Document:

EX-4.3

 Exhibit 4.3 
  

 
 MANAGEMENT’S DISCUSSION AND ANALYSIS 

For the Years Ended December 31, 2020 and 2019 
 (Expressed in Canadian
Dollars, unless otherwise stated) 
 April 19, 2021 

  

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Introduction 

The following management’s discussion and analysis (“MD&A”) of the financial condition and results of the operations of SHG Insights
Inc. (the “Company”, “SHG”, “we”, “us”, “our”) constitutes management’s review of the factors that affected the Company’s financial and operating performance for the year ended
December 31, 2020. This MD&A was written to comply with the requirements of National Instrument 51-102 – Continuous Disclosure Obligations. 

This discussion should be read in conjunction with the audited annual consolidated financial statements of the Company for the fiscal years ended
December 31, 2020 and 2019, together with the notes thereto, and the accounting policies as described in Note 3 to the consolidated financial statements. Results are reported in Canadian dollars, unless otherwise noted. 

The Company’s consolidated financial statements and the financial information contained in this MD&A are prepared in accordance with
International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee (“IFRIC”). In the opinion of management,
all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. Information contained herein is presented as at April 19, 2021, unless otherwise indicated. 

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, considers the materiality of information.
Information is considered material if: 
  

	 	(i)	 such information results in, or would reasonably be expected to result in, a significant change in the market price or
value of SHG’s common shares; 

  

	 	(ii)	 there is a substantial likelihood that a reasonable investor would consider it important in making an investment
decision; or 

  

	 	(iii)	 it would significantly alter the total mix of information available to investors. Management, in conjunction with the
Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity. 

Further information about the Company and its operations can be obtained from the offices of the Company or on SEDAR at www.sedar.com. 

  
 1 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Company Overview 

Skylight Health Group Inc. (“SHG” or the “Company”), is a healthcare services and technology company, working to positively impact
patient health outcomes. The Company operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and
laboratory/diagnostic testing. The Company is focused on helping small and independent practices shift from a traditional fee-for-service (FFS) model to value-based care
(VBC) through tools including proprietary technology, data analytics and infrastructure. In a FFS model, payors (commercial and government insurers) reimburse on an encounter-based approach. This puts a focus on volume of patients per day. In a VBC
model, payors reimburse typically on a capitation (fixed fee per member per month) basis. This places an emphasis on quality over volume. VBC will lead to improved patient outcomes, reduced cost of delivery and drive stronger financial performance
from existing practices. 
 The Company had seen 2 straight quarters (Q2 and Q3) in 2020 of positive Adjusted EBITDA1 and the Company’s clinical
operations continued to experience positive Adjusted EBITDA into Q4. As of December 31, 2020, the balance sheet remained healthy with a cash balance of CA $20 million. The Company is well positioned for rapid organic and acquisition-based
revenue growth over the next 12 months in its medical services division. 
 The Company was founded in 2014, by founders with over 50 years of
collective experience in clinical practice management in Canada and the US, as owners, operators, and consultants to outpatient medical centers across a variety of specialties from primary care, urgent-care,
sub-specialty, and allied health & wellness. SHG is founded on a model designed to drive towards helping small and independent practices adopt value-based capabilities and take on varying levels of
risk. According to a report on The State of Primary Care in the US from the Robert Graham Center, the US healthcare outpatient market is highly fragmented with over 56% of clinics and clinicians working independently and in small care groups.
These practices struggle the most with developing and deploying VBC due to the increased investment in technology, infrastructure, and capacity. As the industry continues to be consolidated by large health networks, there is a need and demand by
patients to maintain the same level of patient care and treatment outcomes lost within the consolidation by legacy health networks. SHG positions itself as the disruptor to legacy health networks. Providing an opportunity to consolidate with SHG
while maintaining patient treatment quality, accessibility and affordability and preserving the way healthcare should be delivered. SHG also positions itself to partner with health plans as they aim to provide more comprehensive care services to
patients across varying risk groups and capitation models to lower the cost of downstream costs. 
 SHG practices offer both in clinic and virtual
care services through telemedicine and remote patient monitoring. As part of developing the infrastructure for improved access within its practices, the Company expects to expand offerings to patients including a nursing and advisory hotline, same
day access, annual wellness reminders and screening protocols, improved access to home-care and remote care services. 
 The Company’s vision and
business model is to drive towards an outcome-based reimbursement model, more commonly referred to as the Value-Based model. The Company works through an acquisition strategy that focuses on current fee-for-service (FFS) practices that will convert to value-based care (VBC) or capitation-based payment models. The Company’s revenues will largely be driven by insurable services paid for by payors
currently in a FFS model but in the future in a blended or VBC model. 
  

 

	1 	 Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortization, adjusted by significant
nonrecurring, non-operational expenses and partially offset by the cash impact of certain accounting treatments during the period. 

  
 2 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Finally, SHG has a disciplined operating model that allows the Company to deliver desired results in a
time-efficient and cost-effective manner to its clients and to run a fiscally responsible business. SHG achieved its target of achieving positive Adjusted EBITDA in Q2 and Q3 2020 and continued positive Adjusted EBITDA in its clinical operations
into Q4. 
 Segmentation 
 The Company’s current
revenue is generated predominantly through its medical services segment. In 2019, medical services were categorized as uninsured medical services. In 2020, the Company has expanded significantly into insurable services which is where it expects to
see its strongest growth in future periods. The Company has reported both insurable and uninsured services including its subscription services in a single consolidated medical services operating segment. 

The Company also derives a small but growing segment of revenue from projects in its Technology & Data Analytics division as well as its
Contract and Research division. While both divisions are new, the Company expects growth in these areas as the Company’s offerings and the industry matures moving forward. 

Key Highlights 
 The following are the major highlights of
SHG’s operating results for the year ended December 31, 2020 compared to 2019: 
 Financial Highlights 

 

	 	•	 	 A significantly strengthened balance sheet on December 31, 2020 reflected in a cash position of $20.0 million
and working capital surplus of $18.6 million compared to a cash balance of $0.1 million and a working capital deficiency of $6.7 million on December 31, 2019. 

 

	 	•	 	 Revenues were $13.1 million for the year, compared to $13.4 million for 2019. Growth in the legacy segment is
limited due to the nature of the previous industry. Moving forward, the Company is focused solely on the primary care market and other insurable services and will look forward to growth in this area. 

 

	 	•	 	 Gross profit was $9.0 million for the year, compared to $9.3 million for 2019. The Company expects to fully
continue its use of technology as it further strengthens its quality of care and access for patients in its network. 

  

	 	•	 	 Operating expenses were $16.1 million for the year, compared to $18.6 million for 2019, an improvement of 14%.
Expenses were largely reduced because of an overall focus to lower operating costs during the period, by deploying proprietary technology to optimize workflows, improve patient retention and automate patient intake and
follow-up. 

  

	 	•	 	 Loss from operations of $7.1 million for the year, compared to $9.3 million for 2019, achieved through
significant optimization of the operating structure and efficiencies driven through improved processes and technology; 

  
 3 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

  

	 	•	 	 During the quarter, the Company continued to improve on operational efficiencies as it gears up for future profitable
and accretive acquisitions. Adjusted EBITDA for the year ended December 31, 2020 was a loss of $2.0 million compared to a loss of $2.7 million in 2019. Adjusted EBITDA for the three months ended December 31, 2020 was a loss of
$2.1 million compared to a loss of $0.9 million in Q4 2019 largely driven by professional fees and marketing attributed to acquisitions, financings and creating an expanded shareholder base. 

 

	 	•	 	 The Company generated negative cash-flow from operations of approximately $1.9 million for the year ended
December 31, 2020 compared to $1.1 million for the year ended December 31, 2019. 

 Operating Highlights 

 

	 	•	 	 In January 2020, Mr. Gerry Goldberg and Mr. David Danziger resigned as directors to pursue other
opportunities. 

  

	 	•	 	 On January 29, 2020, the Company appointed Tom Brogan, as an independent director to Board of Directors.
Mr. Brogan is currently the CEO and Chairman at Vestrum Health, an electronic healthcare record data company which delivers information systems to pharmaceutical manufacturers, physician practices and other healthcare stakeholders. On the same
day, the Company also appointed Norton Singhavon Interim Chairman of the Board and the Audit Committee. 

  

	 	•	 	 In April 2020, the Company launched Skylight Health Group (“SHG”) as part of its clinical operations in the
United States. SHG provides a range of integrated health services from primary medical care to consultative specialist care, alternative health, wellness and multi-disciplinary services and products to its patient population. SHG services are
reimbursable in accordance with the rules, regulations and requirements by the Centers for Medicare and Medicaid Services (“CMS”), as well as other private health insurers within each operating state where its physicians, practitioners and
patients will be able to enjoy the benefits of an expanded service offering. The primary focus of the SHG will be to provide a broad array of primary and alternative healthcare services including family/specialty medicine and interdisciplinary
services focusing on comprehensive care, chronic disease management and health promotion/education. 

  

	 	•	 	 In April 2020, the Company qualified for relief funds in the United States due to the
COVID-19 Pandemic. Total funds of USD $652,500 were received to support payroll and rent relief efforts. The Company has made an application for forgiveness and, to the best of its knowledge, has adhered to
all of the forgiveness criteria. If forgiven, the principal will not need to be repaid and there will be no interest charges. The funds used as part of the guidelines, provided support for the Company to withstand the initial impact to its brick-and-mortar services during the early impact of COVID-19 in March. 

 

	 	•	 	 In June 2020, the Company entered into an amended and restated promissory note (the “Amended Note”) with
Merida Capital Partners (Merida), amending the terms of a promissory note originally issued by the Company on December 20, 2018 as subsequently amended in June 2019. Under the terms of the Amended Note, the principal amount of USD
$3 million would have become payable on December 24, 2022 (previously due December 24, 2020) and carried an annual interest rate of 8% (previously 12%), payable, at the Company’s option, either in cash or in common shares of the
Company. When interest was paid in common shares, the number of shares was calculated at a price per share equal to a 10% discount to the 30-day volume-weighted average trading price of the Company’s
common shares on the CSE. Additionally, the Amended Note provided that if at any time prior to the maturity date, the closing price of the Company’s common shares on the CSE was equal to or greater than CAD $0.30 for 

  
 4 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

  

	 	 20 consecutive trading days, then the outstanding amounts owed under the Amended Note would be converted into that number of common
shares obtained by dividing (A) the Canadian dollar equivalent of the sum of (i) the principal amount of USD $3 million and (ii) the unpaid accrued interest owing up to the conversion date, by (B) the volume-weighted average
closing price of the Company’s common shares on the CSE during such 20 consecutive trading day period, less a discount of 10%. As a result of negotiations between the Company and Merida, the Amended Note was converted early into 10,412,250
common shares with a fair value of $5,518,493 on October 29, 2020. Outstanding interest from July 1, 2020 to October 19, 2020 totalling US$72,987 was paid in cash. As consideration for the amendments, the Company issued warrants
entitling the holder to purchase up to 3 million common shares at an exercise price of CAD $0.14 per common share during the period commencing on the first anniversary of date of issuance of the warrants and ending three years from such
issuance date. This has left the Company with no long-term liabilities as of December 31, 2020, except for the relief funds referenced earlier.

  

	 	•	 	 On September 25, 2020, the Company completed an oversubscribed non-brokered
private placement for gross proceeds of $5,168,046 with the issuance of 34,453,641 subscription receipt units at an issue price of $0.15 per unit. Upon issuance, each subscription receipt unit automatically converted into one common share and one-half common share purchase warrant. Each whole warrant is exercisable to purchase one common share of the Company at a price of $0.20 per share for a period of two (2) years from the date of
issuance.

  

	 	•	 	 On October 6, 2020, the Company closed a binding agreement to acquire the assets of Maverick County Medical Family
Center, P.A., a Texas-based Primary Care Medical & Wellness Clinic, for cash consideration of US$750,000 with 50% paid upfront and the remaining 50% due 6 months from the date of the transaction. Maverick added the 13th state to the
Company’s US footprint and was the first key acquisition post financing in September 2020 against a robust and growing pipeline of clinical targets. 

  

	 	•	 	 On October 27, 2020, the Company closed a binding agreement to acquire the assets of Michael R. Jackson, M.D.,
P.S., a Washington-based Primary Care Clinic, for a cash consideration of US$295,000 payable on the closing date. With this acquisition, the Company further expanded its footprint to 14 states while focusing on the core offering of primary care
within its multi-disciplinary platform.

  

	 	•	 	 On November 19, 2020, the Company closed a bought deal offering with a syndicate of underwriters and pursuant to
which the Underwriters were issued, on a bought deal basis, 12,236,000 common shares of the Company at a price of $0.47 per share for aggregate gross proceeds to the Company of $5,750,920. 

 

	 	•	 	 On December 2, 2020, the Company announced that its common shares began trading on the OTCQX® Market under the
symbol “CBIIF”, having graduated from the OTCQB® Venture Market. The Company graduated to the highest tier of the OTC Markets offering greater visibility for the Company’s shares and improved liquidity. The Company remained DTC
eligible to help provider investors easy access and liquidity in all jurisdictions. 

  
 5 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

	 	•	 	 On December 8, 2020, the Company announced its partnership with GatherMed, to Launch Remote Patient Monitoring
Covered through Insurance for Patients with Hypertension. Skylight will launch with GatherMed devices beginning in its Washington clinic with the goal of scaling across to other states shortly after. Skylight patients receive the device at no cost
to them. As per the Agreement, Skylight will purchase the device from GatherMed for a one-time fee of USD 95 and a monthly monitoring fee of USD 65 per patient per month. In return, Skylight will retain 100%
of the earnings from insurable reimbursements from US payors. Reimbursable benefits will include a one-time payment of USD$21 per patient and then an average monthly recurring payment of up to USD$160 per
patient per month. 

  

	 	•	 	 On December 30, 2020, the Company completed a bought deal offering, issuing 13,800,000 common shares of the Company
at a price of $1.00 per common share for gross proceeds of $13.8 million, inclusive of the full exercise of a 10% over-allotment option. The offering was conducted by Echelon Capital Markets as sole bookrunner and
co-lead underwriter, Beacon Securities and PI Financial as co-lead underwriters, together with a syndicate of underwriters. 

 

	 	•	 	 On December 30, 2020, the Company announced the closing of Tennessee clinical group Perimeter Pain and Primary Care
located in Cookeville, TN. SHG acquired 100% of the shares of HRM for a transaction value in cash of CAD 1.03 million representing an EBITDA2 multiple of 2.6x. Perimeter reported unaudited revenues in 2019 of CAD 2.2 million and net income
of CAD 400,000 

 Key Subsequent Events of the year ended December 31, 2020 

 

	 	•	 	 On January 4, 2021, the Company’s shares were voluntarily delisted from the Canadian Securities Exchange. On
January 5, 2021, The Company’s shares commenced trading on the TSX-V under the symbol “SHG”. 

  

	 	•	 	 On January 4, 2021 (the “Closing Date”), the Company acquired 100% of the identified assets of Colorado
based primary care services clinic group Apex Family Medicine, LLC (“Apex”) for a total cash transaction value of $2.36 million (US$1.85 million). The Company paid $ 1.24 million (US$0.97 million) on Closing Date while
$1.12 million (US$0.88 million) is payable in two instalments over a 6-months period. On April 5, 2021, the Company paid the first instalment of $0.56 million (US$0.44 million).

  

	 	•	 	 On January 14, 2021, the Company appointed Grace Mellis, as an independent director to the Company’s Board of
Directors and the Chair of the Audit Committee. Ms. Mellis has a robust background in strategy and finance leadership roles with over 28 years of success and experience: Almost a decade at JP Morgan Chase serving as Managing Director, Head of
International Strategy, and Investor Services CFO for EMEA within the Corporate and Investment Bank. Former CFO and VP of Corporate Finance and Business Intelligence at Greendot Corporation, a US $3.1B market cap NYSE listed company. Founder and
director of IGA Capital which provides consulting and advisory services to primarily early-stage companies. 

  

 

	2 	 EBITDA is defined as earnings before interest, tax, depreciation, and amortization 

  
 6 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

  

	 	•	 	 On February 3, 2021 (the “Closing Date”), the Company acquired 100% of the identified assets of River
City Medical Associates (“RCMA”), Inc., a Florida corporation doing business as “Absolute Injury & Pain Physicians”, “Absolute Neurology & Injury Physicians”, “Absolute Laser Pain Relief”,
and “River City Primary & Urgent Care” for a total consideration of $5.62 million (US$4.4million) paid as follows: 

  

	 	•	 	 $0.29 million (US$0.22 million) cash. 

 

	 	•	 	 374,167 common shares in the Company valued at $1.28 per share amounting to $0.48 million (US$0.37 million).

  

	 	•	 	 $0.14 million (US$0.11 million) cash payable 120 days after the Closing Date upon adjustment of liabilities prior
to Closing Date. 

  

	 	•	 	 Common shares in the Company amounting to $1.9 million (US$1.5 million) to be issued in five equal instalments
within 15 months after the Closing Date. 

  

	 	•	 	 $2.81 million (US$ 2.2 million) funds held in an Escrow Account which will be released once the terms of the
Transition Services Agreement have been satisfied. 

  

	 	•	 	 On February 17, 2021, the Company appointed Andrew Elinesky as Chief Financial Officer. Mr. Elinesky has a
long and distinguished career in Finance and has served as CFO for multiple publicly traded companies in Canada and the United States. He comes with strong cross-border market experience and specializes in M&A and consolidation.

  

	 	•	 	 On March 16, 2021, the Company appointed Mr. Patrick McNamee as Chairman of the Board. Mr. McNamee succeeds Norton
Singhavon who will remain involved as an active member of the Board. Mr. McNamee has previously acted as EVP and COO of Express Scripts, where he led all major activities of the $120B+ technology-driven pharmacy benefit management company.

  

	 	•	 	 On April 5, 2021 (the “Closing Date”), the Company acquired 100% of the membership interest of Colorado
based Primary Care Clinic Group, Rocky Mountain for a total cash consideration of $13.78 million (US$11 million) paid as follows: 

  

	 	•	 	 $10.64 million (US$8.49 million) cash 

 

	 	•	 	 $2.06 million (US$1.65 million) cash payable in three equal instalments over two years from the Closing Date

  

	 	•	 	 $1.08 million (US$0.86 million) cash payable after working capital and other adjustment 

 

	 	•	 	 On April 6, 2021, the Company settled the purchase consideration payable amounting to $0.47 million (US$0.38
million) for the acquisition of MCM. 

  
 7 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Overall Performance and Outlook 

The accompanying consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes
the realization of assets and settlement of liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore be
required to realize its assets and liquidate its liabilities and commitments in other than the normal course of business and at amounts different from those in the accompanying consolidated financial statements. Such adjustments could be material.

 Performance 
 The Company has continued its strong
efforts to focus on efficiency and costs while enabling a business model that can continue to use cash and equity for supporting its three-pronged growth strategy. Following 3 consecutive quarters (Q2 to Q4) of positive cash flow from clinical
operations and positive Adjusted EBITDA achieved in Q2 and Q3, the Company is well positioned to continue its trajectory of acquisition and organic growth in 2021. 

2020 was a transformative and transitional year as the Company successfully navigated several major inflection points. Focused on measurable changes to
its operating model and structure, the Company was committed to achieving positive Adjusted EBITDA by Q2 2020. Amidst the challenges of limited cash entering Q1 2020, the Company was able to continue improving on its operations, managing costs in
line with seasonality of its US business, and ramping up towards meetings its profitability goal, which has since continued. 
 The impact of the COVID-19 pandemic in March resulted in a significant shift in business model from in-clinic services to a near total virtual telehealth model. Thanks to the efforts of the team and established technology framework,
the Company was able to quickly react and regain patient visits and volumes based on the lack of access to in-clinic services. In support of this, the Company also saw a rise in patient visits and adoption to
its technology by physicians, patients, and clinical staff. 
 The Company also underwent a major shift in its overall business model and rebranded to
Skylight Health Group as it re-positioned itself in the US markets to move to addressing a larger need in the market, being accessibility and quality in primary care delivery to patients. Driven by patient
need, the Company determined the shift in response to both factors driving the future trends in VBC as well as the need from patients for a more comprehensive form of care delivery. Skylight’s repositioning provided a further opportunity to see
strong growth by way of acquisition, further enhancing the growth trajectory of the Company. 
 Following a strong demonstration of execution in Q2,
validating its commitment to reaching positive Adjusted EBITDA and cash flow from operations, the Company further bolstered its financial position through the extinguishing of its Amended Note and subsequent financings all at premiums to the first
round in September 2020 adding over $20 million in aggregate net proceeds in Q3 and Q4 2020. 
 With a limited cash burn and sufficient cash on
hand, the Company moved quickly to execute on its first leg of its model, acquisitions. It completed 3 acquisitions of primary care groups in 2020, followed by 3 more groups in 2021. SHG was able to demonstrate a disciplined approach to acquisitions
priced favourably between 3-7x EBITDA, a discount to VBC practices in the US, and where it will look to demonstrate organic growth through efficiency and conversion to VBC in the following 12-24 months. 

  
 8 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 The revenue and EBITDA growth impact of the acquisitions completed during Q4 2020 will be realized and
reported in the Company’s Q1 2021 results. The legacy business remains a flat to declining model as the Company shifted focus to primary care and growth practice acquisition in 2020. Although the Company has seen a slight reduction in annual
revenue in 2020 due to the transition to Skylight, it has already begun to see growth via its primary care strategy in Q1 2021. The Company believes this shift to the Skylight model will position its growth in a more robust and established insurable
services market. By the end of 2020, following the completed and announced acquisitions, the Company materially increased its clinical group holdings and in turn its revenue base. The Company expects these values to continue to grow in 2021. 

The financial impact of the pandemic to the business was felt heavily for only a few short weeks in 2020 and this impact generally declined as the US
market learned to operate within the constraints caused by COVID-19. As the Company is focused on delivering primary care services and driving practices towards a risk sharing VBC model, SHG is well positioned
to come out of the pandemic with a strong infrastructure, growing patient base, improved clinical operations and an opportunity to transform revenue growth through the conversion to VBC. 

Outlook 
 The Company expects to see strong growth in revenue
and Adjusted EBITDA over the next 12 months as it expands its reach in the US in services and patient growth. With the growing demand for accessible and affordable medical services in the US, the Company believes the following external factors will
be significant contributors for growth for services. The Company believes it is well positioned to meet this growing opportunity. 
  

	 	•	 	 Growing perceived distrust and lack of personalized care delivered by larger legacy health networks are paving the way
for disruption in the healthcare services sector where quality of care, accessibility and affordability will help create a new model for healthcare delivery. 

  

	 	•	 	 The rising cost in healthcare driven by higher acuity hospital services and lack of comprehensive patient care at the
primary practice level, is leading national payors and governments to change reimbursement models to VBC which prioritizes quality over volume and holds physicians accountable. 

 

	 	•	 	 VBC not only has the opportunity to improve quality of care, lower cost of care management but can also be significantly
more financially rewarding for primary care practices willing to share in risk. 

  

	 	•	 	 With over 56% of outpatient medical care operated by smaller groups of localized practitioners, and a growing demand for
administrative needs to deliver care, the high cost of investment to support a VBC model is prohibitive and a barrier. 

  

	 	•	 	 The impact of the pandemic to independent primary care practices, rising levels of chronic care management and an ageing
population further amplifies the push for consolidation and support to enable primary care providers to shift to a more profitable and long-term VBC model. 

  

	 	•	 	 Continued fragmentation of the primary care services market is leading to more opportunities to acquire disparate
primary care clinics at attractive multiples. The Company is developing a robust national platform that not only generates overall efficiencies, but is aimed at integrating technology, access and capabilities to transform current Fee for Service
(“FFS”) practices to VBC. The conversion will lead to improved patient health outcomes, improved physician and patient satisfaction scoring, access, and better financial performance through strengthened contracts with payors.

  
 9 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Looking ahead, the Company believes it is well positioned to see growth in three key areas: 

Acquisition of Primary Care Practice Groups 
  

	 	•	 	 The primary care sector in the US continues to remain highly fragmented with majority of consolidation done by regional
and localized healthcare networks. Historically proven to be misaligned with primary care providers, health systems can be seen using practices as feeders to higher acuity service, and traditional private equity consolidators can see these practices
as a platform for future sale. There is a growing demand for primary care providers to remain independent, while partnering with the right group to bring scale and capabilities to support a VBC model. 

 

	 	•	 	 The Company has already acted on this opportunity with the acquisitions of 3 clinic groups in Q4 2020 and 3 groups
subsequently in 2021. The Company has a robust pipeline of targeted deal flow that remains disciplined on price and focus. 

  

	 	•	 	 In a FFS model, the Company can benefit from national expansion. Concurrently, the Company will be focusing on regional
density as it develops platforms to support patients in a VBC model and bring efficiencies to the practices and payors. 

  

	 	•	 	 Acquisitions also support a more aggressive plan to expand on provider and patient panels while remaining Adjusted
EBITDA positive from operations as each transaction bring with it established revenues, positive Adjusted EBITDA and positive cash flow from operations. 

  

	 	•	 	 The Company continues to expand on its robust pipeline of acquisition targets and with recent profitability, cash on its
balance sheet, and strong support from its investor base, is well positioned to continue executing on its acquisition strategy. 

  

	 	•	 	 The Company believes that contingent on an active market, proper access to capital and demand from physicians and
payors, that it will remain highly acquisitive as part of its three-pronged growth plan. 

 Developing a Single System of Operation and Clinical
Leadership 
  

	 	•	 	 Through a national management platform, the Company is focused on developing efficiencies and operational scale through
its network of acquire practices. Nearly 40% of physician practices today seeking to drive towards VBC are partnered with a Management Services Organization (MSO). 

 

	 	•	 	 MSOs provide a range of services to practices including administrative and management functionality, revenue cycle
management, technology and infrastructure, payor management and contracting as well as in some cases, capital. 

  

	 	•	 	 Many providers are not only seeking partnership but acquisition where they can still participate in small levels of
ownership and reduce the burden of practice administration (nearly 1/6th of a physician’s time is spent managing the practice). 

  

	 	•	 	 SHG unlike a traditional MSO, acquires practices but brings with it the same infrastructure and support systems that
practices can see in a MSO partnership. Through this capability, the Company is focused on driving clinical efficiencies that can lead to improved operations workflows, provider, patient and staff satisfaction and overall clinical profitability
growth. 

  

	 	•	 	 Further, SHG will leverage a single management platform that it will define and deploy in 2021 as a goal to standardize
and bring all clinical practices under one electronic health record platform. While SHG recognizes that each practice may have their own system in place, centralizing to one platform will enhance the providers quality of care, relationship and
management of their patients, and enable SHG to structure data aggregation leading to improved clinical metrics and managing outcomes. 

  
 10 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

  

	 	•	 	 SHG will focus on a centralized platform to create visual dashboards and management tools to support the organization
down to a regional level allowing better transparency, oversight and alleviate time spent on manual processes at the clinical level freeing up more time for patient management. 

 

	 	•	 	 Unlike a traditional MSO, the Company will also focus on developing a clinically led decision making process whereby it
will seek to benefit from the knowledge and capabilities of its clinical team members. This partnership approach will ensure that alongside operational efficiencies, the focus on quality and patient care remains paramount to the VBC delivery model.

 Conversion from Fee-for-Service to Value-Based-Care 

 

	 	•	 	 The move to VBC continues to accelerate largely driven by payors and government. The shift enables a focus on quality
over volume where the primary care provider services to be incented to provide a more comprehensive level of care for patients. This in turn creates improved quality outcomes for the patient improving the management of chronic care illnesses,
prevention of future issues and management of downstream costs. 

  

	 	•	 	 The shift to value can take an evolutionary process where providers begin by stepping into primary care capitation
shifting payment from encounter-based care to a fixed per member per month model (PMPM). In the PMPM model, the provider begins developing the tools and strategies to manage care and cost which can continue to drive them towards more risk sharing
with payors and improving on the financial performance of contracts. 

  

	 	•	 	 SHG is committed to working with practices early in the conversion process, most of which are currently dominant FFS.
FFS practices still represent the majority of practices in the US today. 

  

	 	•	 	 As SHG continues to acquire and strengthen the practices into a single system of operation, practices under the platform
will benefit from the investment in technology and capabilities that SHG will build. 

  

	 	•	 	 Data aggregation, actionable insights and clinical leadership, combined with improved access, population health
management strategies and services for patients will enable these practices to being the shift to primary care capitation and then into future VBC payment models. 

 

	 	•	 	 The Company believes that will be able to begin contracting under VBC models with payors in 2021 and that practices
acquired in that time will be able to begin to see a shift in patient care accordingly. 

  

	 	•	 	 The move to VBC can lead to significantly improved patient economics for the practice that will further enhance, incent
and improve the quality of care for patients. 

  

	 	•	 	 As SHG begins to transition and convert to VBC, it expects to be able to remain broad in its capabilities from
demographic programs including Medicare Advantage and Managed Medicaid, to population specific programs including risk categories in areas such as but not limited diabetic care and mental health. 

 

	 	•	 	 As part of its care delivery program, SHG will also strongly leverage technology including telemedicine, remote patient
care and integration to other community services that can provide both national scale for patients at no direct cost to them and support local physicians in the management of these patients outside the practice. Shared documentation systems allow
for interdisciplinary care management and to align the care teams around each patient accordingly. 

  
 11 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Discussion of Operations 

For the year ended December 31, 2020, the Company has two reportable operating segments related to its research, and clinic businesses, which also
align with the two countries in which it operates, the United States and Canada. The functional currency is the United States dollar (“USD”) for operations in the United States and the Canadian dollar (“CAD”) for operations in
Canada. The Company’s presentation currency is the CAD. 
 Selected Annual Financial Information 

The following is selected financial data derived from the audited consolidated financial statements of the Company as at December 31, 2020, 2019 and
2018 and for the years ended December 31, 2020, 2019 and 2018: 
  

																					
	  	  	 Year
ended
December 31
	 
	 	  	 	2020	 	 	 	2019	 	 	 	2018	 	 	 	2020 vs 2019	 	 	 	2019 vs 2018	 
	  	  	$	 	 	 $
	 	 	$	 	 	%	 	 	%	 
	
Revenue
	  	 	13,141,227	 	 	 	13,423,747	 	 	 	10,768,011	 	 	 	-2.10	% 	 	 	24.70	% 
	
Cost of sales
	  	 	4,111,765	 	 	 	4,100,672	 	 	 	2,862,749	 	 	 	0.30	% 	 	 	43.20	% 
	
Gross profit
	  	 	9,029,462	 	 	 	9,323,075	 	 	 	7,905,262	 	 	 	-3.10	% 	 	 	17.90	% 
	
Operating expenses
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Salaries and wages
	  	 	5,918,575	 	 	 	6,514,287	 	 	 	4,876,240	 	 	 	-9.10	% 	 	 	33.60	% 
	
Director fees
	  	 	226,500	 	 	 	136,500	 	 	 	—	 	 	 	65.90	% 	 	 	N/A	 
	
Office and administration
	  	 	1,565,699	 	 	 	1,836,397	 	 	 	1,674,768	 	 	 	-14.70	% 	 	 	9.70	% 
	
Marketing and business development
	  	 	626,345	 	 	 	1,057,861	 	 	 	916,445	 	 	 	-40.80	% 	 	 	15.40	% 
	
Professional fees
	  	 	970,545	 	 	 	1,851,168	 	 	 	994,809	 	 	 	-47.60	% 	 	 	86.10	% 
	
Rent
	  	 	138,577	 	 	 	225,541	 	 	 	763,040	 	 	 	-38.60	% 	 	 	-70.40	% 
	
Share-based compensation
	  	 	4,312,647	 	 	 	1,120,813	 	 	 	546,446	 	 	 	284.80	% 	 	 	105.10	% 
	
Depreciation and amortisation
	  	 	2,324,384	 	 	 	2,257,560	 	 	 	1,005,549	 	 	 	3.00	% 	 	 	124.50	% 
	
Impairment loss
	  	 	—	 	 	 	3,607,499	 	 	 	—	 	 	 	N/A	 	 	 	N/A	 
	
Total operating expenses
	  	 	16,083,272	 	 	 	18,607,626	 	 	 	10,777,297	 	 	 	-13.60	% 	 	 	72.70	% 
	
Loss from operations
	  	 	(7,053,810	) 	 	 	(9,284,551	) 	 	 	(2,872,035	) 	 	 	-24.00	% 	 	 	223.30	% 
	
Non-operating expenses
	  	 	2,427,547	 	 	 	1,578,391	 	 	 	901,322	 	 	 	53.80	% 	 	 	75.10	% 
	
Net loss
	  	 	(9,481,357	) 	 	 	(10,974,452	) 	 	 	(3,773,357	) 	 	 	-13.60	% 	 	 	190.80	% 
	
Net loss per share (basic and diluted)
	  	 	(0.087	) 	 	 	(0.142	) 	 	 	(0.065	) 	 	 	 	 	 	 	 	 
	  	  	 	 	 	  	 	 	As at
December 31	 	 	  	 	 	  	 
	  	  	2020	 	 	2019	 	 	2018	 	 	2020 vs 2019	 	 	2019 vs 2018	 
	  	  	$	 	 	$	 	 	$	 	 	%	 	 	%	 
	
Total assets
	  	 	31,472,077	 	 	 	9,484,082	 	 	 	10,893,603	 	 	 	231.80	% 	 	 	-12.90	% 
	
Non-current liabilities
	  	 	1,119,648	 	 	 	883,441	 	 	 	3,274,080	 	 	 	26.70	% 	 	 	-73.00	% 

  
 12 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Revenue 
 The
Company’s revenue for the year ended December 31, 2020, 2019 and 2018 was $13,141,227, $13,423,747 and $10,768,011, respectively. Revenue for the year ended December 31, 2020 consisted of clinic revenue from the US clinical operations
amounting to $12,897,826 (2019: 13,278,075, 2018: $10,739,645), contract research revenue from the Canadian operations amounting to $189,981 (2019: $110,138 and 2018: $nil) and software licensing fee from the Canadian operations amounting to $53,420
(2019: $35,534, 2018: $28,366). 
 Revenue compared to 2019 decreased slightly due to several weeks of negative impact brought on by the COVID-19 pandemic. Adjusting for this temporary decline, the legacy business does remain relatively flat year over year. The Company anticipates this trend to change significantly as it shifts from its legacy model
to offering its patients primary care and insurable services. 
 Within the year, there were also changes to how revenue was recorded and collected.
In Q3 2019, the Company acquired a clinic group in New Jersey. At the time, patients were expected to be seen 4 times a year with annual revenues of $200-$300 per year. In Q3 2019, regulations changed, and
patients were permitted to visit with the doctor for the same service only once per year. Hence in Q3 2019, the Company began transitioning patients to an annual program where the average patient revenue remained the same. With patients coming only
once a year, this resulted in fewer patient visits from New Jersey in Q3 and Q4 2020. This directly translates to the lower revenue for the quarter as compared to the same period the year before. The Company expects to see growth in 2021 as the
legacy business is now being expanded to include primary care and other insurable services that will result in net new revenue and improved patient economics. 

Cost of sales 
 Cost of sales during the year ended
December 31, 2020, 2019 and 2018 totaled $4,111,765, $4,100,672 and $2,862,749 respectively. The cost of sales increase for the year ended December 31, 2020 despite the temporary decline in revenue was due to the fixed component of the
cost of sales in terms of salaried physicians and practitioners. The cost of sales increase for the year ended December 31, 2019 is in line with the increase in revenues. Cost of sales pertains directly to the US clinical operations and
comprises service fees paid to doctors and nurse practitioners. 
 In the third quarter of 2020 the Company was also able to increase patients seen
per hour. Subsequently scaled back and optimized schedules and use of telehealth are expected to improve margins further in 2021. The implementation of technology owned by the Company including telehealth improved both time per visit, but also
expanded on clinician’s availability per hour. This along with continued improvements to operations and workflows will lead to future improvements in gross margins. 

Operating expenses 
 Operating expenses during the years ended
December 31, 2020, 2019 and 2018 totaled $16,083,272, $18,607,62 and $10,777,297, respectively. 
 Operating expenses for the US and Canadian
operations during the year ended December 31, 2020 were $7,338,416 and $8,744,856, respectively. Operating expenses for the US and Canadian operations during the year ended December 31, 2019 were $11,863,957 and $6,743,669, respectively.
Operating expenses for the US and Canadian operations during the year ended December 31, 2018 were $7,842,358 and $2,934,939, respectively. 

  
 13 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Operating expenses decreased for the year ended December 31, 2020 primarily as a result of
synergies obtained from prior year acquisitions and optimizations and improvements to operations. Operating expenses increased for the year ended December 31, 2019 primarily as a result of non-cash
impairment losses amounting to $3,607,499 booked during the year, together with increased operational cost due to acquisitions of MedEval, ROSH and NJAM. 

Operating expenses during the year ended December 31, 2020 primarily comprised salaries and wages on technology, clinical staff and support
infrastructure including the call center, accounting and management amounting to $5,918,575 (2019: $6,514,287, 2018: $4,876,240), office and administration expenses amounting to $1,565,699 (2019: $1,836,397, 2018: $1,674,768), professional fees
amounting to $970,545 (2019: $1,851,168, 2018: $994,809), marketing and business development expenses amounting to $626,345 (2019: $1,057,861, 2018: $916,445), share based compensation amounting to $4,312,647 (2019: $1,120,813, 2018: $546,446) and
depreciation and amortization amounting to $2,324,384 (2019: $2,257,560, 2018: $1,005,549). The Company was committed in 2020 to reduce operating expenses realized through efficiencies in technology and economies of scale including those realized
from the new acquisitions. Salaries and wages declined by 9.1%, and office and administration expense declined by 14.7% as a result of efficiencies realized on the clinical staff level and as a result of operating primarily on a telemedicine model
in 2020. Marketing and business development expense declined by 40.8% due to significant reduction in marketing activities and a focus on cash conservation compared to 2019. Reduction in professional fees of 47.6% was due to significantly higher
professional fees in 2019 because of the going public activities and acquisitions assisted by external experts. 
 Net Loss 

During the year ended December 31, 2020, 2019 and 2018, the Company recorded a net loss before income taxes amounting to $9,481,357, $10,862,942,
and $3,773,357, respectively. Net loss in year ended 2020 was primarily due to a higher professional fee and stock-based compensation, whereas year ended 2019 net loss was primarily a result of high professional fees and marketing and business
development expenses pertaining to the Company’s “going public” process, and the reverse takeover transaction cost booked during the comparative period and impairment loss of $3 million booked. 

Other key drivers contributing to the performance during the period include the significant increase in tele-medicine as a result of COVID-19 which resulted in a 9% reduction in salaries and wages in YE 2020 compared to YE 2019 while and the synergies of having one head office perform administrative functions for the clinics which has resulted in
a 15% decrease in administrative costs over the same period. Professional fees have decreased by 48% for YE 2020 over YE 2019 due to the timing of acquisitions in 2020 as compared to 2019 and due to the fees incurred due to the reverse takeover
transaction. 
 The net loss for the year ended December 31, 2020 consisted of (i) revenue of $13,141,227 and (ii) cost of sales of
$4,111,765 which result in a gross profit of $9,029,462; (iii) operating expenses of $16,083,272    which resulted in a loss from operations of $7,053,810; (iv) financing and other expenses $2,427,547 which comprise, change in
fair value of financial instruments of $2,156,002, interest on lease liabilities of $166,200, foreign exchange loss of $178,134, accretion on purchase consideration payable and loan payable of $75,062 and net gain on debt settlement of $147,851
resulting in a net loss before income tax of $9,481,357; and (v) income tax expense of $nil resulting in net loss of $9,481,357. 
 The net loss
for the year ended December 31, 2019 consisted of (i) revenue of $13,423,747 and (ii) cost of sales of $4,100,672 which result in a gross profit of $9,323,075; (iii) operating expenses of $18,607,626 which resulted in a loss from
operations of $9,284,551; (iv) financing and other expenses $1,578,391 which comprise reverse takeover costs of $807,995, change in fair value of financial instruments of $429,338, 

  
 14 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 interest on lease liabilities of $212,315, foreign exchange loss of $266,422 and accretion of
convertible debentures of $28,632 resulting in a net loss before income tax of $10,862,942; and (v) income tax expense of $111,510 resulting in net loss of $10,974,452. 

The net loss for the year ended December 31, 2018 consisted of (i) revenue of $10,768,011 and (ii) cost of sales of $2,862,749 which
resulted in a gross profit of $7,905,262; (iii) operating expenses of $10,777,297 which resulted in a loss from operations of $2,872,035; (iv) financing expenses $901,322 which comprise interest on long-term debt of $249,308, foreign exchange loss
of $302,151 and accretion of convertible notes of $349,863 resulting in a net loss before income tax of $3,773,357; and (v) income tax recovery of $116,613 resulting in net loss of $3,656,744. 

Quarterly Results 
  

																																	
	  	  	
2020
	 	 	 2019
	 
	  	  	Q4	 	 	Q3	 	 	Q2	 	 	Q1	 	 	Q4	 	 	Q3	 	 	Q2	 	 	Q1	 
	
Revenue
	  	 	3,198,600	 	 	 	3,310,128	 	 	 	3,700,473	 	 	 	2,932,026	 	 	 	3,123,777	 	 	 	4,193,138	 	 	 	3,257,021	 	 	 	2,849,811	 
	
Cost of sales
	  	 	1,029,328	 	 	 	964,091	 	 	 	1,088,015	 	 	 	1,030,331	 	 	 	1,051,418	 	 	 	1,264,296	 	 	 	1,129,270	 	 	 	655,688	 
	
Gross profit
	  	 	2,169,272	 	 	 	2,346,037	 	 	 	2,612,458	 	 	 	1,901,695	 	 	 	2,072,359	 	 	 	2,928,842	 	 	 	2,127,751	 	 	 	2,194,123	 
	
Operating expenses
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Salaries and wages
	  	 	2,231,167	 	 	 	1,181,693	 	 	 	1,114,755	 	 	 	1,390,959	 	 	 	1,891,769	 	 	 	1,726,296	 	 	 	1,817,305	 	 	 	1,078,917	 
	
Directors’ fees
	  	 	226,500	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	136,500	 	 	 	—	 	 	 	—	 	 	 	—	 
	
Office and administration
	  	 	379,490	 	 	 	387,697	 	 	 	421,912	 	 	 	376,601	 	 	 	392,667	 	 	 	606,320	 	 	 	470,319	 	 	 	367,091	 
	
Marketing and business development
	  	 	409,741	 	 	 	110,814	 	 	 	49,221	 	 	 	56,569	 	 	 	108,247	 	 	 	137,191	 	 	 	275,912	 	 	 	536,511	 
	
Professional fees
	  	 	431,984	 	 	 	47,668	 	 	 	264,539	 	 	 	226,354	 	 	 	252,834	 	 	 	505,401	 	 	 	596,362	 	 	 	496,571	 
	
Rent
	  	 	24,612	 	 	 	14,985	 	 	 	30,861	 	 	 	68,119	 	 	 	29,985	 	 	 	111,873	 	 	 	43,363	 	 	 	40,320	 
	
Share-based compensation
	  	 	3,812,022	 	 	 	217,028	 	 	 	124,456	 	 	 	159,141	 	 	 	371,283	 	 	 	175,444	 	 	 	229,279	 	 	 	344,807	 
	
Depreciation and amortisation
	  	 	481,715	 	 	 	601,878	 	 	 	626,643	 	 	 	614,148	 	 	 	609,898	 	 	 	585,431	 	 	 	571,026	 	 	 	491,205	 
	
Impairment loss
	  	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	3,607,499	 	 	 	—	 	 	 	—	 	 	 	—	 
	
Total operating expenses
	  	 	7,997,231	 	 	 	2,561,763	 	 	 	2,632,387	 	 	 	2,891,891	 	 	 	7,400,682	 	 	 	3,847,956	 	 	 	4,003,566	 	 	 	3,355,422	 
	
Loss from operations
	  	 	(5,827,959	) 	 	 	(215,726	) 	 	 	(19,929	) 	 	 	(990,196	) 	 	 	(5,328,323	) 	 	 	(919,114	) 	 	 	(1,875,815	) 	 	 	(1,161,299	) 

 The Company’s revenue for the three months ended December 31, 2020 and 2019 was $3,198,600 and $3,123,777,
respectively—a year over year growth of 2%. Revenue in Q4 and Q1 is typically lower than Q2 or Q3 due to the normal trend of patient volume. Historically, patient visits are lower in these two quarters due to many reasons including the cost of
such services which today are uninsured. Revenue for the three months ended December 31, 2020 consisted of clinic revenue amounting to $3,124,577 (2019: $3,033,145), contract research solutions fees amounting to $67,152 (2019: $77,938) and
software licensing fees amounting to $ 6,871 (2019: $12,694). 

  
 15 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Cost of sales during the three months ended December 31, 2020 and 2019 totaled $1,029,328 and
$1,051,418, respectively. The increase in revenue is due to new acquisitions during the year while decrease in cost is due to operation optimization in comparison to Q4 2019. 

Operating expenses during the three months ended December 31, 2020 and 2019 totaled $7,997,231 and $7,400,682, respectively. Operating expenses
increased for the three months ended December 31, 2019 as due to increased costs due to consolidation of additional acquisitions in the current quarter compared to prior quarter. Operating expenses during the three months ended
December 31, 2020 primarily comprised management fees, salaries and wages amounting to $2,231,167 (2019: $1,891,769), office and administration expenses amounting to $379,490 (2019: $392,667), professional fees amounting to $431,984 (2019:
$252,834), directors’ fee amounting to $226,500 (2019: $136,500) marketing and business development expenses amounting to $409,741 (2019: $108,247), share based compensation amounting to $3,812,022 (2019: $371,283), and rent amounting to
$24,612 (2019: $29,985). 
 The Company recorded net loss from operations of $5,827,959 and $5,328,323 during the three months ended December 31,
2020 and 2019, respectively. The increase in net loss was a result of significant costs relating to share based compensation and increased cost in operating additional entities compared to prior year. 

Adjusted-EBITDA and Segment Analysis 
 Adjusted EBITDA loss
for the year ended December 31, 2020 was $2,029,425 compared to an Adjusted EBITDA loss of $2,768,258 for the comparative period. The overall reduction was due to reduced operating expenses because of synergies obtained from prior year
acquisitions and optimizations and improvements to operations. Adjusted EBITDA loss for the quarter ended December 31, 2020 was $2,146,869 compared to an Adjusted EBITDA loss of $897,652 for the comparative period. The increase was due to
higher corporate and public markets consulting expenses in the last quarter, in preparation for listing on the TSX-V. 

The MD&A makes references to certain non-IFRS measures, including certain industry metrics. These metrics
and measures are not recognized measures under IFRS, do not have meanings prescribed under IFRS and are as a result unlikely to be comparable to similar measures presented by other companies. These measures are provided as information complimentary
to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of review of our financial information reported under
IFRS. This MD&A uses non-IFRS measures including “EBITDA”, “adjusted EBITDA”. EBITDA, and adjusted EBITDA are commonly used operating measures in the industry but may be calculated
differently compared to other companies in the industry. These non-IFRS measures, including the industry measures, are used to provide investors with supplementary measures of our operating performance that
may not otherwise be apparent when relying solely on IFRS metrics. 

  
 16 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Reconciliation of Segment-wise Adjusted EBITDA to Loss from operations 

 

																									
	$	  	 Year ended

December 31, 2020
	 	 	 Year ended

December 31, 2019
	 
	  	  	Medical
Services	 	 	Corporate	 	 	Total	 	 	Medical
Services	 	 	Corporate	 	 	Total	 
	
Income (loss) from operations
	  	 	1,447,645	 	 	 	(8,501,455	) 	 	 	(7,053,810	) 	 	 	(2,686,554	) 	 	 	(6,597,997	) 	 	 	(9,284,551	) 
	 Depreciation,
amortization (Note 1)
	  	 	1,408,644	 	 	 	915,740	 	 	 	2,324,384	 	 	 	1,274,277	 	 	 	983,581	 	 	 	2,257,858	 
	 Impairment loss (Note 2)
	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3,024,438	 	 	 	583,061	 	 	 	3,607,499	 
	
Write-offs (Note 3)
	  	 	—  	 	 	 	44,197	 	 	 	44,197	 	 	 	115,518	 	 	 	—  	 	 	 	115,518	 
	 Share based compensation (Note 1)
	  	 	—  	 	 	 	4,312,647	 	 	 	4,312,647	 	 	 	—  	 	 	 	1,120,813	 	 	 	1,120,813	 
	
Other income (non-cash)
	  	 	—  	 	 	 	(39,798	) 	 	 	(39,798	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 
	 Capitalization of software development cost
(Note 4)
	  	 	—  	 	 	 	(658,144	) 	 	 	(658,144	) 	 	 	—  	 	 	 	(1,048,602	) 	 	 	(1,048,602	) 
	
Capitalization of lease payments (Note 4)
	  	 	(898,885	) 	 	 	(60,016	) 	 	 	(958,901	) 	 	 	(847,751	) 	 	 	(54,477	) 	 	 	(902,228	) 
	 Acquisition related
costs (Note 5)
	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	737,463	 	 	 	627,972	 	 	 	1,365,435	 
	 Adjusted
EBITDA
	  	 	1,957,404	 	 	 	(3,986,830	) 	 	 	(2,029,425	) 	 	 	1,617,391	 	 	 	(4,385,649	) 	 	 	(2,768,258	) 

 Note 1 
 Depreciation, amortization,
and share-based compensation are non-cash items which are typically excluded to arrive at EBITDA. To calculate Adjusted EBITDA, the Company adjusts all material non-cash
items which do not reflect operational performance of the business. 
 Note 2 

Impairment loss represents non-cash impairment of goodwill and intangibles. To calculate Adjusted EBITDA, the
Company adjusts all material non-cash items which do not reflect operational performance of the business 
 Note 3 

Lease deposits were received by the Company over time but not adjusted to the appropriate accounts. These have been written off during 2020 but are not
an operational recurring expense for the Company and therefore adjusted to calculate Adjusted EBITDA. For 2019, the write-offs comprise adjustments for inventory already sold and funds deposited but uncleared in the accounting system. These balances
pertained to years prior to 2018. 
 Note 4 
 Capitalizations have
been included as an expense in the calculation of Adjusted EBITDA because these expenses either relate to payroll or the Company’s leased properties and are not part of the Condensed Interim Statement of Loss and Comprehensive Loss. The Company
believes that these are operational expenses and should be reduced to arrive at Adjusted EBITDA. 
 Note 5 

While the Company does intend to continue growing through acquisition, many of the costs excluded to calculate Adjusted EBITDA will not incurred for
future acquisitions, as they were primarily related to drafting template acquisition agreements.  

  
 17 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 FINANCIAL POSITION 

Significant Assets 
  

									
	  	  	December 31, 2020	 	  	December 31, 2019	 
	  	  	$	 	  	$	 
	
Cash
	  	 	20,051,734	 	  	 	130,273	 
	 Trade and other receivables
	  	 	528,827	 	  	 	309,353	 
	
Computer software
	  	 	1,129,117	 	  	 	1,312,170	 
	 Other intangible assets
	  	 	5,344,131	 	  	 	4,321,118	 
	
Goodwill
	  	 	2,224,432	 	  	 	1,634,611	 
	
Right of use assets
	  	 	1,325,087	 	  	 	1,532,128	 

 The Company’s total assets as of December 31, 2020 were $31,472,077 (December 31, 2019: $9,484,082). These
assets were mainly comprised of cash amounting to $20,051,734 (December 31, 2019: $130,273), trade and other receivables amounting to $528,827 (December 31, 2019: $309,353), computer software amounting to $1,129,117 (December 31, 2019: $1,312,170),
other intangible assets amounting to $5,344,131 (December 31, 2019: $4,321,118), goodwill amounting to $ 2,224,432 (December 31, 2019: $1,634,611) and right of use assets amounting to $1,325,087 (December 31, 2019: 1,532,128). Significant increase
in cash is due to cash flows generated from operations together with cash brought in by the private placement and bought deals that closed during Q3 and Q4 2020. 

Liquidity and Capital Resources 
  

									
	 Period Ended December 31,
	  	 	2020	 	  	 	2019	 
	  	  	$	 	  	$	 
	 Cash used in operating activities
	  	 	(1,887,342	) 	  	 	(1,148,762	) 
	 Cash used in
investing activities
	  	 	(2,392,477	) 	  	 	(1,842,308	) 
	 Cash provided by financing activities
	  	 	23,991,577	 	  	 	2,672,244	 

 As at December 31, 2020, the Company had a cash balance of $20,051,734 (December 31, 2019: $130,273). Increase in
cash was due to cash amounting to $23,991,577 (December 31, 2019: $2,672,244) provided by financing activities, offset by cash amounting to $1,887,342 (December 31, 2019: $1,148,762) utilized in operations, $658,144 (December 31, 2019: $1,048,602)
utilized in software development, purchase consideration paid in the amount of $1,702,916 (December 31, 2019: $722,283) and a foreign currency impact of $209,703 (December 31, 2019: $15,266). 

Adjustments to arrive at operating cash flow include $2,324,384 adjustment for depreciation and amortization (December 31, 2019: $2,257,560), unrealized
foreign exchange gain of $141,680 (December 31, 2019: loss $263,970), accretion on purchase consideration payable, loan payable and convertible debentures amounting to $75,062 (December 31, 2019: $28,632), interest on lease liabilities of $166,200
(December 31, 2019: $212,315), impairment loss amounting to $nil (December 31, 2019: $3,607,499), reverse takeover transaction cost amounting to $nil (December 31, 2019: $807,995), share-based compensation of $4,312,647 (December 31, 2019:
$1,120,813), bad debts write off amounting to $44,197 (December 31, 2019: $nil), net gain on debt settlement amounting to $147,851 (December 31, 2019: $166,311), adjustment for change in fair value of financial instruments amounting to $2,156,002
(December 31, 2019: $429,338), Other income related to loan payable amounting to $39,798 (December 31, 2019: $nil), and the change in non-cash working capital balances due to decrease (increase) of inventories
of $5,181 (December 31, 2019: 

  
 18 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 
$54,496), decrease in trade and other receivables of $(533,869) (December 31, 2019: $(14,746)), decrease (increase) in prepaid expenses of $(763,211) (December 31, 2019: $5,783), increase in
accounts payable and accrued liabilities of $(146,609) (December 31, 2019: $1,106,886) and increase in income taxes payable of $nil (December 31, 2019: $111,460). The increase in cash utilized from operations during the year ended December 31,
2020 compared to December 31, 2019 is attributable to lower net loss during the year ended December 31, 2019 after offsetting the $3 million non-cash impairment. 

The Company’s cash used in investing activities for the year ended December 31, 2020 was $2,392,477 (2019: $1,842,308). The increase was
primarily due to a decrease in software development and timing of acquisition activities. 
 The Company’s financing activities in year ended
December 31, 2020 comprised raising net proceeds of $24,250,731 from private placements and bought deals that closed during Q3 and Q4 2020 and on exercises of warrants and proceeds from PPP loan amounting to $916,958, partially offset by the
payment of principal and interest on lease liabilities amounting to $958,901 on the company’s leased premises and repayment of related party loan amounting to $25,146. 

During the year ended December 31, 2019, the Company raised $2,761,832 through private placements, $787,800 from the issuance of Merida note II,
partially offset by payment of principal and interest on lease liabilities amounting to $902,228. 
 As at December 31, 2020, the Company had a
working capital surplus of $18,646,616 (December 31, 2019: working capital deficiency of $6,711,281). The working capital position has improved significantly due to private placement and bought deal financing during Q3 and Q4 2020, operating profits
generated during the year, restructuring of the promissory note payable and receipt of relief funds in the United States, which is currently disclosed as a loan payable on the balance sheet but is expected to be forgiven under the approved
guidelines. 
 The Company had maintained positive Adjusted EBITDA for Q2 and Q3 2020 and a lower loss Adjusted EBITDA for the year ended and believes
this will be improved over the next quarters as continued clinical consolidation efficiencies and revenue related to its non-clinical business areas comes online. Contribution in these areas is not only
expected to add to the Company’s top line, but also generate a higher margin than its current clinical operations. The Company’s ability to reach profitability is dependent on successful implementation of its business strategy. The Company
may require additional debt and/or equity financing in order to accelerate its growth strategy. Although the Company has been successful in raising funds to date, there can be no assurance that funding will be available in the future or available
under terms acceptable to the Company. 
 Subsequent to the year end, the Company, in accordance with previously announced plans, used US$1,411,048,
US$224,933, US$375,000, and US$8,630,281, as purchase consideration and transaction costs, to close on four clinical acquisitions, as disclosed in the subsequent events section. 

Share capital, outstanding options and warrants 
  

													
	  	  	April 19,
2021	 	  	December 31,
2020	 	  	December 31,
2019	 
	 Shares issued and outstanding
	  	 	179,730,537	 	  	 	175,349,946	 	  	 	82,836,742	 
	 Options
	  	 	14,290,607	 	  	 	12,967,930	 	  	 	6,721,368	 
	 Warrants
	  	 	20,076,205	 	  	 	24,175,484	 	  	 	15,530,719	 

  
 19 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Off-Balance Sheet Arrangements 

The Company does not have any off-balance sheet arrangements from the date of its incorporation to the date of
this MD&A. 
 Related Party Transactions 
 Key
management personnel include those persons having authority and responsibility for planning, directing, and controlling the activities of the Company. The Company’s key management currently consists of the Company’s directors and officers.

 Salaries and short-term benefits of key management personnel for the year ended December 31, 2020 amounted to $1,261,057 (for the year ended
December 31, 2019: $448,000). 
 Share-based compensation of key management personnel for the year ended December 31, 2020 amounted to
$2,320,236 (for the year ended December 31, 2019: $405,061). 
 Professional services fees to key management personnel for the year ended
December 31, 2020 amounted to $55,618 (for the year ended December 31, 2019: $nil). 
 The amounts are the amounts recognized as an expense
during the reporting period related to key management personnel. 
 New accounting standards issued but not yet effective 

Amendments to IAS 1—Presentation of financial statements (“IAS 1”) 

The amendments affect only the presentation of liabilities in the statement of financial position — not the amount or timing of recognition of any
asset, liability income or expenses, or the information that entities disclose about those items. They clarify that the classification of liabilities as current or non-current should be based on rights that
are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the “right” to defer settlement by at least twelve months and make explicit that only rights in place “at the end of the
reporting period” should affect the classification of a liability; clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement
refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The effective date of the amendments to IAS is on or after January 1, 2023, earlier application of the is permitted. The Company will be
evaluating the impact this standard will have on the Company’s consolidated financial statements. 
 Use of estimates and judgments 

Estimates—Lease terms are estimated by considering the facts and circumstances that can create an economic incentive to exercise an extension
option, or not to exercise a termination option. Certain qualitative and quantitative assumptions are evaluated when deriving the value of an economic incentive. 

Judgments—Judgment is applied when determining if a contract contains an identified asset. The identified asset should be physically distinct or
represent substantially all of the capacity of the asset and should provide the right to substantially all of the economic benefits from the use of the asset. 

  
 20 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Judgment is also applied when determining if the Company has the right to control the use of an
identified asset. This right exists when the Company has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In certain instances, where the decision about how and for what purpose the asset is
used are predetermined, the Company has the right to direct the use of the asset when the Company has the right to operate the asset or if the Company designed the asset in a way that predetermines how and for what purpose the asset will be used.

 Judgment is applied when determining the incremental borrowing rate used to measure the lease liability of each lease contract, including an
estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest rate the Company would pay to borrow at a similar term and with similar security. 

Certain leases contain extension or renewal options that are exercisable only by the Company and not by the lessor. At lease commencement, the Company
assesses whether it is reasonably certain to exercise any of the extension options based on the expected economic return from the lease. Periodically, leases are reassessed to determine if the Company is reasonably certain to exercise options and
account for any changes at the date of the reassessment. 
 Risk Factors 

The following section describes specific and general risks that could affect the Company. These risks and uncertainties are not the only ones the Company
is facing. Additional risks and uncertainties not presently known to the Company, or that it currently deems immaterial, may also impair its operations. If any such risks actually occur, the business, financial condition, liquidity and results of
the Company’s operations could be materially adversely affected. The risk factors described below should be carefully considered by readers. 
 Limited
Operating History 
 The Company, while incorporated in November 2014, began carrying on business in 2017 and has only very recently begun to
generate revenue. The Company is therefore subject to many of the risks common to early-stage enterprises, including under-capitalization, cash shortages, limitations with respect to personnel, financial, and other resources and lack of revenues.
There is no assurance that the Company will be successful in achieving a return on shareholders’ investment and likelihood of success must be considered in light of the early stage of operations. 

Cash Flow From Operations 
 The Company has historically not
generated cash flow from operations. The Company is devoting significant resources to its business, however there can be no assurance that it will generate positive cash flow from operations in the future. The Company may continue to incur negative
consolidated operating cash flow and losses. The Company had negative operating cash flows from operations until the second quarter of fiscal 2020, and reported a total comprehensive loss of approximately $10,990,000 for the year ended
December 31, 2019 and approximately $9,470,000 for the year ended December 31, 2020. To the extent that the Company has negative cash flow in future periods, the Company may need to deploy a portion of its cash reserves to fund such
negative cash flow. 

  
 21 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Risks Associated with Acquisitions 

As part of the Company’s overall business strategy, the Company may pursue strategic acquisitions designed to expand its operations in both existing
and new jurisdictions. Future acquisitions may expose it to potential risks, including risks associated with: (a) the integration of new operations, services and personnel; (b) unforeseen or hidden liabilities; the diversion of resources
from the Company’s existing business and technology; (d) potential inability to generate sufficient revenue to offset new costs; (e) the expenses of acquisitions; or (f) the potential loss of or harm to relationships with both
employees and existing users resulting from its integration of new businesses. In addition, any proposed acquisitions may be subject to regulatory approval. 
 The
Company is dependent on its relationships with the Skylight Health PCs 
 The Company is dependent on its relationships with the “Skylight
Health PCs”, which are affiliated professional entities that the Company does not own, to provide healthcare services, and the Company’s business would be harmed if those relationships were disrupted or if the arrangements with the
Skylight Health PCs become subject to legal challenges. 
 A prohibition on the corporate practice of medicine by statute, regulation, board of
medicine, attorney general guidance, or case law, exists in certain of the U.S. states in which the Company operates. These laws generally prohibit the practice of medicine by lay persons or entities and are intended to prevent unlicensed persons or
entities from interfering with or inappropriately influencing providers’ professional judgment. Due to the prevalence of the corporate practice of medicine doctrine, including in certain of the states where the Company conducts its business, it
does not own the Skylight Health PCs and contracts for healthcare provider services for its members through administrative services agreements (“ASAs”) with such entities. As a result, the Company’s ability to receive cash fees from
the Skylight Health PCs is limited to the fair market value of the services provided under the ASAs. To the extent the Company’s ability to receive cash fees from the Skylight Health PCs is limited, the Company’s ability to use that cash
for growth, debt service or other uses at the Skylight Health PC may be impaired and, as a result, the Company’s results of operations and financial condition may be adversely affected. 

The Company’s ability to perform medical and digital health services in a particular U.S. state is directly dependent upon the applicable laws
governing the practice of medicine, healthcare delivery and fee splitting in such locations, which are subject to changing political, regulatory and other influences. The extent to which a U.S. state considers particular actions or relationships to
constitute the practice of medicine is subject to change and to evolving interpretations by medical boards and state attorneys general, among others, each of which has broad discretion. There is a risk that U.S. state authorities in some
jurisdictions may find that the Company’s contractual relationships with the Skylight Health PCs, which govern the provision of medical and digital health services and the payment of administrative and operations support fees, violate laws
prohibiting the corporate practice of medicine and fee splitting. The extent to which each state may consider particular actions or contractual relationships to constitute improper influence of professional judgment varies across the states and is
subject to change and to evolving interpretations by state boards of medicine and state attorneys general, among others. Accordingly, the Company must monitor its compliance with laws in every jurisdiction in which it operates on an ongoing basis,
and the Company cannot provide assurance that its activities and arrangements, if challenged, will be found to be in compliance with the law. Additionally, it is possible that the laws and rules governing the practice of medicine, including the
provision of digital health services, and fee splitting in one or more jurisdictions may change in a manner adverse to the Company’s business. While the ASAs prohibit the Company from controlling, influencing or otherwise interfering with the
practice of medicine at each Skylight Health PC, and provide that physicians retain exclusive control and responsibility for all aspects of the practice of medicine and the delivery of medical services, there can be no

  
 22 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 
assurance that the Company’s contractual arrangements and activities with the Skylight Health PCs will be free from scrutiny from U.S. state authorities, and the Company cannot guarantee
that subsequent interpretation of the corporate practice of medicine and fee splitting laws will not circumscribe the Company’s business operations. State corporate practice of medicine doctrines also often impose penalties on physicians
themselves for aiding the corporate practice of medicine, which could discourage providers from participating in the Company’s network of physicians. If a successful legal challenge or an adverse change in relevant laws were to occur, and the
Company was unable to adapt its business model accordingly, the Company’s operations in affected jurisdictions would be disrupted, which could harm its business. 

Operational Risks 
 The Company will be affected by a number
of operational risks and the Company may not be adequately insured for certain risks, including: labour disputes; catastrophic accidents; fires; blockades or other acts of social activism; changes in the regulatory environment; impact of non- compliance with laws and regulations; natural phenomena, such as inclement weather conditions, floods, earthquakes and ground movements. There is no assurance that the foregoing risks and hazards will not
result in personal injury or death, environmental damage, adverse impacts on the Company’s operation, costs, monetary losses, potential legal liability and adverse governmental action, any of which could have an adverse impact on the
Company’s future cash flows, earnings and financial condition. Also, the Company may be subject to or affected by liability or sustain loss for certain risks and hazards against which the Company cannot insure or which the Company may elect not
to insure because of the cost. This lack of insurance coverage could have an adverse impact on the Company’s future cash flows, earnings, results of operations and financial condition. 

Public Health Crises such as the COVID-19 Pandemic and other Uninsurable Risks 

Events in the financial markets have demonstrated that businesses and industries throughout the world are very tightly connected to each other. General
global economic conditions seemingly unrelated to the Company or to the medical health services sector, including, without limitation, interest rates, general levels of economic activity, fluctuations in the market prices of securities,
participation by other investors in the financial markets, economic uncertainty, national and international political circumstances, natural disasters, or other events outside of the Company’s control may affect the activities of the Company
directly or indirectly. The Company’s business, operations and financial condition could also be materially adversely affected by the outbreak of epidemics or pandemics or other health crises. For example, in late December 2019, a novel
coronavirus (“COVID-19”) originated, subsequently spread worldwide and on March 11, 2020, the World Health Organization declared it was a pandemic. The risks of public health crises such as the COVID-19 pandemic to the Company’s business include without limitation, the ability to raise funds, employee health, workforce productivity, increased insurance premiums, limitations on travel, the availability
of industry experts and personnel, disruption of the Company’s supply chains and other factors that will depend on future developments beyond the Company’s control. In particular, the continued spread of the coronavirus globally, prolonged
restrictive measures put in place in order to control an outbreak of COVID-19 or other adverse public health developments could materially and adversely impact the Company’s business in the United States.
There can be no assurance that the Company’s personnel will not ultimately see its workforce productivity reduced or that the Company will not incur increased medical costs or insurance premiums as a result of these health risks. In addition,
the coronavirus pandemic or the fear thereof could adversely affect global economies and financial markets resulting in volatility or an economic downturn that could have an adverse effect on the demand for the Company’s service offerings and
future prospects. Epidemics such as COVID-19 could have a material adverse impact on capital markets and the Company’s ability to raise sufficient funds to finance the ongoing development of its material
business. All of these factors could have a material and adverse effect on the Company’s business, financial condition and results of operations. The extent to which COVID-19 impacts the Company’s
business, including its operations and the market for its 

  
 23 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 
securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the outbreak and the actions taken
to contain or treat the coronavirus outbreak. It is not always possible to fully insure against such risks, and the Company may decide not to insure such risks as a result of high premiums or other reasons. Should such liabilities arise, they could
reduce or eliminate any future profitability and result in increasing costs and a decline in the value of the Common Shares of the Company. Even after the COVID-19 pandemic is over, the Company may continue to
experience material adverse effects to its business, financial condition and prospects as a result of the continued disruption in the global economy and any resulting recession, the effects of which may persist beyond that time. The COVID-19 pandemic may also have the effect of heightening other risks and uncertainties disclosed herein. To date, the COVID-19 crisis has not materially impacted the
Company’s operations, financial condition, cash flows and financial performance. In response to the outbreak, the Company has instituted operational and monitoring protocols to ensure the health and safety of its employees and stakeholders,
which follow the advice of local governments and health authorities where it operates. The Company has adopted a work from home policy where possible. The Company continues to operate effectively whilst working remotely. The Company will continue to
monitor developments of the pandemic and continuously assess the pandemic’s potential further impact on the Company’s operations and business. 
 Global
Economic Risk 
 Global economic conditions could have an adverse effect on the Company’s business, financial condition, or results of
operations. Adverse changes in general economic or political conditions in the United States or any of the states within the United States or any jurisdiction in which the Company operates or intends to operate could adversely affect the
Company’s business, financial condition, or results of operations. 
 Forward Looking Information 

The Company’s financial estimates, projections and other forward-looking information accompanying this document were prepared by the Company without
the benefit of reliable historical industry information or other information customarily used in preparing such estimates, projections and other forward-looking statements. Such forward-looking information is based on assumptions of future events
that may or may not occur, which assumptions may not be disclosed in such documents. Investors should inquire of the Company and become familiar with the assumptions underlying any estimates, projections or other forward-looking statements.
Projections are inherently subject to varying degrees of uncertainty and their achievability depends on the timing and probability of a complex series of future events. 

There is no assurance that the assumptions upon which these projections are based will be realized. Actual results may differ materially from projected
results for a number of reasons including increases in operating expenses, changes or shifts in regulatory rules, undiscovered and unanticipated adverse industry and economic conditions, and unanticipated competition. Accordingly, investors should
not rely on any projections to indicate the actual results the Company and its subsidiaries may achieve. 
 Competition – General 

There is potential that the Company will face intense competition from other companies, some of which can be expected to have longer operating histories
and more financial resources and marketing experience than the Company. Increased competition by larger and better financed competitors could materially and adversely affect the business, financial condition, and results of operations of the
Company. To remain competitive, the Company will require a continued high level of investment in research and development, marketing, sales, and client support. 

  
 24 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Competition – Health Care Clinics 

The industry is intensely competitive, and the Company competes with other companies that may have greater financial resources and facilities. Numerous
other businesses are expected to compete in the clinic space and provide additional patient services. 
 Management of Growth 

The Company may be subject to growth-related risks including capacity constraints and pressure on its internal systems and controls. The ability of the
Company to manage growth effectively will require it to continue to implement and improve its operational and financial systems and to expand, train, and manage its employee base. The inability of the Company to deal with this growth may have a
material adverse effect on the Company’s business, financial condition, results of operations and prospects. 
 Reliance on Management 

The success of the Company is dependent upon the ability, expertise, judgment, discretion, and good faith of its management. While employment agreements
are customarily used as a primary method of retaining the services of key employees, these agreements cannot assure the continued services of such employees. Any loss of the services of such individuals could have a material adverse effect on the
Company’s business, operating results, or financial condition. 
 Dependence on suppliers and skilled labour 

The ability of the Company to compete and grow will be dependent on it having access, at a reasonable cost and in a timely manner, to skilled labour,
equipment, parts and components. No assurances can be given that the Company will be successful in maintaining its required supply of skilled labour, equipment, parts and components. 

Risks Related to Software and Product Development 
 The
Company continues to develop software and products. Inherent risks include: 
  

	 	•	 	 Lack of experience and commitment of team – The project manager is the leader and the most responsible
person. An inexperienced manager can jeopardize the completion of a project. 

  

	 	•	 	 Unrealistic deadlines – Software projects may fail when deadlines are not properly set. Project
initialization, completion date and time must be realistic. 

  

	 	•	 	 Improper budget – Cost estimation of a project is very crucial in terms of project success and failure. Low
cost with high expectations of large projects may cause project failure. 

  

	 	•	 	 Lack of resources – Software and hardware resources may not be adequate. Lack of resources in terms of
manpower is also a critical risk factor of software failure. 

  

	 	•	 	 Personnel hiring – The Company will be subject to extensive hiring requirements across all of its business
lines as well as a need to release underperforming employees in order to perform and grow at the rate it intends. Staffing requirements may not be properly attained or assigned for/to specific tasks or company needs. 

  
 25 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

	 	•	 	 Understanding problems of customers – Many customers are not technical in terms of software terminologies
and may not understand the developer’s point of view. Developers may interpret information differently from what is provided by the clients. 

  

	 	•	 	 Inappropriate design – Software designers have a major role in the success or failure of the project if a
design is inappropriate for the project. 

  

	 	•	 	 Market demand obsolete – Market demand may become obsolete while a project is still in progress

 Risks Inherent in the Health Clinic Industry 

Changes in operating costs (including costs for maintenance, insurance), inability to obtain permits required to conduct clinical business operations,
changes in health care laws and governmental regulations, and various other factors may significantly impact the ability of the Company to generate revenues. Certain significant expenditures, including legal fees, borrowing costs, maintenance costs,
insurance costs and related charges must be made to operate the Company’s clinic operation, regardless of whether the Company is generating revenue. 

Material Impact of PIPEDA/HIPPA Legislation on the Company’s Business 

Regulations under PIPEDA/HIPAA governing the confidentiality and integrity of protected health information are complex and are evolving rapidly. As these
regulations mature and become better defined, the Company anticipates that they will continue to directly impact our business. Achieving compliance with these regulations could be costly and distract management’s attention from its operations.
Any failure on the Company’s part to comply with current or future regulations could subject it to significant legal and financial liability, including civil and criminal penalties. In addition, development of related federal and state
regulations and policies regarding the confidentiality of health information or other matters could positively or negatively affect our business. 

The Company’s investments in the United States and Canada are subject to applicable anti- money laundering laws and regulations 

The Company is subject to a variety of laws and regulations domestically and in the United States that involve money laundering, financial recordkeeping
and proceeds of crime, including the Currency and Foreign Transactions Reporting Act of 1970 (commonly known as the Bank Secrecy Act), as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended and the rules and regulations thereunder, the Criminal Code (Canada) and any related or similar
rules, regulations or guidelines, issued, administered or enforced by governmental authorities in the United States and Canada. 
 In certain circumstances, the
Company’s reputation could be damaged 
 Damage to the Company’s reputation can be the result of the actual or perceived occurrence of
any number of events, and could include any negative publicity, whether true or not. The increased usage of social media and other web based tools used to generate, publish and discuss user-generated content and to connect with other users has made
it increasingly easier for individuals and groups to communicate and share opinions and views regarding the Company and its activities whether true or not. Although the Company believes that it operates in a manner that is respectful to all
stakeholders and that it takes care in protecting 

  
 26 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 
its image and reputation, the Company will not ultimately have direct control over how it is perceived by others. Reputation loss may result in decreased investor confidence, increased challenges
in developing and maintaining community relations and an impediment to the Company’s overall ability to advance its projects, thereby having material adverse impact on financial performance, financial condition, cash flows and growth prospects.

 Currency Fluctuations 
 Due to the Company’s present
operations in the United States, and its intention to continue future operations outside Canada, the Company is expected to be exposed to significant currency fluctuations. Recent events in the global financial markets have been coupled with
increased volatility in the currency markets. 
 A substantially amount of the Company’s revenue will be earned in US dollars, but a substantial
portion of its operating expenses are incurred in Canadian dollars. The Company does not have currency hedging arrangements in place and there is no expectation that the Company will put any currency hedging arrangements in place in the future. The
Company does not have currency hedging arrangements in place and there is no expectation that the Company will put any currency hedging arrangements in place in the future. Fluctuations in the exchange rate between the US dollar and the Canadian
dollar, may have a material adverse effect on the Company’s business, financial condition and operating results. The Company may, in the future, establish a program to hedge a portion of its foreign currency exposure with the objective of
minimizing the impact of adverse foreign currency exchange movements. However, even if the Company develops a hedging program, there can be no assurance that it will effectively mitigate currency risks. 

Requirements for Further Financing 
 The Company may need to
obtain further financing, whether through debt financing, equity financing or other means. The Company must obtain such financing through a combination of equity and debt financing and there can be no assurance that the Company can raise the
required capital it needs to build and expand its current operations, nor that the capital markets will fund the business of the Company. Without this additional financing, the Company may be unable to achieve positive cash flow and earnings as
quickly as anticipated. There can be no certainty that the Company can obtain these funds, in which case any investment in the Company may be lost. The raising of equity funding would also result in dilution of the equity of the Company’s
shareholders. 
 Litigation 
 The Company may become party
to litigation from time to time in the ordinary course of business which could adversely affect its business. Should any litigation in which the Company becomes involved be determined against the Company such a decision could adversely affect the
Company’s ability to continue operating and the market price for Common Shares and could use significant resources. Even if the Company is involved in litigation and wins, litigation can redirect significant company resources. 

Conflicts of Interest 
 Certain of the directors and officers
of the Company are, or may become directors and officers of other companies, and conflicts of interest may arise between their duties as officers and directors of the Company and as officers and directors of such other companies. 

  
 27 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

 Health Care Coverage 

There is a possibility that healthcare companies can refuse to cover medical costs. 

Dividend Policy 
 The Company does not presently intend to pay
cash dividends in the foreseeable future, as any earnings are expected to be retained for use in developing and expanding its business. However, the actual number of dividends received from the Company will remain subject to the discretion of its
Board of Directors and will depend on results of operations, cash requirements and future prospects of the Company and other factors. Any future dividends paid by the Company would be subject to tax and potentially, withholdings. 

Cautionary Statement Regarding Forward-Looking Information 

Certain information contained in this MD&A and any documents incorporated by reference herein may constitute forward-looking statements, as such term
is defined under Canadian, U.S. and any other applicable securities laws. These statements relate to future events or future performance and reflect management’s expectations and assumptions regarding the growth, results of operations,
performances and business prospects and opportunities of the Company. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “continue”,
“estimate”, “expect”, “may”, “intend”, “will”, “project”, “could”, “believe”, “predict”, “potential”, “should” or the negative of these
terms or other similar expressions are intended to identify forward-looking statements. In particular, information regarding the Company’s future operating results and economic performance is forward-looking information. These statements
involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or events to differ materially from those anticipated, discussed or implied in such forward-looking statements. The Company
believes the expectations reflected in such forward- looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this MD&A and any documents
incorporated by reference herein should be considered carefully and investors should not place undue reliance on them as the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These
statements speak only as of the date of this MD&A or the particular document incorporated by reference herein. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions
about: 
  

	 	(i)	 general business and economic conditions; 

 

	 	(ii)	 the intentions, plans and future actions of the Company; 

 

	 	(iii)	 the business and future activities of the Company after the date of this MD&A; 

 

	 	(iv)	 market position, ability to compete and future financial or operating performance of the Company after the date of
this Prospectus; 

  

	 	(v)	 anticipated developments in operations; the future demand for the products and services developed, produced, supplied,
or distributed by the Company; 

  

	 	(vi)	 the timing and amount of estimated research & development expenditure in respect of the business of the
Company; 

  

	 	(vii)	 operating revenue, operating expenditures; success of marketing activities; estimated budgets; 

 

	 	(viii)	 currency fluctuations; 

  
 28 

 Skylight Health Group Inc (formerly CB2 Insights Inc) 

Management Discussion and Analysis 
 For the years ended December 31, 2020
and 2019 
  
  

	 	(ix)	 the sufficiency of the Company’s working capital; 

 

	 	(x)	 requirements for additional capital; 

 

	 	(xi)	 risks associated with obtaining and maintaining the necessary government permits and licenses related to the business

  

	 	(xii)	 government regulation; limitations on insurance coverage; the timing and possible outcome of regulatory matters;
goals; strategies; future growth; the adequacy of financial resources; and other events or conditions that may occur in the future; 

  

	 	(xiii)	 compliance with environmental, health, safety and other laws and regulations; 

 

	 	(xiv)	 the ability to attract and retain skilled staff; 

 

	 	(xv)	 market competition; and 

  

	 	(xvi)	 the potential impact of the COVID-19 pandemic on the Company and/or its
operations, and the healthcare industry and currency fluctuations. 

 Forward-looking statements are based on the beliefs of the
management of the Company, as well as on assumptions, which such management believes to be reasonable based on information available at the time such statements were made. However, by their nature, forward-looking statements are based on assumptions
and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the
forward-looking statements. Forward-looking statements are subject to a variety of risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements,
including, without limitation those risks outlined under the heading Risk Factors in this MD&A. 
 The list of risk factors set out in this
MD&A is not exhaustive of the factors that may affect any forward-looking statements of the Company. The Company does not intend, and does not assume any obligation, to update any forward-looking statements, other than as required by applicable
law. For all of these reasons, the security holders of the Company should not place undue reliance on forward-looking statements. 
 Market and Industry Data

 This MD&A includes market and industry data that has been obtained from third party sources, including industry publications. The Company
believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein
has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data
from third-party sources referred to in this MD&A or ascertained the underlying economic assumptions relied upon by such sources. 

  
 29EX-4.4

 Exhibit 4.4 

CB2 INSIGHTS INC. 
 5045
Orbitor Drive, Building 11, Unit 300 
 Mississauga, Ontario, L4W 4Y4 

MANAGEMENT INFORMATION CIRCULAR 

FOR THE ANNUAL GENERAL MEETING OF SHAREHOLDERS 

TO BE HELD ON SEPTEMBER 9, 2020 

This management information circular (this “Circular”) is being furnished in connection with the solicitation, by management
of CB2 Insights Inc. (the “Corporation”), of proxies for the annual general meeting (the “Meeting”) of shareholders (the “Shareholders”) of the Corporation to be held virtually through the platform
of AGM Connect (www.agmconnect.com) to facilitate an interactive meeting and live online voting for Registered Shareholders on Wednesday, September 9, 2020 at 9:00am (Toronto time), and at any adjournment thereof for the purposes set
forth in the enclosed notice of meeting (the “Notice”). 
 Unless otherwise indicated, the information contained in this
Circular is given as at July 20, 2020. 
 Unless otherwise indicated, all references to “dollars” or” “$”
means Canadian dollars. 
 SOLICITATION OF PROXIES 

Although, it is expected that management’s solicitation of proxies for the Meeting will be made primarily by mail, proxies may be
solicited by directors, officers and employees of the Corporation personally or by telephone, fax, email or other similar means of communication. This solicitation of proxies for the Meeting is being made by or on behalf of the directors and
management of the Corporation and the Corporation will bear the costs of this solicitation of proxies for the Meeting. 
 In accordance
with National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer
(“NI 54-101”), arrangements have been made with the transfer agent, investment dealers, intermediaries, custodians, depositories and depository participants and other nominees to
forward solicitation materials to the beneficial owners of the common shares (the “Shares”) of the Corporation. The Corporation will provide, without any cost to such person, upon request to the Chief Executive Officer of the
Corporation, additional copies of the foregoing documents for this purpose. 
 REGISTERED SHAREHOLDERS VOTING BY PROXY 

Enclosed with this Circular is a form of proxy. The persons named in the enclosed form of proxy are officers and/or directors of the
Corporation. Every Shareholder of the Corporation has the right to appoint a person (who need not be a shareholder of the Corporation) other than the persons already named in the enclosed form of proxy to represent such shareholder of the
Corporation at the virtual Meeting by striking out the printed names of such persons and inserting the name of such other person AND an email address for contact in the blank space provided therein for that purpose. In order to be valid, a proxy
must be received by Capital Transfer Agency Inc., 390 Bay Street, Suite 920, Toronto, Ontario, M5H 2Y2 by 9:00 am on September 7, 2020, or in the event of an adjournment or postponement of the Meeting, no later than forty-eight ( 48) hours
(excluding Saturdays, Sundays and holidays in Ontario) before the time for holding the adjourned or postponed Meeting. 
 Shareholders may
also elect to vote electronically in respect of any matter to be acted upon at the Meeting. Votes cast electronically are in all respects equivalent to and will be treated in the exact same manner as, votes cast via a paper form of proxy. To vote
electronically, registered shareholders are asked 

  
 1 

 
to go to the website shown on the form of proxy and follow the instructions on the screen. Please note that each shareholder exercising the electronic voting option will need to refer to the
control number indicated on their proxy form to identify themselves in the electronic voting system. Shareholders should also refer to the instructions on the proxy form for information regarding the deadline for voting shares electronically. If a
Shareholder votes electronically he or she is asked not to return the paper form of proxy by mail. 
 In order to be effective, a form of
proxy must be executed by a shareholder exactly as his or her name appears on the register of shareholders of the Corporation. Additional execution instructions are set out in the notes to the form of proxy. The proxy must also be dated where
indicated. If the date is not completed, the proxy will be deemed to be dated on the day on which it was mailed to shareholders. 

Registered shareholders may also attend the virtual Meeting and vote their shares at the Meeting by registering and logging in at: 

 

	 	•	 	 https://agmconnect.com/cb2insights2020 

To access the Meeting, follow the online instructions. 

In order to find the Control Number to access the Meeting: 
  

	 	•	 	 Registered shareholders: The control number located on the form of proxy or in the email
notification you received is your Control Number. 

  

	 	•	 	 Proxyholders: Duly appointed proxy holders, including
non-registered (beneficial) shareholders that have appointed themselves or another person as a as proxyholder AND have provided an email address for contact, will receive the Control Number from AGM Connect by
e-mail after the proxy voting deadline has passed. 

 We recommend that you log in
at least one hour before the start time of the Meeting. It is important to ensure you are connected to the internet at all times if you participate in the Meeting online in order to vote when balloting. 

The management representatives designated in the enclosed form of proxy will vote the Shares in respect of which they are appointed proxy in
accordance with the instructions of the shareholder as indicated on the proxy and, if the shareholder specifies a choice with respect to any matter to be acted upon, the Shares will be voted accordingly. In the absence of such direction, such
Shares will be voted by the management representatives named in such form of proxy in favour of each of the matters referred to in the Notice and will be voted by such representatives on all other matters which may come before the Meeting in their
discretion. 
 THE ENCLOSED FORM OF PROXY, WHEN PROPERLY SIGNED, CONFERS DISCRETIONARY VOTING AUTHORITY ON THOSE PERSONS DESIGNATED
THEREIN WITH RESPECT TO AMENDMENTS OR VARIATIONS TO THE MATTERS IDENTIFIED IN THE NOTICE AND WITH RESPECT TO OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING. 

At the time of printing of this Circular, management of the Corporation know of no such amendment, variation or other matters to come before
the Meeting other than the matters referred to in the Notice and this Circular. However, if any matters which are not now known to management of the Corporation should properly come before the Meeting, the Shares represented by proxies in favour
of the 

  
 2 

 
Management Nominees will be voted on such matters in accordance with the best judgement of the Management Nominee. 

ADVICE TO NON-REGISTERED SHAREHOLDERS 

Only Registered shareholders of the Corporation, or the persons they appoint as their proxies, are entitled to attend and vote at the Meeting.
However, in many cases, Shares beneficially owned by a person (a “Non-Registered Shareholder”) are registered either: 
  

	 	(a)	 in the name of an intermediary (an “Intermediary”) with whom the Non-Registered Shareholder deals in respect of the Shares (Intermediaries include, among others, banks, trust companies, investment dealers or brokers, trustees or administrators of a self-administered registered
retirement savings plan, registered retirement income fund, registered education savings plan and similar plans); or 

  

	 	(b)	 in the name of a clearing agency (such as The Canadian Depository for Securities Limited, in Canada, and the
Depositary Trust Company, in the United States) of which the Intermediary is a participant. 

 In accordance with the
requirements of NI 54-101, the Corporation has distributed copies of the Notice, this Circular and its form of proxy (collectively, the “Meeting Materials”) to the Intermediaries and clearing
agencies for onward distribution to Non-Registered Shareholders. Intermediaries are required to forward the Meeting Materials to Non-Registered Shareholders unless the Non-Registered Shareholders have waived the right to receive them. Intermediaries often use service companies to forward the Meeting Materials to Non-Registered Shareholders.
Generally, Non-Registered Shareholders who have not waived the right to receive Meeting Materials will either: 
  

	 	(a)	 be given a voting instruction form which must be completed and returned by the Non-Registered Shareholder in accordance with the directions printed on the form (in some cases, the completion of the voting instruction form by telephone, facsimile or over the Internet is permitted) or

  

	 	(b)	 be given a form of proxy which has already been signed by the Intermediary (typically by a facsimile,
stamped signature), which is restricted as to the number of Shares beneficially owned by the Non-Registered Shareholder, but which is otherwise not completed by the Intermediary. Because the Intermediary has
already signed the form of proxy, this form of proxy is not required to be signed by the Non-Registered Shareholder when submitting the proxy. In this case, the
Non-Registered Shareholder who wishes to submit a proxy should properly complete the form of proxy and deposit it with Capital Transfer Agency Inc., 390 Bay Street, Suite 920, Toronto, Ontario, M5H 2Y2.

 In either case, the purpose of these procedures is to permit Non-Registered
Shareholders to direct the voting of the Shares they beneficially own. Should a Non-Registered Shareholder who receives either a voting instruction form or a form of proxy wish to attend the Meeting and vote
in person (or have another person attend and vote on behalf of the Non-Registered Shareholder), the Non-Registered Shareholder should strike out the names of the persons
named in the form of proxy and insert the Non-Registered Shareholder’s (or such other person’s) name in the blank space provided or, in the case of a voting instruction form, follow the directions
indicated on the form. If you are a Non-Registered Shareholder, and we or our agent has sent these materials directly to you, your name and address and information about your holdings of securities have been
obtained in accordance with applicable securities regulatory requirements from the Intermediary holding on your behalf. In either case, Non-Registered Shareholders should carefully follow the instructions
of their Intermediaries and their service 

  
 3 

 
companies, including those regarding when and where the voting instruction form or the proxy is to be delivered. 

REVOCATION OF PROXIES 
 A
registered shareholder of the Corporation who has submitted a proxy may revoke it by: 
  

	 	(a)	 depositing an instrument in writing signed by the registered shareholder or by an attorney authorized in
writing or, if the registered shareholder is a corporation, by a duly authorized officer or attorney, either: 

  

	 	(i)	 at the office of Capital Transfer, 390 Bay Street, Suite 920, Toronto, Ontario, M5H 2Y2 Corporation, by
9:00am on September 7 or in the event of an adjournment or postponement of the Meeting, no later than 48 hours (excluding Saturday, Sunday and holidays in Ontario) before the time for holding the adjournment or postponement Meeting; or

  

	 	(ii)	 with the Chairman of the Meeting prior to the commencement of the Meeting on the day of the Meeting;

  

	 	(b)	 transmitting, by telephonic or electronic means, a revocation that complies with (i) or (ii) above and
that is signed by electronic signature provided that the means of electronic signature permit a reliable determination that the document was created or communicated by or on behalf of the registered shareholder or the attorney, as the case may be;
or 

  

	 	(c)	 in any other manner permitted by law. 

A Non-Registered Shareholder who has submitted voting instructions to an Intermediary should contact
their Intermediary for information with respect to revoking their voting instructions. 
 NOTICE-AND-ACCESS 
 The Corporation is utilizing the notice-and-access mechanism (the “Notice-and-Access Provisions”) that came into effect on February 11,
2013 under National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer and National Instrument 51-102 -Continuous
Disclosure Obligations, for distribution of Meeting materials to registered and beneficial Shareholders. 
 WEBSITE WHERE MEETING
MATERIALS ARE POSTED 
 The Notice-and-Access Provisions
are a new set of rules that allows reporting issuers to post electronic versions of proxy-related materials (such as proxy circulars and annual financial statements) on-line, via the System for Electronic
Document Analysis and Retrieval (“SEDAR’’) and one other website, rather than mailing paper copies of such materials to Shareholders. Electronic copies of the Circular, financial statements of the Corporation for the year ended
December 31, 2019 (“Financial Statements’’) and management’s discussion and analysis of the Corporation’s results of operations and financial condition for year ended December 31, 2019
(“MD&A”) may be found on the Corporation’s SEDAR profile at www.sedar.com, and at www.agmconnect.com/cb2insights2020. The Corporation will not use procedures known as “stratification”
in relation to the use of Notice-and-Access Provisions. Stratification occurs when a reporting issuer using the Notice-and-Access Provisions provides a paper copy of the Circular to some Shareholders with this notice package. In relation to the Meeting, all Shareholders will receive the required documentation under the
Notice-and-Access Provisions, which will not include a paper copy of the Circular. 

  
 4 

 OBTAINING PAPER COPIES OF MATERIALS 

The Corporation anticipates that using notice-and-access for
delivery to all Shareholders will directly benefit the Corporation through a substantial reduction in both postage and material costs, and also promote environmental responsibility by decreasing the large volume of paper documents generated by
printing proxy-related materials. Shareholders with questions about notice-and-access can call the Corporation’s transfer agent Capital Transfer Agency ULC.
(“Capital Transfer”) toll-free at 1-844-499-4482. Shareholders may also obtain paper copies of the Circular,
Financial Statements and MD&A free of charge by contacting Capital Transfer at the same toll-free number or upon request to the Corporation’s Corporate Secretary. A request for paper copies which are required in advance of the Meeting
should be sent so that they are received by the Corporation or Capital Transfer, as applicable, by August 26, 2020 in order to allow sufficient time for Shareholders to receive the paper copies and to return their proxies or voting instruction
forms to intermediaries not later than 48 hours (excluding Saturdays, Sundays and statutory holidays in the City of Toronto, Ontario) prior to the time set for the Meeting or any adjournments or postponements thereof (the ‘‘Proxy
Deadline”). 
 VOTING 

All Shareholders are invited to attend the virtual Meeting and may attend representing themselves or may be represented by proxy. A
‘‘beneficial” or “non-registered” Shareholder will not be recognized directly at the Meeting for the purposes of voting common shares registered in the name of his/her/its broker;
however, a beneficial Shareholder may attend the Meeting as proxyholder for the registered Shareholder and vote the common shares in that capacity. Only Shareholders as of the Record Date are entitled to receive notice of and vote at the Meeting.
Shareholders who are unable to attend the Meeting in person, or any adjournments or postponements thereof, are requested to complete, date and sign the enclosed form of proxy (registered holders) or voting instruction form (beneficial holders) and
return it in the envelope provided. To be effective, the enclosed form of proxy or voting instruction form must be mailed or faxed so as to reach or be deposited with Capital Transfer (in the case of registered holders) (i) by mail to Capital
Transfer Agency at 390 Bay Street, Suite 920, Toronto, Ontario, M5H 2Y2; (ii) by facsimile at 416-350-5008; (iii) by email to info@capitaltransferagency.com; or
(iv) by internet at www.capitaltransferagency.com prior to the Proxy Deadline, failing which such votes may not be counted, or your intermediary (in the case of beneficial holders) with sufficient time for them to file a proxy by the
Proxy Deadline. 
 SHAREHOLDERS ARE REMINDED TO REVIEW THE CIRCULAR BEFORE VOTING. 

INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON 

No person who has been a director or an officer of the Corporation at any time since the beginning of its last completed financial year or any
associate of any such director or officer has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the meeting, except as disclosed in this Circular. 

VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES 

The Corporation is authorized to issue an unlimited number of Shares. Each Share entitles the holder of record to notice of and one vote on
all matters to come before the Meeting. No group of shareholders has the right to elect a specified number of directors nor are there cumulative or similar voting rights attached to the Shares of the Corporation. 

  
 5 

 The directors of the Corporation have fixed July 20, 2020 as the record date (the
“Record Date”) for determination of the persons entitled to receive notice of the Meeting. Shareholders of record as of the Record Date are entitled to vote their Shares except to the extent that they have transferred the ownership
of any of their Shares after the Record Date, and the transferees of those Shares produce properly endorsed share certificates or otherwise establish that they own the Shares, and demand, not later than ten (10) days before the Meeting, that their
name be included in the shareholder list before the Meeting, in which case the transferees are entitled to vote their Shares at the Meeting. 

As of the date of this Circular, 97,566,372 Shares are issued and outstanding. 

To the knowledge of the directors and officers of the Corporation, as of the date of this Circular, no person or company beneficially owned,
directly or indirectly, or exercised control or direction over, voting shares of the Corporation carrying more than ten percent (10%) of the voting rights attached to all shares of the Corporation. 

PARTICULARS OF MATTERS TO BE ACTED UPON 

To the knowledge of the Corporation’s directors, the only matters to be placed before the Meeting are those set forth in the accompanying
Notice of Meeting relating to: (a) receiving the audited financial statements of the Corporation for the year ended December 31, 2019; (b) the election of directors for the ensuing year; and
(c) re-appointment of Grant Thornton LLP, Chartered Accountants, as auditors of the Corporation. 
  

	 	1.	 Audited Financial Statements 

The Corporation’s financial statements for the fiscal year ended December 31, 2019, and the report of the auditors thereon, have been
filed on www.sedar.com and have been sent to registered and beneficial shareholders who have requested copies thereof using the request form accompanying this Circular and will be submitted to the meeting of shareholders. Receipt at the
Meeting of the auditors’ report and the Corporation’s financial statements for this fiscal period will not constitute approval or disapproval of any matters referred to therein, and no action is required to be taken by Shareholders
thereon. 
  

	 	2.	 Election of Directors 

Pursuant to the Corporation’s constating documents, the board of directors of the Corporation (the “Board” or
“Board of Directors”) may be comprised of a minimum of one (1) director and a maximum of ten (10) directors to be elected annually. The Board of Directors has determined that the number of directors of the Corporation
should be fixed at six (6). Shareholders will be asked to elect six (6) directors at the Meeting. Each director elected will hold office until the close of the next annual meeting of the Shareholders or until his successor is appointed or
elected. 
 The following table and the notes thereto set out the names of each nominee for election as a director of the Corporation as
well as their province of residence, principal occupation, business or employment, the year they first became a director of the Corporation and the approximate number of voting securities of the Corporation beneficially owned, directly or
indirectly, or over which control or direction is exercised by each of them as of the date hereof. 

  
 6 

							
	 Name, Position, Province of

Residence               
               
	  	 Principal Occupation
	  	 Date Elected or

Appointed Director
	  	 Shares Owned or

Controlled (1)

	 Pradyum Sekar, (3)

Director, CEO
 Oakville, Ontario
	  	Chief Executive Officer of the Corporation	  	February 27, 2019	  	9,149,462
				
	 Kashaf Qureshi (1)

Director, President
 Milton, Ontario
	  	Chief Operating Officer of the Corporation	  	February 27, 2019	  	8,853,058
				
	 Norton Singhavon (1) (2)(3)

Director
 Kelowna, BC
	  	Businessman	  	February 27, 2019	  	815,000
				
	 Marc Adelson(1)(2)(3)

Director
 Rye, NY
	  	Lawyer	  	April 23, 2019	  	167,000
				
	 Tom Brogan
 Director

Ottawa, Ontario
	  	Manager (Economist)	  	January 27, 2020	  	nil
				
	 Peter Cummins(3)

Director
 Guelph, Ontario
	  	Retired Pharmacist and R&D Leader	  	July 4, 2019	  	104,000

 Notes: 
  

	(1)	 Member of the Audit Committee of which David Danziger is the Chairman. 

	(2)	 Member of the Compensation Committee. 

	(3)	 Member of the Nomination and Governance Committee 

Pradyum Sekar (Director, Chief Executive Officer & Co-Founder) 

As co-founder of MVC Technologies Inc., Mr. Sekar has spent more than 15 years as an entrepreneur
throughout the healthcare sector from the clinical side through to innovation building. From opening one of the most recognized Cannabis Education Centres in Ontario to consulting on major healthcare IT and services integrations, Mr. Sekar has
held several senior positions in all sizes of corporate organizations. 
 Kashaf Qureshi (Director, President, Chief Technology Officer
and Co-Founder) 
 As co-founder of MVC Technologies
Inc., Mr. Qureshi brings more than 20 years of extensive operational and entrepreneurial experience in the healthcare, medical cannabis and technology start-up space. An ardent cost-efficiency executive,
Mr. Qureshi has focused on promoting improved cash flow, operational proficiencies and overall profitability in a series of organizations throughout the healthcare sector. 

Norton Singhavon (Director) 

Mr. Singhavon currently serves as the Founder and Executive Chairman of Doventi Capital. Mr. Singhavon has extensive experience at
the senior management level of capital investments and has been involved in several large acquisitions, consolidations, and start-ups in Canada’s legal cannabis sector, both private and public. As an
investor and advisor to numerous companies in Canada’s ACMPR sector, he has been responsible for internally deploying over $45 million into the legal cannabis sector and has been involved in another $65 million of public M&A ACMPR
transactions. Mr. Singhavon was also an advisor to, and early-stage investor in, Invictus MD (TSX.V:IMH). 

  
 7 

 Marc Adelson (Director) 

Mr. Adelson is currently the Deputy Chief Legal Officer and Chief Compliance Officer of Teladoc Health, Inc. a global virtual care
company. Mr. Adelson has over 20 years of experience in the Healthcare sector. 
 Tom Brogan (Director) 

Mr. Brogan was an early advocate of using real world evidence to improve health care, for market research and economic studies. He founded
Brogan Inc. which became the leader in the novel use of drug claim data. He sold Brogan Inc. in 2010 to the world leader in health care data (IQVIA). He became VP Global Oncology for IMS Health (now IQVIA) and since 2014 has been the Chief Executive
Officer and Chairman of the Board of Vestrum Health, where he has developed the data for and applications of electronic health records for use by clinicians, economists and pharmaceutical marketers. 

Peter Cummins (Director) 

Mr. Cummins is a pharmacist by profession and a retired & Johnson R&D leader. He is currently involved in a number of
volunteer and philanthropic endeavours. He spent over two decades with Johnson & Johnson, including executive leadership roles overseeing research and development, product development, external innovation, and regulatory affairs across
Canada, the US, and Europe. Prior to Johnson & Johnson, Mr. Cummins served in Regulatory and Scientific Affairs roles at Procter & Gamble, and he was the Director of Pharmacy at Cambridge Memorial Hospital. He holds a BSc in
Pharmacy from the University of Toronto and an MBA from Wilfrid Laurier University. Mr. Cummins has extensive experience in traditional pharmaceutical research and development and brings a crucial understanding and network to CB2 Insights to
help to unlock the value of the Company’s data assets moving forward. 
 PROXIES RECEIVED IN FAVOUR OF MANAGEMENT WILL BE VOTED FOR
THE ELECTION OF THE ABOVE-NAMED NOMINEES, UNLESS THE SHAREHOLDER HAS SPECIFIED IN THE PROXY THAT THE SHARES ARE TO BE WITHHELD FROM VOTING IN RESPECT THEREOF. Management does not contemplate that any of the nominees will be unable to serve as a
director of the Corporation for the ensuing year, however, IF A NOMINEE IS FOR ANY REASON UNAVAILABLE TO SERVE AS A DIRECTOR OF THE CORPORATION FOR ANY REASON AT OR PRIOR TO THE MEETING OR ANY ADJOURNMENT THEREOF, PROXIES IN FAVOUR OF MANAGEMENT
WILL BE VOTED IN FAVOUR OF THE REMAINING NOMINEES AND MAY BE VOTED FOR THE ELECTION OF ANY PERSON OR PERSONS IN PLACE OF ANY NOMINEES UNABLE TO SERVE AT THE DISCRETION OF THE PERSONS NAMED IN THE ENCLOSED FORM OF PROXY. 

To the knowledge of the Corporation, other than as set out herein, no proposed director is, as at the date of this Circular, or has been,
within ten (10) years before the date of this Circular: 
  

	 	(a)	 a director, chief executive officer or chief financial officer of any company (including the Corporation)
that, 

  

	 	(i)	 was subject to an order that was issued while the proposed director was acting in the capacity as director,
chief executive officer or chief financial officer; or 

  

	 	(ii)	 was subject to an order that was issued after the proposed director ceased to be a director, chief executive
officer or chief financial officer and which resulted from 

  
 8 

	 	 
an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer, or 

 

	 	(b)	 a director or executive officer of any company (including the Corporation) that, while that person was
acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or
compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or 

  

	 	(c)	 become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become
subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director. 

To the knowledge of the Corporation, no director or proposed director has been subject to: 

 

	 	(a)	 any penalties or sanctions imposed by a court relating to securities legislation or by a securities
regulatory authority or has entered into a settlement agreement with a security’s regulatory authority; or 

  

	 	(b)	 any other penalties or sanctions imposed by a court or regulatory body that would likely be considered
important to a reasonable securityholder in deciding whether to vote for a proposed director. 

 Appointment of
Auditors 
 Shareholders are being asked to re-appoint Grant Thornton LLP to act as auditors of
the Corporation until the next annual meeting of shareholders. PROXIES RECEIVED IN FAVOUR OF MANAGEMENT WILL BE VOTED FOR THE APPOINTMENT OF GRANT THORNTON LLP , AS AUDITORS OF THE CORPORATION TO HOLD OFFICE UNTIL THE NEXT ANNUAL MEETING OF
SHAREHOLDERS AND THE AUTHORIZATION OF THE DIRECTORS TO FIX THEIR REMUNERATION UNLESS A SHAREHOLDER HAS SPECIFIED IN THE PROXY THAT HIS OR HER SHARES ARE TO BE WITHHELD FROM VOTING IN RESPECT OF THE APPOINTMENT OF GRANT THORNTON LLP. 

Grant Thornton LLP were first appointed as auditors for the Corporation on February 27, 2019. 

STATEMENT OF EXECUTIVE COMPENSATION – VENTURE ISSUER 

The following information is provided as required under Statement of Executive Compensation – Venture Issuer,
Form 51-102F6V (the “F6V”), as such form is defined in NI 51-102 and relates to the Corporation’s December 31, 2019 financial year end.

 For the purposes of the F6V “compensation securities” includes stock options, convertible securities, exchangeable
securities and similar instruments including stock appreciation rights, deferred share units and restricted stock units granted or issued by the Corporation or one of its subsidiaries for services provided or to be provided, directly or indirectly,
to the Corporation or any of its subsidiaries. 
 All currency references in this F6V section are expressed in Canadian Dollars
unless otherwise specified. 

  
 9 

 Named Executive Officer 

In this section “Named Executive Officer” (“NEO”) means any individual who, during the Corporation’s two most
recently completed financial years ended December 31, 2018 and December 31, 2019 was: 
  

	(a)	 an individual who, in respect of the Corporation, during any part of the most recently completed financial
year, served as chief executive officer, including an individual performing function similar to a chief executive officer (“CEO’’); 

  

	(b)	 an individual who, in respect of the Corporation, during any part of the most recently completed financial
year, served as chief financial officer, including an individual performing function similar to a chief financial officer (“CFO”); 

  

	(c)	 in respect of the Corporation and its subsidiaries, the most highly compensated executive officer other than
the individuals identified in paragraphs (a) and (b) at the end of the most recently completed financial year whose total compensation was more than C$150,000 for that financial year; and 

 

	(d)	 an individual who would be a NEO under paragraph (c) but for the fact that the individual was not an
executive officer of the Corporation or any of its subsidiaries, and was not acting in a similar capacity, at the end of the Corporation’s financial years ended December 31, 2017 and 2018. 

Description of Share Exchange Transaction 

The Corporation completed a 3-comered amalgamation (the ‘‘Transaction’’)
with MVC Technologies Inc. (“MVC’’) and a subsidiary of the Corporation on February 27, 2019. Upon completion of the Transaction, the officers and directors of the Corporation resigned and the officers and directors of MVC
were appointed as the officers and directors of the Corporation. Prior to the Transaction, the NEO’s of the Corporation were Stephen Coates (President, Chief Executive Officer and a director) and Geoff Kritzinger (Chief Financial Officer).
Since completion of the Transaction, the NEO’s of the Corporation are: Pradyum Sekar (Chief Executive Officer and a director); Kashaf Qureshi (President, Chief Operating Officer and a director) and Carmelo Marrelli (Chief Financial Officer).
The directors of the Corporation who are not also NEO’s are: Norton Singhavon, Tom Brogan, Peter Cummins and Marc Adelson. 

Director and NEO compensation, excluding compensation securities 

The following table sets forth all annual and long-term compensation for services paid to or earned by each of the NEOs and directors during
the two most recent financial years ended December 31, 2018 and December 31, 2019. 

  
 10 

															
	 Table of compensation excluding compensation
securities

	 Name and Principal

Position               
     
	  	Year	  	Salary,
consulting
fee, retainer
or
commission
($)	  	Bonus
($)	  	Committee
or meeting
fees(5)
($)	  	Value of
Perquisites
($)	  	Value of all
other
compensation
($)	  	Total
compensation
($)
	 Stephen Coates(1)
	  	2019	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Former President, CEO

and Director
	  	2018	  	NIL	  	NIL	  	NIL	  	NIL	  	$1,221	  	$1,221
	 Geoff Kritzinger(2)
	  	2019	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Former CFO
	  	2018	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Pradyurn Sekar(3) (5)
	  	2019	  	$212,000	  	NIL	  	NIL	  	$12,000	  	NIL	  	$224,000
 ($161,577 in cash
and remaining in
shares)(10)
$212,654

	 CEO, Secretary and Director
	  	2018	  	$185,831	  	$22,500	  	NIL	  	$4,323	  	NIL
	 Kashaf Qureshi(3) (5)
	  	2019	  	$212,000	  	NIL	  	NIL	  	$12,000	  	NIL	  	$224,000
		  		  		  		  		  		  		  	($161,577 in cash
		  		  		  		  		  		  		  	and remaining in
		  		  		  		  		  		  		  	shares)(10)
	 President, CTO and Director
	  	2018	  	$185,831	  	$22,500	  	NIL	  	$4,323	  	NIL	  	$212,654
	 Carme1o Marrelli(3)(4)
	  	2019	  	$42,540	  	NIL	  	N/A	  	NIL	  	NIL	  	$42,540
	 CFO
	  	2018	  	$7,090	  	NIL	  	N/A	  	NIL	  	NIL	  	$7,090
	 David Danziger (5)(9)
	  	2019	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Director
	  	2018	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Norton Singhavon (5)
	  	2019	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Director
	  	2018	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Dr. Danial Schecter (5)(8)
	  	2019	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Director
	  	2018	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Marc Adelson(6)
	  	2019	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Director
	  	2018	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Peter Cummins(7)
	  	2019	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Director
	  		  		  		  		  		  		  	
	 Gerry Goldberg.(7)(9)
	  	2019	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Director
	  		  		  		  		  		  		  	

  

	(1)	 Mr. Coates resigned as a President, CEO and officer of the Corporation on February 27, 2019.

	(2)	 Mr. Kritzinger resigned as CFO of the Corporation on February 27, 2019. 

	(3)	 Messers Sekar, Qureshi and Marrelli were appointed officers of the Corporation on February 27, 2019.

	(4)	 Mr. Marrelli is the CFO of the Corporation and President of Marrelli Support Services Inc.
(“MSSI”). Effective September 5, 2018, MVC Technologies Inc. entered into a Consulting Agreement with MSSI pursuant to which MSSI agreed to provide the services of Mr. Marrelli as CFO of the Corporation on a part time
basis in consideration of fees of approximately $3,500 per month. Mr. Marrelli is eligible to receive grants of stock options from the Corporation under the Stock Option Plan. 

	(5)	 Messers Sekar, Qureshi, Danziger, Singhavon and Schecter were appointed directors of the Corporation on
February 27, 2019. 

	(6)	 Mr. Adelson was appointed a director of the Corporation on April 23, 2019. 

	(7)	 Mr. Cummins and Goldberg were appointed a director of the Corporation on July 4, 2019

	(8)	 Mr. Schecter ceased to be a director of the Corporation on July 30, 2019 

	(9)	 Mr. Danziger ceased to be a director of the Corporation on January 24, 2020 and Mr. Goldberg
ceased to be a director of the Corporation on January 27, 2020 

	(10)	 Includes $6,830 in lieu of vacation pay and $9,100 vehicle allowance. 

  
 11 

 Stock Options and Other Compensation Securities 

The following table discloses the particulars of compensation securities granted to the NEOs and Directors in the financial year ended
December 31, 2019. 
  

															
	 Compensation Securities

	 Name

and position
	  	Type of
Compensation
Security	  	Number of
compensation
securities,
number of
underlying
securities, and
percentage 
of
class
(#)	  	Date of issue
or grant	  	Issue,
conversion
or exercise
price
($)	  	Closing price
of security
or
underlying
security on
date of grant
($)(5)	  	Closing
price of
security or
underlying
security at
year end
($)(5)	  	Expiry Date
	 Stephen Coates(1)

Former President, CEO and Director
	  	Stock Options	  	20,000	  	July 5, 2018	  	$0.165	  	$0.082	  	$0.33	  	July 4, 2021
	 Geoff Kritzinger(l)

Former CFO
	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Jun He(1)

Former Director
	  	Stock Options	  	20,000	  	July 5, 2018	  	$0.165	  	$0.082	  	$0.33	  	July 4, 2021
	 Robert Kirtlan (1)

Former Director
	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Pradyum Sekar(2)(3)

CEO, and Director
	  	Stock Options	  	1,242,567	  	November 5, 2018	  	$0.44	  	$0.44	  	$0.44	  	November 5, 2028
	 Kashaf Qureshi(2)(3)

President, CTO and Director
	  	Stock Options	  	1,242,567	  	November 5, 2018	  	$0.44	  	$0.44	  	$0.44	  	November 5, 2028
	 Carmela Marrelli(2)

CFO
	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 David Danziger(3)(6)

Director
	  	Stock Options	  	100,000	  	January 23, 2019	  	$0.50	  	$0.50	  	$0.10	  	January 23, 2024
	 Norton Singhavon(3)

Director
	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Dr. Danial Schecter(3)(7)

Director
	  	Stock Options	  	20,000	  	January 23, 2019	  	$0 .50	  	$0.50	  	$0.10	  	January 23, 2024
	 Marc Adelson(4)

Director
	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Peter Cummins(11)

Director
	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL
	 Gerry Goldberg’(6)

Director
	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL	  	NIL

 Notes: 
  

	(1)	 Messer’s Coates, Kritzinger, He and Kirtlan resigned as directors and officers of the Corporation on
February 27, 2019. 

	(2)	 Messer’s Sekar, Qureshi and Marrelli were appointed officers of the Corporation on February 27, 2019.

	(3)	 Messer’s Sekar, Qureshi, Danziger, Singhavon and Schecter were appointed directors of the Corporation on
February 27, 2019. 

	(4)	 Mr. Adelson was appointed a director of the Corporation on April23, 2019. 

	(5)	 The common shares of the Corporation were listed for trading on March 6, 2019. References to closing price
refer to the most recently completed private placement financing. 

	(6)	 Mr. Danziger ceased to be a director of the Corporation on January 24, 2020 and Mr. Goldberg
ceased to be a director of the Corporation on January 27, 2020 

	(7)	 Mr. Schecter ceased to be a director of the Corporation on July 30, 2019 

  
 12 

 Exercise of Compensation Securities by NEOs and Directors 

During the financial year ended December 31, 20 19, no compensation securities were exercised by an NEO or director of the Corporation.

 Stock Option Plans and Other Incentive Plans 

Stock Option Plan 
 The
Stock Option Plan was adopted by Shareholders on December 27, 2017. The purpose of the Stock Option Plan is to advance the interests of the Corporation and its Shareholders by attracting, retaining and motivating the performance of selected
directors, officers, employees or consultants of the Corporation of high caliber and potential and to encourage and enable such persons to acquire and retain a proprietary interest in the Corporation by ownership of its Common Shares. The Stock
Option Plan provides that, subject to the requirements of the Canadian Securities Exchange (the “CSE”), the aggregate number of securities reserved for issuance, set aside and made available for issuance under the Stock Option Plan
may not exceed 10% of the issued and outstanding shares of the Corporation at the time of granting of options (including all options granted by the Corporation to date). 

The number of Common Shares which may be reserved in any 12-month period for issuance to any one
individual upon exercise of all stock options held by that individual may not exceed 5% of the issued and outstanding Common Shares of the Corporation at the time of the grant. The number of Common Shares which may be reserved in any 12-month period for issuance to any one consultant may not exceed 2% of the issued and outstanding Common Shares and the maximum number of Common Shares which may be reserved in any
12-month period for issuance to all persons engaged in investor relations activities may not exceed 2% of the issued and outstanding Common Shares of the Corporation. 

The Stock Option Plan provides that options granted to any person engaged in investor relations activities will vest in stages over 12 months
with no more than 1⁄4 of the stock options vesting in any three-month period. The Stock Option Plan will be administered by the Board or a special committee of
directors, either of which will have full and final authority with respect to the granting of all stock options thereunder. Stock options may be granted under the Stock Option Plan to such directors, officers, employees or consultants of the
Corporation, as the Board may from time to time designate. 
 The exercise price of any stock options granted under the Stock Option Plan
shall be determined by the Board but may not be less than the market price of the Common Shares on the CSE on the date prior to the date of the grant (less any discount permissible under CSE rules). The term of any stock options granted under the
Stock Option Plan shall be determined by the Board at the time of grant but, subject to earlier termination in the event of termination or in the event of death, the term of any stock options granted under the Stock Option Plan may not exceed ten
years. Options granted under the Stock Option Plan are not to be transferable or assignable other than by will or other testamentary instrument or pursuant to the laws of succession. Subject to certain exceptions, in the event that a director or
officer ceases to hold office, options granted to such director or officer under the Stock Option Plan will expire upon ceasing to be a director or officer of the Corporation or up to a period not exceeding six (6) months thereafter. 

Subject to certain exceptions, in the event that an employee in relation to the Corporation, stock options granted to such employee under the
Stock Option Plan will expire on the date after such individual or entity ceases to act in that capacity in relation to the Corporation or up to a period not exceeding six (6) months thereafter. 

  
 13 

 Stock options granted to optionees engaged in investor relations activities on behalf of the
Corporation expire 30 days after such optionees cease to perform such investor relations activities for the Corporation. In the event of death of an option holder, options granted under the Stock Option Plan expire the earlier of one year from the
date of the death of the option holder and the expiry of the term of the option. 
 Employment, consulting and management agreements

 The Corporation has employment agreements with officers of the Corporation (each an “Executive’’): 

 

	 	(i)	 Employment Agreement dated November 5, 2018 among Kashaf Qureshi and MVC Technologies Inc. (the
“Qureshi Employment Agreement”); 

  

	 	(ii)	 Employment Agreement dated November 5, 2018 among Pradyum Sekar and MVC Technologies Inc. (the
“Sekar Employment Agreement”, and collectively with the Qureshi Employment Agreement, the “Employment Agreements”) 

Pursuant to the Employment Agreements, each Executive receives an annual salary base of $200,000, of which $150,000 was agreed to be received
in cash and the remaining in shares. In addition, each Executive will be entitled to an incentive payment (“Annual Incentive’’) in accordance with the Employment Agreements upon the occurrence of certain performance milestones
of the Corporation. On the signing of the agreement, the Executives are also entitled to options to purchase an aggregate of 2% of the total issued and outstanding common shares of the Corporation. The options shall vest in equal installments over
three years, exercisable for one common share at an exercise price equal to fair market value on the day the option was granted (“Long Term Incentive’’). Each of the Executives is also entitled to reasonable expenses reimbursed
by the Corporation, employee benefits, an automobile allowance, insurance and indemnification, vacation, and the reimbursement of annual membership or professional fees. 

The Employment Agreements also provide for payments to be made by the Corporation in the event of termination of the Employment Agreements by
the Corporation without cause or following a change in control, the details of which are summarized below: 
 Meaning of
“Cause”, “Change in Control” and “Good Reason”  
 In the Employment Agreements,
‘‘Cause” means 
  

	 	(a)	 the existence of just cause for termination of employment at common law as determined by the law of the
Province of Ontario, including fraud, theft, dishonesty, illegality, breach of statute or regulation, conflict of interest, or gross incompetence; or the Executive breaches any other material obligation under this Agreement and fails to rectify such
breach within 30 (thirty) days of provision of written notice to do so by the Corporation. 

 In the Employment Agreements
“Change in Control” means the occurrence of any of the following: 
  

	 	(a)	 the consummation of any transaction or series of transactions including, without limitation, any
consolidation, amalgamation, arrangement, merger or issue of voting shares, the result of which is that any person or group of persons acting jointly or in concert for purposes of such transaction becomes the beneficial owner, directly or
indirectly, of more than 50% of the voting shares in the capital of the Corporation, measured by voting power rather than number of shares (but shall not include the creation of a holding company or similar transaction that

  
 14 

	 	 
does not involve any material change in the indirect beneficial ownership of the shares of the Corporation); or 

 

	 	(b)	 the direct or indirect sale, transfer or other disposition, in one or a series of related transactions, of
all or substantially all of the assets of the Corporation, taken as a whole, to any person or group of persons acting jointly or in concert for purposes of such transaction (other than to any affiliates of the Corporation), provided, for greater
certainty, that the person or group of persons contemplated in either circumstance do not include the Executive, any of the Executive’s immediate family members or any entity associated with the Executive or them. 

 

	 	(c)	 members of the Board of Directors as of August 2018, cease for any reason to constitute a majority of the
Board, unless the appointment of any successor members was approved by Directors. 

 A Change in Control does not include
any public offering of the Corporation’s stock. 
 In the Employment Agreements, “Good Reason” means any of the following:

  

	 	(a)	 the assignment to the Executive of any duties inconsistent in any material and negative respect with the
Executive’s position, authority, duties or responsibilities, or other action by the Corporation which results in a material diminution in such position including a board position, authority, title, reporting relationship, duties or,
responsibilities, excluding for this purpose isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Corporation promptly after receipt of notice thereof from the Executive to the Corporation;

  

	 	(b)	 any unilateral material diminution of salary or bonus or long term incentive eligibility payable to the
Executive under this Employment Agreement or a material reduction by the Corporation in the kind or level of automobile allowance, benefits to which the Executive is entitled under this Agreement, excluding changes to employee benefits which apply
to all other employees in positions similar to the Executive’s, which is not remedied by the Corporation promptly after receipt of notice thereof from the Executive to the Corporation; 

 

	 	(c)	 the Corporation materially breaching the terms of this Agreement; or 

 

	 	(d)	 if the Executive’s normal place of business relocates more than 50 kilometres from its current
location. 

 Termination by the Executive with Good Reason Following a Change in Control 

In the event that the Executive’s employment is terminated without cause or the Executive resigns their employment from the Corporation
for Good Reason within a period of one (1) year after the Change in Control or three months prior to a Change in Control being effected provided that severance was influenced by a potential buyer in contemplation of a Change in Control, the
Executive will receive a severance amount of thirty-six (36) months of base salary as well as thirty-six (36) months of target annual incentive allocated to
the Executive under Schedule “A”, thirty-six (36) months of the Executive’s Automobile Allowance and thirty-six (36) months of premiums to the
Corporation’s Benefits plans in which the Executive was previously participating, in lieu of participation. Actual participation in the Corporation’s benefits plan will cease upon the date of termination. 

  
 15 

 Termination by Executive 

The Executives shall be entitled to terminate the Employment Agreements with the Corporation at any time, for whatever reason, upon providing
two (2) weeks written notice to the Corporation. 
 Termination by the Corporation without Cause 

The Corporation may terminate the Employment Agreements of the Executives without Cause at any time by paying the Executive: 

 

	 	(a)	 Twenty-four (24) months of the base salary rate being paid to the Executive at the time of termination;

  

	 	(b)	 Twenty-four (24) months target Annual Incentive; 

 

	 	(c)	 Twenty-four (24) months of the Executive’s automobile allowance; and 

 

	 	(d)	 Twenty-four (24) months of premiums to the Corporation’s benefit plan in which the Executive was
participating 

  

	 	(e)	 All unvested Long Term Incentive awards made to the Executive will vest and all vested equity grants will be
exercisable for a period of up to six (6) months from the date of such termination 

 Termination by the
Corporation with Cause 
 The Corporation can terminate the employment of an Executive with cause without notice. No payment shall be
made or notice provided. 
 Termination by Death 

The Employment Agreement shall automatically terminate without notice if the Executive dies during the term of the Employment Agreement. Any
outstanding and unvested stock options will vest upon the Executive’s death and be exercisable immediately by the Executive’s estate for a period up to twelve (12) months from the date of such termination. 

Oversight and description of director and NEO compensation 

The Board of Directors of the Corporation (the “Board”) has recently appointed a compensation committee (the
“Compensation Committee”) comprised entirely of independent directors. The Compensation Committee determines the compensation for Named Executive Officers and directors based on various factors, including, their skill,
qualifications, experience level, level of responsibility involved in their position, the existing stage of development of the Corporation, the Corporation’s resources, industry practice and regulatory guidelines regarding executive
compensation levels. The Compensation Committee is comprised of Norton Singhavon, Dr. Danial Schecter and Marc Adelson, each of whom have the requisite business management experience, to provide them with an understanding of the factors
required in evaluating executive compensation. 
 It is anticipated that each year the Compensation Committee and the Board review will the
base salaries of all executive officers to determine whether adjustments are appropriate to bring their salaries to a competitive level and to reflect their responsibilities as executives of a public corporation. In conducting this review, the Board
considers comparative data for executives having similar responsibilities in competitive organizations, taking into account size, location and appropriate differentiating factors. Given the limited number of public entities having businesses similar
to the Corporation’s business, the 

  
 16 

 
foregoing comparisons were made to junior public issuers generally and to institutional knowledge of compensation practices generally. 

Risk Management 
 The
Board has not considered the implications of the risks associated with the Corporation’s compensation policies and practices. 
 The
Corporation has not adopted a policy forbidding directors or officers from purchasing financial instruments designed to hedge or offset a decrease in market value of the Corporation’s securities granted as compensation or held, directly or
indirectly, by directors or officers. The Corporation is not, however, aware of any of its directors or officers having entered into this type of transaction. 

Elements of Executive Compensation Program 

The Corporation’s compensation program are expected to consist of the following elements: 

 

	 	(a)	 base salary or consulting fees; 

 

	 	(b)	 bonus payments; and 

 

	 	(c)	 equity participation through the Stock Option Plan. 

Base Salary or Consulting Fees 

Base salary ranges for NEOs were initially determined upon review of salaries paid by other companies that are comparable in size to the
Corporation. 
 In determining the base salary of a NEO, the Board considers the following factors: 

 

	 	(a)	 the particular responsibilities related to the position; 

 

	 	(b)	 salaries paid by other companies in the same industry, which were similar in size and stage of development
as the Corporation; 

  

	 	(c)	 the experience level of the NEO; 

 

	 	(d)	 the amount of time and commitment which the NEO devotes to the Corporation; and 

 

	 	(e)	 the NEO’s overall performance and performance in relation to the achievement of corporate milestones
and objectives. 

 Equity Participation 

The Corporation currently offers equity participation in the Corporation through its Stock Option Plan. 

Executive Compensation 

Except for the grant of incentive share options to NEOs, there are no arrangements under which NEOs were compensated by the Corporation during
the two most recently completed financial years for their services in their capacity as NEOs, directors or consultants. 
 Director
Compensation 
 The directors receive no cash compensation for acting in their capacity as directors of the Corporation. Except for the
grant of Options to directors, there are no arrangements under which directors were compensated by the Corporation during the two most recently completed financial years for their services in their capacity as directors. 

  
 17 

 Pension Disclosure 

The Corporation does not have in place any deferred compensation plan or pension plan that provides for payments or benefits at, following or
in connection with retirement. 
 EQUITY COMPENSATION PLANS 

The following table sets forth summary information regarding the Plan as at December 31, 2019. 

 

							
	 Plan Category
	  	Number of securities to
be issued
upon exercise of
outstanding options,
warrants and
rights
(a)	  	Weighted-average
exercise
price of
outstanding options,
warrants and rights
(b)	  	Number of
securities remaining available
for future issuance under
equity compensation
plans
(excluding securities reflected
in column (a))
(c)
	 Equity compensation plans approved by security holders
	  	6,721,368	  	$0.38	  	1,562,292
	 Equity compensation plans not approved by security holders
	  	nil	  	$nil	  	nil
	 Total
	  	6,721,368	  		  	

 AUDIT COMMITTEE 

National Instrument 52-110 – Audit Committee (“NI
51-110”) requires that certain information regarding the audit committee of a ‘‘venture issuer” (as that term is defined in NI 52-110) be
included in this Circular sent to Shareholders in connection with this Meeting. 
 Audit Committee Charter 

The full text of the Corporation’s Audit Committee charter is attached hereto as Schedule “A” to this Circular. 

Composition of the Audit Committee 

The members of the Audit Committee are Norton Singhavon (Chairman of the Audit Committee), Kashaf Qureshi, and Marc Adelson. Mr. Singhavon and
Mr. Adelson are independent members of the audit committee as contemplated by NI 51-110. Mr. Qureshi is not an independent member of the audit committee as he is President of the Corporation. All
members of the Audit Committee are considered financially literate pursuant to NI 52-110. The Corporation is exempt from the Audit Committee composition requirements in NI
52-110 which require all Audit Committee members to be independent. All of the Audit Committee members are ‘‘financially literate”, as defined in NI
52-110, as all have the industry experience necessary to understand and analyze financial statements of the Corporation, as well as the understanding of internal controls and procedures necessary for financial
reporting. The Audit Committee is responsible for review of both interim and annual financial statements for the Corporation. For the purposes of performing their duties, the members of the Audit Committee have the right at all times, to inspect all
the books and financial records of the Corporation and any subsidiaries and to discuss with management and the external auditors of the Corporation any accounts, records and matters relating to the financial statements of the Corporation. The Audit
Committee members meet periodically with management and annually with the external auditors. 

  
 18 

 Relevant Education and Experience 

Each member of the audit committee has adequate education and experience that is relevant to their performance as an audit committee member
and, in particular, the requisite education and experience that have provided the member with: 
  

	 	•	 	 an understanding of the accounting principles used by the issuer to prepare its financial statements, and the
ability to assess the general application of those principles in connection with estimates, accruals and reserves; 

  

	 	•	 	 experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level
of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the issuer’s financial statements, or experience actively supervising individuals engaged
in such activities; and 

  

	 	•	 	 an understanding of internal controls and procedures for financial reporting. 

Norton Singhavon (Director) 

Mr. Singhavon currently serves as the Founder and Executive Chairman of Doventi Capital. Mr. Singhavon has extensive experience at
the senior management level of capital investments and has been involved in several large acquisitions, consolidations, and start-ups in Canada’s legal cannabis sector, both private and public. As an
investor and advisor to numerous companies in Canada’s ACMPR sector, he has been responsible for internally deploying over $45 million into the legal cannabis sector and has been involved in another $65 million of public M&A ACMPR
transactions. Mr. Singhavon was also an advisor to, and early-stage investor in, Invictus MD (TSX.V:IMH). 
 Kashaf Qureshi
(Director, President, Chief Operating Officer and Co-Founder) 
 As co-founder of the Corporation, Mr. Qureshi brings more than 20 years of extensive operational and entrepreneurial experience in the healthcare, medical cannabis and technology
start-up space. An ardent cost-efficiency executive, Mr. Qureshi has focused on promoting improved cash flow, operational proficiencies and overall profitability in a series of organizations throughout
the healthcare sector. 
 Marc Adelson (Director) 

Mr. Adelson has spent a number of years as a senior reinsurance underwriter in the reinsurance and credit enhancements arenas. He has also
held management positions with P&L responsibility for business units with over $30m in revenue. 
 Audit Committee Oversight 

At no time since the commencement of the Corporation’s most recently completed financial year was a recommendation by the Audit Committee
to nominate or compensate an external auditor not adopted by the Board. 
 Pre-Approval Policies
and Procedures 
 Subject to the requirements of NI 52-110, the engagement of non-audit services is considered by the Audit Committee and, where applicable, the Corporation’s Board, on a case-by-case basis.

  
 19 

 Auditor Service Fees 

The following table provides detail in respect of audit, audit related, tax and other fees billed to the Corporation by the external auditors
for professional services provided to the Corporation and its subsidiaries: 
  

									
	 	  	2019	 	  	2018	 
	 Audit fees
	  	$	302,275	 	  	$	137,851	 
	 Audit-related fees
	  	$	1,632	 	  	 	NIL	 
	 Tax fees
	  	$	33,855	 	  	$	27,285	 
	 Other fees
	  	$	0	 	  	$	120,767	 
	 Total
	  	$	145,810	 	  	$	285,903	 

 Audit Fees: Audit fees were paid for professional services rendered by the auditors for the audit of
the Corporation’s annual financial statements as well as services provided in connection with statutory and regulatory filings. 

Audit-Related Fees: Audit-related fees were paid for professional services rendered by the auditors and were comprised primarily of the
reading of quarterly financial statements. 
 Tax Fees: Tax fees were paid for tax compliance, tax advice and tax planning
professional services. These services included preparing and/or reviewing tax returns. 
 All Other Fees: Fees such as those payable
for professional services which include bookkeeping, accounting advice, primarily relating to preparation of IFRS compliant financial statements, and preparation of management’s discussion and analysis, and due diligence. 

Exemption 
 The
Corporation is relying on the exemption from the requirements of Part 3 (Composition of the Audit Committee) and Part 5 (Reporting Obligations) as set out in section 6.1 of NI 52-110. 

CORPORATE GOVERNANCE 
 The
Corporation’s disclosure of corporate governance practices pursuant to National Instrument 58-101 -Disclosure of Corporate Governance Practices (“NI
58-101”) is set out below in the form required by Form 58-10 1F2 – Corporate Governance Disclosure (Venture Issuers).  

Board of Directors 
 The
Board of Directors is responsible for the stewardship of the Corporation and for the supervision of management to protect shareholder interests. The Board oversees the development of the Corporation’s strategic plan and the ability of
management to continue to deliver on the corporate objectives. 
 The board of directors is presently comprised of six (6) members:
Pradyum Sekar, Kashaf Qureshi, Norton Singhavon, Peter Cummins, Tom Brogan and Marc Adelson. All of the directors of the Corporation except Pradyum Sekar and Kashaf Qureshi are considered to be independent directors of the Corporation. Kashaf
Qureshi is the President and Pradyum Sekar is the Chief Executive Officer of the Corporation, therefore they are not considered to be independent. NI 58-101 suggests that the board of directors of a public
company should be constituted with a majority of individuals who qualify as “independent” directors. An “independent” director is a director who has no direct or indirect material relationship with the Corporation. A material
relationship is a relationship which could, in the view of the 

  
 20 

 
board of directors, reasonably interfere with the exercise of a director’s independent judgment. As disclosed above, the Board is not comprised of a majority of independent directors. The
independent judgment of the Board in carrying out its responsibilities is the responsibility of all directors. The Board facilitates independent supervision of management through meetings of the Board and through frequent informal discussions among
independent members of the Board and management. In addition, the Board has free access to the Corporation’s external auditors, external legal counsel and to any of the Corporation’s officers. 

Directorships 
 The following directors are also directors
of the reporting issuers listed below: 
  

					
	 Director
	  	 Reporting Issuer
	  	 Name of Trading Market

	Norton Singhavon	  	 GTEC Holding Ltd.

British Columbia
	  	TSXV

 Orientation and Continuing Education 

The Board briefs all new directors with respect to the policies of the Board along with relevant corporate and business information with
respect to the Corporation. The Board does not provide any continuing education. 
 Ethical Business Conduct 

The entire Board is responsible for developing the Corporation’s approach to governance issues. The Board has reviewed this Corporate
Governance disclosure and concurs that it accurately reflects the Corporation’s activities. 
 The Board has found that the fiduciary
duties placed on individual directors by the Corporation’s governing corporate legislation and the common law and the restrictions placed by applicable corporate legislation on an individual director’s participation in decisions of the
Board in which the director has an interest have been sufficient to ensure that the Board operates independently of management and in the best interests of the Corporation. 

In addition, each nominee for director of the Corporation must disclose to the Corporation all interests and relationships of which the
director is aware of at the time of consideration which will or may give rise to a conflict of interest. If such an interest or relationship should arise while the individual is a director, the individual shall make immediate disclosure of all
relevant facts to the Corporation. 
 Nomination of Directors 

The Board of Directors has established a Nomination and Corporate Governance Committee. The members of the Nomination and Corporate Governance
Committee are Pradyum Sekar (Chairman of the Committee), Norton Singhavon, Marc Adelson and Peter Cummins. The Nomination and Corporate Governance Committee are responsible for participating in the recruitment and recommendation of new nominee for
appointment or election to the Board. 

  
 21 

 Diversity Policy 

The Corporation’s senior management and the members of its Board have diverse backgrounds and expertise and were selected on the belief
that the Corporation and its stakeholders would benefit from such a broad range of talent and experiences. The Board considers merit as the key requirement for board and executive appointments, and as such, it has not adopted any target number or
percentage, or a range of target numbers or percentages, respecting the representation of women, Indigenous peoples, persons with disabilities, or members of visible minorities (collectively, “members of designated groups”) on the Board or
in senior management roles. 
 The Corporation has not adopted a written diversity policy and seeks to attract and maintain diversity at the
executive and board of directors’ levels informally through the recruitment efforts of management in discussion with directors prior to proposing nominees to the Board as a whole for consideration. Although the level of representation of
members of designated groups is one of many factors taken into consideration in making Board and executive officer appointments, emphasis is placed on hiring or advancing the most qualified individuals. As at the date of this Circular, 3 members of
designated groups currently hold positions on the Board or in senior management. 
 Compensation 

The Board of Directors has established a Compensation Committee. The members of the Compensation Committee are Norton Singhavon (Chairman of
the committee), and Marc Adelson. The Compensation Committee will make recommendations to the Board in respect of compensation issues relating to directors, officers and employees of the Corporation. Directors are not currently paid any fees for
acting as directors of the Corporations. 
 Other Board Committees 

The Corporation has no committees other than the Audit Committee and Nomination and Governance Committee and Compensation Committee. 

Assessments 
 The Board does not feel it
is necessary to establish a committee to assess the effectiveness of individual Board members. The Board monitors the adequacy of information given to directors, communications between the Board and management, and the strategic direction and
processes of the Board and board committees. 
 INDEBTEDNESS OF DIRECTORS AND OFFICERS 

There is not as of the date hereof and has not been since the beginning of the Corporation’s last completed financial year, any
indebtedness owing to the Corporation by the directors and senior officers of the Corporation or any of their associates or affiliates, except as disclosed in this Circular. 

INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS 

Management of the Corporation is not aware of any material interests, direct or indirect, of any informed person of the Corporation, any
proposed director of the Corporation, or any associate or affiliate of any informed person or proposed director, in any transaction since the commencement of the Corporation’s most recently completed financial year or in any proposed
transaction which has materially affected or would materially affect the Corporation or any of its subsidiaries. 

  
 22 

 OTHER BUSINESS 

Management of the Corporation is not aware of any matters to come before the meeting other than those set out in the Notice of Meeting. If
other matters come before the Meeting it is the intention of the individuals indicated in the form of proxy to vote the same in accordance with their best judgment in such matters. 

ADDITIONAL INFORMATION 

Additional information relating to the Corporation is available on SEDAR at www.sedar.com. Shareholders may request copies of the
Corporation’s financial statements as at and for the financial year ended December 31, 2019, and management’s discussion and analysis for such financial results, free of charge by contacting the President of the Corporation c/o 5045
Orbitor Drive, Building 11, Unit 300, Mississauga, Ontario L4W 4Y4. Financial information is provided in the Corporation’s comparative financial statements and management discussion and analysis for its most recently completed financial year
ended December 31, 2019. 
 APPROVAL OF BOARD OF DIRECTORS 

The contents of this Circular, and the sending thereof to each director of the Corporation, to the auditor of the Corporation and to the
shareholders of the Corporation has been approved by the Board. 
 DATED at the City of Toronto, in the Province of Ontario, this 20th day of July 2020. 
  

	
	 “signed”

	Kashaf Qureshi
	President and Director

  
 23 

 SCHEDULE “A” 

Audit Committee Charter 

  
 24 

 10557404 CANADA CORP. 

Mandate of the Audit Committee 

Purpose 
 The Audit Committee (the
“Committee”) of the Board of Directors (the “Board”) of 10557404 Canada Corp. (the “Corporation”) is appointed by the Board to assist the Corporation and the Board in fulfilling their respective
obligations relating to the integrity of the internal financial controls and financial accounting and reporting of the Corporation. 
 Composition

  

	1.	 The Committee shall be composed of three or more directors, as designated by the Board from time to time.

  

	2.	 The Chair of the Committee (the “Chair”) shall be designated by the Board or the Committee
from among the members of the Committee. 

  

	3.	 The Committee shall comply with all applicable securities laws, instruments, rules and policies and
regulatory requirements (collectively “Applicable Laws”), including those relating to composition, independence and financial literacy. Each member of the Committee shall be independent within the meaning of National Instrument 52-110 – Audit Committees and financially literate within the meaning of Applicable Laws. 

  

	4.	 Each member of the Committee shall be appointed by, and serve at the pleasure of, the Board. The Board may
fill vacancies in the Committee by appointment from among the members of the Board. 

 Meetings 

 

	5.	 The Committee shall meet at least quarterly in each financial year of the Corporation. The Committee shall
meet otherwise at the discretion of the Chair, or a majority of the members of the Committee, or as may be required by Applicable Laws. 

  

	6.	 A majority of the members of the Committee shall constitute a quorum. If within one hour of the time
appointed for a meeting of the Committee, a quorum is not present, the meeting shall stand adjourned to the same hour on the next business day following the date of such meeting at the same place. If at the adjourned meeting a quorum as hereinbefore
specified is not present within one hour of the time appointed for such adjourned meeting, such meeting shall stand adjourned to the same hour on the second business day following the date of such meeting at the same place. If at the second
adjourned meeting a quorum as hereinbefore specified is not present, then, at the discretion of the members then present, the quorum for the adjourned meeting shall consist of the members then present (a “Reduced Quorum”).

  

	7.	 If and whenever a vacancy shall exist in the Committee, the remaining members of the Committee may exercise
all powers and responsibilities of the Committee so long as a quorum remains in office or a Reduced Quorum is present in respect of a specific Committee meeting. Where a vacancy occurs at any time in the membership of the Committee, it may be filled
by the Board. 

	8.	 The Committee shall hold an in camera session without any officers present at each meeting of the
Committee, unless such a session is not considered necessary by the members present. 

  

	9.	 The time and place at which meetings of the Committee are to be held, and the procedures at such meetings,
will be determined from time to time by the Chair. A meeting of the Committee may be called by notice, which may be given by written notice, telephone, facsimile, email or other electronic communication at least 48 hours prior to the time of the
meeting. However, no notice of a meeting shall be necessary if all of the members are present either in person or by means of telephone or web conference or other communication equipment, or if those absent waive notice or otherwise signify their
consent to the holding of such meeting. 

  

	10.	 Members may participate in a meeting of the Committee by means of telephone, web conference or other
communication equipment. 

  

	11.	 If the Chair of the Committee is not present at any meeting of the Committee, one of the other members of
the Committee present at the meeting shall be chosen by the Committee to preside. The Chair (or other Committee member, as applicable) presiding at any meeting shall not have a casting vote. 

 

	12.	 The Committee shall keep minutes of all meetings, which shall be available for review by the Board. Except
in exceptional circumstances, draft minutes of each meeting of the Committee shall be circulated to the Committee for review within 14 days following the date of each such meeting. 

 

	13.	 The Committee may appoint any individual, who need not be a member, to act as the secretary at any meeting.

  

	14.	 The Committee may invite such other directors, officers and employees of the Corporation and such other
advisors and persons as is considered advisable to attend any meeting of the Committee. For greater certainty, the Committee shall have the right to determine who shall, and who shall not, be present at any time during a meeting of the Committee.

  

	15.	 Any matter to be determined by the Committee shall be decided by a majority of the votes cast at a meeting
of the Committee called for such purpose. Any action of the Committee may also be taken by an instrument or instruments in writing signed by all of the members of the Committee (including in counterparts, by facsimile or other electronic signature)
and any such action shall be as effective as if it had been decided by a majority of the votes cast at a meeting of the Committee called for such purpose. In case of an equality of votes, the matter will be referred to the Board for decision.

  

	16.	 The Committee shall report its determinations and recommendations to the Board. 

Resources and Authority 
  

	17.	 The Committee has the authority to: 

 

	 	(a)	 engage, at the expense of the Corporation, independent counsel and other experts or advisors as is
considered advisable; 

  
 - 2 - 

	 	(b)	 determine and pay the compensation for any independent counsel and other experts and advisors retained by
the Committee; 

  

	 	(c)	 communicate directly with the independent auditor of the Corporation (the “Independent
Auditor”); 

  

	 	(d)	 conduct any investigation considered appropriate by the Committee; 

 

	 	(e)	 request the Independent Auditor, any officer or other employee of, or outside counsel for, the Corporation
to attend any meeting of the Committee or to meet with any members of, or independent counsel or other experts or advisors to, the Committee; and 

  

	 	(f)	 have unrestricted access to the books and records of the Corporation. 

Responsibilities 
 Financial Accounting, Internal
Controls and Reporting Process 
  

	18.	 The Committee is responsible for: 

 

	 	(a)	 reviewing any management report on, and assessing the integrity of, the internal controls over the financial
reporting of the Corporation and monitoring the proper implementation of such controls; 

  

	 	(b)	 reviewing and reporting to the Board on, or if mandated by the Board, approving the quarterly unaudited
financial statements, management’s discussion and analysis (the “MD&A”), press release and other financial disclosure related thereto that is required to be reviewed by the Committee pursuant to Applicable Laws;

  

	 	(c)	 reviewing and reporting to the Board on the annual audited financial statements, the MD&A, press release
and other financial disclosure related thereto that is required to be reviewed by the Committee pursuant to Applicable Laws; 

  

	 	(d)	 monitoring the conduct of the audit function; 

 

	 	(e)	 discussing and meeting with, when considered advisable to do so and in any event no less frequently than
annually, the Independent Auditor, the Chief Financial Officer (the “CFO”) and any other officer or other employee of the Corporation which the Committee wishes to meet with, to review accounting principles, practices, judgments of
management, internal controls and such other matters as the Committee considers appropriate; and 

  

	 	(f)	 reviewing any post-audit or management letter containing the recommendations of the Independent Auditor and
management’s response thereto and monitoring the subsequent follow-up to any identified weaknesses. 

  
 - 3 - 

 Public Disclosure 
  

	19.	 The Committee shall: 

 

	 	(a)	 review the quarterly and annual financial statements, the related MD&A, quarterly and annual financial
reporting press releases and any other public disclosure documents that are required to be reviewed by the Committee pursuant to Applicable Laws; 

  

	 	(b)	 review and discuss with officers of the Corporation any guidance being provided on the expected future
results and financial performance of the Corporation and provide its recommendations on such guidance to the Board; and 

  

	 	(c)	 review from time to time the procedures which are in place for the review of the public disclosure by the
Corporation of financial information extracted or derived from the financial statements of the Corporation and periodically assess the adequacy of such procedures. 

Risk Management 
  

	20.	 The Committee should inquire of the officers and the Independent Auditor as to the significant risks or
exposures, both internal and external, to which the Corporation is subject, and review the actions which the officers have taken to minimize such risks. In conjunction with the Board, the Committee should annually review the financial risks
associated with the directors’ and officers’ third-party liability insurance and other insurance of the Corporation. 

Corporate Conduct 
  

	21.	 The Committee should ensure that there is an appropriate standard of corporate conduct relating to the
internal controls and financial reporting of the Corporation. 

  

	22.	 The Committee should establish procedures for: 

 

	 	(a)	 the receipt, retention and treatment of complaints received by the Corporation regarding accounting,
internal accounting controls and auditing matters; and 

  

	 	(b)	 the confidential, anonymous submission by employees of concerns regarding questionable accounting or
auditing matters. 

 Code of Business Conduct and Ethics 

 

	23.	 With regard to the Code of Business Conduct and Ethics of the Corporation (the “Code”),
the Committee should: 

  

	 	(a)	 review from time to time and recommend to the Board any amendments to the Code and monitor the policies and
procedures established by the officers of the Corporation to ensure compliance with the Code; 

  

	 	(b)	 review actions taken by the officers of the Corporation to ensure compliance with the Code, the results of
the confirmations and the responses to any violations of the Code; 

  
 - 4 - 

	 	(c)	 following the receipt of any complaint submitted under the Code, the Committee shall investigate each matter
and take corrective disciplinary action, if appropriate, up to and including termination of employment. 

  

	 	(d)	 if deemed appropriate by the Committee, investigations of suspected violations of the Code may be referred
to the Corporate Governance Committee; 

  

	 	(e)	 monitor the disclosure of the Code, any proposed amendments to the Code and any waivers to the Code granted
by the Board; 

  

	 	(f)	 review the policies and procedures instituted to ensure that any departure from the Code by a director or
officer of the Corporation which constitutes a “material change” within the meaning of Applicable Laws is appropriately disclosed in accordance with Applicable Laws. 

Whistleblower Policy 
  

	24.	 The Committee shall review from time to time the Whistleblower Policy of the Corporation (the
“Policy”) to determine whether the Policy is effective in providing appropriate procedures to report violations (as defined in the Policy) or suspected violations and recommend to the Board any amendments to the Policy.

 Anti-Bribery and Anti-Corruption Policy 
  

	25.	 The Committee shall review and evaluate the Anti-Bribery and Anti-Corruption Policy of the Corporation on an
annual basis to determine whether such policy is effective in ensuring compliance by the Corporation, its directors, officers, employees, consultants and contractors with the Corruption of Foreign Public Officials Act (Canada), the
Criminal Code (Canada) and any other similar laws applicable to the Corporation. 

 Independent Auditor 

 

	26.	 The Committee shall recommend to the Board, for appointment by shareholders, a firm of external auditors to
act as the Independent Auditor and shall monitor the independence and performance of the Independent Auditor. The Committee shall arrange and attend, as considered appropriate and at least annually, a private meeting with the Independent Auditor,
shall review and approve the remuneration of such Independent Auditor and shall ensure that the Independent Auditor reports directly to the Committee. 

  

	27.	 The Committee shall ensure that the lead audit partner at the Independent Auditor is changed every seven
years. 

  

	28.	 The Committee should resolve any otherwise unresolved disagreements between the officers of the Corporation
and the Independent Auditor regarding the internal controls or financial reporting of the Corporation. 

  

	29.	 The Committee should pre-approve all audit and non-audit services not prohibited by law, including Applicable Laws, to be provided by the Independent Auditor. The Chair may, and is authorized to, pre-approve non-audit services provided by the Independent Auditor up to a maximum amount of $25,000 per engagement. 

  
 - 5 - 

	30.	 The Committee should review the audit plan of the Independent Auditor, including the scope, procedures and
timing of the audit. 

  

	31.	 The Committee should review the results of the annual audit with the Independent Auditor, including matters
related to the conduct of the audit. 

  

	32.	 The Committee should obtain timely reports from the Independent Auditor describing critical accounting
policies and practices applicable to the Corporation, the alternative treatment of information in accordance with International Financial Reporting Standards that were discussed with the CFO, the ramifications thereof and the Independent
Auditor’s preferred treatment and should review any material written communications between the Corporation and the Independent Auditor. 

  

	33.	 The Committee should review the fees paid by the Corporation to the Independent Auditor and any other
professionals in respect of audit and non-audit services on an annual basis. 

  

	34.	 The Committee should review and approve from time to time the Corporation’s hiring policy regarding
partners, employees and former partners and employees of the present and any former Independent Auditor. 

  

	35.	 The Committee should monitor and assess the relationship between the officers of the Corporation and the
Independent Auditor and monitor the independence and objectivity of the Independent Auditor. 

  

	36.	 The Committee shall have the authority to engage the Independent Auditor to review the unaudited interim
financial statements of the Corporation. 

 Other Responsibilities 

 

	37.	 The Committee should review and assess from time to time the adequacy of this mandate and submit any
proposed amendments to the Board for consideration. 

  

	38.	 The Committee should perform any other activities consistent with this mandate and Applicable Laws as the
Committee or the Board considers advisable. 

 Chair 
  

	39.	 The Chair should: 

  

	 	(a)	 provide leadership to the Committee and oversee the functioning of the Committee; 

 

	 	(b)	 chair meetings of the Committee (unless not present), including
in-camera sessions and report to the Board following each meeting of the Committee on the activities and any recommendations and decisions of the Committee and otherwise at such times and in such manner
as the Chair considers advisable; 

  

	 	(c)	 ensure that the Committee meets at least quarterly in each financial year of the Corporation and otherwise
as is considered advisable; 

  
 - 6 - 

	 	(d)	 in consultation with the Chairman of the Board (the “Chairman”), the Lead Director, if any,
and the members of the Committee, establish dates for holding meetings of the Committee; 

  

	 	(e)	 set the agenda for each meeting of the Committee, with input from other members of the Committee, the
Chairman, the Lead Director, if any, and any other appropriate individuals; 

  

	 	(f)	 ensure that Committee materials are available to any director upon request; 

 

	 	(g)	 act as a liaison and maintain communication with the Chairman, the Lead Director, if any, and the Board to co-ordinate input from the Board and to optimize the effectiveness of the Committee; 

  

	 	(h)	 report annually to the Board on the role of the Committee and the effectiveness of the Committee in
contributing to the effectiveness of the Board; 

  

	 	(i)	 assist the members of the Committee to understand and comply with the responsibilities contained in this
mandate; 

  

	 	(j)	 foster ethical and responsible decision making by the Committee; 

 

	 	(k)	 review, together with the Board (unless responsibility is delegated to the Committee by the Board), in
advance of public release (i) any earnings guidance, and (ii), any press release containing financial information based upon financial statements and management’s discussion and analysis that has not previously been released;

  

	 	(l)	 notify the sender and acknowledge receipt of a report within five business days under the Code, or as soon
as possible thereafter, except where a report was submitted on a confidential, anonymous basis; 

  

	 	(m)	 consider complaints relating to accounting matters covered by the Policy, undertake an investigation of the
violation or suspected violation of the Policy as defined in the Policy and promptly report to the Committee and the Board any complaint that may have material consequences for the Corporation and, for each financial quarter of the Corporation, the
Chair should, with input from the Chairman, if applicable, report to the Committee and to the Independent Auditor, the aggregate number, the nature and the outcome of the complaints received and investigated under the Policy; 

 

	 	(n)	 together with the Corporate Governance Committee, oversee the structure, composition and membership of, and
activities delegated to, the Committee from time to time; 

  

	 	(o)	 ensure appropriate information is provided to the Committee by the officers of the Corporation to enable the
Committee to function effectively and comply with this mandate; 

  

	 	(p)	 ensure that appropriate resources and expertise are available to the Committee; 

 

	 	(q)	 ensure that the Committee considers whether any independent counsel or other experts or advisors retained by
the Committee are appropriately qualified and independent in accordance with Applicable Laws; 

  
 - 7 - 

	 	(r)	 facilitate effective communication between the members of the Committee and the officers of the Corporation
and encourage an open and frank relationship between the Committee and the Independent Auditor; 

  

	 	(s)	 attend, or arrange for another member of the Committee to attend, each meeting of the shareholders of the
Corporation to respond to any questions from shareholders that may be asked of the Committee; 

  

	 	(t)	 in the event a Chairman is not appointed by the Board at the first meeting of the Board following the annual
meeting of shareholders each year and the position of Chair of the Corporate Governance Committee is vacant, serve as the interim Chairman until a successor is appointed; and 

 

	 	(u)	 perform such other duties as may be delegated to the Chair by the Committee or the Board from time to time.

 Approved: June 2018 

  
 - 8 -

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