Document:

Exhibit 4.6

 

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

 

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

 

WARRANT TO PURCHASE CLASS
B SUBORDINATE VOTING SHARES OF

JUSHI HOLDINGS INC.

(incorporated under the laws
of British Columbia)

 

EXERCISABLE
ONLY PRIOR TO 5:00 P.M., TORONTO TIME, ON [●], AFTER WHICH TIME THESE WARRANTS SHALL BE NULL AND VOID

 

	 	 	 
	CERTIFICATE NO. [●]	 	Number of Class B subordinate voting shares represented by this warrant certificate ― [●]
	 	 	 

 

THIS CERTIFIES THAT, for value
received, [●] (the “Holder”) is entitled, at any time prior to the Expiry Time, to purchase, at the Exercise
Price, [●] Class B subordinate voting shares in the capital of Jushi Holdings Inc. (the “Corporation”), by surrendering
to the Corporation at its principal office, in Boca Raton, Florida, United States of America (or at such other place as the Corporation
may notify the Holder hereof in writing), this Warrant, together with a Subscription Form, duly completed and executed, cash or a certified
cheque, money order or bank draft in lawful money of the United States of America payable to or to the order of the Corporation in Boca
Raton for the amount equal to Exercise Price per Subordinate Voting Share multiplied by the number of Subordinate Voting Shares subscribed
for, on and subject to the terms and conditions set forth below:

 

     

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	1.	Definitions

 

In this Warrant, including the preamble,
unless there is something in the subject matter or context inconsistent therewith, the following expressions shall have the following
meanings namely:

 

	(a)	“Business Day” means any day other than a Saturday, Sunday or
a day on which banking institutions are closed in New York, New York;

 

	(b)	“Corporate Reorganization” means any transaction whereby all
or substantially all of a corporation’s undertaking, property and assets would become the property of any other Person whether by
way of arrangement, reorganization, consolidation, amalgamation, merger, continuance under any other jurisdiction of incorporation or
otherwise.

 

	(c)	“Corporation” means Jushi Holdings Inc., a corporation incorporated
under the laws of British Columbia, and its successors and assigns;

 

	(d)	“Exercise Price” means [●] per Subordinate Voting Share;

 

	(e)	“Expiry Time” means 5:00 pm (EST) on [●];

 

	(f)	“Person” means an individual, corporation, partnership, unincorporated
syndicate, unincorporated organization, trust, trustee, executor, administrator, or other legal representative, or any group or combination
thereof;

 

	(g)	“Securities Act” means the United States Securities Act of 1933, as amended;

 

	(h)	“Subordinate Voting Shares” means the Class B subordinate voting
shares in the capital of the Corporation;

 

	(i)	“Subscription Form” means the form of subscription annexed hereto as Schedule “A”;

 

	(j)	“Transfer Form” means the form of transfer annexed hereto as Schedule “B”;

 

	(k)	“U.S. Person” means a U.S. person as that term is defined in
Regulation S of the Securities Act;

 

	(l)	“U.S. Purchaser” means (a) any U.S. Person, (b) any person purchasing
securities on behalf or for the benefit of any U.S. Person or any person in the United States, (c) any person that receives or received
an offer of the securities while in the United States, (d) any person that is in the United States at the time the purchaser’s buy
order was made or the subscription agreement was executed or delivered”; and

 

	(m)	“this Warrant”, “Warrant”, “herein”,
 “hereby”, “hereof”, “hereto”, “hereunder” and similar expressions
mean or refer to this Warrant and any deed or instrument supplemental or ancillary thereto and any schedules hereto or thereto and not
to any particular article, section, subsection, clause, subclause or other portion hereof.

 

	2.	Expiry Time

 

After the Expiry
Time, all rights under the Warrant evidenced hereby, in respect of which the right of subscription and purchase herein provided for shall
not theretofore have been exercised, shall wholly cease and terminate and such Warrant shall be void and of no value or effect.

 

     

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	3.	Exercise Procedure

 

The Holder may
exercise the right of purchase herein provided for by surrendering or delivering to the Corporation prior to the Expiry Time at its principal
office (or at such other place as the Corporation may notify the Holder hereof in writing): (a) this certificate, with the Subscription
Form duly completed and executed by the holder or its legal representative or attorney, duly appointed by an instrument in writing in
form and manner satisfactory to the Corporation, and (b) cash or a certified cheque, money order or bank draft payable to or to the order
of the Corporation in lawful money of the United States of America in an amount equal to the Exercise Price multiplied by the number of
Subordinate Voting Shares for which subscription is being made. Any warrant certificate and cash, certified cheque, money order or bank
draft referred to in the foregoing clauses shall be deemed to be surrendered only upon delivery thereof to the Corporation at its principal
office (or at such other place as the Corporation may notify the Holder hereof in writing) in the manner provided for in Section 23 hereof.

 

	4.	Entitlement to Certificate

 

Upon such delivery
and payment as aforesaid, the Corporation shall cause to be issued to the Holder hereof the Subordinate Voting Shares subscribed for not
exceeding those which such Holder is entitled to purchase pursuant to this certificate and the Holder hereof shall become a shareholder
of the Corporation in respect of such shares with effect from the date of such delivery and payment and shall be entitled to delivery
of a certificate or certificates, or evidence of book-entry issuance, evidencing such Subordinate Voting Shares subscribed for.

 

	5.	Partial Exercise

 

The Holder may
subscribe for and purchase a number of Subordinate Voting Shares that is less than the number that the Holder is entitled to purchase
pursuant to this certificate. In the event of any such subscription and purchase prior to the Expiry Time, the Holder shall in addition
be entitled to receive, without charge, a new Warrant certificate in respect of the balance of the Subordinate Voting Shares of which
the Holder was entitled to purchase pursuant to this certificate and which were then not purchased.

 

	6.	No Fractional Shares

 

The Corporation
shall not be required upon the exercise of any Warrants, to issue fractional Subordinate Voting Shares in satisfaction of its obligations
hereunder. To the extent that the Holder would be entitled to purchase a fraction of a Subordinate Voting Share, such right may be exercised
in respect of such fraction only in combination with other rights which in the aggregate entitle the Holder to purchase a whole number
of Subordinate Voting Shares.

 

	7.	Anti-Dilution Protection

 

	(a)	Definitions. For the purposes of this Section 7, unless there is something
in the subject matter or context inconsistent therewith, the words and terms defined below will have the respective meanings specified
therefor in this subsection:

 

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

 

     

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		(ii)	“Current Market Price” of a Subordinate Voting Share at any
date means the volume weighted average trading price on the Aequitas Neo Exchange, or such other stock exchange where the majority of
the trading volume and value of the listed securities occurs, for the five trading days ending three trading days prior to the relevant
date or, if the Subordinate Voting Shares are not listed on any stock exchange, then on the over-the- counter market with the volume weighted
average price per Subordinate Voting Share being determined by dividing the aggregate sale price of all Subordinate Voting Shares sold
on the said exchange or market, as the case may be, during the said five trading days by the aggregate number of Subordinate Voting Shares
so sold or, if the Subordinate Voting Shares are not listed or quoted on any stock exchange or over-the-counter market, such price as
may be determined by the directors of the Corporation;

 

		(iii)	“director” means a director of the Corporation for the time
being and, unless otherwise specified herein, a reference to action “by the directors” means action by the directors of the
Corporation as a board or, whenever empowered, action by the executive committee of such board; and

 

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

 

	(b)	Adjustments. The Exercise Price and the number of Subordinate Voting Shares
issuable to the Holder pursuant to this Warrant will be subject to adjustment from time to time in the events and in the manner provided
below. The purpose and intent of the adjustments provided for in this Section 7(b) is to ensure that the rights and obligations of the
Holder are neither diminished or enhanced as a result of any of the events set forth in paragraphs (i), (ii), (iii) or (iv) of this Section
7(b). Accordingly, the provisions of this Section 7(b) shall be interpreted and applied in accordance with such purpose and intent.

 

		(i)	If at any time during the Adjustment Period the Corporation:

 

		(A)	fixes a record date for the issue of, or issues, Subordinate Voting Shares to the
holders of all or substantially all of the outstanding Subordinate Voting Shares by way of a stock dividend;

 

		(B)	fixes a record date for the distribution to, or makes a distribution to, the holders
of all or substantially all of the Subordinate Voting Shares payable in Subordinate Voting Shares or securities exchangeable for or convertible
into Subordinate Voting Shares;

 

		(C)	subdivides the outstanding Subordinate Voting Shares into a greater number of Subordinate
Voting Shares; or

 

		(D)	consolidates the outstanding Subordinate Voting Shares into a lesser number of Subordinate
Voting Shares;

 

     

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(any of such events in subclauses (A), (B), (C) and
(D) above being herein called a “Subordinate Voting Share Reorganization”), the Exercise Price will be adjusted
on the earlier of the record date on which holders of Subordinate Voting Shares are determined for the purposes of the Subordinate
Voting Share Reorganization and the effective date of the Subordinate Voting 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:

 

(X)  
the numerator of which will be the number of Subordinate Voting Shares outstanding on such record date or effective date before
giving effect to such Subordinate Voting Share Reorganization; and

 

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

 

To the extent that any adjustment
in the Exercise Price occurs pursuant to this Section 7(b)(i) as a result of the fixing by the Corporation of a record date for the distribution
of securities exchangeable for or convertible into Subordinate Voting Shares, the Exercise Price will 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 Subordinate
Voting Shares actually issued and remaining issuable after such expiry and will be further readjusted in such manner upon the expiry of
any further such right.

 

		(ii)	If at any time during the Adjustment Period the Corporation fixes a record date
for the issue or distribution of rights, options or warrants to the holders of all or substantially all of the outstanding Subordinate
Voting Shares 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 Subordinate Voting Shares or securities
exchangeable for or convertible into Subordinate Voting Shares at a price per share (or in the case of securities exchangeable for or
convertible into Subordinate Voting 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 Subordinate Voting Shares on such record date (any of such events being herein called a “Rights
Offering”), the Exercise Price will be adjusted effective immediately after the record date for the Rights Offering to the amount
determined by multiplying the Exercise Price in effect on such record date by a fraction:

 

		(A)	the numerator of which will be the aggregate of

 

		(I)	the number of Subordinate Voting Shares outstanding on the record date for the Rights
Offering; and

 

		(II)	the quotient determined by dividing

 

     

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

 

		(ii)	the Current Market Price of the Subordinate Voting Shares as of the record date
for the Rights Offering; and

 

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

 

If by the terms of the rights, options,
or warrants referred to in this Section 7(b)(ii), there is more than one purchase, conversion or exchange price per Subordinate Voting
Share, the aggregate price of the total number of additional Subordinate Voting Shares offered for subscription or purchase, or the aggregate
conversion or exchange price of the convertible or exchangeable securities so offered, will be calculated for purposes of the adjustment
on the basis of the lowest purchase, conversion or exchange price per Subordinate Voting Share, as the case may be. Any Subordinate Voting
Shares owned by or held for the account of the Corporation will 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 Section 7(b)(ii) as a result of the fixing by the Corporation
of a record date for the issue or distribution of rights, options or warrants referred to in this Section 7(b)(ii), the Exercise Price
will 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 Subordinate Voting Shares actually issued and remaining issuable after such expiry and will
be further readjusted in such manner upon the expiry of any further such right.

 

		(i)	If at any time during the Adjustment Period the Corporation fixes a record date
for the issue or distribution to the holders of all or substantially all of the Subordinate Voting Shares of:

 

		(A)	shares of the Corporation or any other corporation of any class other than Subordinate
Voting Shares;

 

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

 

     

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		(C)	evidences of indebtedness of the Corporation; or

 

		(D)	any property or assets of the Corporation;

 

and if such issue or distribution
does not constitute a Subordinate Voting Share Reorganization or a Rights Offering (any of such non-excluded events being herein called
a “Special Distribution”), the Exercise Price will 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:

 

		(I)	the numerator of which will be the difference between

 

		(i)	the product of the number of Subordinate Voting Shares outstanding on such record
date and the Current Market Price of the Subordinate Voting Shares on such record date, and

 

		(ii)	the fair value, as determined by the directors of the Corporation, acting reasonably,
at the time such distribution is authorized, to the holders of the Subordinate Voting Shares of the shares, rights, options, warrants,
evidences of indebtedness or property or assets to be issued or distributed in the Special Distribution, and

 

		(II)	the denominator of which will be the product obtained by multiplying the number
of Subordinate Voting Shares outstanding on such record date by the Current Market Price of the Subordinate Voting Shares on such record
date.

 

Any
Subordinate Voting Shares owned by or held for the account of the Corporation or any subsidiary of the Corporation will 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 Section 7(b)(iii) as a result of the fixing by the Corporation of a record date for the issue or distribution of rights,
options or warrants to acquire Subordinate Voting Shares or securities exchangeable for or convertible into Subordinate Voting
Shares referred to in this Section 7(b)(iii), the Exercise Price will be readjusted immediately after the expiry of any relevant
exercise, exchange 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 Subordinate Voting Shares issued and remaining issuable immediately after such expiry, and will be
further readjusted in such manner upon the expiry of any further such right.

 

     

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		(ii)	If at any time during the Adjustment Period there occurs:

 

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

 

		(B)	a consolidation, amalgamation, merger or other form of business combination of
the Corporation with or into any other body corporate which results in a reclassification or redesignation of the Subordinate Voting Shares
or a change or exchange of the Subordinate Voting Shares into other shares or securities; or

 

		(C)	the sale, lease, exchange or transfer of the undertaking or assets of the Corporation
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:

 

		(D)	the Holder will be entitled to receive, and shall accept, upon exercise of the Warrants,
in lieu of the number of Subordinate Voting Shares to which the Holder was theretofore entitled upon the exercise of the Warrants, 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 Subordinate Voting Shares to which the Holder was theretofore entitled to purchase or receive upon the exercise
of the Warrants; and

 

		(E)	the Exercise Price shall, on the effective date of the Capital Reorganization,
be adjusted by multiplying the Exercise Price in effect immediately prior to such Capital Reorganization by the number of Subordinate
Voting Shares purchasable pursuant to this Warrant Certificate immediately prior to the Capital Reorganization, and dividing the product
thereof by the number of successor securities determined in Section 7(b)(iv)(D) above.

 

If necessary, as a result of any
Capital Reorganization, appropriate adjustments will be made in the application of the provisions of this Warrant with respect to the
rights and interest thereafter of the Holder to the end that the provisions of this Warrant will 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 the Warrants.

 

     

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		(iii)	If at any time during the Adjustment Period any adjustment or readjustment in the
Exercise Price occurs pursuant to the provisions of Sections 7(b)(i), (ii) or (iii) hereof, then the number of Subordinate Voting Shares
purchasable upon the subsequent exercise of the Warrants will be simultaneously adjusted or readjusted, as the case may be, by multiplying
the number of Subordinate Voting Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment or readjustment
by a fraction which will be the reciprocal of the fraction used in the adjustment or readjustment of the Exercise Price.

 

		(c)	Rules.      The following rules and procedures will be applicable to adjustments
made pursuant to Section 7(b) of this Warrant.

 

		(i)	Subject to the following provisions of this Section 7(c), any adjustment made pursuant
to Section 7(b) hereof will be made successively whenever an event referred to therein will occur.

 

		(ii)	No adjustment in the Exercise Price will be required unless the adjustment would
result in a change of at least one per cent (1%) in the Exercise Price then in effect and no adjustment will be made in the number of
Subordinate Voting Shares purchasable or issuable on the exercise of the Warrants unless it would result in a change of at least one one-hundredth
of a Subordinate Voting Share; provided, however, that any adjustments which except for the provisions of this Section 7(c)(ii) would
otherwise have been required to be made will be carried forward and taken into account in any subsequent adjustment.

 

		(iii)	If at any time during the Adjustment Period the Corporation takes any action affecting
the Subordinate Voting Shares, other than an action or an event described in Section 7(b) hereof, which in the opinion of the directors
would have a material adverse effect upon the rights of the Holder under this Warrant, the Exercise Price and/or the number of Subordinate
Voting Shares purchasable under this Warrant will be adjusted in such manner and at such time as the directors may determine to be equitable
in the circumstances, subject to the prior approval of any exchange on which the Subordinate Voting Shares trade, if applicable. Failure
by the directors to take action so as to provide for an adjustment prior to the effective date of any action by the Corporation affecting
the Subordinate Voting Shares will be deemed to be evidence that the directors have determined that it is equitable to make no adjustment
in the circumstances.

 

		(iv)	No adjustment in the Exercise Price or in the number or kind of securities purchasable
on the exercise of the Warrants will be made in respect of any event described in Section 7 hereof if the Holder is entitled to participate
in such event on the same terms mutatis mutandis as if the Holder had exercised the Warrants prior to or on the record date or effective
date, as the case may be, of such event, provided that any such participation by the Holder is subject to the prior approval of any exchange
on which the Subordinate Voting Shares trade, if applicable.

 

     

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		(v)	If the Corporation sets a record date to determine holders of Subordinate Voting
Shares for the purpose of entitling such holders to receive any dividend or distribution or any subscription or purchase rights and will
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, no adjustment in the Exercise Price or the
number of Subordinate Voting Shares purchasable upon the exercise of the Warrants will be required by reason of the setting of such record
date.

 

		(vi)	In any case in which this Warrant requires that an adjustment become effective immediately
after a record date for an event referred to in Section 7(b) hereof, the Corporation may defer, until the occurrence of such event:

 

		(A)	issuing to the Holder, to the extent that the Warrants are exercised after such
record date and before the occurrence of such event, the additional Subordinate Voting Shares issuable upon such exercise by reason of
the adjustment required by such event; and

 

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

 

provided, however, that the Corporation
delivers 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 or the number of Subordinate Voting Shares purchasable upon the exercise of the Warrants.

 

		(vii)	If a dispute arises at any time with respect to any adjustment of the Exercise Price
or the number of Subordinate Voting Shares purchasable pursuant to this Warrant, such dispute will be conclusively determined by the auditors
of the Corporation or if they are unable or unwilling to act by such other firm of independent chartered accountants as may be selected
by the directors, acting reasonably. The Corporation will provide such auditors with access to all necessary records of the Corporation.

 

		(viii)	Adjustments to the Exercise Price or the number of Subordinate Voting Shares purchasable
pursuant to this Warrant Certificate may be subject to the prior approval of any exchange on which the Subordinate Voting Shares trade,
if applicable.

 

		(d)	Taking of Actions. As a condition precedent to the taking of any action which
would require an adjustment pursuant to Section 7(b) hereof the Corporation will take any action which may, in the opinion of the Corporation’s
legal counsel, be necessary in order that the Corporation may validly and legally issue as fully paid and non-assessable shares all of
the Subordinate Voting Shares which the Holder is entitled to receive in accordance with the provisions of this Warrant.

 

     

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		(e)	Notice. At least twenty-one (21) 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 Subordinate Voting
Shares which are purchasable under this Warrant, the Corporation will deliver to the Holder, at the Holder’s registered address,
a certificate of the Corporation specifying the particulars of such event and, if determinable, the required adjustment and the calculation
of such adjustment. In case any adjustment for which a notice in this Section 7(e) has been given is not then determinable, the Corporation
will promptly after such adjustment is determinable deliver to the Holder, at the Holder’s registered address, a certificate providing
the calculation of such adjustment. The Corporation hereby covenants and agrees that the register of transfers and share transfer books
for the Subordinate Voting Shares will be open, and that the Corporation will not take any action which might deprive the Holder of the
opportunity of exercising the rights of subscription contained in this Warrant, during such twenty-one (21) day period.

 

		(f)	Consolidation and Amalgamation:

 

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

 

		(A)	the successor corporation will have assumed all the covenants and obligations of
the Corporation under this Warrant, and

 

		(B)	the Warrants and the terms set forth in this Warrant will be valid and binding
obligations of the successor corporation entitling the Holder, as against the successor corporation, to all the rights of the Holder under
this Warrant.

 

		(ii)	Whenever the conditions of Section 7(f)(i) shall have been duly observed and performed
the successor corporation shall possess, and from time to time may exercise, each and every right and power of the Corporation under these
Warrants in the name of the Corporation or otherwise and any act or proceeding by any provision hereof required to be done or performed
by any director or officer of the Corporation may be done and performed with like force and effect by the like directors or officers of
the successor corporation.

 

     

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	8.	Reclassification of Subordinate Voting Shares and Corporate Reorganizations

 

In
the case of any reclassification of the Subordinate Voting Shares at any time outstanding or change of the Subordinate Voting Shares
into other shares, or in case of a Corporate Reorganization of the Corporation (other than a Corporate Reorganization which does not
result in a reclassification of the outstanding Subordinate Voting Shares or a change of the Subordinate Voting Shares into other
shares), the Holder shall be entitled to receive upon exercise, and shall accept, in lieu of the number of Subordinate Voting Shares
to which it was previously entitled upon such exercise, the kind and amount of shares and other securities or property which the
Holder would have been entitled to receive as a result of the Corporate Reorganization if, on the effective date, it had been the
registered holder of the number of Subordinate Voting Shares to which it was previously entitled upon exercise. If necessary,
appropriate adjustments shall be made in the application of the provisions set forth in this Section 7 with respect to the rights
and interests thereafter of the Holder so that the provisions set forth in this Section 7 shall thereafter correspondingly be made
applicable as nearly as may be possible in relation to any shares or other securities or property thereafter deliverable upon the
exercise of this Warrant. Any such adjustments shall be made by and set forth in a supplemental note approved by the board of
directors of the Corporation and the Holder and shall for all purposes be conclusively deemed to be an appropriate adjustment.

 

	9.	Not a Shareholder

 

Nothing in this
certificate or in the holding of a Warrant evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever
as a shareholder of the Corporation.

 

	10.	Covenants

 

The Corporation
covenants and agrees that (i) so long as any rights to acquire Subordinate Voting Shares evidenced hereby remain outstanding, it shall
reserve and there shall remain unissued out of its authorized capital a sufficient number of Subordinate Voting Shares to satisfy the
right of purchase herein provided for should the Holder determine to exercise its rights in respect of all the Subordinate Voting Shares
for the time being called for by such outstanding warrants; (ii) all Subordinate Voting Shares which shall be issued upon the exercise
of the right to purchase herein provided for, upon payment therefor of the amount at which such Subordinate Voting Shares may at the time
be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable Subordinate Voting Shares and the holders
thereof shall not be liable to the Corporation or to its creditors in respect thereof; and (iii) so long as any rights to acquire Subordinate
Voting Shares evidenced hereby remain outstanding, the Corporation shall preserve and maintain its corporate existence and all licenses
and permits that are material to the proper conduct of its business and it shall refrain from changing its name.

 

	11.	Representation and Warranty

 

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

 

	12.	If Share Transfer Books Closed

 

The
Corporation shall not be required to deliver certificates or evidence of book-entry issuance for Subordinate Voting Shares while the
share transfer books of the Corporation are properly closed, prior to any meeting of shareholders or for the payment of dividends or
for any other purpose and in the event of the surrender of any Warrant in accordance with the provisions hereof and the making of any
subscription and payment for the Subordinate Voting Shares called for thereby during any such period, delivery of certificates for Subordinate
Voting Shares may be postponed for not exceeding five (5) business days after the date of the re-opening of said share transfer books.
Provided however that any such postponement of delivery of certificates shall be without prejudice to the right of the Holder, if the
Holder has surrendered the same and made payment during such period, to receive such certificates or evidence of book-entry issuance
for the Subordinate Voting Shares called for after the share transfer books shall have been re-opened.

 

     

    -13-

    

 

	13.	Protection of Shareholders, Officers and Directors

 

Subject as herein
provided, all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal proceedings. No recourse
under or upon any obligation, covenant or agreement herein contained or in any of the securities represented hereby shall be had against
any shareholder, officer or director of the Corporation, either directly or through the Corporation, it being expressly agreed and declared
that the obligations under the Warrant evidenced hereby, are solely corporate obligations of the Corporation and that no personal liability
whatever shall attach to or be incurred by the shareholders, officers, or directors of the Corporation or any of them in respect thereof,
any and all rights and claims against every such shareholder, officer or director being hereby expressly waived as a condition of and
as a consideration for the issue of the Warrant evidenced hereby.

 

	14.	Lost Certificate

 

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

 

	15.	Governing Law

 

This Warrant shall
be governed by, and construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein
but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction
other than the Province of British Columbia. The Corporation hereby irrevocably attorns to the jurisdiction of the Courts of the Province
of British Columbia.

 

	16.	Severability

 

If any one or
more of the provisions or parts thereof contained in this Warrant should be or become invalid, illegal or unenforceable in any respect
in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to
such jurisdiction, severable therefrom, the validity, legality or enforceability of such remaining provisions or parts thereof shall not
in any way be affected or impaired by the severance of the provisions or parts thereof severed and the invalidity, illegality or unenforceability
of any provision or part thereof contained in this Warrant in any jurisdiction shall not affect or impair such provision or part thereof
or any other provisions of this Warrant in any other jurisdiction.

 

	17.	Headings

 

The headings
of the articles, sections, subsections and clauses of this Warrant have been inserted for convenience and reference only and do not define,
limit, alter or enlarge the meaning of any provision of this Warrant.

 

     

    -14-

    

 

	18.	Numbering of Articles, etc.

 

Unless otherwise
stated, a reference herein to a numbered or lettered article, section, subsection, clause, subclause or schedule refers to the article,
section, subsection, clause, subclause or schedule bearing that number or letter in this Warrant.

 

	19.	Gender

 

Whenever used
in this Warrant, words importing the singular number only shall include the plural, and vice versa, and words importing the masculine
gender shall include the feminine gender.

 

	20.	Day not a Business Day

 

In the event that
any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be
taken on or before the requisite time on the next succeeding day that is a Business Day. If the payment of any amount is deferred for
any period, then such period shall be included for purposes of the computation of any interest payable hereunder.

 

	21.	Computation of Time Period

 

Except to the
extent otherwise provided herein, in the computation of a period of time from a specified date to a later specified date, the word “from”
means “from and including” and the words “to” and “until” each mean “to but excluding”.

 

	22.	Binding Effect

 

This Warrant and
all of its provisions shall enure to the benefit of the Holder, and their respective heirs, executors, administrators, successors, legal
representatives and assigns and shall be binding upon the Corporation and its successors and permitted assigns. The expression the “Holder”
as used herein shall include the Holder's assigns whether immediate or derivative.

 

	23.	Notice

 

Any notice, document
or communication required or permitted by this Warrant to be given by a party hereto shall be in writing and is sufficiently given if
delivered personally, or by registered mail or if transmitted by e-mail to such party addressed as follows:

 

	(a)	to the Holder, at:

 

[●]

 

	(b)	to the Corporation at:

 

[●]

 

Notice transmitted by a form of email
communication or delivered personally shall be deemed given on the day of transmission or personal delivery, as the case may be. Any party
may from time to time notify the other in the manner provided herein of any change of address which thereafter, until change by like notice,
shall be the address of such party for all purposes hereof.

 

	24.	Time of Essence

 

Time shall be of the essence hereof.

 

     

    -15-

    

 

	25.	Transfer of Warrants

 

Subject to the
terms hereof, this Warrant may be transferred. No transfer of this Warrant shall be effective unless this Warrant certificate is accompanied
by a duly executed Transfer Form or other instrument of transfer in such form as the Corporation may from time to time prescribe, together
with such evidence of the genuineness of each endorsement, execution and authorization and of other matters as may reasonably be required
by the Corporation, are delivered to the Corporation. No transfer of this Warrant shall be made if in the opinion of counsel to the Corporation
such transfer would result in the violation of any applicable securities laws.

 

	26.	Charges for Transfer

 

For each Warrant
transferred, the Corporation shall charge to the Holder requesting the transfer of this Warrant a reasonable sum for each new Warrant
certificate issued, and payment of such charges and reimbursement of the Corporation for any and all stamp taxes or governmental or other
charges required to be paid shall be made by the Holder requesting the transfer of this Warrant as a condition precedent thereto.

 

	27.	Canadian Legend on Warrant Certificates

 

Any certificate
representing Subordinate Voting Shares issued upon exercise of the Warrant prior to the date will bear the following legend:

 

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

 

	28.	U.S. Legend on Warrant Certificates

 

(a)         
The Holder, the Corporation and any transfer agent of the Corporation understand and acknowledge that the Warrants and the Subordinate
Voting Shares issuable upon exercise of the Warrants have not been, and will not be, registered under the U.S. Securities Act or the securities
laws of any state of the United States.

 

     

    -16-

    

 

(b)         
Each Warrant originally issued to a U.S. Purchaser, and all Subordinate Voting Shares issued upon exercise of such Warrants, and
all certificates issued in exchange or in substitution thereof or upon transfer thereof, will be issued in certificated form and shall
bear the following legend:

 

“THE SECURITIES REPRESENTED
HEREBY AND THE UNDERLYING SHARES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS, AND THE SECURITIES REPRESENTED HEREBY
MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO JUSHI HOLDINGS INC. (THE “CORPORATION”),
(B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE
LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 OR (ii)
144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS, (D) IN COMPLIANCE WITH
ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (E) UNDER AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE U.S. SECURITIES ACT PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(i) OR (D) ABOVE, A LEGAL OPINION REASONABLY
SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE TRANSFER AGENT FOR THE CORPORATION TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT
FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE
 “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”;

 

“THIS WARRANT AND THE UNDERLYING
SHARES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”), OR 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 PERSON IN THE UNITED STATES AND THE UNDERLYING SHARES MAY NOT
BE DELIVERED WITHIN THE UNITED STATES UNLESS THE WARRANT AND THE UNDERLYING SHARES HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE, AND THE HOLDER HAS DELIVERED
AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. “UNITED STATES” AND
 “U.S. PERSON” ARE USED HEREIN AS SUCH TERMS ARE DEFINED BY REGULATION S UNDER THE

U.S. SECURITIES ACT.”

 

provided that, if any Warrants
or Subordinate Voting Shares issuable upon exercise of the Warrants are being sold in accordance with Rule 904 of Regulation S, the legend
may be removed by providing to the Corporation (or, at the direction of the Corporation, its transfer agent) (i) a declaration in a form
prescribe by the Corporation from time to time; and (ii) if required by the Corporation (or, at the direction of the Corporation, its
transfer agent), an opinion of counsel, of recognized standing reasonably satisfactory to the Corporation, or other evidence reasonably
satisfactory to the Corporation, that the proposed transfer may be effected without registration under the Securities Act;

 

and
provided, further, that, if any Warrants or Subordinate Voting Shares issuable upon exercise of the Warrants are being sold
under Rule 144, the legend may be removed by delivering to the Corporation (or, at the direction of the Corporation, its transfer
agent) an opinion of counsel of recognized standing reasonably satisfactory to the Corporation, that the legend is no longer
required under applicable requirements of the Securities Act or state securities laws.

 

     

     

    

 

(c)          
If a Warrant or Subordinate Voting Share issued with respect to an exercise of Warrants is tendered for transfer and bears the
legend set forth in Section 28(b) herein and the holder thereof has not obtained the prior written consent of the Corporation, then the
Corporation (or, at the direction of the Corporation, its transfer agent) shall not register such transfer unless the holder complies
with the requirements of Section 28(b) hereof.

 

	29.	Counterparts

 

This Warrant
may be executed in any number of counterparts, each of which is deemed to be an original, and such counterparts together constitute one
and the same instrument. Transmission of an executed signature page by facsimile, email or other electronic means is as effective as a
manually executed counterpart of this Warrant.

 

IN WITNESS
WHEREOF the Corporation has caused this Warrant certificate to be signed by its duly authorized officer as of this 23rd
day of September, 2019.

 

	 	JUSHI
    HOLDINGS INC.
	 	 
	 	Per:
	 	 	 
	 	 	 
	 	 	Name:
	 	 	Title:
	 	 
	ACKNOWLEDGED
    AND AGREED this [●] day of [●].	 
	 	 
	 	[●]
	 	 
	 	Per:
	 	 	 
	 	 	 
	 	 	Name:

 

     

     

    

 

SCHEDULE
 “A”

 

SUBSCRIPTION FORM

 

TO: [●]

 

The undersigned hereby subscribes
for Class B subordinate voting shares (“Subordinate Voting Shares”) of Jushi Holdings Inc. (the “Corporation”)
(or such other number of Subordinate Voting Shares or other securities to which such subscription entitles the undersigned in lieu thereof
or in addition thereto pursuant to the provisions of the warrant certificate (the “Warrant Certificate”) dated as of
the [●] day of [●] at the purchase price of [●] per Subordinate Voting Share until the Expiry Time (or at such other
purchase price as may be in effect under the provisions of the Warrant Certificate) and on and subject to the other terms and conditions
specified in the Warrant Certificate and hereunder and encloses herewith a cheque, bank draft or money order in lawful money of the United
States of America payable to or to the order of the Corporation in payment of the subscription price.

 

The undersigned hereby directs that the Subordinate Voting
Shares subscribed for be registered and delivered as follows:

 

	Name in Full	Address	Number of Subordinate Voting Shares
	 	 	 
	 	 	 
	 	 	 

 

DATED this _______day
of ________________________, 20____.

 

	 	 	 
	 	 	 
	 	By:	 

 

     

     

    

 

SCHEDULE “B”

 

TRANSFER FORM

 

FOR VALUE RECEIVED,
the undersigned holder of the Warrant of Jushi Holdings Inc., evidenced by the enclosed Warrant, hereby sells, assigns and transfers
such Warrant unto ___________________________________________.

 

The transferee hereby agrees that
it will be bound by the terms of the Warrant as if and to the same extent as if it had been the original holder thereunder.

 

DATED this ________day
of ________________________, 20_____.

 

	 	 
	 	(Signature
    and name of current Holder)
	 	 
	 	Per:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	 	 
	 	(Signature
    and name of transferee)
	 	 
	 	Per:	 
	 	 
	 	Name: 	 
	 	 
	 	Title:Exhibit
4.7

 

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

 

NEITHER THIS WARRANT NOR ANY
OF THE SECURITIES FOR WHICH THIS WARRANT MAY BE EXERCISED HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED
UNDER THE SECURITIES ACT AND APPLICABLE STATE OR JURISDICTION SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION
THEREFROM. THE ISSUER OF THIS WARRANT MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR
TRANSFER, ASSIGNMENT, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE SECURITIES ACT AND ANY APPLICABLE STATE OR OTHER JURISDICTION
SECURITIES LAWS.

 

	Warrant No. [●]	[●] Shares

 

JUSHI HOLDING INC.

 

COMMON
STOCK PURCHASE WARRANT

 

THIS CERTIFIES
that, for value received, [●], (together with its successors and permitted assignee or transferee of this Warrant or the Shares
(defined below) issued upon exercise of this Warrant, the “Warrant Holder”) is entitled to subscribe for and purchase
from Jushi Holding Inc., a British Columbia corporation, (the “Company”) [●] fully-paid and non-assessable shares
(which number of shares is subject to adjustment as described herein) (the “Shares”) of the Company’s Class B
Subordinate Voting Stock, no par value (the “Common Stock”), at the per share price equal to the Purchase Price (as
defined in Section 1.3 below), at any time until the Expiration Date (as defined in Section 1.2 below).

 

This
Warrant is being issued by the Company in connection with, but for the avoidance of doubt is detached from, the Company’s
issuance of a Senior Secured Note in the aggregate principal amount of [●] to the Warrant Holder (the
 “Note”) pursuant to that certain Subscription Agreement dated as of [●] (the “Subscription
Agreement”; capitalized terms not otherwise defined herein shall have the respective meanings set forth in the
Subscription Agreement or the Note).

 

		1.	Issuance of Warrant.

 

1.1           
Number of Shares Subject to Warrant. Subject to the terms and conditions herein set forth, the Warrant Holder is
entitled to purchase from the Company [●] shares of Common Stock, subject to adjustment as provided herein.

 

1.2           
Exercise Period. This Warrant shall be exercisable until 5:00 p.m., Eastern Time, on [●] (the “Expiration
Date”).

 

1.3              
Purchase Price. This Warrant is exercisable in whole or in part at an exercise price (the “Purchase Price”)
of US$[●] per share.

 

1.4           
Exercise of Warrant. The Warrant Holder shall exercise this Warrant in accordance with the provisions of Section
6 hereof.

 

    1

     

    

 

the provisions of Section 6 hereof.
  

 

		2.	Adjustments; Anti-Dilution Provisions.

 

2.1           
Stock Split, Subdivision or Combination of Common Stock; Stock Dividend; Asset or Capital Dividend; or Rights Offerings.

 

(a)               
Stock Split, Subdivision or Combination. If the Company, at any time while this Warrant is outstanding, shall split, subdivide
or combine the Common Stock (by reclassification or otherwise than by payment of a dividend in Common Stock), the number of Shares subject
to purchase under this Warrant (i) shall be proportionately increased and the Purchase Price shall be proportionately decreased, in case
of a split or subdivision of Common Stock, as of the effective date of such stock split or subdivision, or, if the Company shall take
a record of the holders of the Common Stock for the purpose of so splitting or subdividing, as at such record date, whichever is earlier,
or (ii) shall be proportionately decreased and the Purchase Price shall be proportionately increased, in the case of combination of Common
Stock, as at the effective date of such combination or, if the Company shall take a record of holders of the Common Stock for the purpose
of so combining, as at such record date, whichever is earlier.

 

(b)               
Stock Dividends. In the event the Company, at any time or from time to time while this Warrant is outstanding, shall pay
a dividend payable in, or make any other distribution (except any distribution specifically provided for in Section 2.1(a) hereof) in
the nature of a dividend of, Common Stock, then the Purchase Price shall be adjusted, from and after the date of determination of stockholders
entitled to receive such dividend or distribution, to that price determined by multiplying the Purchase Price in effect immediately prior
to such date of determination by a fraction, the numerator of which shall be the total number of shares of Common Stock outstanding immediately
prior to such dividend or distribution, and the denominator of which shall be the total number of shares of Common Stock outstanding immediately
after such dividend or distribution. The Warrant Holder shall thereafter be entitled to purchase, at the adjusted Purchase Price, the
number of shares of Common Stock obtained by multiplying the Purchase Price in effect immediately prior to such adjustment by the number
of shares of Common Stock issuable upon the exercise hereof immediately prior to such adjustment, and dividing the product so obtained
by the adjusted Purchase Price.

 

(c)                Rights
Offerings. If the Company grants, issues or sells Common Stock (other than a distribution in the nature of a dividend pursuant
to Sections 2(b) or 2(d) hereof, which shall be governed by those sections, respectively), any preferred stock, right, option,
warrant or other instrument that is convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock (each, a “Common Stock Equivalent”), or other rights to purchase stock, warrants,
securities or other property pro-rata to the record holders of the Company’s Common Stock (each, a “Purchase
Right”), the Company shall give the Warrant Holder notice, in writing, not less than ten (10) Business Days prior to the
record date for the receipt of such Purchase Rights (a “Purchase Rights Notice”). Each Warrant Holder shall have
five (5) Business Days from the date of receipt of a Purchase Rights Notice (the “Right Offering Election
Period”) to inform the Company, in writing, that such Warrant Holder affirmatively elects to receive the applicable
Purchase Rights, in which case such Warrant Holder shall be entitled to acquire, upon the terms applicable to such Purchase Rights,
the aggregate Purchase Rights which the Warrant Holder could have acquired if the Warrant Holder had held the number of Shares
acquirable upon complete exercise of this Warrant (on the basis of a cash payment exercise) immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the
record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. In the event a
Warrant Holder does not elect, in writing, to receive the applicable Purchase Rights within the Rights Offering Election Period, the
then-current Purchase Price of the Shares acquirable upon complete exercise of this Warrant on the record date set forth in the
preceding sentence shall be adjusted downward by an amount equal to the fair market value of the Purchase Rights as of the
applicable record date (as determined by the Company’s Board of Directors in good faith).

 

    2

     

    

 

(d)               
Asset or Capital Dividend. If the Company, at any time while this Warrant is outstanding, shall make a distribution of its
assets pro-rata to the record holders of the Company’s Common Stock and/or any class of stock convertible into its Common Stock
as a dividend (an “Asset Dividend”), the Company shall give the Warrant Holder notice, in writing, not less than ten
(10) Business Days prior to the record date for the receipt of such Asset Dividend (an “Asset Dividend Notice”). Each
Warrant Holder shall have five (5) Business Days from the date of receipt of an Asset Dividend Notice (the “Asset Dividend Election
Period”) to inform the Company, in writing, that such Warrant Holder affirmatively elects to receive the applicable Asset Dividend,
in which case the applicable Warrant Holder shall be entitled to acquire, upon the terms applicable to such Asset Dividends, the aggregate
Asset Dividend which the Warrant Holder could have acquired if the Warrant Holder had held the number of Shares acquirable upon complete
exercise of this Warrant (on the basis of a cash payment exercise) immediately before the date on which a record is taken for the distribution
of such Asset Dividend, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined
for the distribution of such Asset Dividend. In the event a Warrant Holder does not elect, in writing, to receive the applicable Asset
Dividend within the Asset Dividend Election Period, the then-current Purchase Price of the Shares acquirable upon complete exercise of
this Warrant on the record date set forth in the preceding sentence shall be adjusted downward by an amount equal to the fair market value
of the Asset Dividend as of the applicable record date (as determined by the Company’s Board of Directors in good faith).

 

(e)               
Adjustments for Consolidation, Merger, Sale of Assets, Reorganization or Reclassification. In the event the Company, at
any time or from time to time while this Warrant is outstanding, (a) shall consolidate with or merge into any other entity and shall not
be the continuing or surviving corporation of such consolidation or merger, or (b) shall permit any other entity to consolidate with or
merge into the Company and the Company shall be the continuing or surviving entity but, in connection with such consolidation or merger,
the Common Stock shall be changed into or exchanged for capital stock or other securities or property of any other entity, or (c) shall
transfer all or substantially all of its properties and assets to any other entity, or (d) shall effect a capital reorganization or reclassification
of the Common Stock (other than one deemed to result in the issuance of additional Common Stock), then, and in each such event, lawful
provision shall be made so that the Warrant Holder shall be entitled to receive upon the exercise hereof at any time after the consummation
of such consolidation, merger, transfer, reorganization or reclassification, in lieu of the Shares issuable upon exercise of this Warrant
prior to such consummation, the capital stock and other securities and property to which the Warrant Holder would have been entitled upon
such consummation if the Warrant Holder had exercised this Warrant immediately prior thereto. This Section 2.1(e) shall not apply to any
merger or consolidation of the Company solely for the purposes of changing the legal domicile or jurisdiction of the Company.

 

(f)                
Certificate of Adjustment. The Company shall, within a reasonable time period after written request at any time by any Warrant
Holder, furnish or cause to be furnished to the Warrant Holder a certificate setting forth adjustments of the Purchase Price and of the
number of Shares issuable upon exercise of this Warrant and the amount, if any, of other property at the time receivable upon the exercise
of this Warrant.

 

(g)                No
Other Adjustment. The amount of Shares issuable upon exercise of this Warrant and the Purchase Price shall not be adjusted
except in the manner and upon the terms and conditions set forth in Section 2 of this Warrant. For clarity purposes, and
notwithstanding anything contained herein to the contrary, in no event shall a Warrant Holder be entitled to both a dividend
(including an Asset Dividend), distribution, Purchase Right or other payment or right of any kind or nature whatsoever (whether
cash, securities, or otherwise) with respect to a Share pursuant to Section 2(c), 2(d) or 2(e) and a corresponding downward
adjustment to the Purchase Price of the same Share.

 

    3

     

    

 

(h)               
Exempt Issuances. Notwithstanding the foregoing or anything contained in this Section 2 to the contrary, the provisions
of this Section 2 shall not apply to any Exempt Issuance. For purposes hereof, an “Exempt Issuance” shall mean the issuance
of Common Stock or Common Stock Equivalents: (i) to employees or directors of, or consultants to, the Company upon approval by the Company’s
board of directors or under a stock plan approved by the Company’s board of directors, (ii) upon the exercise or conversion of securities
that are issued and outstanding as of the Issue Date, (iii) in full or partial consideration in connection with a bona fide strategic
merger, acquisition, consolidation or purchase of all or substantially all of the securities or assets of a Person, provided such issuance
is not for the primary purpose of raising capital by the Company, and provided further the applicable transaction is approved by a majority
of directors of the Company or of a special committee of the Company; (iv) in connection with any contingent or conditional indebtedness
of the Company arising from or related to any contractual or other obligation of the Company entered into prior to the Issue Date; (v)
in connection with any financing undertaken by the Company resulting in gross proceeds of less than two
million dollars ($2,000,000); (vi) in connection with a bona fide strategic license or lease agreement, supply agreement, marketing
or distribution agreement, or other bona fide partnering arrangement, provided such issuance is not for the primary purpose of raising
capital by the Company; or (vii) to a bank or other financial institution pursuant to a bona fide commercial debt financing or to equipment
lessor pursuant to a bona fide equipment leasing agreement.

 

(i)                
Adjustments subject to Stock Exchange Requirements. Any and all amendments and adjustments to the amount of Shares issuable
upon exercise of this Warrant and the Purchase Price as contemplated in this Section 2 are subject to, and may only be made in compliance
with, the rules of the Canadian Stock Exchange (the “CSE”) or such other exchange on which the Common Stock are listed for
trading, as well as all and applicable Canadian and U.S. securities laws.

 

		3.	No Fractional Shares. No fractional Shares will be issued in connection
with any exercise hereof. In lieu of any fractional Shares that would otherwise be issuable, the Company shall pay cash equal to the product
of such fraction multiplied by the fair market value per Share, as determined in good faith by the Company’s Board of Directors,
on the date of exercise.

 

		4.	No Stockholder Rights. This Warrant shall not entitle the Warrant Holder
to any of the rights of a stockholder of the Company.

 

		5.	Reservation of Shares. The Company covenants that the Shares of Common Stock
issuable upon the exercise of this Warrant have been duly authorized and reserved and, when issued and paid for, will be validly issued,
fully paid and non-assessable. The issuance of this Warrant shall constitute full authority to those officers of the Company who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for Shares upon the exercise of this Warrant.

 

    4

     

    

 

		6.	Exercise of Warrant.

 

6.1               Time
and Manner of Exercise. This Warrant may be exercised at any time or from time to time on or after the date hereof, but in
no event later than the Expiration Date. In order to exercise this Warrant, in whole or in part, the Warrant Holder shall deliver to
the Company, at its address specified in Section 10 below, (i) a written notice in the form of Annex A attached hereto of
such Warrant Holder’s election to exercise this Warrant, specifying the number of Shares to be purchased, (ii) a wire transfer
or a certified or official bank check or checks payable to the order of the Company in an amount equal to the product of the
Purchase Price and the number of Shares to be purchased at such time pursuant to the Warrant, and (iii) this Warrant. Upon receipt
of such items, the Company shall, as promptly as practicable, and in any event within 20 days thereafter, issue or cause to be
issued and delivered to such Warrant Holder a certificate or, if requested by the Warrant Holder, multiple certificates representing
the aggregate number of full Shares issuable upon such exercise, together with cash in lieu of any fraction of a share, as provided
in Section 3 above. This Warrant shall be deemed to have been exercised and such certificate or certificates shall be deemed to have
been issued, and such Warrant Holder or any other person so designated to be named therein shall be deemed to have become a holder
of record of such shares for all purposes, as of the date that such notice, together with said cash or check or checks and this
Warrant, are received by the Company as aforesaid. If this Warrant shall have been exercised in part, the Company shall, at the time
of delivery of said certificate or certificates, deliver to such Warrant Holder a new Warrant evidencing the rights of such Warrant
Holder to purchase the unpurchased Shares, or such other securities as may become subject to the right to purchase by the Warrant
Holder under the terms hereof, which new Warrant shall in all other respects be identical to this Warrant.

 

6.2              
Net Settlement (Cashless) Exercise. In any exercise of this Warrant on any date occurring twelve
(12) months after the date of issuance of this Warrant, and, provided that the Fair Market Value (as defined below) of the Shares
is greater than the Purchase Price of the Shares on such exercise date, in lieu of payment of the aggregate Purchase Price in the manner
specified in Section 6.1 above, but otherwise in accordance with the requirements of this Warrant, the Warrant Holder may elect to receive
the Shares equal to the value of this Warrant, or portion hereof as to which the Warrant is being exercised. Thereupon, the Company shall
issue to Holder such a number of fully paid and nonassessable Shares as is computed using the following formula:

 

X = Y(A-B) / A

 

Where:

 

X = The number of Shares to be issued to the Warrant Holder

 

Y = The number of Shares with respect to which this Warrant
is being exercised

 

A = The Fair
Market Value of the Shares with respect to which this Warrant is being exercised (where “Fair Market Value” equals the average
closing volume weighted average price of the Company’s Common Stock on the Canadian Securities Exchange (the “CSE”)
or such other principal stock exchange on which the Company’s securities are traded for the 20
trading days immediately preceding the applicable exercise date)

 

B = The Purchase Price (as calculated in accordance with
Section 1.3 hereof)

 

6.3              
Payment of Taxes and Expenses. All Shares issuable upon the exercise of this Warrant shall be validly issued, fully
paid and non-assessable, and the Company shall pay all expenses in connection with, and all taxes and other governmental charges that
may be imposed in respect of, the issue or delivery thereof, other than any federal, state or local income tax or other tax based upon
gross or net income, owed by the Warrant Holder on account of such issuance or delivery. The Company shall not be required, however, to
pay any tax or other charge imposed in connection with any transfer involved in the issue of any certificate for Shares in any name other
than that of the registered Warrant Holder, and in such case the Company shall not be required to issue or deliver any stock certificate
until such tax or other charge has been paid or it has been established to the Company’s reasonable satisfaction that no such tax
or other charge is due.

 

    5

     

    

 

		7.	Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction of
this Warrant, on delivery of an indemnity agreement or security reasonably satisfactory in form and amount to the Company or, in the case
of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at the expense of the Warrant Holder, shall execute
and deliver, in lieu thereof, a new warrant.

 

		8.	Transfer of Warrant. This Warrant and all rights hereunder are transferable
upon surrender of this Warrant properly endorsed; provided that: (a) such transfer must be effected in accordance with applicable securities
laws, (b) the Company is, within a reasonable time prior to such transfer, furnished with written notice of the name and address of the
transferee and the portion of the Shares issuable upon exercise of this Warrant to which the transferee is entitled, and (c) the Company
has approved of such transfer (such approval not to be unreasonably withheld, conditioned or delayed). Upon such surrender, the Company,
at the expense of the transferee or transferor hereof, as the transferee and transferor may decide between themselves, will issue and
deliver to, on the order of the transferee, a new Warrant in the name of such transferee or as such transferee (on payment by such transferee
of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof for the number of Shares called for on the
face of the Warrant surrendered.

 

		9.	Miscellaneous. This Warrant shall be governed by the laws of New York. The
headings in this Warrant are for purposes of convenience and reference only and shall not be deemed to constitute a part hereof. The invalidity
or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

		10.	Notice Generally. Any notice, demand or delivery pursuant to the provisions
hereof shall be sufficiently given or made if sent by registered or certified mail, postage prepaid, addressed to the Warrant Holder at
such Warrant Holder’s last known address appearing on the books of the Company, or, except as herein otherwise expressly provided,
to the Company at legal@jushico.com, Attention: Legal Department, or such other address as shall have been furnished to the party giving
or making such notice, demand or delivery.

 

		11.	Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
THE COMPANY AND THE WARRANT HOLDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

		12.	Amendment and Waiver.

 

12.1          
Amendment and Waiver. Any provision of the Warrant may be amended, modified or supplemented, and waiver or consents
to departures from the provisions of this Warrant may be given, with written consent of both the Company and the holders of Warrants representing
greater than fifty percent (50%) of the Shares issuable upon exercise of all then outstanding Warrants.

 

12.2           Effect
of Amendment or Waiver. Any such amendment or waiver shall apply to and be binding upon the Warrant Holder, upon each future
holder of this Warrant and upon the Company, whether or not this Warrant shall have been marked to indicate such amendment or
waiver. No such amendment or waiver shall extend to or affect any obligation not expressly amended or waived or impair any right
consequent thereon.

 

{remainder of page intentionally
left blank}

 

    6

     

    

 

IN WITNESS WHEREOF, the Company has executed
and issued this Warrant as of                 , 20__.

 

	 	JUSHI
    HOLDING INC., a British Columbia corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	ACKNOWLEDGED
    AND AGREED:	 
	 	 
	WARRANT
    HOLDER:	 
	 	 
	 	 	 
	(Printed Name of the Warrant Holder)	 
	 	 
	 	 	 
	(Signature:
    by authorized officer if a corporation; by authorized member or manager if a limited liability company; by general partner if a partnership;
    by owner of a sole proprietorship; by the trustee if a trust, by the Holder if an individual)	 
	 	 
	 	 	 
	(Title,
    if signing on behalf of an entity)	 

 

SIGNATURE PAGE TO WARRANT

 

    7

     

    

 

ANNEX
A

 

NOTICE OF EXERCISE

 

(To be Executed by the Registered
Holder in Order to Exercise the Warrant)

 

The undersigned hereby
irrevocably elects to exercise the right to purchase ________________________________
(       ) shares of Common Stock, no par value, of Jushi Holding Inc., covered by Warrant
No. SN- according to the conditions thereof. The undersigned hereby elects to exercise by

 

         
  (a) Making payment of the Purchase Price of such shares in accordance with the provisions of Section 6.1 of the Warrant, in full, in
the amount of $________________; OR

 

        
 (b) Electing to use the net settlement (cashless) exercise provisions of Section 6.2 of the Warrant.

 

The undersigned
understands that the shares being issued hereunder have not been registered under the Securities Act of 1933, as amended (the “Act”),
or any state securities laws and that such shares may not be sold, transferred, or assigned in the United States except: (i) pursuant
to an effective registration thereof under the Act; or (ii) if in the opinion of counsel for the registered owner thereof, which opinion
is reasonably satisfactory to the Company, the proposed sale, transfer or assignment may be effected without such registration under the
Act and will not be in violation of applicable state securities laws.

 

	Dated:
	 	 	Printed Name of Registered Warrant Holder:
	 
	 	 	 	 	 
	 	 	Signature:	 
	 	 	 	 
	 	 	Address:

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