Document:

Exhibit 10.4(a)

 

SUBSCRIPTION FOR SUBORDINATE VOTING SHARES AND WARRANTS

 

		TO:	Med Men Enterprises Inc. (the “Corporation”)

 

The undersigned (the “Subscriber”)
hereby irrevocably subscribes for and agrees to purchase the number of units of the Corporation (“Units”) set forth
below for the aggregate subscription price set forth below (the “Aggregate Subscription Amount”), representing a subscription
price of US$__________ per Unit (the “Issue Price”) and in partial consideration for the repayment of the Subscriber’s
25% portion of the US$5,000,000 principal amount of, and all accrued interest under, that certain Unsecured Promissory Note, dated as
of July 29, 2021, entered into by the Corporation and, among others, the Subscriber. The Units subscribed for hereunder are part of a
larger offering of _______________ Units (the “Offered Units”). Each Unit in this subscription consists of: (a) one
(1) Class B subordinate voting share (a “Share”) of the Corporation; (b) one-quarter (1/4) of a Share purchase warrant
(each a “Warrant”); and (c) a 16.67% proportion of the Hankey Warrant (as defined herein). Each whole Warrant will
be exercisable to purchase one additional Share at an exercise price of US$__________ per Share for a period of five (5) years from the
date of issuance of the Warrants. The Hankey Warrant will be exercisable until the date that is the later of December 31, 2021, or 90
days from the closing of the Offering (as defined below) to purchase either: (a) the number of fully paid and non-assessable additional
Shares at an exercise price equal to the lesser of the Share market price upon exercise of the Hankey Warrant and US$0.30 per Share, for
aggregate gross proceeds of US$30,000,000 from the Corporation; or (b) US$30,000,000 principal amount of the Notes (the “Notes”)
to be issued by the Corporation and MM Can USA, Inc. pursuant to the Fourth Amended and Restated Securities Purchase Agreement, dated
as of August _____, 2021 (the Warrants, and together with the Shares and the Hankey Warrant, the “Purchased Securities”),
upon and subject to the terms and conditions set forth in the “Terms and Conditions of Subscription for Subordinate Voting Shares
and Warrants of MedMen Enterprises Inc.” attached hereto (collectively with this face page, the “Subscription Agreement”).

 

	

 

 

    Full Legal Name of Subscriber (please print)

     

    By: 

Signature of Subscriber or its Authorized Representative

     

 

    Official Title or Capacity (please print)

     

 

    Name of Signatory (please print name of individual whose
    signature appears above if different than name of Subscriber)

     

 

    Subscriber’s Address (including postal/zip code)

     

 

 

 

    Telephone Number (including area code)

     

 

    e-mail Address

     

    By executing this Subscription Agreement, you are consenting
    to the collection, use and disclosure of personal information in the manner described in the privacy notice attached this Subscription
    Agreement.

     
		
     

    Aggregate Subscription Amount: US$

	 	 
		
     

    Number of Units: 

	 	 
	 	
    Details of Securities CURRENTLY Held

     

    Class B Subordinate Voting Shares:

     

    Number:

     

    Warrants

     

    Number: 

     

    Exercise Price: US$

     

    Notes

     

    Dollar Amount: US$

     

    Shares: 

     

    Conversion Price: US$

     

     

     

     

    
     

	
     

    Register the Purchased Securities (if different from address
    given above) as follows:

     

 

    Name

     

 

    Account reference, if applicable

     

 

    Address (including postal/zip code)

     

 

 

 

 

    E-mail Address

     
		
     

    Deliver the Purchased Securities (if different from address given
    above) as follows:

     

 

    Name

     

 

    Account reference, if applicable

     

 

    Contact Name

     

 

    Address (including postal code)

     

 

    Telephone Number (including area code)

     

 

    E-mail Address

     

     

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ACCEPTANCE: The Corporation, by countersigning this
Subscription Agreement below, hereby accepts this subscription as set forth above upon and subject to the terms and conditions contained
in this Subscription Agreement.

 

	MEDMEN ENTERPRISES INC.	August ___, 2021
	 	 	 
	 	 	 
	By:	               	 
	Name: 	 	 
	Title:	 	 

 

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TERMS AND CONDITIONS OF
SUBSCRIPTION FOR 

SUBORDINATE VOTING SHARES AND WARRANTS OF 

MEDMEN ENTERPRISES INC.

 

		1.	Definitions. In this Subscription Agreement:

 

		(a)	“Accredited
Investor Status Certificate” has the meaning ascribed thereto in paragraph 3(l) hereof.

 

		(b)	“Aggregate Subscription Amount” has the
meaning set forth on the face page hereof.

 

		(c)	“Applicable States” has the meaning ascribed
thereto in paragraph 3(cc) hereof.

 

		(d)	“Business Day” any day except Saturday,
Sunday or any day on which banks are generally not open for business in the City of Los Angeles, California, City of Toronto, Ontario
or New York, New York.

 

		(e)	“Cannabis Business” has the meaning ascribed
thereto in paragraph 3(cc) hereof.

 

		(f)	“CDS” has the meaning ascribed thereto in
paragraph 2(j) hereof.

 

		(g)	“Closing Date” means such date(s) as the
Corporation may determine.

 

		(h)	“Closing Time” has the meaning ascribed
thereto in paragraph 7 hereof.

 

		(i)	“Corporation” means MedMen Enterprises Inc.,
a corporation incorporated under the Business Corporations Act (British Columbia).

 

		(j)	“CSA” has the meaning ascribed thereto in
paragraph 3(bb) hereof.

 

		(k)	“CSE” means the Canadian Securities Exchange.

 

		(l)	“DEA” has the meaning ascribed thereto in
paragraph 3(aa) hereof.

 

		(m)	“DOJ” has the meaning ascribed thereto in
paragraph 3(aa) hereof.

 

		(n)	“Effective Date” means, with respect to
a Registration Statement, the first date that such Registration Statement is declared effective by the SEC.

 

		(o)	“Effectiveness Period” means the period
commencing on the Effective Date and ending on the earliest to occur of (1) the date all of the Registrable Securities have been sold
pursuant to the Registration Statement and (2) the date no Registrable Securities remain outstanding.

 

		(p)	“Hankey Warrant” means the warrant to purchase Shares or the Notes in the form attached
as Schedule “A”.

 

		(q)	“Insider” means (i) a director or senior officer of the Corporation
(or a subsidiary of the Corporation), (ii) any Person who beneficially owns, directly or indirectly, voting securities of the Corporation
or who exercises control or direction over voting securities of the Corporation or a combination of both carrying more than 10% of the
voting rights attached to all voting securities of the Corporation for the time being outstanding, or (iii) a director or senior officer
of an Insider of the Corporation.

 

		(r)	“Interest” has the meaning ascribed thereto in paragraph 3(cc) hereof.

 

		(s)	“IRS” has the meaning ascribed thereto in paragraph 3(aa) hereof.

 

		(t)	“Issue Price” has the meaning set forth on the face page hereof.

 

		(u)	“Material Event” has the meaning ascribed thereto in paragraph 10 hereof.

 

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		(v)	“Material Adverse Effect” means a material adverse effect on the business, affairs,
operations, condition (financial or otherwise), earnings, assets, liabilities (absolute, accrued, contingent or otherwise) or capital
of the Corporation and its subsidiaries, taken as a whole.

 

		(w)	“Material Cannabis Owner” has the meaning ascribed thereto in paragraph 3(ee)(i) hereof.

 

		(x)	“Moelis” means Moelis & Company.

 

		(y)	“NI 45-106” means National Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators.

 

		(z)	“Notes” has the meaning set forth on the face page hereof.

 

		(aa)	“OFAC” has the meaning ascribed thereto in paragraph 3(x) hereof.

 

		(bb)	“Offering” means the non-brokered private placement offering of up to _______________ Units to be issued and sold
by the Corporation.

 

		(cc)	“PCMLTFA” has the meaning ascribed thereto in paragraph 3(w) hereof.

 

		(dd)	“Person” includes any individual (whether acting as an executor, trustee administrator, legal representative or
otherwise), corporation, firm, partnership, sole proprietorship, syndicate, joint venture, trustee, trust, unincorporated organization
or association, and pronouns have a similar extended meaning.

 

		(ee)	“Purchased Securities” has the meaning set forth on the face page hereof.

 

		(ff)	“Registrable Securities” means the Shares purchased pursuant to this Agreement and any Underlying Shares and any
security issued with respect thereto upon any stock dividend, split or similar event until, in the case of any such security, the earlier
of (i) its effective registration under the U.S. Securities Act and resale in accordance with a Registration Statement or (ii) its eligibility
for resale to the public pursuant to Rule 144

 

		(gg)	“Registrant” means a dealer, adviser, investment fund manager, an ultimate designated person or chief compliance
officer as those terms are used pursuant to Securities Laws, or a Person registered or otherwise required to be registered under the Securities
Laws.

 

		(hh)	“Registration Statement” shall have the meaning ascribed thereto in paragraph 10 hereof.

 

		(ii)	“Reporting Jurisdictions” means each of the provinces and territories of Canada.

 

		(jj)	“Related Person” has the meaning ascribed to such term in the policies of the CSE.

 

		(kk)	“Rule 144” means Rule 144 under the U.S. Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC

 

		(ll)	“SEC” shall have the meaning ascribed thereto in paragraph 10 hereof.

 

		(mm)	“Securities Laws” means, as applicable, the securities laws, regulations, rules, rulings
and orders in each of the Reporting Jurisdictions, the applicable policy statements, notices, blanket rulings, orders and all other regulatory
instruments of the securities regulators in each of the Reporting Jurisdictions, and the policies of the CSE.

 

		(nn)	“Shares” means the Class B subordinate voting shares in the capital of the Corporation.

 

		(oo)	“Subscriber” has the meaning set forth on the face page hereof.

 

		(pp)	“Subscription Agreement” has the meaning set forth on the face page hereof.

 

		(qq)	“Units” has the meaning set forth on the face page hereof.

 

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		(rr)	“U.S. Cannabis Laws” means all applicable requirements of U.S. state and municipal
laws, rules and regulations regarding regulated medical and recreational cannabis in each U.S. jurisdiction in which the Corporation conducts
its business and operations including, but not limited to, all U.S. state and municipal laws related to cultivation, processing, manufacturing,
storage, sales, preparation, testing, taxation, security, employee qualifications, transport, equity ownership restrictions, management
services restrictions, or intellectual property license restrictions.

 

		(ss)	“U.S. Federal Cannabis Laws” means, collectively, U.S. federal laws, statutes, and/or
regulations, as applicable, that are directly or indirectly related to the production, trafficking, distribution, extraction, cultivation,
processing manufacturing, storage, sales, preparation, testing, taxation, security, employee qualifications, transport, equity ownership
restrictions, management services restrictions, or intellectual property license restrictions of cannabis and cannabis-related substances
and products.

 

		(tt)	“U.S. Securities Act” shall have the meaning ascribed thereto in paragraph 3(g) hereof.

 

		(uu)	“Underlying Shares” means the Warrant Shares, if and when issued by the Corporation.

 

		(vv)	“Warrant Shares” means the Shares issuable upon exercise of the Warrant or the Hankey
Warrant.

 

		(ww)	“Warrants” has the meaning set forth on the face page hereof.

 

		2.	Acknowledgements of the Subscriber. The Subscriber acknowledges that:

 

		(a)	This Subscription Agreement requires the Subscriber to provide certain personal information to the Corporation.
Such information is being collected by the Corporation for the purposes of completing the Offering and complying with the Corporation’s
U.S. regulatory requirements, which includes, without limitation, determining the Subscriber’s eligibility to purchase the Units
under the U.S. Securities Act, other applicable securities laws and U.S. Cannabis Laws and completing filings required by any stock exchange
or securities regulatory authority or by any U.S. state, local or municipal regulatory authority. The Subscriber’s personal information
may be disclosed by the Corporation to: (i) stock exchanges or securities regulatory authorities, (ii) the Canada Revenue Agency or other
taxing authorities, (iii) U.S. state, local or municipal regulatory authorities as required under U.S. Cannabis Laws, and (iv) any of
the other parties involved in the Offering, including legal counsel to the Corporation and may be included in record books in connection
with the Offering. By executing this Subscription Agreement, the Subscriber is deemed to be consenting to the foregoing collection, use
and disclosure of the Subscriber’s personal information as set out in this Section and in the Private Notice attached hereto, which
the Subscriber has read and understood. The Subscriber also consents to the filing of copies or originals of any of the Subscriber’s
documents described herein as may be required to be filed with any stock exchange or securities regulatory authority or any U.S. state,
local or municipal regulatory authorities as required under U.S. Cannabis Laws in connection with the transactions contemplated hereby.

 

		(b)	This subscription is subject to rejection or acceptance by the Corporation in whole or in part.

 

		(c)	The Subscriber is responsible for obtaining such legal advice as it considers appropriate in connection
with the execution, delivery and performance by it of this Subscription Agreement.

 

		(d)	There is no government or other insurance scheme covering the Purchased Securities.

 

		(e)	There are risks associated with an investment in the Purchased Securities and, as a result, the Subscriber
may lose its entire investment.

 

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		(f)	The Corporation is relying on an exemption from the requirement to provide the Subscriber
with a prospectus under the Securities Laws and, as a consequence of acquiring the Purchased Securities pursuant to such exemption:

 

		(i)	certain protections, rights and remedies provided by the Securities Laws, including
statutory rights of rescission, or damages and certain statutory remedies against an issuer, underwriters, auditors, directors and officers
that are available to investors who acquire securities offered by a prospectus, will not be available to the Subscriber,

 

		(ii)	the common law may not provide investors with an adequate remedy
in the event that they suffer investment losses in connection with securities acquired in a private placement,

 

		(iii)	the Subscriber may not receive information that would otherwise be required to be
given under the Securities Laws, and

 

		(iv)	the Corporation is relieved from certain obligations that would otherwise apply
under the Securities Laws.

 

		(g)	The Subscriber understands that it may not be able to resell the Purchased Securities
or Underlying Shares except in accordance with limited exemptions available under applicable securities legislation, regulatory policy
and stock exchange rules, and that the Subscriber is solely responsible for (and the Corporation is not in any way responsible for) the
Subscriber’s compliance with applicable resale restrictions.

 

		(h)	The Subscriber understands that the sale of the Purchased Securities is conditional
upon such sale being exempt from the requirements to file and obtain a receipt for a prospectus or to deliver an offering memorandum,
and the requirement to sell securities through a registered dealer, or upon the issuance of such orders, consents or approvals as may
be required to enable such sale to be made without complying with such requirements, and that as a consequence of acquiring the Purchased
Securities pursuant to such exemptions, certain protections, rights and remedies provided by applicable securities legislation, including
statutory rights of rescission or damages in the event of a misrepresentation will not be available to the Subscriber in connection with
the purchase and sale of the Purchased Securities.

 

		(i)	Except as provided for herein, the Subscriber understands and acknowledges that
the Purchased Securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of
the United States, and that the offer and sale of the Purchased Securities to it are being made in reliance upon the exemption from registration
provided by the U.S. Securities Act and similar exemptions under applicable state securities laws. The Subscriber understands and acknowledges
that the Purchased Securities will be “restricted securities” within the meaning of Rule 144(a)(3) under the U.S. Securities
Act.

 

Upon
the original issuance of the Purchased Securities and until such time as is no longer required under applicable requirements of the U.S.
Securities Act or applicable state securities laws, all certificates or DRS statements representing the Purchased Securities and Underlying
Shares, and all certificates or DRS statements issued in exchange therefor or in substitution thereof, shall bear a legend substantially
in the following form:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. SECURITIES ACT”), OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, UNLESS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN COMPLIANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED THAT THE
HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE CORPORATION.”

 

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The Subscriber
consents to the Corporation making a notation on its records or giving instructions to any transfer agent of the Purchased Securities
or Underlying Shares in order to implement the restrictions on transfer set forth and described herein.

 

		(j)	The Purchased Securities and Underlying Shares shall have attached to them, whether
through the electronic deposit system of the CDS Clearing and Depository Services Inc. (“CDS”), an ownership statement
issued under a direct registration system or other electronic book entry system, or on certificates or DRS statements that may be issued,
as applicable, any legends as may be prescribed by CDS in addition to a legend setting out resale restrictions under applicable Securities
Laws substantially in the following form (and with the necessary information inserted):

 

“Unless
permitted under securities legislation, the holder of this security must not trade the security before DECEMBER ___, 2021.”

 

		3.	Representations, Warranties and Covenants of the Subscriber.
By executing this Subscription Agreement, the Subscriber represents, warrants and covenants to the Corporation and its counsel (and
acknowledges that the Corporation and its counsel are relying thereon) that:

 

		(a)	The Subscriber has the requisite power, authority, legal capacity and competence
to execute and deliver and be bound by this Subscription Agreement, to perform all of its obligations hereunder, and to undertake all
actions required of the Subscriber hereunder, and all necessary approvals of its directors, partners, shareholders, trustees or otherwise
with respect to such matters have been given or obtained.

 

		(b)	This Subscription Agreement has been duly and validly authorized, executed and delivered
by, and constitutes a legal, valid, binding and enforceable obligation of, the Subscriber.

 

		(c)	The execution, delivery and performance by the Subscriber of this Subscription Agreement
and the completion of the transactions contemplated hereby do not and will not result in a violation of any law, regulation, order or
ruling applicable to the Subscriber, and do not and will not constitute a breach of or default under any of the Subscriber’s constating
documents or any agreement or covenant to which the Subscriber is a party or by which it is bound.

 

		(d)	If the Subscriber is not an individual, the Subscriber has been duly incorporated
or created and is validly subsisting under the laws of its jurisdiction of incorporation or creation.

 

		(e)	The Subscriber, either alone or together with its representatives, confirms that
the Subscriber:

 

		(i)	has such knowledge, sophistication and experience in financial and business affairs
as to be capable of evaluating the merits and risks of its investment in the Purchased Securities;

 

		(ii)	is capable of assessing the proposed investment in the Purchased Securities as
a result of the Subscriber’s own experience or as a result of advice received from a Person registered under applicable securities
legislation;

 

		(iii)	is experienced in investments and business matters, has made investments of a speculative
nature and has purchased securities of companies in private placements in the past, and, with its representatives, has such knowledge
and experience in financial, tax and other business matters as to enable the Subscriber to utilize the information made available by the
Corporation to evaluate the merits and risks of and to make an informed investment decision with respect to the proposed purchase, which
represents a speculative investment;

 

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		(iv)	is aware of the characteristics of the Purchased Securities and Underlying Shares
and the risks relating to an investment therein on its own and without reliance on the Corporation or any of its affiliates or representatives;
and

 

		(v)	is able to bear the economic risk of loss of its investment in the Purchased Securities
and is able to afford a complete loss of such investment.

 

		(f)	The Subscriber understands that no securities commission, stock exchange, governmental
agency, regulatory body or similar authority has made any finding or determination or expressed any opinion with respect to the merits
of investing in the Purchased Securities or the Underlying Shares.

 

		(g)	The Subscriber understands and acknowledges that no prospectus or registration statement
has been filed by the Corporation with any securities commission or similar regulatory authority in any jurisdiction in connection with
the issuance of the Purchased Securities and the Underlying Shares, the Purchased Securities and the Underlying Shares are being offered
in a transaction not involving any public offering within the meaning of the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), and the Purchased Securities are being offered for sale only on a “private placement” basis and
that the sale of the Purchased Securities is conditional upon such sale being exempt from the registration requirements under applicable
United States federal and state securities laws and that the Corporation is relying in part upon the truth and accuracy of, and Subscriber’s
compliance with, the representations, warranties, agreements, acknowledgments and understandings of Subscriber set forth herein in order
to determine the availability of such exemptions and the eligibility of Subscriber to subscribe for the Purchased Shares.

 

		(h)	The Subscriber confirms that neither the Corporation, nor any of its representative
directors, employees, officers, agents, representatives or affiliates, have made any representations (written or oral) to the Subscriber:

 

		(i)	regarding the future value of the Purchased Securities or the Underlying Shares;

 

		(ii)	that any Person will resell or repurchase the Purchased Securities or the Underlying
Shares;

 

		(iii)	that any of the Purchased Securities or the Underlying Shares will be listed on
any stock exchange or traded on any market; or

 

		(iv)	that any Person will refund the purchase price or exercise price, as applicable,
of the Purchased Securities or the Underlying Shares other than as provided in this Subscription Agreement.

 

		(i)	The Subscriber confirms that it has been advised to consult its own legal and financial
advisors with respect to the suitability of the Purchased Securities as an investment for the Subscriber, the tax consequences of purchasing
and dealing with the Purchased Securities and Underlying Shares, and the resale restrictions and “hold periods” to which the
Purchased Securities and Underlying Shares are or may be subject under applicable securities legislation or stock exchange rules, and
has not relied upon any statements made by or purporting to have been made on behalf of the Corporation with respect to such suitability,
tax consequences, and resale restrictions.

 

		(j)	The Subscriber is resident in the jurisdiction indicated on the face page of this
Subscription Agreement as the “Subscriber’s Address” and the purchase by and sale to the Subscriber of the Purchased
Securities, and any act, solicitation, conduct or negotiation directly or indirectly in furtherance of such purchase and sale has occurred
only in such jurisdiction.

 

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		(k)	At the time the Subscriber was offered the Purchased Securities, it was, and as
of the date hereof it is, either: (i) an “accredited investor” as defined in Rule 501(a) under the U.S. Securities Act, or
(ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the U.S. Securities Act. The Subscriber is acquiring
the Purchased Securities as principal for its own account and not as agent or trustee for another Person (except as agent or trustee where
deemed to be purchasing as principal under applicable Securities Laws) and has no direct or indirect arrangement or understandings with
any other Persons to distribute or regarding the resale, distribution or other disposition of such Purchased Securities (this representation
and warranty not limiting such Subscriber’s right to sell the Purchased Securities pursuant to a registration statement or otherwise
in compliance with applicable U.S. federal and state securities laws). The Subscriber is acquiring the Purchased Securities hereunder
in the ordinary course of its business.

 

		(l)	If the Subscriber is an individual, at the time the Subscriber
was offered the Purchased Securities, it was, and as of the date hereof it is, either an “accredited investor” under Section
2.3 of NI 45-106 or the Securities Act (Ontario), and the Subscriber has properly completed, executed and delivered to the Corporation
this Subscription Agreement and Schedule “B” (the “Accredited Investor Status Certificate”).

 

		(m)	The Subscriber has not received or been provided with, nor has it requested, nor
does it have any need to receive, any offering memorandum, or any other document (other than the annual financial statements, interim
financial statements or any other document (excluding offering memoranda, prospectuses or other offering documents) the content of which
is prescribed by statute or regulation) describing the business and affairs of the Corporation, which has been prepared for delivery to
and review by prospective purchasers in order to assist them in making an investment decision in respect of the purchase of Purchased
Securities pursuant to the Offering.

 

		(n)	The Subscriber is not purchasing the Purchased Securities as a result of any “general
solicitation” or “general advertising” (as defined in Regulation D under the U.S. Securities Act), including any advertisement,
article, notice or other communication regarding the Purchased Securities published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar and has not become aware of any advertisement in printed media of general and regular
paid circulation or on radio, television or other form of telecommunication or any other form of advertisement (including electronic display
or the Internet) or sales literature with respect to the distribution of the Purchased Securities.

 

		(o)	The Subscriber undertakes and agrees that it will not offer or sell any of the Purchased
Securities or Underlying Shares in the United States unless such securities are registered under the U.S. Securities Act and the securities
laws of all applicable states of the United States, or an exemption from such registration requirements is available.

 

		(p)	The Subscriber is not a Registrant. The Subscriber is not an Insider or Related
Person of the Corporation.

 

		(q)	If required by applicable securities legislation, regulations, rules, policies or
orders or by any securities commission, stock exchange or other regulatory authority, the Subscriber will execute, deliver, file and otherwise
assist the Corporation in filing, such reports, undertakings and other documents with respect to the issue of the Purchased Securities.

 

		(r)	Except as disclosed in writing to the Corporation, the Subscriber does not act jointly
or in concert with any other Person or company for the purposes of acquiring securities of the Corporation.

 

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		(s)	The Subscriber is not a “control person” of the Corporation, as that
term is defined in the Securities Act (Ontario), will not become a “control person” of the Corporation by purchasing the Purchased
Securities subscribed for under this Subscription Agreement and currently does not intend to act jointly or in concert with any other
Person to form a control group in respect of the Corporation.

 

		(t)	Except for this Subscription Agreement, the Subscriber has relied solely upon publicly
available information relating to the Corporation and not upon any verbal or written representation as to fact or otherwise made by or
on behalf of the Corporation, and acknowledges that the Corporation’s counsel is acting as counsel to the Corporation and not as
counsel to the Subscriber.

 

		(u)	The Subscriber has been afforded, (i) the opportunity to ask such questions as
it has deemed necessary of, and to receive answers from, representatives of the Corporation concerning the terms and conditions of the
offering of the Purchased Securities and the merits and risks of investing in the Purchased Securities; (ii) access to information about
the Corporation and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Corporation possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment;

 

		(v)	The Subscriber has reviewed the “Privacy Notice” attached to this Subscription
Agreement, and agrees to and accepts all covenants, representations and consents as set out therein.

 

		(w)	The funds representing the Aggregate Subscription Amount which will be advanced
by the Subscriber to the Corporation hereunder will not represent proceeds of crime for the purposes of the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act (Canada) (the “PCMLTFA”) and the Subscriber acknowledges that the Corporation may in the
future be required by law to disclose the Subscriber’s name and other information relating to this Subscription Agreement and the
Subscriber’s subscription hereunder, on a confidential basis, pursuant to the PCMLTFA. To the best of its knowledge: (i) none of
the subscription funds to be provided by the Subscriber: (A) have been or will be derived from or related to any activity that is deemed
criminal under the law of Canada, the United States of America, or any other jurisdiction; or (B) are being tendered on behalf of a Person
who has not been identified to the Subscriber; and (ii) it shall promptly notify the Corporation if the Subscriber discovers that any
of such representations ceases to be true, and to provide the Corporation with appropriate information in connection therewith.

 

		(x)	The Subscriber is not (i) a Person named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC or a prohibited by any OFAC sanctions
program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell
bank or providing banking services indirectly to a non-U.S. shell bank. The undersigned agrees to provide law enforcement agencies, if
requested thereby, such records as required by applicable law, provided that the undersigned is permitted to do so under applicable law.
To the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by the undersigned and
used to purchase the Shares were legally derived.

 

		(y)	The Subscriber acknowledges that the Corporation may complete additional financings
in the future in order to develop the business of the Corporation and to fund ongoing development. There is no assurance that such financing
will be available and if available, on reasonable terms. Any such financings may have a dilutive effect on current shareholders, including
the Subscriber.

 

		(z)	The Subscriber acknowledges that an investment in the Purchased Securities is subject
to a number of risk factors. The Subscriber covenants and agrees to comply with applicable securities legislation, orders or policies
concerning the purchase, holding of, and resale of the Purchased Securities and Underlying Shares.

 

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		(aa)	Since the cultivation, processing, production, distribution and sale of cannabis
for any purpose, medical, adult-use (i.e., recreational) or otherwise, remain illegal under U.S. Federal Cannabis Laws, it is possible
that the Corporation may be forced to cease certain of its activities. The United States federal government, through, among others, the
Department of Justice (“DOJ”), its sub agency the Drug Enforcement Agency (“DEA”), and the Internal
Revenue Service (“IRS”), have the right to actively investigate, audit and shut-down cannabis growing facilities, processors
and retailers. The U.S. federal government may also attempt to seize the Corporation’s property. Any action taken by the DOJ, the
DEA and/or the IRS to interfere with, seize or shut down the Corporation’s operations will have an adverse effect on the Corporation’s
business, operating results and financial condition.

 

		(bb)	The Subscriber is cautioned and acknowledges that in the United States, medical
and adult-use cannabis are largely regulated at the state level. Although certain states and territories of the United States authorize
medical cannabis, and in some cases adult-use cannabis, production and distribution by licensed or registered entities under applicable
state laws, under U.S. Federal Cannabis Laws, the possession, use, cultivation and transfer of cannabis for any purpose and any related
drug paraphernalia is illegal and any such acts are criminal acts under federal law under any and all circumstances under the United States
Controlled Substances Act (“CSA”). The Subscriber’s contribution to and involvement in such activities may result
in federal civil and/or criminal prosecution, including forfeiture of his, her or its entire investment.

 

		(cc)	Except as set forth on Schedule “C” hereto, the Subscriber does not
have a direct or indirect interest, including any profits-only interest (each, an “Interest”) in any other dispensing
organization, testing laboratory licensee (e.g., Type 8 testing laboratory licensee), laboratory testing permittee, retail licensee (e.g.,
a Type 10 storefront retailer licensee), retail dispensary licensee, medical marijuana treatment center, adult use cannabis retail dispensary,
cannabis business, cannabis business establishment, or cannabis establishment (each, a “Cannabis Business”) in the
states of Arizona, California, Florida, Illinois, Massachusetts, Nevada or New York (the “Applicable States”).

 

		(dd)	If the Subscriber does have a direct or indirect interest in any other Cannabis
Business in the Applicable States, Schedule “C” sets forth:

 

		(i)	each Cannabis Business in which the Subscriber has an Interest; and

 

		(ii)	the nature of such Interest, including the percentage ownership held by Subscriber
in such Cannabis Business and the entity (if applicable) through which such Interest is held.

 

		(ee)	The execution, delivery and performance of this Agreement by the Subscriber of
this Agreement, and the consummation of the transactions contemplated hereby, including Subscriber’s investment in the Corporation,
will not:

 

		(i)	result in the Subscriber or any of its direct or indirect owners, directors or officers
becoming (i) an “Owner” or “Financial Interest Holder” of the Corporation or its subsidiaries (as defined in the
Cal. Code Regs. Tit. 4 §§ 15003, 15004), (ii) an “Owner” (as defined in Rule 64ER20-31(29), Florida Administrative
Code) of the Corporation or its subsidiaries, (iii) a “principal officer” of the Corporation or its subsidiaries (as defined
in Section 1-10 of the Illinois Cannabis Regulation and Tax Act), (iv) “Owner”, “Close Associate”, “A Person
or Entity Having Direct Control”, “Person or Entity Having Indirect Control” of the Corporation or its subsidiaries
(each as defined in the 935 Code Mass. Regs. § 500.000), (v) subject to the requirements of §5.110 of the Regulations of the
Nevada Cannabis Compliance Board or (vi) subject to the requirements of Article 3 of the Marihuana Regulation and Taxation Act of
2021 and 10 NYCRR §1004 et. seq. (in each case, with respect to the Corporation, its subsidiaries, or any other Cannabis Business,
a “Material Cannabis Owner”); or

 

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		(ii)	conflict with or result in a violation of (i) Cal. Bus. & Prof. Code §
26053(b); Cal. Code Regs. tit. 4, §§ 15005 and 15017; and L.A.M.C. §104.02(a)(2), (ii) section 381.986(8)(e)2., Florida
Statutes (2021), (iii) section 15-36(c) of the Illinois Cannabis Regulation and Tax Act, (iv) 935 Code Mass. Regs. § 500.050(1)(b),
(v) Nevada Revised Statutes, Title 56 including, without limitation, NRS §§ NRS §§ 678B.230(2) and 678B.270 or
(vi) Article 3 of the Marihuana Regulation and Taxation Act of 2021 and 10 NYCRR § 1004 et. seq.

 

		(ff)	The Subscriber hereby agrees and covenants, on behalf of itself and its direct
or indirect beneficial owners, not to acquire any additional Interests in the Corporation or other Cannabis Business that would contravene
the foregoing or the following provisions.

 

		(gg)	Neither the Subscriber nor the direct or indirect beneficial owners of the Subscriber
are (i) a Material Cannabis Owner of a Cannabis Business, or (ii) prior to or upon consummation of the transactions contemplated hereby,
the direct or indirect beneficial owner of 5.0% or greater of the issued and outstanding Shares.

 

		(hh)	Subscriber warrants and covenants to co-operate with the Corporation, promptly
provide all information requested by the Corporation, and take all steps necessary or appropriate for the Corporation to address any other
regulatory inquiry from the Applicable States or other cannabis regulatory body.

 

		(ii)	Violations of any U.S. Federal Cannabis Laws and regulations could result in significant
fines, penalties, administrative sanctions, convictions or settlements arising from civil proceedings conducted by either the United States
federal government or private citizens, or criminal charges, including but not limited to disgorgement of profits, cessation of business
activities or divestiture. This could have a Material Adverse Effect on the Corporation, including its reputation and ability to conduct
business, its holding (directly or indirectly) of cannabis licenses in the United States, the listing of its securities on various stock
exchanges, its financial position, operating results, profitability or liquidity or the market price of the Shares. In addition, it is
difficult to estimate the time or resources that would be needed for the investigation of any such matters or its final resolution because,
in part, the time and resources that may be needed are dependent on the nature and extent of any information requested by the applicable
authorities involved, and such time or resources could be substantial.

 

		(jj)	In addition, since the possession and use of cannabis and any related drug paraphernalia
is illegal under U.S. Federal Cannabis Laws, the Corporation may be deemed to be aiding and abetting illegal activities through the contracts
it has entered into and the products that it currently does and intends to provide and sell. The Corporation currently does and intends
to cultivate cannabis, process and sell cannabis products, operate dispensaries, lease intellectual property and/or real property in a
number of states. As a result, United States law enforcement authorities, in their attempt to regulate the illegal use of cannabis and
any related drug paraphernalia, may seek to bring an action or actions against the Corporation, including, but not limited to, aiding
and abetting another’s criminal activities. The federal aiding and abetting statute provides that anyone who “commits an offense
against the United States or aids, abets, counsels, commands, induces or procures its commission, is punishable as a principal.”
As a result of such an action, the Corporation may be forced to cease certain of its operations and the Subscriber could lose their entire
investment. Such an action would have a material negative effect on the Corporation’s business and operations.

 

		(kk)	State cannabis laws and regulations are relatively new and constantly evolving,
so there are uncertainties as to how the state authorities will interpret and administer applicable regulatory requirements. Any determination
that the Corporation fails to comply with state cannabis regulations would require the Corporation either to significantly change or terminate
lines of business, or the business as a whole, which could adversely affect the Corporation’s business.

 

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		(ll)	The activities of the Corporation are subject to regulation by governmental authorities.
The Corporation’s business objectives are contingent upon, in part, compliance with regulatory requirements enacted by these governmental
authorities and obtaining all regulatory approvals, where necessary, for the sale of its products in each jurisdiction in which it operates.
The Corporation cannot predict the time required to secure all appropriate regulatory approvals for its products, or the extent of testing
and documentation that may be required by governmental authorities. Any delays in obtaining, or failure to obtain regulatory approvals
would significantly delay the development of markets and products and could have a Material Adverse Effect.

 

		(mm)	Furthermore, although the Corporation is not aware of any non-compliance with the
applicable licensing requirements or regulatory framework enacted by the states or other jurisdictions in which any of the Corporation’s
customers or partners are operating and the operations of the Corporation are currently carried out in accordance with all applicable
rules and regulations, no assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations
will not be applied in a manner which could limit or curtail the Corporation’s ability to import, distribute or, in the future,
produce cannabis. Amendments to current laws and regulations governing the importation, distribution, transportation and/or production
of cannabis, or more stringent implementation thereof could have a substantial adverse impact on the Corporation

 

		4.	Timeliness of Representations, etc. The Subscriber
agrees that the representations, warranties and covenants of the Subscriber herein will be true and correct both as of the execution
of this Subscription Agreement and as of the Closing Time (as defined herein), and will survive the completion of the distribution of
the Purchased Securities and any subsequent disposition by the Subscriber of any of the Purchased Securities or Underlying Shares. The
Subscriber undertakes to immediately notify the Corporation’s counsel at Weil, Gotshal & Manges LLP, Attention: Alexander W.
Welch (email: alexander.welch@weil.com) and Cassels Brock & Blackwell LLP, Attention: Greg Hogan (email: ghogan@cassels.com), of
any material change in any statement or other information relating to the Subscriber set forth herein that occurs prior to the Closing
Time.

 

		5.	Indemnity. The Subscriber acknowledges that the Corporation and its counsel are relying
upon the representations, warranties and covenants of the Subscriber set forth herein in determining the eligibility (from a securities
law perspective) of the Subscriber to purchase Purchased Securities under the Offering, and hereby agrees to indemnify the Corporation
and its directors, officers, employees, advisers, affiliates, shareholders and agents (including their respective legal counsel) against
all losses, claims, costs, expenses, damages or liabilities that they may suffer or incur as a result of or in connection with their reliance
on such representations, warranties and covenants.

 

		6.	Deliveries by Subscriber prior to Closing. The Subscriber agrees to deliver to the Corporation,
or as the Corporation may direct, not later than 5:00 p.m. (Los Angeles time) on such date of which the Subscriber receives notice prior
to the Closing Date:

 

		(a)	this duly completed and executed Subscription Agreement;

 

		(b)	a wire transfer for the Aggregate Subscription Amount to an account designated
by the Corporation; and

 

		(c)	such other documents as may be requested by the Corporation as contemplated by
this Subscription Agreement.

 

		7.	Time and Place of Closing. The sale of the Purchased Securities will be completed virtually
via the exchange of the necessary documents, instructions and funds at such time as the Corporation may determine (the “Closing
Time”) on the Closing Date.

 

		8.	Subject to Regulatory Approval. The obligations of the parties hereunder are subject to
all required regulatory approvals being obtained.

 

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		9.	Representations and Warranties of the Corporation. The Corporation hereby represents and
warrants to the Subscriber (and acknowledges that the Subscriber is relying thereon) that:

 

		(a)	Each of the Corporation and its subsidiaries (A) is a corporation or a limited
liability company duly incorporated, organized, continued or amalgamated and validly existing under the laws of the jurisdiction in which
it was incorporated, organized, continued or amalgamated, as the case may be; (B) has all requisite corporate or limited liability company
power and authority and is duly qualified and holds all material permits, licences and authorizations necessary or required to carry on
its business as now conducted and to own, lease or operate its properties and assets; (C) where required, has been duly qualified as an
extra-provincial corporation or foreign corporation for the transaction of business and is in good standing under the laws of each jurisdiction
in which it owns or leases property, or conducts business unless, in each case, the failure to do so would not individually or in the
aggregate, have a Material Adverse Effect; and (D) no steps or proceedings have been taken by any Person, voluntary or otherwise, requiring
or authorizing its dissolution or winding up.

 

		(b)	The Corporation (i) has all requisite corporate power and capacity to enter into
this Subscription Agreement and to perform the transactions contemplated herein, and (ii) has taken all necessary corporate action to
authorize the execution, delivery and performance of this Subscription Agreement.

 

		(c)	The Corporation has taken all necessary corporate action to validly issue and sell
the Shares and the Warrant Shares as fully paid and non-assessable shares in the capital of the Corporation, and to validly issue the
Warrants and the Hankey Warrant.

 

		(d)	The Warrant Shares have been duly authorized and validly allotted and, upon receipt
by the Corporation of the consideration therefor, will be issued as fully paid and non-assessable shares in the capital of the Corporation.

 

		(e)	The Subscription Agreement has been duly authorized and upon the execution and
delivery hereof of this Subscription Agreement shall constitute a valid and binding obligation of the Corporation, enforceable against
the Corporation in accordance with their terms, provided that enforcement thereof may be limited by (i) applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium or similar laws from time to time in effect affecting creditors’ rights and remedies
generally; and (ii) general principles of equity (regardless of whether such principles are considered in a proceeding in equity or at
law).

 

		(f)	At the Closing Time, all consents, approvals, permits, authorizations or filings
as may be required by the Corporation under applicable Securities Laws necessary for the execution and delivery of this Subscription Agreement,
the fulfilment of the terms hereof by the Corporation and the issuance, sale and delivery by the Corporation at the Closing Time of the
Units shall have been made or obtained, as applicable, other than customary post-closing filings required to be submitted within the applicable
time frame pursuant to securities laws in the United States, applicable Securities Laws and the rules of the CSE.

 

		(g)	The currently issued and outstanding Shares are listed and posted for trading on
the CSE, and the Corporation has not taken any action which would reasonably be expected to result in the delisting or suspension of the
same on or from the CSE.

 

		(h)	The Corporation is in compliance in all material respects with the policies of
the CSE existing as of the Closing Time.

 

		(i)	The Corporation is a “reporting issuer” in each of the Reporting Jurisdictions.

 

		(j)	The Corporation is not in material default of any requirement of the Securities
Laws of the Reporting Jurisdictions and is not included on a list of defaulting reporting issuers maintained by any of the securities
commissions or securities regulatory authorities in the Reporting Jurisdictions.

 

		(k)	Other than the Corporation, there is no Person that is or will be entitled to demand
any of the net proceeds of the Offering.

 

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		10.	Registration Rights. The Corporation shall use its commercially reasonable efforts to prepare
and file or cause to be prepared and filed, as soon as practicable but in any event within fifteen (15) Business Days following the filing
of the Corporation’s Annual Report on Form 10-K for the period ended June 26, 2021, with the U.S. Securities Exchange Commission
(the “SEC”), a registration statement on Form S-1 (the “Registration Statement”) registering the
resale from time to time by the Subscribers of the Registrable Securities; provided however, that the Corporation’s obligation to
include a Subscriber’s Registrable Securities in the Registration Statement is contingent upon such Subscriber furnishing in writing
to the Corporation such information regarding the Subscriber, the securities of the Corporation held by such Subscriber and the intended
method of distribution of the Registrable Securities as shall be reasonably requested by the Corporation to effect the registration of
the Registrable Securities, and the Subscriber shall execute such documents in connection with such registration as the Corporation may
reasonably request that are customary of a selling stockholder in similar situations. The Corporation shall use its commercially reasonable
efforts to cause the Registration Statement to become effective in the United States no later than ten (10) Business Days following the
date on which the SEC provides written notice that the Registration Statement will not be reviewed or that the SEC has completed its review
of the Registration Statement and to keep the Registration Statement continuously effective under the U.S. Securities Act until the expiration
of the Effectiveness Period. If the Registration Statement covering resales of the Registrable Securities ceases to be effective for any
reason at any time during the Effectiveness Period (other than because all securities registered thereunder shall have been resold pursuant
thereto or shall have otherwise ceased to be Registrable Securities), the Corporation shall use its commercially reasonable efforts to
obtain the prompt withdrawal of any order suspending the effectiveness thereof, and amend the Registration Statement in a manner reasonably
expected to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Registration Statement with
the SEC so that all Registrable Securities outstanding as of the date of such filing are covered by a Registration Statement. If a new
Registration Statement is filed, the Corporation shall use its commercially reasonable efforts to cause the new Registration Statement
to become effective as promptly as is practicable after such filing and to keep the new Registration Statement continuously effective
until the end of the Effectiveness Period. Notwithstanding anything contained herein to the contrary, (i) the Corporation shall be under
no obligation to name any Subscriber as a selling securityholder in any Registration Statement if such Subscriber does not provide the
information requested by the Corporation and (ii) if the SEC prevents the Corporation from including any or all of the Registrable Securities
proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 under the Securities Act for the
resale of the Registrable Securities held by a Subscriber or any other securityholder, the number of Registrable Securities to be registered
for each Subscriber in the Registration Statement shall be reduced pro rata among all such selling securityholders such that the Registration
Statement shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable Securities
as is permitted by the SEC.

 

Upon
(w) the issuance by the SEC of a stop order suspending the effectiveness of a Registration Statement or the initiation of proceedings
with respect to a Registration Statement under Section 8(d) or 8(e) of the U.S. Securities Act, (x) the occurrence of any event or the
existence of any fact (a “Material Event”) as a result of which a Registration Statement shall contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading, or any prospectus therein shall contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
(y) the occurrence of any event that requires the filing of a post-effective amendment to the Registration Statement under the U.S. Securities
Act or the U.S. Securities Exchange Act of 1934, as amended, or (z) the occurrence or existence of any pending corporate development
that, in the reasonable discretion of the Corporation, makes it appropriate to suspend the availability of a Registration Statement and
the related prospectus:

 

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(A)
in the case of clause (x) above, use its commercially reasonable efforts to as promptly as practicable prepare and file, if necessary
pursuant to applicable law, a post-effective amendment to such Registration Statement or a supplement to the related prospectus or any
document incorporated therein by reference or file any other required document that would be incorporated by reference into such Registration
Statement and prospectus so that such Registration Statement does not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading, and such prospectus does
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading, as thereafter delivered to
the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to a Registration
Statement, use its commercially reasonable efforts to cause it to be declared effective as promptly as is practicable;

 

(B)
in the case of clause (y) above, use its commercially reasonable efforts to as promptly as practicable prepare and file, if necessary
pursuant to applicable law, a post-effective amendment to such Registration Statement and use its commercially reasonable efforts to
cause it to be declared effective as promptly as is practicable; and

 

(C)
in any event, give notice to the counsel for holders of Registrable Securities named in the Registration Statement that the availability
of a Registration Statement is suspended.

 

The
Corporation will use its commercially reasonable efforts to ensure that the use of the Registration Statement and accompanying prospectus
may be resumed (i) in the case of clauses (x) or (y) above, as promptly as is practicable, (ii) in the case of clause (z) above, as soon
as, in the sole judgment of the Corporation, public disclosure of such Material Event would not be prejudicial to or contrary to the
interests of the Corporation or, if necessary to avoid unreasonable burden or expense, as soon as practicable thereafter and (iii) in
the case of clause (z) above, as soon as in the reasonable discretion of the Corporation, such suspension is no longer appropriate. Any
such period during which the availability of the Registration Statement and any prospectus is suspended shall not exceed forty-five (45)
days in any ninety (90)-day period or an aggregate of ninety (90) days in any twelve (12)-month period.

 

		11.	Cannabis Law Limitations. Notwithstanding anything in this Agreement, the Notes, the Warrants or any other agreement
executed in connection herewith to the contrary, (i) the Corporation shall not be obligated to issue any Shares upon a purported conversion
of the Notes or purported exercise of the Warrants if such issuance would result in a violation of any U.S. Cannabis Law or the Corporation
or any of its subsidiaries would be subject to any sanction or penalty if such shares were issued prior to obtaining any applicable approval
under U.S. Cannabis Law and any request to so convert or exercise shall be void ab initio, (ii) neither the Subscriber nor any beneficial
owner of Warrants, Notes or Shares shall seek to convert any Notes or exercise any Warrants if the issuance of Shares on such conversion
or exercise would result in a violation of any U.S. Cannabis Law or the Corporation or any of its subsidiaries would be subject to any
sanction or penalty if such shares were issued prior to obtaining any applicable approval under U.S. Cannabis Law by or in relation to
such Subscriber and such request to convert or exercise shall be void ab initio, (iii) no provision of this Agreement, the Notes or any
other agreement executed in connection herewith shall be construed such that, or effective to the extent that, it or any other provision
would be in violation of U.S. Cannabis Law, including for the avoidance of doubt any aspect of U.S. Cannabis Law that requires approval
by a regulator or regulatory body for acquisitions of, or possession of, the Corporation or any of its subsidiaries, and (iv) no exercise
of any remedy or right of the Subscriber in respect hereof shall be effective to the extent that such exercise would be in violation of
U.S. Cannabis Law.

 

		12.	No Partnership. Nothing herein shall constitute or be construed to constitute a partnership
of any kind whatsoever between the Subscriber and the Corporation.

 

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		13.	Governing Law. In all respects, including all matters of construction, validity and performance,
this agreement and all disputes, claims and proceedings in connection herewith shall be governed by, and construed and enforced in accordance
with, the internal laws of the state of California applicable to contracts made and performed in that state (without regard to the choice
of law or conflicts of law provisions thereof) and any applicable laws of the United States of America. Each of the parties hereto hereby
consents and agrees that the Superior Court of Los Angeles County, California, or, at any party’s option, the United States District
Court for the Central District of California, shall have exclusive jurisdiction to hear and determine any claims or disputes among the
parties hereto pertaining to this Agreement or to any matter arising out of or related to this Agreement. Each party hereby expressly
submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and such Persons hereby waive
any objection which they may have based upon lack of personal jurisdiction, improper venue or forum non conveniens and hereby consent
to the granting of such legal or equitable relief as is deemed appropriate by such court.

 

		14.	Time of Essence. Time shall be of the essence of this Subscription Agreement.

 

		15.	Entire Agreement. This Subscription Agreement represents the entire agreement of the parties
hereto relating to the subject matter hereof, and there are no representations, covenants or other agreements relating to the subject
matter hereof except as stated or referred to herein.

 

		16.	Electronic Copies. The Corporation shall be entitled to rely on delivery of a facsimile
or other electronic copy of executed subscriptions, and acceptance by the Corporation of such facsimile or electronic copies shall be
legally effective to create a valid and binding agreement between the Subscriber and the Corporation in accordance with the terms hereof.

 

		17.	Counterpart. This Subscription Agreement may be executed in one or more counterparts each
of which so executed shall constitute an original and all of which together shall constitute one and the same agreement.

 

		18.	Digital Signatures. Digital (“electronic”) signatures, often referred to as
an “e-signature”, enable paperless contracts and help speed up business transactions. The 2002 E-Sign Act was meant to ease
the adoption of electronic signatures. The mechanics of this Subscription Agreement’s electronic signature include your signing
this Agreement below by typing in your name, with the underlying software recording your IP address, your browser identification, the
timestamp, and a securities hash within an SSL encrypted environment. This electronically signed Subscription Agreement will be available
to both you and the Corporation, as well as any associated brokers, so they can store and access it at any time, and it will be stored
and accessible by the Corporation, including backups. You and the Corporation each hereby consents and agrees that electronically signing
this Agreement constitutes your signature, acceptance and agreement as if actually signed by you in writing. Further, all parties agree
that no certification authority or other third-party verification is necessary to validate any electronic signature; and that the lack
of such certification or third party verification will not in any way affect the enforceability of your signature or resulting contract
between you and the Corporation. You understand and agree that your e-signature executed in conjunction with the electronic submission
of this Subscription Agreement shall be legally binding and such transaction shall be considered authorized by you. By signing electronically
below, you agree your electronic signature is the legal equivalent of your manual signature on this Subscription Agreement you consent
to be legally bound by this Subscription Agreement. Alternatively, you may opt-out of this provision by printing a copy of this Agreement,
signing it manually and returning it to the Corporation and, if your subscription is accepted, the Corporation will manually countersign
it and return a countersigned copy to you via email.

 

		19.	Severability. The invalidity, illegality or unenforceability of any provision of this Subscription
Agreement shall not affect the validity, legality or enforceability of any other provision hereof.

 

		20.	Survival. The covenants, representations and warranties contained in this Subscription Agreement
shall survive the closing of the transactions contemplated hereby, and shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, executors, administrators, successors and permitted assigns.

 

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		21.	Interpretation. The headings used in this Subscription Agreement have been inserted for
convenience of reference only and shall not affect the meaning or interpretation of this Subscription Agreement or any provision hereof.
In this Subscription Agreement, all references to money amounts are to United States dollars.

 

		22.	Amendment. Except as otherwise provided herein, this Subscription Agreement may only be
amended by the parties hereto in writing.

 

		23.	Costs. The Subscriber acknowledges and agrees that all costs incurred by the Subscriber
(including any fees and disbursements of any special counsel retained by the Subscriber) relating to the sale of the Purchased Securities
to the Subscriber shall be borne by the Subscriber.

 

		24.	Withdrawal. The Subscriber agrees that this subscription is made for valuable consideration
and may not be withdrawn, cancelled, terminated or revoked by the Subscriber.

 

		25.	Assignment. Neither party may assign all or part of its interest in or to this Subscription
Agreement without the consent of the other party in writing.

 

		26.	Non-Reliance and Exculpation. The Subscriber acknowledges that it is not relying upon, and
has not relied upon, any statement, representation or warranty made by Moelis or any of its affiliates or control persons, officers, directors
and employees, and that Moelis is not acting as a placement agent, underwriter or fiduciary with respect to the Subscriber in connection
with the transactions contemplated hereby. The Subscriber agrees that none of Moelis, its affiliates or any of its control persons, officers,
directors or employees shall be liable to the Subscriber pursuant to this Subscription Agreement or the transactions contemplated hereby
in connection with the subscription of the Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of
this Subscription Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith, as
expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials
of any kind furnished to the Subscriber.

 

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PRIVACY NOTICE

 

The Subscriber
acknowledges that this Subscription Agreement and the Exhibits hereto require the Subscriber to provide certain personal information to
the Corporation. Such information is being collected by the Corporation for the purposes of completing the Offering, which may include,
without limitation, determining the Subscriber’s eligibility to purchase the Purchased Securities under applicable securities laws,
preparing and registering certificates representing or other evidence of the Purchased Securities to be issued to the Subscriber and completing
filings required by any stock exchange or securities regulatory authority. In addition, such personal information may be used or disclosed
by the Corporation for the purpose of administering the Corporation’s relationship with the Subscriber. For example, such personal
information may be used by the Corporation to communicate with the Subscriber (such as by providing annual or quarterly reports), to prepare
tax filings and forms or to comply with its obligations under taxation, securities and other laws (such as maintaining a list of holders
of shares). The Subscriber’s personal information may also be disclosed by the Corporation to (a) stock exchanges or securities
regulatory authorities (including the SEC)), (b) the Corporation’s registrar and transfer agent, (c) Canadian or United States tax
authorities, and (d) any of the other parties involved in the Offering, including legal counsel, and may be included in closing books
in connection with the Offering. Such information is being indirectly collected by the Canadian securities regulatory authorities under
the authority granted to it under Canadian securities legislation. This information is being collected for the purposes of the administration
and enforcement of Canadian securities legislation. Each Subscriber that is an individual hereby authorizes the indirect collection of
such information by the Canadian securities regulatory authorities. In the event the Subscriber has any questions with respect to the
indirect collection of such information, the Subscriber should contact the applicable securities regulatory authority at the contact details
provided below.

 

By executing
this Subscription Agreement, the Subscriber consents to the foregoing collection, use and disclosure of the Subscriber’s personal
information. The Subscriber also consents to the filing of copies or originals of any of the Subscriber’s documents delivered in
connection with this Subscription Agreement as may be required to be filed with any stock exchange or securities regulatory authority
in connection with the transactions contemplated hereby and expressly consents to the collection, use and disclosure of the Subscriber’s
personal information by the Canadian Securities Exchange for the purposes identified by such exchange, from time to time.

 	
    Alberta Securities Commission 

    Suite 600, 250 – 5th Street SW

    Calgary, Alberta T2P 0R4

    Telephone: (403) 297-6454

    Toll free in Canada: 1-877-355-0585

    Facsimile: (403) 297-2082

    British Columbia Securities Commission

    P.O. Box 10142, Pacific Centre

    701 West Georgia Street

    Vancouver, British Columbia V7Y 1L2

    Inquiries: (604) 899-6854

    Toll free in Canada: 1-800-373-6393

    Facsimile: (604) 899-6581

    Email: inquiries@bcsc.bc.ca

    The Manitoba Securities Commission

    500 – 400 St. Mary Avenue

    Winnipeg, Manitoba R3C 4K5

    Telephone: (204) 945-2548

    Toll free in Manitoba 1-800-655-5244

    Facsimile: (204) 945-0330
	
    Government of Nunavut

    Department of Justice

    Legal Registries Division

    P.O. Box 1000, Station 570

    1st Floor, Brown Building

    Iqaluit, Nunavut X0A 0H0

    Telephone: (867) 975-6590

    Facsimile: (867) 975-6594

     

    Ontario Securities Commission

    20 Queen Street West, 22nd Floor

    Toronto, Ontario M5H 3S8

    Telephone: (416) 593- 8314

    Toll free in Canada: 1-877-785-1555

    Facsimile: (416) 593-8 122

    Email: exemptmarketfilings@osc.gov.on.ca

    Public official contact regarding indirect collection of information: Inquiries
    Officer

     

    Prince Edward Island Securities Office

    95 Rochford Street, 4th Floor Shaw Building

    P.O. Box 2000

    Charlottetown, Prince Edward Island C1A 7N8

    Telephone: (902) 368-4569

    Facsimile: (902) 368-5283

 

    20

     

    

 

	
    Financial and Consumer Services Commission (New Brunswick)

    85 Charlotte Street, Suite 300

    Saint John, New Brunswick E2L 2J2

    Telephone: (506) 658-3060

    Toll free in Canada: 1-866-933-2222

    Facsimile: (506) 658-3059

    Email: info@fcnb.ca

    Government of Newfoundland and Labrador

    Financial Services Regulation Division

    P.O. Box 8700

    Confederation Building

    2nd Floor, West Block

    Prince Philip Drive

    St. John’s, Newfoundland and Labrador A1B 4J6

    Attention: Director of Securities

    Telephone: (709) 729-4189

    Facsimile: (709) 729-6187

    Government of the Northwest Territories

    Office of the Superintendent of Securities

    P.O. Box 1320

    Yellowknife, Northwest Territories X1A 2L9

    Attention: Deputy Superintendent, Legal & Enforcement

    Telephone: (867) 920-8984

    Facsimile: (867) 873-0243

    Nova Scotia Securities Commission

    Suite 400, 5251 Duke Street

    Duke Tower

    P.O. Box 458

    Halifax, Nova Scotia B3J 2P8

    Telephone: (902) 424-7768

    Facsimile: (902) 424-4625
	
    Autorité des marchés financiers

    800, Square Victoria, 22e étage

    C.P. 246, Tour de la Bourse

    Montréal, Québec H4Z 1G3

    Telephone: (514) 395-0337 or 1-877-525-0337

    Facsimile: (514) 873-6155 (For filing purposes only)

    Facsimile: (514) 864-6381 (For privacy requests only)

    Email: financementdessocietes@lautorite.qc.ca (For corporate finance issuers);
    fonds_dinvestissement@lautorite.qc.ca (For investment fund issuers)

     

    Financial and Consumer Affairs Authority of Saskatchewan

    Suite 601 - 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Telephone: (306) 787-5879

    Facsimile: (306) 787-5899

     

    Government of Yukon

    Department of Community Services

    Law Centre, 3rd Floor

    2130 Second Avenue

    Whitehorse, Yukon Y1A 5H6

    Telephone: (867) 667-5314

    Facsimile: (867) 393-6251

 

    21

     

    

 

ACKNOWLEDGEMENT – PERSONAL INFORMATION

 

The Subscriber acknowledges
as follows:

 

The Canadian Securities
Exchange and its affiliates, authorized agents, subsidiaries and divisions (collectively referred to as “the Exchange”)
may collect Personal Information in certain Forms that are submitted by the individual and/or by an Issuer or applicant and use it for
the following purposes:

 

		●	to
conduct background checks,

 

		●	to
verify the Personal Information that has been provided about each individual,

 

		●	to
consider the suitability of the individual to act as an officer, director, insider, promoter, investor relations provider or, as applicable,
an employee or consultant, of the Issuer or applicant,

 

		●	to
consider the eligibility of the Issuer or applicant to list on the Exchange,

 

		●	to
provide disclosure to market participants as to the security holdings of directors, officers, other insiders and promoters of the Issuer,
or its associates or affiliates,

 

		●	to
conduct enforcement proceedings, and

 

		●	to
perform other investigations as required by and to ensure compliance with all applicable rules, policies, rulings and regulations of
the Exchange, securities legislation and other legal and regulatory requirements governing the conduct and protection of the public markets
in Canada.

 

As part of this
process, the Exchange also collects additional Personal Information from other sources, including but not limited to, securities regulatory
authorities in Canada or elsewhere, investigative, law enforcement or self- regulatory organizations, regulations services providers and
each of their subsidiaries, affiliates, regulators and authorized agents, to ensure that the purposes set out above can be accomplished.

 

The Personal Information
the Exchange collects may also be disclosed:

 

		(a)	to the agencies and organizations in the preceding paragraph, or
as otherwise permitted or required by law, and they may use it in their own investigations for the purposes described above; and

 

		(b)	on the Exchange’s website or through printed materials published
by or pursuant to the directions of the Exchange.

 

The Exchange may
from time to time use third parties to process information and/or provide other administrative services. In this regard, the Exchange
may share the information with such third party service providers.

 

The Subscriber hereby
provides the Corporation with written consent to the disclosure of its Personal Information to the Exchange pursuant to the Exchange’s
Form 9 and otherwise consents to the Form 9 filing, and to the collection, use and disclosure of its information by the Exchange in the
manner and for the purposes described in Appendix A to the Exchange’s Form 9 or as otherwise identified by the Exchange, from time
to time.

 

    22

     

    

 

SCHEDULE “A” 

HANKEY WARRANT

 

(attached)

 

    23

     

    

 

SCHEDULE “B”

Accredited Investor
Status CERTIFICATE

 

TO BE COMPLETED BY CANADIAN SUBSCRIBERS WHO
ARE SUBSCRIBING AS “ACCREDITED INVESTORS”

 

The categories listed herein contain certain
specifically defined terms. If you are unsure as to the meanings of those terms, or are unsure as to the applicability of any category
below, please contact your broker and/or legal advisor before completing this certificate.

 

		TO:	MEDMEN ENTERPRISES INC. (the “Corporation”)

 

In connection with the purchase
by the undersigned Subscriber of the Purchased Securities, the Subscriber hereby represents, warrants, covenants and certifies to the
Corporation (and acknowledges that the Corporation and its counsel are relying thereon) that:

 

		(a)	the Subscriber is resident in or otherwise subject to the securities laws of one of the Provinces of British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, Prince Edward Island or Newfoundland and
Labrador or one of the Territories of the Yukon, the Northwest Territories or Nunavut;

 

		(b)	the Subscriber is purchasing the Purchased Securities as principal for its own account and not for the
benefit of any other person or is deemed to be purchasing as principal pursuant to NI 45-106;

 

		(c)	the Subscriber is an “accredited investor” within the meaning of NI 45-106 on the basis that
the Subscriber fits within one of the categories of an “accredited investor” reproduced below beside which the Subscriber
has indicated the undersigned belongs to such category;

 

		(d)	the Subscriber was not created or used solely to purchase or hold securities as an accredited investor
as described in paragraph (m) below;

 

		(e)	if the Subscriber is purchasing under category (j), (k) or (l) below, it has completed and signed Exhibit
“A” attached hereto; and

 

		(f)	upon execution of this Schedule “B” by the Subscriber, this Schedule “B” shall
be incorporated into and form a part of the Subscription Agreement to which this Schedule “B” is attached.

 

(PLEASE CHECK THE BOX OF THE APPLICABLE
CATEGORY OF ACCREDITED INVESTOR)

 

	☐	(a)	(i) except in Ontario, a Canadian financial institution, or a Schedule III bank; or
	 	 	(ii) in Ontario, a financial institution that is (A) a bank listed in Schedule I, II or III of the Bank
Act (Canada); (B) an association to which the Cooperative Credit Associations Act (Canada) applies or a central cooperative
credit society for which an order has been made under subsection 473(1) of that Act; or (C) a loan corporation, trust company, trust
corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league
or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be;
	☐	(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act
(Canada);
	☐	(c)	a subsidiary of any person or company referred to in paragraphs (a) or (b), if the person or company owns
all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;
	☐	(d)	a person or company registered under the securities legislation of a jurisdiction (province or territory)
of Canada as an adviser or dealer (or in Ontario, except as otherwise prescribed by the regulations under the Securities Act (Ontario));

 

    24

     

    

 

	☐	(e)	an individual registered under the securities legislation of a jurisdiction of Canada as a representative
of a person referred to in paragraph (d);
	☐	(e.1) 	an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than
an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario)
or the Securities Act (Newfoundland and Labrador);
	☐	(f)	the Government of Canada or a jurisdiction (province or territory) of Canada, or any crown corporation,
agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada;
	☐	(g)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité
de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec;
	☐	(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction,
or any agency of that government;
	☐	(i)	a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada),
a pension commission or similar regulatory authority of a jurisdiction (province or territory) of Canada;
	☐	(j)	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate
realizable value that, before taxes, but net of any related liabilities, exceeds CDN$1,000,000 (completion of Exhibit “A”
is also required);
	☐	(j.1)	an individual who beneficially owns financial assets having an aggregate realizable value that, before
taxes but net of any related liabilities, exceeds CDN$5,000,000;
	☐	(k)	an individual whose net income before taxes exceeded CDN$200,000 in each of the two most recent calendar
years or whose net income before taxes combined with that of a spouse exceeded CDN$300,000 in each of the two most recent calendar years
and who, in either case, reasonably expects to exceed that net income level in the current calendar year (completion of Exhibit “A”
is also required);
	☐	(l)	an individual who, either alone or with a spouse, has net assets of at least CDN$5,000,000 (completion
of Exhibit “A” is also required);
	☐	(m)	a person, other than an individual or investment fund, that has net assets of at least CDN$5,000,000 as
shown on its most recently prepared financial statements;
	☐	(n)	an investment fund that distributes or has distributed its securities only to (i) a person that is or was
an accredited investor at the time of the distribution, (ii) a person that acquires or acquired securities in the circumstances referred
to in sections 2.10 [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45-106, or (iii)
a person described in sub-paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment]
of NI 45-106;
	☐	(o)	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction
of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt;
	☐	(p)	a trust company or trust corporation registered or authorized to carry on business under the Trust and
Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf
of a fully managed account managed by the trust company or trust corporation, as the case may be;

 

    25

     

    

 

	☐	(q)	a person acting on behalf of a fully managed account managed by that person, if that person is registered
or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a
foreign jurisdiction;
	☐	(r)	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained
advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity
to give advice on the securities being traded;
	☐	(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs
(a) to (d) or paragraph (i) in form and function;
	☐	(t)	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the
voting securities required by law to be owned by directors, are persons that are accredited investors;
	☐	(u)	an investment fund that is advised by a person registered as an adviser or a person that is exempt from
registration as an adviser;
	☐	(v)	a person that is recognized or designated by the securities regulatory authority or, except in Ontario
or Québec, the regulator as an accredited investor;
	☐	(w)	a trust established by an accredited investor for the benefit of the accredited investor’s family
members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s
spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited
investor, of that accredited investor’s spouse or of that accredited investor’s former spouse; or
	☐	(x)	in
    Ontario, such other persons or companies as may be prescribed by the regulations under the Securities Act (Ontario).

     

    ***If checking this category (x),
    please provide a description of how this requirement is met.

For the purposes hereof, the following definitions
are included for convenience:

 

		(a)	“bank” means a bank named in Schedule I or II of the Bank Act (Canada);

 

		(b)	“Canadian financial institution” means (i) an association governed by the Cooperative
Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of
that Act, or (ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse
populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of
Canada to carry on business in Canada or a jurisdiction of Canada;

 

		(c)	“company” means any corporation, incorporated association, incorporated syndicate or
other incorporated organization;

 

		(d)	“eligibility adviser” means:

 

		(i)	a person that is registered as an investment dealer and authorized
to give advice with respect to the type of security being distributed, and

 

		(ii)	in Saskatchewan or Manitoba, also means a lawyer who is a practicing
member in good standing with a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an
institute or association of chartered accountants, certified general accountants or certified management accountants in a jurisdiction
of Canada provided that the lawyer or public accountant must not

 

		(A)	have a professional, business or personal relationship with
the issuer, or any of its directors, executive officer, founders, or control persons, and

 

    26

     

    

 

		(B)	have acted for or been retained personally or otherwise as
an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of
its directors, executive officers, founders or control persons within the previous 12 months;

 

		(e)	“executive officer” means, for an issuer, an individual who is: (i) a chair, vice-chair
or president, (ii) a vice-president in charge of a principal business unit, division or function including sales, finance or production,
or (iii) performing a policy-making function in respect of the issuer;

 

		(f)	“financial assets” means (i) cash, (ii) securities, or (iii) a contract of insurance,
a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;

 

		(g)	“fully managed account” means an account of a client for which a person makes the investment
decisions if that person has full discretion to trade in securities for the account without requiring the client’s express consent
to a transaction;

 

		(h)	“investment fund” has the same meaning as in National Instrument 81-106 Investment
Fund Continuous Disclosure;

 

		(i)	“person” includes: (i) an individual, (ii) a corporation, (iii) a partnership, trust,
fund and an association, syndicate, organization or other organized group of persons whether incorporated or not, and (iv) an individual
or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal representative.

 

		(j)	“related liabilities” means (i) liabilities incurred or assumed for the purpose of
financing the acquisition or ownership of financial assets, or (ii) liabilities that are secured by financial assets;

 

		(k)	“Schedule III bank” means an authorized foreign bank named in Schedule III of the Bank
Act (Canada);

 

		(l)	“spouse” means, an individual who, (i) is married to another individual and is not
living separate and apart within the meaning of the Divorce Act (Canada), from the other individual, (ii) is living with another
individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender, or (iii) in
Alberta, is an individual referred to in paragraph (i) or (ii), or is an adult interdependent partner within the meaning of the Adult
Interdependent Relationships Act (Alberta); and

 

		(m)	“subsidiary” means an issuer that is controlled directly or indirectly by another issuer
and includes a subsidiary of that subsidiary.

 

In NI 45-106 a person or company is an affiliate
of another person or company if one of them is a subsidiary of the other, or if each of them is controlled by the same person.

 

In NI 45-106 and except in Part 2 Division 4 (Employee, Executive Officer,
Director and Consultant Exemption) of NI 45-106, a person (first person) is considered to control another person (second person) if (a)
the first person, beneficially owns or directly or indirectly exercises control or direction over securities of the second person carrying
votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person, unless that first
person holds the voting securities only to secure an obligation, (b) the second person is a partnership, other than a limited partnership,
and the first person holds more than 50% of the interests of the partnership, or (c) the second person is a limited partnership and the
general partner of the limited partnership is the first person.

 

    27

     

    

 

The foregoing representations contained in this
certificate are true and accurate as of the date of this certificate and will be true and accurate as of the Closing Time (as defined
in the Subscription Agreement to which this Schedule “B” is attached) and the Subscriber acknowledges that this Accredited
Investor Status Certificate is incorporated into and forms a part of the Subscription Agreement to which it is attached. If any such representations
shall not be true and accurate prior to the Closing Time, the undersigned shall give immediate written notice of such fact to the Corporation
prior to the Closing Time.

 

	Dated: 	  	 	Signed: 	  
	 	 	 
	 	 	 
	

Witness (If Subscriber is an Individual)

	 	

Print the name of Subscriber

	 	 	 
	 	 	 
	

Print Name of Witness

	 	

If Subscriber is a corporation,

    print name and title of Authorized Signing Officer

 

    28

     

    

 

EXHIBIT “A” TO SCHEDULE “B”

 

FORM FOR INDIVIDUAL ACCREDITED INVESTORS

 

THIS “EXHIBIT A” TO SCHEDULE “B”
IS TO BE COMPLETED BY ACCREDITED INVESTORS WHO ARE INDIVIDUALS SUBSCRIBING UNDER CATEGORIES (J), (K) OR (L) IN SCHEDULE “B”
TO WHICH THIS EXHIBIT “A” IS ATTACHED.

 

	
    

    WARNING!

     

    This investment is risky. Don’t invest
    unless you can afford to lose all the money you pay for this investment.

     

     

	SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	1.  About your investment
	Type of securities: Subordinate Voting Shares and Warrants	Issuer:
MedMen Enterprises Inc.
	Purchased from: Issuer
	SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER
	2.  Risk acknowledgement
	This investment is risky. Initial that you understand that:	Your 

Initials
	Risk of loss - You could lose your entire investment of US$ _____________ . [Instruction: Insert the total dollar amount of the investment.]	 
	Liquidity risk - You may not be able to sell your investment quickly - or at all.	 
	Lack of information - You may receive little or no information about your investment.	 
	Lack of advice - You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca.	 
	3.  Accredited investor status
	You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria.	Your 

initials
	●	Your net income before taxes was more than CDN$200,000 in each
of the 2 most recent calendar years, and you expect it to be more than CDN$200,000 in the current calendar year. (You can find your net
income before taxes on your personal income tax return.) 	 
	●	Your net income before taxes combined with your spouse’s
was more than CDN$300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more
than CDN$300,000 in the current calendar year.	 
	●	Either alone or with your spouse, you own more than CDN$1 million
in cash and securities, after subtracting any debt related to the cash and securities.	 
	●	Either alone or with your spouse, you have net assets worth
more than CDN$5 million. (Your net assets are your total assets (including real estate) minus your total debt.) 	 
	 	 	 	 

    29

     

    

 

	4.  Your name and signature
	By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form.
	First and last name (please print):
	Signature:	Date:
	SECTION 5 TO BE COMPLETED BY THE SALESPERSON 
	5.  Salesperson information
	[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]
	First and last name of salesperson (please print): Tom Lynch
	Telephone: 855 292-8399	Email: tlynch@scpllc.com
	Name of firm (if registered):
	SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	6.  For more information about this investment
	
    Tom Lynch

     

    tlynch@scpllc.com

     

    For more information about prospectus exemptions,
    contact your local securities regulator. You can find contact information at www.securities-administrators.ca.

	 	 	 	 

Form instructions:

 

		1.	This form does not mandate the use of a specific font size or
style but the font must be legible.

 

		2.	The information in sections 1, 5 and 6 must be completed before
the purchaser completes and signs the form.

 

		3.	The purchaser must
sign this form. Each of the purchaser and the issuer or selling security holder must receive a copy of this form signed by the purchaser.
The issuer or selling security holder is required to keep a copy of this form for 8 years after the distribution.

 

    30

     

    

 

SCHEDULE “C”

INTERESTS

 

	Type of Interest	State
	 	 
	 	 
	 	 

 

    31Exhibit 10.4(b)

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. SECURITIES ACT”) OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, UNLESS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN COMPLIANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED THAT THE
HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY.

 

[UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE WHICH IS FOUR
MONTHS AND A DAY AFTER THE CLOSING DATE].] [Note: to be included if subscriber is subject to Canadian law]

 

THE
WARRANTS REPRESENTED BY THIS CERTIFICATE WILL BE VOID AND OF NO VALUE UNLESS EXERCISED BY 5:00 P.M. (PACIFIC TIME), ON [●],
2026, OR SUCH EARLIER DATE AS PROVIDED HEREIN, AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE NULL AND VOID AND OF NO
FURTHER FORCE AND EFFECT.

 

WARRANT
CERTIFICATE

MEDMEN
ENTERPRISES INC.

 

	WARRANT
                                            CERTIFICATE

    [●],
    2021
	[●]
    WARRANTS (each a “Warrant”) entitling the holder to acquire, subject to adjustment, one Class B subordinate voting share
    of MedMen Enterprises Inc. at a price of US$[●] (a “Share”) for each Warrant represented hereby.

 

THIS
CERTIFIES THAT, for value received, [●], a Delaware corporation (hereinafter referred to as the “Holder”),
is entitled, at any time prior to the Expiry Time, to purchase, at the Exercise Price, one Share in the capital stock of MedMen Enterprises
Inc. (the “Company”) for each Warrant evidenced hereby, by surrendering to the Company at its office at 10115 Jefferson
Boulevard, Culver City, CA 90232, this Warrant Certificate, together with a Subscription Form, duly completed and executed, and cash
or a certified cheque, money order, bank draft or wire of immediately available funds in lawful money of the United States payable to
or to the order of the Company for the amount equal to the Exercise Price per Share multiplied by the number of Shares subscribed for,
on and subject to the terms and conditions set forth below.

 

Nothing
contained herein shall confer any right upon the Holder to subscribe for or purchase any shares of the Company at any time after the
Expiry Time, and from and after the Expiry Time this Warrant Certificate and the Warrants represented hereby, and all rights hereunder
shall be void and of no value.

 

	1.	Definitions

 

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

 

	(a)	“Affiliate”
    has the meaning ascribed to such term under the Securities Act (Ontario);

 

	(b)	“Business
    Day” means a day which is not a Saturday, Sunday, or a civic or statutory holiday in the City of Los Angeles, California;

 

	(c)	“Shares”
    means Class B subordinate voting shares of the Company as such shares were constituted on the date hereof, as the same may be reorganized,
    reclassified or redesignated pursuant to any of the events set out in Section 13 hereof;

 

     

     

    

 

	(d)	“Company”
    means MedMen Enterprises Inc., a corporation formed under the laws of the Province of British Columbia and its successors and assigns;

 

	(e)	“Current
    Market Price” at any date, means the weighted average of the sale prices per Share at which the Shares have traded on the
    Canadian Securities Exchange, or, if the Shares in respect of which a determination of Current Market Price is being made are not
    listed thereon, on such stock exchange on which such shares are listed as may be selected for such purpose by the directors, or,
    if the Shares are not listed on any stock exchange, then on the over-the-counter market, for 30 consecutive trading days ending before
    such date, or in the event that at any date the Shares are not listed on any exchange or on the over-the-counter market, the Current
    Market Price shall be as determined by the directors or such firm of independent chartered accountants as may be selected by the
    directors acting reasonably and in good faith in their sole discretion; for these purposes, the weighted average price for any period
    shall be determined by dividing the aggregate sale prices of all Shares sold during such period by the total number of Shares sold
    during such period;

 

 

	(f)	“Equity
    Shares” means the Shares and any shares of any other class or series of the Company which may from time to time be authorized
    for issue if by their terms such shares confer on the holders hereof the right to participate in the distribution of assets upon
    the voluntary or involuntary liquidation, dissolution or winding up of the Company beyond a fixed sum or a fixed sum plus accrued
    dividends;

 

	(g)	“Exercise
    Price” means US$[●] in per Share;

 

	(h)	“Expiry
    Time” means [5:00 pm (Los Angeles time)] on [●], 2026;

 

	(i)	“Holder”
    means the registered holder of this Warrant Certificate;

 

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

 

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

 

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

 

	(m)	“Warrant”
    or “Warrants” means the right to acquire Shares evidenced hereby.

 

	2.	Expiry
    Time

 

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

 

	3.	Exercise
    Procedure

 

Except
as otherwise provided for below in this Section 3, the right to purchase Shares conferred by a Warrant may be exercised by the Holder
surrendering this Warrant Certificate, together with a duly completed and executed Subscription Form. The Holder shall either (a) deliver
with the Subscription Form a certified cheque, bank draft or wire transfer for the aggregate Exercise Price payable to, or to the order
of, the Company, at the address as set out on this Warrant Certificate or such other address as the Company may from time to time in
writing direct, or (b) elect to dispose to the Company that part of this Warrant having a value equal to the aggregate Exercise Price
payable by the Holder and to receive Shares then issuable upon exercise of the remaining part of this Warrant, such that, without payment
of any cash consideration or other immediately available funds, the Holder shall exercise the remaining portion of the Warrants in exchange
for the number of Shares as computed using the following formula:

 

X
= [Y (A-B)] / A

 

    	 	2	 

     

    

 

Where:
X = the number of Shares to be issued to the Holder.

Y
= the number of Shares issuable to the Holder upon a cash exercise of the applicable number of Warrants duly surrendered for exercise.

A
= the Current Market Price of one Share on the effective date that this Warrant Certificate, along with all associated documentation
required pursuant to this Warrant Certificate, are duly surrendered to the Company for exercise.

B
= the per Share Exercise Price (as adjusted in accordance with this Warrant Certificate as of the date of such calculation).

 

Any
reference to the payment of the Exercise Price herein is deemed to include delivery of Warrants for cashless exercise as set forth in
this Section 3.

 

This
Warrant Certificate is exchangeable, upon the surrender hereof by the Holder, for new warrant certificates of like tenor, and bearing
the same legends representing, in the aggregate, the right to subscribe for the number of Shares which may be subscribed for hereunder.

 

	4.	Right
    to Distributions

 

Subject
to applicable laws and the rights of any shares of the Company ranking in preference to the Shares, the Holder hereof shall be entitled
to receive ratably with the holders of Shares, any dividends declared on the Shares or any other distributions made to the holders of
Shares (the “Share Distribution”), on the basis as if the Warrants had been exercised for Shares at the Exercise Price
in effect for the Warrants as of the record date for the determination of the holders of Shares entitled to receive the Share Distribution.

 

	5.	Entitlement
    to Certificate

 

Upon
such delivery and payment as aforesaid, the Company shall cause to be issued to the Holder hereof the Shares subscribed for not exceeding
those which such Holder is entitled to purchase pursuant to this Warrant Certificate and the Holder hereof shall become a shareholder
of the Company in respect of such Shares with effect from the date of such delivery and payment and shall be entitled to delivery of
confirmation of the registration of such Shares and the Company shall cause such confirmation to be mailed to the Holder hereof at the
address or addresses specified in such subscription within five (5) Business Days of such delivery and payment.

 

	6.	Register
    of Warrantholders and Transfer of Warrants

 

The
Company shall cause a register to be kept in which shall be entered the names and addresses of all holders of the Warrants and the number
of Warrants held by them.

 

The
Company may treat the registered holder of any Warrant Certificate as the absolute owner of the Warrants represented thereby for all
purposes, and the Company shall not be affected by any notice or knowledge to the contrary except where the Company is required to take
notice by statute or by order of a court of competent jurisdiction.

 

Subject
to the terms hereof and the terms set forth in the Transfer Form attached as Schedule “B” hereto, this Warrant may
be transferred to: (i) an Affiliate of the Holder; or (ii) any other person; provided that no proposed transfer to a person that is not
an Affiliate of the Holder will be permitted (A) without the prior written consent of the Company, which consent will not be unreasonably
withheld, conditioned or delayed unless the Company determines, in its sole discretion, that the proposed transferee is, or is reasonably
expected to become, a competitor of the Company. In addition to the foregoing, no transfer of this Warrant shall be effective unless
this Warrant Certificate is accompanied by a duly executed Transfer Form or other instrument of transfer in such form as the Company
may from time to time prescribe, together with such evidence of the genuineness of each endorsement, execution and authorization and
of other matters as may reasonably be required by the Company. Notwithstanding anything else contained herein, no transfer of this Warrant
shall be made if in the opinion of counsel to the Company such transfer would result in the violation of any applicable securities laws.

 

    	 	3	 

     

    

 

	7.	Partial
    Exercise

 

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

 

	8.	No
    Fractional Shares

 

Notwithstanding
any adjustments provided for in Section 13 hereof or otherwise, the Company shall not be required upon the exercise of any Warrants,
to issue fractional Shares in satisfaction of its obligations hereunder. Where a fractional Share would, but for this Section 8, have
been issued upon exercise of a Warrant, in lieu thereof, there shall be paid to the Holder an amount equal (rounded to the nearest US$0.01)
to the product obtained by multiplying such fractional share interest by the Current Market Price at the date of due exercise of this
Warrant, accompanied by a subscription form and the Exercise Price in the manner provided in Section 3, which payment shall be made within
five (5) Business Days of such delivery and payment.

 

	9.	Not
    a Shareholder

 

Except
as provided for herein, nothing in this Warrant Certificate or in the holding of the Warrants evidenced hereby shall be construed as
conferring upon the Holder any right or interest whatsoever as a shareholder of the Company.

 

	10.	No
    Obligation to Purchase

 

Nothing
herein contained or done pursuant hereto shall obligate the Holder to purchase or pay for or the Company to issue any shares except those
shares in respect of which the Holder shall have exercised its right to purchase hereunder in the manner provided herein.

 

	11.	Ranking
    of Warrants

 

All
warrants issued concurrent herewith shall rank pari passu, notwithstanding the actual date of the issue thereof.

 

	12.	Covenants

 

	(a)	The Company
    covenants and agrees that:

 

	 	(i)	so long
    as any Warrants evidenced hereby remain outstanding, it shall reserve and there shall remain unissued out of its authorized capital
    a sufficient number of Shares to satisfy the right of purchase herein provided for should the Holder determine to exercise its rights
    in respect of all the Shares for the time being called for by such outstanding Warrants; and

 

	 	(ii)	all Shares
    which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which
    such Shares may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable Shares
    and the holders thereof shall not be liable to the Company or to its creditors in respect thereof.

 

	(b)	The Company
    shall make all requisite filings under the Securities Act (Ontario) and the regulations made thereunder including those necessary
    to remain a reporting issuer not in default of any requirement of such act and regulations.

 

	(c)	The Company
    shall use all reasonable efforts to preserve and maintain its corporate existence. (c
	 	 
	(d)	The Company
    shall will use commercially reasonable efforts to maintain the listing of the Shares on the Canadian Securities Exchange or another
    national stock exchange until the Expiry Time.

 

    	 	4	 

     

    

 

	13.	Adjustment
    to Exercise Price

 

The
Exercise Price in effect at any time is subject to adjustment from time to time in the events and in the manner provided as follows:

 

	(a)	If and
    whenever at any time after the date hereof the Company:

 

	 	(i)	issues
    Shares or securities exchangeable for or convertible into Shares to all or substantially all the holders of the Shares as a stock
    dividend; or
	 	 	 
	 	(ii)	makes
    a distribution on its outstanding Shares payable in Shares or securities exchangeable for or convertible into Shares; or

 

	 	(iii)	subdivides
    its outstanding Shares into a greater number of shares; or

 

	 	(iv)	consolidates
    its outstanding Shares into a smaller number of shares;

 

(any
of such events being called a “Share Reorganization”), then the Exercise Price will be adjusted effective immediately
after the effective date or record date for the happening of a Share Reorganization, as the case may be, at which the holders of Shares
are determined for the purpose of the Share Reorganization by multiplying the Exercise Price in effect immediately prior to such effective
date or record date by a fraction, the numerator of which is the number of Shares outstanding on such effective date or record date before
giving effect to such Share Reorganization and the denominator of which is the number of Shares outstanding immediately after giving
effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible into Shares are distributed,
the number of Shares that would have been outstanding had all such securities been exchanged for or converted into Shares on such effective
date or record date).

 

	(b)	If and
    whenever at any time after the date hereof the Company fixes a record date for the issue of rights (excluding rights issued pursuant
    to a shareholder rights plan), options or warrants to the holders of all or substantially all of its outstanding Shares under which
    such holders are entitled to subscribe for or purchase Shares or securities exchangeable for or convertible into Shares, where:

 

	 	(i)	the right
    to subscribe for or purchase Shares, or the right to exchange securities for or convert securities into Shares, expires not more
    than 45 days after the date of such issue (the period from the record date to the date of expiry being herein in this Section 13
    called the “Rights Period”), and

 

	 	(ii)	the cost
    per Share during the Rights Period (inclusive of any cost of acquisition of securities exchangeable for or convertible into Shares
    in addition to any direct cost of Shares) (herein in this Section 13 called the “Per Share Cost”) is less than
    95% of the Current Market Price of the Shares on the record date,

 

(any
of such events being called a “Rights Offering”), then the Exercise Price will be adjusted effective immediately after
the end of the Rights Period to a price determined by multiplying the Exercise Price in effect immediately prior to the end of the Rights
Period by a fraction:

 

	 	(A)	the numerator
    of which is the aggregate of:

 

	 	(1)	the number
    of Shares outstanding as of the record date for the Rights Offering; and

 

	 	(2)	a number
    determined by dividing the product of the Per Share Cost and:

 

	 	(I)	where
    the event giving rise to the application of this subsection 13(b) was the issue of rights, options or warrants to the holders of
    Shares under which such holders are entitled to subscribe for or purchase additional Shares, the number of Shares so subscribed for
    or purchased during the Rights Period, or

 

    	 	5	 

     

    

 

	 	(II)	where
    the event giving rise to the application of this subsection 13(b) was the issue of rights, options or warrants to the holders of
    Shares under which such holders are entitled to subscribe for or purchase securities exchangeable for or convertible into Shares,
    the number of Shares for which those securities so subscribed for or purchased during the Rights Period could have been exchanged
    or into which they could have been converted during the Rights Period, by
the Current Market Price of the Shares as of the record date for the Rights Offering; and

 

	 	(B)	the denominator
    of which is:

 

	 	(1)	in the
    case described in subparagraph 13(b)(A)(2)(I), the number of Shares outstanding, or

 

	 	(2)	in the
    case described in subparagraph 13(b)(A)(2)(II), the number of Shares that would be outstanding if all the Shares described in subparagraph
    13(b)(A)(2)(II) had been issued, as
at the end of the Rights Period.

 

Any
Shares owned by or held for the account of the Company or any subsidiary or affiliate (as defined in the Securities Act (Ontario))
of the Company will be deemed not to be outstanding for the purpose of any such computation.

 

If
by the terms of the rights, options or warrants referred to in this Section 13, there is more than one purchase, conversion or exchange
price per Share, the aggregate price of the total number of additional Shares offered for subscription or purchase, or the aggregate
conversion or exchange price of the convertible securities so offered, will be calculated for purposes of the adjustment on the basis
of:

 

	 	(I)	the lowest
    purchase, conversion or exchange price per Share, as the case may be, if such price is applicable to all Shares which are subject
    to the rights, options or warrants, and

 

	 	(II)	the average
    purchase, conversion or exchange price per Share, as the case may be, if the applicable price is determined by reference to the number
    of Shares acquired.

 

To
the extent that any adjustment in the Exercise Price occurs pursuant to this Section 13 as a result of the fixing by the Company of a
record date for the distribution of rights, options or warrants referred to in this Section 13, the Exercise Price will be readjusted
immediately after the expiration of any relevant exchange, conversion or exercise right to the Exercise Price which would then be in
effect based upon the number of Shares actually issued and remaining issuable after such expiration, and will be further readjusted in
such manner upon expiration of any further such right.

 

If
the Holder has exercised this Warrant Certificate in accordance herewith during the period beginning immediately after the record date
for a Rights Offering and ending on the last day of the Rights Period therefor, the Holder will, in addition to the Shares to which it
is otherwise entitled upon such exercise, be entitled to that number of additional Shares equal to the result obtained when the Exercise
Price in effect immediately prior to the end of such Rights Offering pursuant to this subsection is multiplied by the number of Shares
received upon the exercise of this Warrant during such period, and the resulting product is divided by the Exercise Price as adjusted
for such Rights Offering pursuant to this subsection; provided that the provisions of Section 7 will be applicable to any fractional
interest in a Share to which such Holder might otherwise be entitled. Such additional Shares will be deemed to have been issued to the
Holder immediately following the end of the Rights Period and a certificate for such additional Shares will be delivered to such Holder
within ten (10) Business Days following the end of the Rights Period.

 

    	 	6	 

     

    

 

	(c)	If and
    whenever at any time after the date hereof the Company fixes a record date for the issue or the distribution to the holders of all
    or substantially all of the outstanding Shares of:

 

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

 

	 	(ii)	rights,
    options or warrants to acquire shares or securities exchangeable for or convertible into Shares or property or other assets of the
    Company;
	 	(iii)	evidence
    of indebtedness of the Company; or

 

	 	(iv)	any property
    or other assets of the Company, and
if such issuance or distribution does not constitute (A) a Share Reorganization, (B) a Rights Offering or (C) the issue of rights, options
or warrants to the holders of all or substantially all of its outstanding Shares under which such holders are entitled to subscribe for
or purchase Shares or securities exchangeable for or convertible into Shares, where:

 

	 	(x)	the right
    to subscribe for or purchase Shares, or the right to exchange securities for or convert securities into Shares, expires not more
    than 45 days after the date of such issue, and

 

	 	(y)	the cost
    per Share during the Rights Period, inclusive of the Per Share Cost, is 95% or more than the Current Market Price of the Shares on
    the record date

 

(any
of such non-excluded events being called a “Special Distribution”), the Exercise Price will be adjusted effective
immediately after such record date to a price determined by multiplying the Exercise Price in effect on such record date by a fraction:

 

	 	(A)	the numerator
    of which is:

 

	 	(1)	the product
    of the number of Shares outstanding on such record date and the Current Market Price of the Shares on such record date; less

 

	 	(2)	the aggregate
    fair market value (as determined by action by the directors of the Company, subject, however, to the prior written consent of the
    TSX Venture Exchange, where required) to the holders of the Shares of such securities or property or other assets so issued or distributed
    in the Special Distribution; and

 

	 	(B)	the denominator
    of which is the number of Shares outstanding on such record date multiplied by the Current Market Price of the Shares on such record
    date.

 

Any
Shares owned by or held for the account of the Company or any subsidiary or affiliate (as defined in the Securities Act (Ontario))
of the Company will be deemed not to be outstanding for the purpose of any such computation.

 

    	 	7	 

     

    

 

	(d)	If and
    whenever at any time after the date hereof there is a Share Reorganization, a Rights Offering, a Special Distribution, a reclassification
    or redesignation of the Shares outstanding at any time or change of the Shares into other shares or into other securities (other
    than a Share Reorganization), or a consolidation, amalgamation or merger of the Company with or into any other corporation or other
    entity (other than a consolidation, amalgamation or merger which does not result in any reclassification or redesignation of the
    outstanding Shares or a change of the Shares into other shares), or a transfer of the undertaking or assets of the Company as an
    entirety or substantially as an entirety to another corporation or other entity (any of such events being called a “Capital
    Reorganization”), the Holder, upon exercising this Warrant Certificate after the effective date of such Capital Reorganization,
    will be entitled to receive in lieu of the number of Shares to which such Holder was theretofore entitled upon such exercise, the
    aggregate number of shares, other securities or other property which such Holder would have been entitled to receive as a result
    of such Capital Reorganization if, on the effective date thereof, the Holder had been the registered holder of the number of Shares
    to which such Holder was theretofore entitled upon exercise of this Warrant Certificate. If determined appropriate by action of the
    directors of the Company, appropriate adjustments will be made as a result of any such Capital Reorganization in the application
    of the provisions set forth in this Section 13 with respect to the rights and interests thereafter of the Holder to the end that
    the provisions set forth in this Section 13 will thereafter correspondingly be made applicable as nearly as may reasonably be in
    relation to any shares, other securities or other property thereafter deliverable upon the exercise hereof. Any such adjustment must
    be made by and set forth in an amendment to this Warrant Certificate approved by action by the directors of the Company and will
    for all purposes be conclusively deemed to be an appropriate adjustment.
	 	 
	(e)	If at
    any time after the date hereof and prior to the Expiry Time any adjustment in the Exercise Price shall occur as a result of:

 

	 	(i)	an event
    referred to in subsection 13(a);

 

	 	(ii)	the fixing
    by the Company of a record date for an event referred to in subsection 13(b); or

 

	 	(iii)	the fixing
    by the Company of a record date for an event referred to in subsection 13(c) if such event constitutes the issue or distribution
    to the holders of all or substantially all of its outstanding Shares of (A) Equity Shares, or (B) securities exchangeable for or
    convertible into Equity Shares at an exchange or conversion price per Equity Share less than the Current Market Price on such record
    date or (C) rights, options or warrants to acquire Equity Shares at an exercise, exchange or conversion price per Equity Share less
    than the Current Market Price on such record date, then,
where required, the number of Shares purchasable upon the subsequent exercise of this Warrant Certificate shall be simultaneously adjusted
by multiplying the number of Shares purchasable upon the exercise of this Warrant Certificate immediately prior to such adjustment by
a fraction which shall be the reciprocal of the fraction employed in the adjustment of the Exercise Price. To the extent any adjustment
in subscription rights occurs pursuant to this subsection 13(e) as a result of a distribution of exchangeable or convertible securities
other than Equity Shares referred to in subsection 13(a) or as a result of the fixing by the Company of a record date for the distribution
of rights, options or warrants referred to in subsection 13(b), the number of Shares purchasable upon exercise of this Warrant Certificate
shall be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the number of Shares which
would be purchasable based upon the number of Shares actually issued and remaining issuable immediately after such expiration, and shall
be further readjusted in such manner upon expiration of any further such right. To the extent that any adjustment in subscription rights
occurs pursuant to this subsection 13(e) as a result of the fixing by the Company of a record date for the distribution of exchangeable
or convertible securities other than Equity Shares or rights, options or warrants referred to in subsection 13(c), the number of Shares
purchasable upon exercise of this Warrant Certificate shall be readjusted immediately after the expiration of any relevant exchange,
conversion or exercise right to the number which would be purchasable pursuant to this subsection 13(e) if the fair market value of such
securities or such rights, options or warrants had been determined for purposes of the adjustment pursuant to this subsection 13(e) on
the basis of the number of Equity Shares issued and remaining issuable immediately after such expiration, and shall be further readjusted
in such manner upon expiration of any further such right.

 

    	 	8	 

     

    

 

	14.	Rules
    Regarding Calculation of Adjustment of Exercise Price

 

	(a)	The adjustments
    provided for in Section 13 are cumulative and will, in the case of adjustments to the Exercise Price, be computed to the nearest
    one-tenth of one cent and will be made successively whenever an event referred to therein occurs, subject to the following subsections
    of this Section 14.

 

	(b)	No adjustment
    in the Exercise Price is required to be made unless such adjustment would result in a change of at least 1% in the prevailing Exercise
    Price; provided, however, that any adjustments which, except for the provisions of this subsection, would otherwise have been required
    to be made, will be carried forward and taken into account in any subsequent adjustments.

 

	(c)	No adjustment
    in the Exercise Price will be made in respect of any event described in Section 13, other than the events referred to in clauses
    13(a)(iii) and (iv), if the Holder is entitled to participate in such event on the same terms, mutatis mutandis, as if the
    Holder had exercised this Warrant Certificate prior to or on the effective date or record date of such event.

 

	(d)	No adjustment
    in the Exercise Price will be made under Section 13 in respect of the issue from time to time of Shares issuable from time to time
    as dividends paid in the ordinary course to holders of Shares who exercise an option or election to receive substantially equivalent
    dividends in Shares in lieu of receiving a cash dividend, and any such issue will be deemed not to be a Share Reorganization.
	 	 
	(e)	If at
    any time a dispute arises with respect to adjustments provided for in Section 13, such dispute will be conclusively determined by
    the auditors of the Company or if they are unable or unwilling to act, by such other firm of independent chartered accountants as
    may be selected by action by the directors of the Company and any such determination, where required, will be binding upon the Company,
    the Holder and shareholders of the Company. The Company will provide such auditors or accountants with access to all necessary records
    of the Company.

 

	(f)	In case
    the Company after the date of issuance of this Warrant Certificate takes any action affecting the Shares, other than action described
    in Section 13, which in the opinion of the board of directors of the Company would materially affect the rights of the Holder, the
    Exercise Price will be adjusted in such manner, if any, and at such time, by action by the directors of the Company but subject in
    all cases to the prior written consent of the Canadian Securities Exchange, where required, and any necessary regulatory approval.
    Failure of the taking of action by the directors of the Company so as to provide for an adjustment on or prior to the effective date
    of any action by the Company affecting the Shares will be conclusive evidence that the board of directors of the Company has determined
    that it is equitable to make no adjustment in the circumstances.

 

	(g)	If the
    Company sets a record date to determine the holders of the Shares for the purpose of entitling them to receive any dividend or distribution
    or sets a record date to take any other action and, thereafter and before the distribution to such shareholders of any such dividend
    or distribution or the taking of any other action, decides not to implement its plan to pay or deliver such dividend or distribution
    or take such other action, then no adjustment in the Exercise Price will be required by reason of the setting of such record date.

 

	(h)	In the
    absence of a resolution of the directors of the Company fixing a record date for a Special Distribution or Rights Offering, the Company
    will be deemed to have fixed as the record date therefor the date on which the Special Distribution or Rights Offering is effected.

 

	(i)	As a condition
    precedent to the taking of any action which would require any adjustment to this Warrant Certificate, including the Exercise Price,
    the Company must take any corporate action which may be necessary in order that the Company have unissued and reserved in its authorized
    capital and may validly and legally issue as fully paid and non-assessable all the shares or other securities which the Holder is
    entitled to receive on the full exercise thereof in accordance with the provisions hereof.

 

    	 	9	 

     

    

 

	(j)	The Company
    will from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in
    Section 13, forthwith give notice to the Holder specifying the event requiring such adjustment or readjustment and the results thereof,
    including the resulting Exercise Price.

 

	(k)	The Company
    covenants to and in favor of the Holder that so long as the Warrants represented by this Warrant Certificate remain outstanding,
    it will give notice to the Holder of its intention to fix a record date for any event referred to in subsections 13(a), (b) or (c)
    (other than the subdivision or consolidation of the Shares) which may give rise to an adjustment in the Exercise Price, and, in each
    case, such notice must specify the particulars of such event and the record date and the effective date for such event; provided
    that the Company is only required to specify in such notice such particulars of such event as have been fixed and determined on the
    date on which such notice is given. Such notice shall be given not less than 14 days prior to each such applicable record date or
    effective date.
	 	 
	15.	Consolidation
    and Amalgamation

 

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

 

	 	(i)	the successor
    corporation will have assumed all the covenants and obligations of the Company under this Warrant Certificate, and

 

	 	(ii)	the Warrant
    will be a valid and binding obligation of the successor corporation entitling the Holder, as against the successor corporation, to
    all the rights of the Holder under this Warrant Certificate.

 

	(b)	Whenever
    the conditions of subsection 15(a) shall have been duly observed and performed the successor corporation shall possess, and from
    time to time may exercise, each and every right and power of the Company under this Warrant Certificate in the name of the Company
    or otherwise and any act or proceeding by any provision hereof required to be done or performed by any director or officer of the
    Company may be done and performed with like force and effect by the like directors or officers of the successor corporation.
	 	 
	(c)	The provisions
    of this Section 15 shall similarly apply to successive reorganizations, reconstructions, consolidations, amalgamations, mergers,
    transfers, sales or dispositions.

 

	16.	Representation
    and Warranty

 

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

 

	17.	If
    Share Transfer Books Closed

 

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

 

    	 	10	 

     

    

 

	18.	Protection
    of Shareholders, Officers and Directors

 

Subject
as herein provided, all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal proceedings.
The Holder expressly agrees and declares that the obligations under the Warrants evidenced hereby, are solely corporate obligations of
the Company and that no personal liability whatever shall attach to or be incurred by the shareholders, officers, or directors of the
Company or any of them in respect thereof

 

	19.	Lost
    Certificate

 

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

 

	20.	Governing
    Law

 

In
all respects, including all matters of construction, validity and performance, this agreement and all disputes, claims and proceedings
in connection herewith shall be governed by, and construed and enforced in accordance with, the internal laws of the state of California
applicable to contracts made and performed in that state (without regard to the choice of law or conflicts of law provisions thereof)
and any applicable laws of the United States of America. Each of the parties hereto hereby consents and agrees that the Superior Court
of Los Angeles County, California, or, at any party’s option, the United States District Court for the Central District of California,
shall have exclusive jurisdiction to hear and determine any claims or disputes among the parties hereto pertaining to this Agreement
or to any matter arising out of or related to this Agreement. Each party hereby expressly submits and consents in advance to such jurisdiction
in any action or suit commenced in any such court, and such persons hereby waive any objection which they may have based upon lack of
personal jurisdiction, improper venue or forum non conveniens and hereby consent to the granting of such legal or equitable relief as
is deemed appropriate by such court.

 

	21.	Severability

 

If
any one or more of the provisions or parts thereof contained in this Warrant Certificate should be or become invalid, illegal or unenforceable
in any respect in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed
to be, as to such jurisdiction, severable therefrom and:

 

	 	(i)	the validity,
    legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance
    of the provisions or parts thereof severed; and

 

	 	(ii)	the invalidity,
    illegality or unenforceability of any provision or part thereof contained in this Warrant in any jurisdiction shall not affect or
    impair such provision or part thereof or any other provisions of this Warrant Certificate in any other jurisdiction.

 

	22.	Headings

 

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

 

	23.	Numbering
    of Articles, etc.

 

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

 

	24.	Gender

 

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

 

	25.	Day
    not a Business Day

 

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

 

    	 	11	 

     

    

 

	26.	Computation
    of Time Period

 

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

 

	27.	Binding
    Effect

 

This
Warrant Certificate and all of its provisions shall enure to the benefit of the Holder and his heirs, executors, administrators, legal
personal representatives, permitted assigns and successors and shall be binding upon the Company and its successors and permitted assigns.

 

	28.	Notice

 

Any
notice, document or communication required or permitted by this Warrant Certificate to be given by a party hereto shall be in writing
and is sufficiently given if delivered personally, or if sent by prepaid registered mail, or if transmitted by any form of recorded telecommunication
tested prior to transmission, to such party addressed as follows:

 

	 	(i)	to the
    Holder, in the register to be maintained pursuant to Section 6 hereof; and

 

	 	(ii)	to the
    Company at:

MedMen
Enterprises Inc.

10115
Jefferson Boulevard

Culver
City, CA 90232

	 	Attention:	Reece Fulgham

	 	Email:	reece.fulgham@medmen.com

 

Notice
so mailed shall be deemed to have been given on the tenth (10th) Business Day after deposit in a post office or public letter
box. Neither party shall mail any notice, request or other communication hereunder during any period in which applicable postal workers
are on strike or if such strike is imminent and may reasonably be anticipated to affect the normal delivery of mail. Notice transmitted
by a form of recorded telecommunication or delivered personally shall be deemed given on the day of transmission or personal delivery,
as the case may be. Any party may from time to time notify the other in the manner provided herein of any change of address which thereafter,
until change by like notice, shall be the address of such party for all purposes hereof.

 

	29.	Time
    of Essence

 

Time
shall be of the essence hereof.

 

[The
remainder of this page is intentionally left blank.]

 

    	 	12	 

     

    

 

This
Warrant Certificate shall not be valid for any purpose whatever unless and until it has been executed by the Company. 

 

IN
WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer [●], 2021.

 

This
certificate has been electronically signed and is the only copy that will be issued by the Company. This certificate is deemed to be
an original.

 

	 	MEDMEN
    ENTERPRISES INC. 
	 	 
	 	Per:	 
	 	 	Reece Fulgham,
    Chief Financial Officer

 

    	 	13	 

     

    

 

SCHEDULE
“A”

SUBSCRIPTION FORM

		TO:	MEDMEN
ENTERPRISES INC.

10115
Jefferson Boulevard

Culver
City, CA 90232

 

The
undersigned holder of the within Warrant Certificate hereby irrevocably subscribes for Class B subordinate voting shares (“Shares”)
of MEDMEN ENTERPRISES INC. (the “Company”) pursuant to the within Warrant Certificate at the Exercise Price per share
specified in the said Warrant Certificate and encloses herewith cash or a certified cheque, money order or bank draft payable to the
order of the Company, or has arranged for wire transfer, in payment of the subscription price therefor, or has indicated that the undersigned
holder is electing net exercise under Section 3(b) of the Warrant Certificate. Capitalized terms used herein have the meanings set forth
in the within Warrant Certificate.

 

The
undersigned hereby acknowledges that the following legend will be placed on the confirmation of registration/certificates representing
the Shares being acquired upon exercise of the Warrants:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. SECURITIES ACT”) OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, UNLESS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN COMPLIANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED THAT THE
HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY.”

 

[Note:
to be included if subscriber is subject to Canadian law]

 

[The
undersigned hereby acknowledges that the following legend will be placed on the confirmation of registration/certificates representing
the Shares being acquired upon exercise of the Warrants if the exercise is prior to [Insert the date which is four months and a day
after the closing date]]:

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE WHICH IS FOUR
MONTHS AND A DAY AFTER THE CLOSING DATE].] 

 

In
connection with the exercise of the Warrant and issuance of the Shares, the undersigned represents and warrants as follows:

 

	 	(a)	Purchase
    for Own Account. The undersigned is acquiring the Shares as principal for his, her or its own account and not with a view to
    or for distributing or reselling such Shares or any part thereof in violation of the U.S. Securities Act or any applicable state
    securities law, has no present intention of distributing any of such Shares in violation of the U.S. Securities Act or any applicable
    state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding
    the distribution of such Shares in violation of the U.S. Securities Act or any applicable state securities law (this representation
    and warranty not limiting Holder’s right to sell such Warrant Shares pursuant to a registration statement or otherwise in compliance
    with applicable federal and state securities laws).

 

	 	(b)	Status.
    The undersigned is, either: (i) an “accredited investor” as defined in Rule 501(a) under the U.S. Securities Act or (ii)
    a “qualified institutional buyer” as defined in Rule 144A(a) under the U.S. Securities Act.

 

    	 	14	 

     

    

 

	 	(c)	Experience.
    The undersigned, either alone or together with its representatives, has such knowledge, sophistication and experience in business
    and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has
    so evaluated the merits and risks of such investment. The undersigned is able to bear the economic risk of an investment in the Shares
    and, at the present time, is able to afford a complete loss of such investment

 

	 	(d)	Access
    to Information. The undersigned has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and
    to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the
    merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of
    operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity
    to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary
    to make an informed investment decision with respect to the investment.
	 	 	 
	 	(e)	Restricted
    Securities. The undersigned understands and acknowledges that the Shares have not been and will not be registered under the U.S.
    Securities Act or the securities laws of any state of the United States, and that the offer and sale of the Shares to it are being
    made in reliance upon the exemption from registration provided by Section 4(a)(2) of the U.S. Securities Act and similar exemptions
    under applicable state securities laws. Holder understands and acknowledges that the Shares will be “restricted securities”
    within the meaning of Rule 144(a)(3) under the Securities Act, and agrees that if it decides to offer, sell, pledge or otherwise
    transfer any of the Securities, it will not offer, sell, pledge or otherwise transfer any of such securities, directly or indirectly,
    unless the transfer is unless pursuant to an effective registration statement under the U.S. Securities Act or pursuant to an available
    exemption from, or in compliance with an exemption from the registration requirements under the U.S. Securities Act provided that
    the undersigned has, prior to such transfer, furnished to the Company an opinion of counsel in a form satisfactory to the Company.

 

Except
as provided in the Subscription Agreement between the Company and the Holder dated as of the date of the Warrant Certificate, the undersigned
understands that the Company is not obligated to file and has no present intention of filing with the U.S. Securities and Exchange Commission
or with any state securities administrator any registration statement in respect of resales of the Shares in the United States, and acknowledges
that there are substantial restrictions on the transferability of the Shares and that it may not be possible for the undersigned to readily
liquidate his, her or its investment in the case of an emergency at any time.

 

	 	(f)	Consent.
    The undersigned consents to the Company making a notation on its records or giving instructions to any transfer agent of the Shares
    in order to implement the restrictions on transfer set forth and described herein.

 

	 	(g)	General
    Solicitation. The undersigned is not purchasing the Shares as a result of any “directed selling efforts” (as defined
    in Regulation S) or any “general solicitation” or “general advertising” (as defined in Regulation D under
    the U.S. Securities Act), including any advertisement, article, notice or other communication regarding the Shares published in any
    newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of the
    undersigned, any other general solicitation or general advertisement.

 

DATED
this           day of            , 20       .

 

	 	NAME:	 
	 	Signature:	 
	 	Address:	 

 

	☐	Please
    check box if these share certificates are to be delivered at the office where this Warrant Certificate is surrendered, failing which
    the confirmation of registration for the Shares will be mailed to the subscriber at the address set out above.

 

If
any Warrants represented by the within Warrant Certificate are not being exercised, a new Warrant Certificate bearing the same
legends as the within Warrant Certificate will be issued and delivered with the confirmation of registration for the
Shares.

 

    	 	15	 

     

    

 

SCHEDULE
“B”

TRANSFER
FORM

 

For
value received, the undersigned hereby sells, transfers and assigns

 

unto
____________________________________________________________

	 	(please
    print name of transferee)
	of	_________________________________
	 	_________________________________
	 	_________________________________
	 	(please
    print address of transferee)
	 	 

__________________________________________Warrants
represented

(please
insert number of Warrants to be transferred) by the within certificate.

 

DATED
this ___ day of ________________, 20___.

 

	 	 
	 	NOTICE:
    THE SIGNATURE TO THIS TRANSFER MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT
    ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER

 

	Signature
    guaranteed by:	 	 
	 	NOTICE:
    THE SIGNATURE OF THE TRANSFEROR SHOULD BE GUARANTEED BY A BANK, FINANCIAL INSTITUTION OR STOCK BROKER WHOSE SIGNATURE IS ACCEPTABLE
    TO THE COMPANY.	 
	 	 	 

Warrants
shall only be transferable in accordance with applicable laws and the resale of Warrants and Shares issuable upon exercise of Warrants
may be subject to restrictions under such laws.

 

    	 	16

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