Collateral, take all actions as may be requested by the Secured Party to perfect the security interest of the Secured Party
in the Collateral, including, without limitation, with respect to all Collateral over which control may be obtained within the meaning
of section 1(2) of the PPSA. The Grantor shall take all actions as may be requested from time to time by the Secured Party so that control
of such Collateral is obtained and at all times held by the Secured Party. All of the foregoing shall be at the sole cost and expense
of the Grantor.

 

		(b)	The Grantor hereby irrevocably authorizes the Secured Party at any time and from
time to time to file in any relevant jurisdiction any financing statements and financing change statements that contain the information
required under the PPSA for the filing of any financing statement or financing change statement relating to the Collateral, including
any financing or financing change statements or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting
the security interest granted by the Grantor hereunder, including the filing of a financing statement describing the Collateral as all
present and after-acquired personal property of the Grantor, or words of similar effect. The Grantor agrees to provide all information
required by the Secured Party pursuant to this Section promptly to the Secured Party upon request.

 

		(c)	If any Collateral is at any time in the possession of a bailee, the Grantor with
title to such Collateral shall promptly notify the Secured Party thereof and, at the Secured Party’s request and option, shall promptly
obtain an acknowledgment from the bailee, in form and substance satisfactory to the Secured Party, that the bailee holds such Collateral
for the benefit of the Secured Party and the bailee agrees to comply, without further consent of the Grantor, at any time with instructions
of the Secured Party as to such Collateral.

 

		(d)	The Grantor agrees that at any time and from time to time, at the expense of such
Grantor, such Grantor will promptly execute and deliver all further instruments and documents, obtain such agreements from third parties,
and take all further action, that may be necessary or desirable, or that the Secured Party may reasonably request, in order to create
and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted hereby or
to enable the Secured Party to exercise and enforce its rights and remedies hereunder or under any other agreement with respect to any
Collateral.

 

    4 

     

    

 

5.
Representations and Warranties. The Grantor hereby represents and warrants as follows:

 

		(a)	At the time the Collateral becomes subject to the lien and security interest created
by this Agreement, the Grantor will be the sole, direct, legal and beneficial owner thereof, free and clear of any lien, security interest,
encumbrance, claim, option or right of others except for Permitted Liens.

 

		(b)	The grant of the Collateral pursuant to this Agreement creates a valid and perfected
First Priority security interest in the Collateral, securing the payment and performance when due of the Secured Obligations.

 

		(c)	It has full power, authority and legal right to pledge its Collateral pursuant
to this Agreement.

 

		(d)	This Agreement and the Guaranty have been duly authorized, executed and delivered
by the Grantor and each constitutes a legal, valid and binding obligation of the Grantor enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and
subject to equitable principles (regardless of whether enforcement is sought in equity or at law).

 

		(e)	No authorization, approval, or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required for the pledge by the Grantor of the Collateral pursuant to this Agreement or
for the execution and delivery of this Agreement by the Grantor or the performance by the Grantor of its obligations hereunder.

 

		(f)	The execution and delivery of this Agreement by the Grantor and the performance
by the Grantor of its obligations hereunder, will not violate any provision of any applicable Laws or regulation or any order, judgment,
writ, award or decree of any court, arbitrator or governmental authority, domestic or foreign, applicable to the Grantor or any of its
property, or the organizational or governing documents of the Grantor or any agreement or instrument to which the Grantor is party or
by which it or its property is bound.

 

		(g)	The Collateral consisting of securities has been duly authorized and validly issued, and is fully paid
and non-assessable and subject to no options to purchase or similar rights. None of the Collateral constitutes, or is the proceeds of,
(i) timber to be cut or (ii) aircraft, aircraft engines, satellites, ships or railroad rolling stock. None of the account debtors or other
persons obligated on any of the Collateral is a governmental authority.

 

		(h)	No person other than the Grantor or the Secured Party has control or possession
of all or any part of the Collateral.

 

		(i)	The Grantor has delivered to the Secured Party an information certificate containing,
inter alia, the Grantor’s exact legal name, its jurisdiction of incorporation, its registered office, its places of business
and the location of its assets. All information provided therein is true, complete and correct in all material respects.

 

		(j)	The Grantor is not an “insolvent person” within the meaning of the
Bankruptcy and Insolvency Act (Canada), as amended from time to time.

 

    5 

     

    

  

6. Voting, Distributions and Receivables.

 

		(a)	The Secured Party agrees that unless an Event of Default shall have occurred and
be continuing, the Grantor may, to the extent the Grantor has such right as a holder of the Collateral consisting of securities, other
Equity Interests or indebtedness owed by any obligor, vote and give consents, ratifications and waivers with respect thereto.

 

		(b)	The Secured Party agrees that the Grantor may, unless an Event of Default shall
have occurred and be continuing, receive and retain all dividends and other distributions with respect to the Collateral consisting of
securities, other Equity Interests or indebtedness owed by any obligor.

 

		(c)	If any Event of Default shall have occurred and be continuing, the Secured Party
may, or at the request and option of the Secured Party, the Grantor shall, notify account debtors and other persons obligated on any of
the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral
and that payment thereof is to be made directly to the Secured Party.

 

7. Covenants. The Grantor hereby covenants as
follows:

 

		(a)	The Grantor will not, without providing at least 30 days’ prior written notice
to the Secured Party, change its legal name, identity, type of organization, jurisdiction of organization, corporate structure, location
of its chief executive office or its principal place of business or its organizational identification number. The Grantor will, prior
to any change described in the preceding sentence, take all actions reasonably requested by the Secured Party to maintain the perfection
and priority of the Secured Party’s security interest in the Collateral.

 

		(b)	The Grantor shall, at its own cost and expense, defend title to the Collateral
and the First Priority lien and security interest of the Secured Party therein against the claim of any person claiming against or through
the Grantor and shall maintain and preserve such perfected First Priority security interest for so long as this Agreement shall remain
in effect.

 

		(c)	The Grantor will not sell, offer to sell, dispose of, convey, assign or otherwise
transfer, grant any option with respect to, restrict, or grant, create, permit or suffer to exist any mortgage, pledge, lien, security
interest, option, right of first offer, encumbrance or other restriction or limitation of any nature whatsoever on, any of the Collateral
or any interest therein except for Permitted Dispositions and Permitted Liens.

 

		(d)	The Grantor will keep the Collateral in good order and repair and will not use the same in violation
                                                           of Applicable Law or any policy of insurance thereon. The Grantor will permit the Secured Party, or its designee, to inspect the
                                                           Collateral at any reasonable time, wherever located; provided, however, that such an inspection shall not be made more than once every sixty (60) days in the absence of a
continuing Event of Default.

 

		( )	The Grantor will pay promptly when due
all taxes, assessments, governmental charges, and levies upon the Collateral or incurred in connection with the use or operation of the
Collateral or incurred in connection with this Agreement.

 

		(a)	The Grantor will continue to operate its business in compliance with all Applicable
Law.

 

    6 

     

    

 

8.  
Secured Party Appointed Attorney-in-Fact. The Grantor hereby appoints the Secured Party the Grantor’s attorney-in-fact,
with full authority in the place and stead of the Grantor and in the name of the Grantor or otherwise, from time to time during the continuance
of an Event of Default in the Secured Party’s discretion to take any action and to execute any instrument which the Secured Party
may deem necessary or advisable to accomplish the purposes of this Agreement (but the Secured Party shall not be obligated to and shall
have no liability to the Grantor or any third party for failure to do so or take action). This appointment, being coupled with an interest,
shall be irrevocable. The Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof.

 

9.   
Secured Party May Perform. If the Grantor fails to perform any obligation contained in this Agreement, the Secured Party
may itself perform, or cause performance of, such obligation, and the expenses of the Secured Party incurred in connection therewith shall
be payable by the Grantor; provided that the Secured Party shall not be required to perform or discharge any obligation of the Grantor.

 

10.   Reasonable Care. The Secured Party shall have no duty with respect to the care and preservation of the Collateral beyond
the exercise of reasonable care. The Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of
the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Secured Party accords its
own property, it being understood that the Secured Party shall not have any responsibility for (a) ascertaining or taking action with
respect to any claims, the nature or sufficiency of any payment or performance by any party under or pursuant to any agreement relating
to the Collateral or other matters relative to any Collateral, whether or not the Secured Party has or is deemed to have knowledge of
such matters, or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral. Nothing set forth
in this Agreement, nor the exercise by the Secured Party of any of the rights and remedies hereunder, shall relieve the Grantor from the
performance of any obligation on the Grantor’s part to be performed or observed in respect of any of the Collateral.

 

11.  
Remedies Upon Default.

 

		(a)	If any Event of Default shall have occurred and be continuing,
upon (a) receipt of written notice of Event of Default and at the direction of the Secured Party, the Grantors shall within forty-five
(45) days of such notice commence a sale process (the “Sale Process”) with respect to Collateral with a value that is sufficient
to satisfy the Obligations. The Secured Party shall have sixty (60) days after the commencement of the Sale Process to enter into a term
sheet with respect to the disposition of the Collateral, and shall have sixty (60) days following the execution of such term sheet to
enter into a transaction with respect to the disposition of the Collateral providing proceeds sufficient to pay off the Secured Obligations
in their entirety at such closing. If the Grantors fail to comply with the requirements of this Section 11(a) in running the Sale Process
diligently and in good faith, then the Secured Party shall have the right to exercise any and all remedies it may have under applicable
Laws.

 

    7 

     

    

 

		(b)	Subject to Section 11(a), if any Event of Default shall have occurred and be continuing,
the Secured Party, without any other notice to or demand upon the Grantor, may assert all rights and remedies of a secured party under
the PPSA or other applicable Laws, including, without limitation, the right to take possession of, hold, collect, sell, lease, deliver,
grant options to purchase or otherwise retain, liquidate or dispose of all or any portion of the Collateral. If notice prior to disposition
of the Collateral or any portion thereof is necessary under applicable Laws, written notice mailed to the Grantor at its notice address
as provided in Section 15 hereof 15 days (or such other number of days as may be required by applicable Law) prior to the date of such
disposition shall constitute reasonable notice, but notice given in any other reasonable manner shall be sufficient. So long as the sale
of the Collateral is made in a commercially reasonable manner, the Secured Party may sell such Collateral on such terms and to such purchaser(s)
as the Secured Party in its absolute discretion may choose, without assuming any credit risk and without any obligation to advertise or
give notice of any kind other than that necessary under applicable Laws. Without precluding any other methods of sale, the sale of the
Collateral or any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity with reasonable
commercial practices of creditors disposing of similar property. The Grantor hereby waives and releases to the fullest extent permitted
by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any,
of marshalling the Collateral and any other security for the Secured Obligations or otherwise. At any such sale, unless prohibited by
applicable Laws, the Secured Party or any custodian may bid for and purchase all or any part of the Collateral so sold free from any such
right or equity of redemption. The Secured Party shall not be obligated to clean-up or otherwise prepare the Collateral for sale.

 

		(c)	Subject to Section 11(a), if any Event of Default shall have occurred and
be continuing, any cash held by the Secured Party as Collateral and all cash Proceeds received by the Secured Party in respect of any
sale of, collection from, or other realization upon all or any part of the Collateral shall be applied in whole or in part by the Secured
Party to the payment of expenses incurred by the Secured Party in connection with the foregoing or incidental to the care or safekeeping
of any of the Collateral or in any way relating to the Collateral or the rights of the Secured Party hereunder, including reasonable attorneys’
fees, and the balance of such proceeds shall be applied or set off against all or any part of the Secured Obligations in such order as
the Secured Party shall elect. Any surplus of such cash or cash Proceeds held by the Secured Party and remaining after payment in full
of all the Secured Obligations shall be paid over to the Grantor or to whomsoever may be lawfully entitled to receive such surplus. The
Grantor shall remain liable for any deficiency if such cash and the cash Proceeds of any sale or other realization of the Collateral are
insufficient to pay the Secured Obligations and the fees
and other charges of any attorneys employed by the Secured Party to collect such deficiency.

 

    8 

     

    

 

12. No Waiver
and Cumulative Remedies. The Secured Party shall not by any act (except by a written instrument pursuant to Section 14), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default.
All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.

 

13. Security
Interest Absolute. The Grantor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made,
credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices of any description.
All rights of the Secured Party and liens and security interests hereunder, and all Secured Obligations of the Grantor hereunder, shall
be absolute and unconditional irrespective of:

 

		(a)	any illegality or lack of validity or enforceability of any Secured Obligation
or any related agreement or instrument;

 

		(b)	any change in the time, place or manner of payment of, or in any other term of,
the Secured Obligations, or any rescission, waiver, amendment or other modification of the Purchase Agreement, the Guaranty, this Agreement
or any other agreement, including any increase in the Secured Obligations resulting from any extension of additional credit or otherwise;

 

		(c)	any taking, exchange, substitution, release, impairment or non-perfection of any
Collateral or any other collateral, or any taking, release, impairment, amendment, waiver or other modification of any guaranty, for all
or any of the Secured Obligations;

 

		(d)	any manner of sale, disposition or application of proceeds of any Collateral or
any other collateral or other assets to all or part of the Secured Obligations;

 

		(e)	any default, failure or delay, wilful or otherwise, in the performance of the Secured
Obligations;

 

		(f)	any defense, set-off or counterclaim (other than a defense of payment or performance)
that may at any time be available to, or be asserted by, the Grantor against the Secured Party; or

 

		(g)	any other circumstance (including, without limitation, any statute of limitations)
or manner of administering the Notes or any existence of or reliance on any representation by the Secured Party that might vary the risk
of the Grantor or otherwise operate as a defense available to, or a legal or equitable discharge of, the Grantor or any other grantor,
guarantor or surety.

 

    9 

     

    

 

14.      Amendments.
Subject to Section 11.10 of the Purchase Agreement, none of the terms or provisions of this Agreement may be amended, modified,
supplemented, terminated or waived, and no consent to any departure by the Grantor therefrom shall be effective unless the same
shall be in writing and signed by the Secured Party, and then such amendment, modification, supplement, waiver or consent shall be
effective only in the specific instance and for the specific purpose for which made or given.

 

15.    
Addresses For Notices. All notices and other communications provided for in this Agreement shall be in writing and shall
be given in the manner and become effective as set forth in the Purchase Agreement, and addressed to the respective parties at their addresses
as specified on the signature pages hereof or as to either party at such other address as shall be designated by such party in a written
notice to each other party.

 

16.    
Continuing Security Interest; Further Actions. This Agreement shall create a continuing First Priority lien and security
interest in the Collateral and shall (a) subject to Section 17, remain in full force and effect until payment and performance in full
of the Secured Obligations, (b) be binding upon the Grantor, its successors and assigns, and (c) inure to the benefit of the Secured Party
and its successors, transferees and assigns; provided that the Grantor may not assign or otherwise transfer any of its rights or obligations
under this Agreement without the prior written consent of the Secured Party.

 

17.    
Termination; Release. On the date on which all Secured Obligations have been paid and performed in full, the Secured Party
will, at the request and sole expense of the Grantor, (a) duly assign, transfer and deliver to or at the direction of the Grantor (without
recourse and without any representation or warranty) such of the Collateral as may then remain in the possession of the Secured Party,
together with any monies at the time held by the Secured Party hereunder, and (b) execute and deliver to the Grantors a proper instrument
or instruments acknowledging the satisfaction and termination of this Agreement.

 

18.    
Governing Law. This Agreement and all matters arising out of or relating to this Agreement, whether sounding in contract,
tort, or statute, will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada
applicable therein.

 

19.    
Jurisdiction and Venue. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY SHALL BE INSTITUTED IN THE COURTS OF THE PROVINCE OF ONTARIO, AND EACH PARTY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH
PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH
COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN
SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

    10 

     

    

 

20.     Waiver
of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR THE SECURITIES OR THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY
AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT
LIMITATION, PURSUANT TO CONTRACT, TORT (INCLUDING NEGLIGENCE), BREACH OF DUTY, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS
SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH
PARTY HERETO HEREBY FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH
PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

21.    Judgment Currency

 

(a)  
If, for purposes of obtaining or enforcing a judgment in any court, it is necessary to convert into a particular currency (the
 “Judgment Currency”) an amount due under this Agreement in any other currency (the “Original Currency”),
then conversion shall be made at the rate of exchange prevailing on the business day before the day on which final judgment is given (the
 “Conversion Date”). For purposes of this Section 21, “rate of exchange” means the rate at which the party
to whom the judgment is granted (the “Judgment Creditor”) is able, on the Conversion Date, to purchase the Original
Currency with the Judgment Currency in accordance with normal banking procedures in Toronto, Ontario.

 

(b)  
The obligations of the judgment debtor (the “Judgment Debtor”) in respect of any amount due in the Original
Currency from it to the Judgment Creditor under the Agreement will, notwithstanding any judgment in the Judgment Currency, be discharged
only to the extent that on the business day following receipt by the Judgment Creditor of any sum adjudged to be so due in the Judgment
Currency, the Judgment Creditor may, in accordance with normal banking procedures, purchase the Original Currency with such Other Currency.
If the amount of the Original Currency so purchased is less than the amount originally due to the Judgment Creditor in the Original Currency,
the Judgment Debtor agrees, as a separate obligation and notwithstanding the judgment, to indemnify the Judgment Creditor against any
loss arising as a result of such deficiency. In addition, the amount of the Original Currency so purchased exceeds the amount originally
due to the Judgment Creditor in the Original Currency, the Judgment Creditor shall remit such excess to the Judgment Debtor. The indemnity
in favour of the Judgment Creditor constitutes an obligation separate and independent from the other obligations contained in this Agreement,
gives rise to a separate and independent cause of action, applies irrespective of any indulgence granted by the Judgment Creditor from
time to time and continues in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount
due under this Agreement or under any judgment or order.

 

22. Verification Statement.
The Grantor hereby waives the requirement to be provided with a copy of any verification statement issued in respect of a financing statement
or financing change statement filed under the PPSA in connection with this Agreement.

 

23. Counterparts.
This Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”)
format shall be effective as delivery of a manually executed counterpart of this Agreement.

[Signature pages follow.]

 

    11 

     

    

 

	 	"GRANTOR"
	 	 
	Address for Notices:	TILT HOLDINGS INC.
	[REDACTED]	 
	 	Per:	/s/ Mark Scatterday
	 	Name: Mark Scatterday
	 	Title: Interim Chief Executive Officer

 

[Signature Page to Junior Canadian Security Agreement]

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