Document:

Exhibit 10.16

 

	January
    1, 2019	PROMISSORY
    NOTE	$200,000

 

FOR
VALUE RECEIVED, the undersigned, Hollyweed North Cannabis Inc. (the "Borrower"), hereby promises to pay to or to the order
of Livio Susin (the "Lender") (on behalf of David Anthony) in Vancouver, British Columbia, or any other place as the Lender
may from time to time designate by notice in writing to the Borrower, the principal amount of TWO HUNDRED THOUSAND DOLLARS ($200,000.00)
(the "Principal Amount") in lawful currency of Canada on March 31, 2019.

 

Interest
totaling TEN THOUSAND, FIVE HUNDRED DOLLARS ($10,500.00) for the loan period must be prepaid no later than January 31, 2019. The Borrower
may at any time and from time to time without notice, penalty or bon us, prepay the Principal Amount or a portion thereof.

 

Legal
and documentation fees for the loan totaling ONE THOUSAND, THREE HUNDRED AND FIFTY DOLLARS ($1,350.00) are due and payable upon advance
of the promissory note principal.

 

The
Borrower hereby agrees that the Lender may file a financing statement pursuant to the Personal Property Security Act (British Columbia)
with respect to the debt owning pursuant to this Note, at the sole cost of the Lender.

 

The
Borrower HEREBY WAIVES demand and presentment for payment, protest and notice of protest and dishonor of this Note. The Lender may assign
this Note in it sole discretion.

 

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

 

IN
WITNESS WHEREOF this Note has been executed by the Borrower with effect as of the date first written above.

 

Hollyweed
North Cannabis Inc., by its authorized signatory:

 

	Signed:
	/s/
    Renee Gagnon	 
	Per:	Renee
    Gagnon	 
	 	 
	Livio
    Susin:	 	 
	 	 	 
	Signed:	/s/
    Livio Susin	 

 

     

     

    

 

	March
    31, 2019	PROMISSORY
    NOTE EXTENSION AGREEMENT	$200,000

 

This
Promissory Note Extension Agreement, hereinafter referred to as "Extension Agreement," is entered into as of the date above
written, by and between Hollyweed North Cannabis Inc. (the "Borrower"), and Livio Susin (thee "Lender") (on behalf
of David Anthony).

 

WHEREAS,
Borrower and Lender have entered into a Promissory Note dated January 1, 2019, in the original principal amount of $200,000 CAD, hereinafter
referred to as the "Note". The Note was originally due March 31, 2019.

 

WHEREAS,
the principal balance of the Note immediately prior to this Extension Agreement is $200,000 CAD; and

 

WHEREAS,
Borrower and Lender desire to enter into this Extension Agreement in order to extend the due date of the Note to September 30, 2019;

 

NOW,
THEREFORE, Borrower and Lender hereby agree as follows:

 

		1.	The
                                            maturity date of the Note is extended to September 30, 2019 (the "Extended Maturity
                                            Date").

 

		2.	Interest
                                            of $3,500 per month shall be payable monthly, in arrears on the last day of each month.

 

		3.	All
                                            other terms and conditions of the Note remain unchanged and in effect.

 

IN
WITNESS WHEREOF, the parties have executed and agreed to this Agreement as of the date first set forth above.

 

Hollyweed
North Cannabis Inc., by its authorized signatory:

 

	Signed
	/s/
    Renee Gagnon	 
	Per:	Renee
    Gagnon, CEO	 
	 	 	 
	Livio
    Susin: 	 	 
	 	 	 
	Signed:	/s/
    Livio SusinExhibit 10.17

 

	February
    19, 2019	SHORT-TERM
    LOAN	$330,000

 

THIS
SHORT-TERM LOAN AGREEMENT (this "Note") is entered into as of the date above written, by and between Hollyweed North Cannabis
Inc. (the "Borrower"), and Livio Susin (the "Lender"),

 

WHEREAS,
the Borrower wishes to borrow from the Lender, and the Lender wishes to lend to the Borrower up to the sum of THREE HUNDRED AND THIRTY
THOUSAND DOLLARS ($330,000 CAD).

 

WHEREAS,
the Borrower and the Lender wish to document the terms of such loan and to set forth their mutual understanding with respect to how the
repayment of such amounts shall be accomplished.

 

WHEREAS,
the Borrower and the Lender wish to document the terms of such loan and to get forth their mutual understanding with respect to how the
repayment of such amounts shall be accomplished.

 

NOW,
THEREFORE, the parties hereby set forth their understanding as follows:

 

		1.	The
                                            Lender shall lend to the Borrower and the Borrower shall borrow from the Lender the amounts
                                            noted in Canadian dollars on the below dates:

 

	February 19, 2019	 	$	130,000	 
	February 20, 2019	 	 	25,000	 
	February 21, 2019	 	 	25,000	 
	February 25, 2019	 	 	25,000	 
	March 5, 2019	 	 	25,000	 
	March 29, 2019	 	 	15,000	 
	April 3, 2019	 	 	20,000	 
	April 4, 2019	 	 	8,500	 
	April 11, 2019	 	 	20,000	 
	April 17, 2019	 	 	36,500	 
	 	 	 	 	 
	Total	 	$	330,000	 

 

		2.	Interest
                                            shall accrue from the date of each borrowing at 2% (the "Interest Rate"), being
                                            the rate equal to the Canada Revenue Agency's prescribed interest rate in effect for the
                                            first quarter of calendar year of 2019 to calculate taxable benefits for shareholders from
                                            interest-free and low interest loans.

 

		3.	Principle
                                            and accrued interest shall become due and payable 90 days subsequent to successful completion
                                            of an initial Public Offering or a Reverse Takeover transaction which results in the Borrower's
                                            shares being listed on a Canadian public exchange.

 

		4.	The
                                            Borrower shall have the right to prepay all or any part of the outstanding principal balance
                                            of the Note without penalty.

 

		5.	The
                                            Note is unsecured.

 

		6.	The
                                            Note shall be governed by and construed in accordance with the laws of the Province of British
                                            Columbia and the laws of Canada applicable in British Columbia.

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed and agreed to this Note as of date first set forth above.

 

	Hollyweed North Cannabis Inc., by its authorized signatory:	 
		 
	Signed	/s/ Renee Gagnon	 
	Per:	 Renee Gagnon, CEO	 
	 	 	 
	Livio Susin:	 
	 	 	 
	Signed:	/s/ Livio SusinExhibit
10.18

 

	April
    17, 2019	SHORT-TERM
    LOAN	$506,000

 

THIS
SHORT-TERM LOAN AGREEMENT (this “Note”) is entered into as of the date above written, by and between Hollyweed North Cannabis
Inc. (the “Borrower”), and 1118737 BC Ltd. (the “Lender”),

 

WHEREAS,
the Borrower wishes to borrow from the Lender, and the Lender wishes to lend to the Borrower up to the sum of FIVE HUNDRED AND SIX THOUSAND
DOLLARS ($506,000 CAD).

 

WHEREAS,
the Borrower and the Lender wish to document the terms of such loan and to set forth their mutual understanding with respect to how the
repayment of such amounts shall be accomplished.

 

NOW,
THEREFORE, the parties hereby set forth their understanding as follows:

 

		1.	The
Lender shall lend to the Borrower and the Borrower shall borrow from the Lender the amounts noted in Canadian dollars on the below dates:

 

	April 17, 2019	$	20,000
	April 23, 2019	 	16,000
	April 26, 2019	 	25,000
	April 30, 2019	 	50,000
	May 1, 2019	 	10,000
	May 6, 2019	 	75,000
	May 15, 2019	 	50,000
	May 21, 2019	 	235,000
	May 31, 2019	 	25,000
	 	 	 
	Total	$	506,000

 

		2.	Interest
                                            shall accrue from the date of each borrowing at 2% (the “Interest Rate”), being
                                            the rate equal to the Canada Revenue Agency’s prescribed interest rate in effect for the
                                            first quarter of calendar year of 2019 to calculate taxable benefits for shareholders from
                                            interest-free and low interest loans.

 

		3.	Principle
                                            and accrued interest shall become due and payable 90 days subsequent to successful completion
                                            of an initial Public Offering or a Reverse Takeover transaction which results in the Borrower’s
                                            shares being listed on a Canadian public exchange.

 

		4.	The
                                            Borrower shall have the right to prepay all or any part of the outstanding principal balance
                                            of the Note without penalty.

 

		5.	The
                                            Note is unsecured.

 

		6.	The
                                            Note shall be governed by and construed in accordance with the laws of the Province of British
                                            Columbia and the laws of Canada applicable in British Columbia.

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed and agreed to this Note as of date first set forth above.

 

	Hollyweed North
Cannabis Inc., by its authorized signatory:

	 
	Signed	/s/ Chris Taylor	 
	Per:	Chris Taylor, CFO	 
	 	 
	1118737 BC Ltd., by its authorized signatory	 
	 	 
	Signed: 	/s/ Renee Gagnon	 
	Per:	Renee Gagnon, DirectorExhibit 10.19

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JUNE 26, 2021.

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR STATE SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF HOLLYWEED NORTH CANNABIS INC. (THE “COMPANY”)
THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN
ACCORDANCE WITH RULE 904 OF REGULATION S (“REGULATION S”) UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE
CANADIAN LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT OR (2) RULE
144 UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT
TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE COMPANY MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA.

 

THIS NOTE AND THE SHARES ISSUABLE UPON EXERCISE
THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
THIS NOTE MAY NOT BE CONVERTED 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 NOTE 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 SATISFACTORY TO THE COMPANY 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.

 

HOLLYWEED NORTH CANNABIS INC. 

 

CONVERTIBLE PROMISSORY NOTE

 

	
    

    Dated: February 25, 2021
	Principal Amount: USD $500,000.00

 

FOR VALUE RECEIVED, the undersigned, HOLLYWEED
NORTH CANNABIS INC. (the “Debtor”), acknowledges itself indebted and unconditionally promises to pay to, or to
the order of, DOWNWIND INVESTMENTS LLC (the “Holder”) at its place of business in Dorado, Puerto Rico or such
other place as the Holder may, from time to time, designate, the principal amount of Five Hundred Thousand (USD $500,000.00) DOLLARS in
lawful money of the United States of America on August 25, 2021 (the “Maturity Date”), or such earlier date as set
out herein, with interest calculated in the manner and payable at the times specified below.

 

    

    

    

 

During the period from the date hereof until payment
in full thereof, simple interest on the outstanding principal amount of this Note, shall accrue at a rate of eight percent (8%) per annum,
with interest accruing monthly and being payable on the Maturity Date, computed on the basis of a 360-day year composed of twelve 30-day
months. For greater certainty, prior to such time that interest is payable, interest shall not be due or payable on interest that has
accrued and not been paid.

 

The Debtor has the right and privilege of prepaying
the whole or any portion of the principal amount of this Note together with any accrued and unpaid interest thereon at any time or times
prior to the occurrence of an Event of Default without notice, bonus or penalty. All such prepayments shall be applied first in satisfaction
of any accrued but unpaid interest and thereafter to the outstanding principal amount of this Note.

 

This Note is secured by a security agreement granted
by the Debtor in favour of the Holder dated as of the date hereof.

 

If at any time following the date hereof and prior
to the repayment of the Principal Amount and any accrued interest, the Holder shall have the right to convert (an “Optional Conversion”)
any or all of the outstanding principal amount of this Note together with all accrued and unpaid interest owing to it hereunder (as at
the date of election to so convert) into the Class B common shares of the Debtor (“Shares”) at a conversion price equal
to CDN$0.12 per Share.

 

An Optional Conversion may be effected by the
surrender of this Note at the office of the Debtor, accompanied by a written instrument of surrender signed by the Holder notifying the
Debtor as to the exercise of the right of conversion and specifying the amount of outstanding principal amount and interest of this Note
hereunder in respect of which this Note is converted and setting forth the name and address of the person(s) in whose name(s) the shares
issuable upon such conversion are to be registered. This Note may, at the Holder’s option, be converted in whole at any time or
from time to time in part so long as any amount remains outstanding hereunder.

 

As promptly as practicable after the surrender
of this Note for conversion, in the case of an Optional Conversion, the Debtor shall upon the request of the Holder issue to the Holder
or its nominee(s) a certificate or certificates representing the number of fully paid and non-assessable equity securities. In the event
that in the case of an Optional Conversion any amounts remain outstanding hereunder after giving effect to such conversion, the Debtor
shall issue a new Note, in form identical to this Note, in principal amount equal to the amount of such unconverted indebtedness.

 

No fractional share or scrip representing a fractional
share shall be required to be issued upon the conversion of this Note.

 

The conversion of this Note shall be deemed to
have been made at the close of business on the date on which this Note is surrendered for conversion, in the case of an Optional Conversion,
or immediately prior to the completion of the Liquidity Transaction, in the case of a Mandatory Conversion, so that the Holder’s
rights in respect of the converted portion shall terminate at such time, and the person or persons entitled to receive the securities
into which the whole or any part of this Note is converted shall be treated, as between the Debtor and such person or persons, as having
become the holder or holders of record of such securities at such time.

 

    2

    

    

 

If the Debtor at any time subdivides or consolidates
the securities issuable upon conversion, the Holder shall thereafter be entitled on conversion to receive the securities to which it was
before such subdivision or consolidation entitled, as subdivided or consolidated, and the conversion rate of indebtedness shall be adjusted
accordingly. Any such adjustment shall become effective on the date and at the time that such subdivision or consolidation becomes effective.

 

In case of:

 

		(a)	any reclassification or change of securities issuable upon conversion;
	 	 	 

		(b)	any consolidation, merger or amalgamation of the Debtor with or into another corporation or corporations;
	 	 	 

		(c)	the sale of the properties and assets of the Debtor substantially as an entirety to any other corporation or corporations followed
by a winding-up of the Debtor or a distribution of its assets to the shareholders; or
	 	 	 

		(d)	the sale of the properties and assets of the Debtor substantially as an entirety to another person or persons in exchange for securities
in or of such other person or persons or any affiliate thereof;
	 	 	 

the Holder shall have the right thereafter to
convert this Note (or any portion thereof) into the kind and amount of securities and property (or the applicable portion thereof) receivable
on such reclassification, change, consolidation, merger, amalgamation or sale that the Holder would have been entitled to receive thereupon
had the Holder been the registered holder of the number of securities into which this Note might have been converted immediately prior
thereto. The provisions of this section shall similarly apply to successive reclassifications and changes of securities and to successive
consolidations, mergers, amalgamations and sales.

 

In this Note, the occurrence of each or any of
the following events constitutes an Event of Default:

 

		(a)	the Debtor fails to pay any amount owing to the Holder under this Note on the date on which such amount is due and such failure to
pay is not remedied within ten (10) days after notice of such Event of Default;
	 	 	 

		(b)	the Debtor fails to perform, observe or comply with any other covenant or provision of this Note or any security given by the Debtor
to the Holder and such failure remains unremedied for thirty days after notice thereof from the Holder to the Debtor;
	 	 	 

		(c)	any representation, warranty or covenant made by the Debtor in any security given by the Debtor to the Holder is incorrect or misleading
in any material respect;
	 	 	 

		(d)	any judgment or order for the payment of money in excess of $1,000,000 is rendered against the Debtor and either (i) enforcement proceedings
have been commenced by a creditor upon the judgment or order, or (ii) there is any period of fifteen consecutive days during which a stay
of enforcement of the judgment or order, by reason of a pending appeal or otherwise, is not in effect;
	 	 	 

		(e)	any loss, theft, damage or destruction occurs with respect to any property or assets of the Debtor and the amount not covered by insurance
exceeds $1,000,000;
	 	 	 

		(f)	the Debtor sells, transfers or otherwise disposes of, or enters into an agreement to sell, transfer or otherwise dispose of, all or
substantially all of its assets;

 

    3

    

    

 

		(g)	the Debtor (i) becomes insolvent or generally not able to pay its debts as they become due, (ii) admits
in writing its inability to pay its debts generally or makes a general assignment for the benefit of creditors, (iii) threatens to institute,
institutes or has instituted against it any proceeding seeking (x) to adjudicate it a bankrupt or insolvent, (y) liquidation, winding-up,
reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency,
reorganization or relief of debtors including any plan of compromise or arrangement or other corporate proceeding involving its creditors,
or (z) the entry of an order for relief or the appointment of a receiver, trustee, liquidator, administrator or other similar official
for it or for any substantial part of its properties and assets, and in the case of any such proceeding instituted against it (but not
instituted by it), either the proceeding remains undismissed or unstayed for a period of 45 days, or any of the actions sought in such
proceeding (including the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar
official for it or for any substantial part of its properties and assets) occurs, or (iv) takes any corporate action to authorize any
of the above actions; or
	 	 	 

		(h)	the Debtor changes its name, chief executive office, corporate offices, or location of its records concerning the Collateral (as defined
in the security agreement dated on or about the date hereof granted by the Debtor in favour of the Holder, as the same may be amended,
modified, restated or replaced from time to time, the Security Agreement), after the date hereof without the Debtor, in each instance,
giving thirty (30) days’ prior written notice thereof to the Holder and taking all actions deemed necessary or appropriate by the
Holder to continuously protect and perfect Holder’s Liens (as defined in the Security Agreement) upon the Collateral (as defined
in the Security Agreement).

 

If an Event of Default occurs, the Holder may,
at its sole option, declare the whole of the unpaid principal amount of this Note to be immediately due and payable and such amount together
with all accrued and unpaid interest thereon shall be and become immediately due and payable.

 

To the fullest extent permitted by law, the Debtor
waives:

 

		(a)	diligence, presentment, demand and protest, and notice of presentment, dishonour, intent to accelerate, acceleration, protest, non-payment,
release, compromise, settlement, extension or renewal of this Note; and
	 	 	 

		(b)	the benefit of all applicable valuation, appraisal and exemption laws.

 

In the event the Holder retains counsel to collect,
enforce or protect its interests with respect to this Note, the Debtor shall pay all reasonable costs and expenses of such collection,
enforcement or protection, including reasonable legal fees, whether or not a legal action is commenced.

 

All notices and other communications provided
for herein shall be in writing and shall be personally delivered to the Holder at the address provided to the Debtor or an officer or
a responsible employee of the Debtor at HollyWeed North Cannabis Inc., 1250, 639 - 5th Ave. SW, Calgary, Alberta T2P 0M9. Attention:
Scott Reeves, Corporate Secretary or to such other address or addresses or facsimile number or numbers as either party hereto may from
time to time designate to the other party in such manner.

 

    4

    

    

 

The Debtor agrees that all amounts under this
Note are payable without set-off, withholding, deduction, claim, counterclaim, defence or recoupment, all of which are hereby waived by
the Debtor.

 

Time is of the essence with this Note.

 

This Note is binding upon the Debtor and its successors
and assigns and enures to the benefit of the Holder and its successors and assigns. The Holder may at any time assign all or any of its
rights and benefits hereunder and all references to the “Holder” are deemed to include a reference to its successors and assigns.
The Debtor may not assign any of its rights or obligations hereunder.

 

This Note is governed by and is to be interpreted,
construed and enforced in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.

 

By executing this Note, the Debtor acknowledges
that: (i) it has read and understood this Note; (ii) it has been given an opportunity to obtain independent legal advice concerning this
Note and the provisions hereof and the interpretation and effect of this Note, and by signing this Note represents and warrants that it
has each either obtained advice or voluntarily waived the opportunity to receive same; and (iii) it has entered into this Note voluntarily.

 

IN WITNESS WHEREOF the Debtor has executed
this Note as of the date first above written.

 

	 	HOLLYWEED NORTH CANNABIS INC.
	 	 	 
	 	Per:	/s/ Renee Gagon
	 	Name:	Renee Gagnon
	 	Title:	Chair and Director

 

(Signature Page to Note)

 

 

5

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