Document:

Exhibit
4.3

 

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 ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES
FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. Securities Act
AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS,
OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND,
IN THE CASE OF SUBPARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH
OTHER EVIDENCE AS THE CORPORATION MAY REQUIRE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY
OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

WARRANT
TO PURCHASE COMMON SHARES

OF HOLLYWEED NORTH CANNABIS INC.

 

Effective
Date: As of January 22, 2021

 

This
certifies that [NAME], a [STATE] company (“[Name]”), or registered assigns, is the registered holder of the
Warrant (this “Warrant”) represented by this Warrant Certificate (this “Warrant Certificate”),
which entitles [Name] or any subsequent holder of this Warrant (each a “Holder”), subject to the provisions contained
herein, to purchase from HOLLYWEED NORTH CANNABIS INC., a corporation organized under the laws of British Columbia (the “Company”),
such number of the Class A common shares of the Company (the “Common Shares”), as set forth in Section 2.1 herein,
subject to adjustment upon the occurrence of certain events specified herein, at the Exercise Price (as defined below), subject to adjustment
upon the occurrence of certain events specified herein.

 

		1.	DEFINITIONS.

 

As
used in this Warrant, the following terms shall have the following meanings:

 

BCBCA:
the Business Corporations Act (British Columbia).

 

Board:
the board of directors of the Company.

 

Business
Day: any day that is not a day on which banking institutions are authorized or required to be closed in the jurisdiction in which
the principal office of the Company is located.

 

CDN,
Dollars or $: means Canadian dollars.

 

Common
Shares: the voting Class A Common Shares of the Company.

 

Company:
HollyWeed North Cannabis Inc., a corporation organized under the laws of British Columbia, Canada.

 

     

     

    

 

Company
Formation Documents: the Amended and Restated Articles of Incorporation of the Company, dated May 27, 2019, as filed under the BCBCA,
as the same may be amended from time to time.

 

Effective
Exercise Date: the meaning set forth in Section 4.

 

Effective
Issuance Price: the meaning set forth in Section 4.5.

 

Excess
Tender Amount: the meaning set forth in Section 4.3.

 

Exchange
Act: the Securities Exchange Act of 1934, as amended.

 

ex-date:
when used with respect to any issuance or distribution, means the first Business Day after the record date, provided that if the
Common Shares are then traded on a Recognized Securities Market (for the avoidance of doubt, for purposes of this Warrant and any related
agreements, including Nasdaq) it shall mean the first date on which the Common Shares trade regular way on the relevant exchange or in
the relevant market from which the Fair Market Value was obtained without the right to receive such issuance or distribution.

 

Exercise
Date: the meaning set forth in Section 2.2.

 

Exercise
Price: subject to the adjustment provisions set forth in this Warrant, shall mean CDN twelve cents (CDN$0.12) per share, subject
to the adjustment provisions hereinafter set forth.

 

Expiration
Date: the meaning set forth in Section 2.3.

 

Holder:
from time to time, the holder(s) of this Warrant.

 

Line
of Credit Note: the CDN$6,675,000 secured convertible promissory note of the Company and its subsidiaries issued to Origo Holdings
Inc.

 

Nasdaq:
the Nasdaq Stock Exchange, including the Nasdaq Capital Market.

 

Person:
any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government
or any agency or political subdivision thereof.

 

Premium
Per Pro Forma Share: the meaning set forth in Section 4.3.

 

Recognized
Securities Market. any one of the Nasdaq, the New York Stock Exchange, the NYSE:American Exchange, the OTC Markets (including the
OTCQX platform), the Canadian Securities Exchange, the Toronto Stock Exchange, the TSX Venture Exchange, the NEO Exchange or any other
United States or foreign stock exchange that constitutes the principal securities exchange on which the Common Shares is then traded.

 

Registration
Statement: a registration statement on Form F-1 (or other applicable form for registering securities under the Securities Act) as
filed by the Company with the SEC in connection with an initial public offering of the Common Shares in the United States.

 

    2

     

    

 

Registrable
Securities: means the Common Shares issuable under this Warrant as well as any Common Shares issuable upon conversion of the Line
of Credit Note. Registrable Securities shall continue to be Registrable Securities (whether they continue to be held by [Name] or they
are sold to other Persons) until (i) they are sold outside of the United States in accordance with any applicable Canadian securities
laws, (ii) pursuant to an effective registration statement under the Securities Act or (iii) they shall have otherwise been transferred
(including pursuant to Rule 144 under the Securities Act) and new securities not subject to transfer restrictions under any federal securities
laws and not bearing any legend restricting further transfer shall have been delivered by the Company, all applicable holding periods
shall have expired, and no other applicable and legally binding restriction on transfer by the holder thereof shall exist.

 

Reorganization
Event: the meaning set forth in Section 4.4.

 

Rights
to Purchase Securities: means options, warrants and rights issued by the Company (whether presently exercisable or not) to purchase
Common Shares that are convertible or exchangeable (whether presently convertible or exchangeable or not) into or exercisable (whether
presently exercisable or not) for Voting Securities but, for the avoidance of doubt, not including a shareholders rights plan.

 

Securities
Act: the United States Securities Act of 1933, as amended.

 

Transfer:
the meaning set forth in Section 2.5.

 

Voting
Securities means the Common Shares and any other securities of the Company having power generally to vote in the election of members
of the Board.

 

Warrant
Shares: means the Common Shares issuable or issued upon the exercise of this Warrant, consisting of [NUMBER] ([NUMBER]) Common Shares,
subject to adjustment as provided herein.

 

		2.	EXERCISE
PRICE; EXERCISE OF WARRANT AND EXPIRATION OF WARRANT.

 

2.1. Exercise
Price. Subject to the terms of this Warrant, including all of the adjustment provisions hereof, the Holder hereof shall be entitled
upon exercise of this Warrant to purchase all or any portion of the Warrant Shares upon exercise the Warrant made on or prior to the
date of exercise hereof, at the Exercise Price then in effect.

 

2.2. Exercise
of Warrant. This Warrant shall be exercisable in whole or in part from time to time on any Business Day (each, an “Exercise
Date”) beginning on January 22, 2021 and ending on the Expiration Date (the “Exercise Period”), in the manner
provided for herein.

 

2.3. Expiration
of Warrants. This Warrant shall expire and the rights of the Holder of this Warrant to purchase Warrant Shares shall terminate at
the close of business on November 5, 2025 (the “Expiration Date”).

 

2.4. Method
of Exercise; Payment of Exercise Price. Other than as agreed between the Company and the Holder, in order to exercise this Warrant,
the Holder hereof must surrender this Warrant to the Company, with the form on the reverse of or attached to this Warrant duly executed
along with payment in full of the Exercise Price then in effect for the number of Warrant Shares as to which this Warrant is submitted
for exercise.

 

    3

     

    

 

Any
such payment of the Exercise Price pursuant to clause (2) above shall be payable in cash or other same-day funds. Upon the surrender
of this Warrant following one or more partial exercises, unless this Warrant has expired, a new Warrant of the same tenor representing
the number of shares of Warrant Shares, if any, with respect to which this Warrant shall not then have been exercised, shall promptly
be issued and delivered to the Holder.

 

Upon
surrender of this Warrant in conformity with the foregoing provisions, the Company shall instruct its transfer agent to transfer to the
Holder of such Warrant appropriate evidence of ownership of any shares of Warrant Shares or other securities or property (including any
money) to which the Holder is entitled, registered or otherwise placed in, or payable to the order of, such name or names as may be directed
in writing by the Holder, and shall deliver such evidence of ownership and any other securities or property (including any money) to
the Person or Persons entitled to receive the same, together with an amount in cash in lieu of any fraction of a share as provided in
Section 4.7. Upon payment of the Exercise Price therefor, a Holder shall be deemed to own and have all of the rights associated with
any Warrant Shares or other securities or property (including money) to which it is entitled pursuant to this Warrant upon the surrender
of this Warrant in accordance herewith. If the Holder shall direct that such securities be registered in a name other than that of the
Holder, such direction shall be tendered in conjunction with a signature guarantee from an eligible guarantor institution participating
in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that
may be required by the Company.

 

2.5. Compliance
with the Securities Laws.

 

(a) This
Warrant may not be exercised (and the Company shall be under no obligation to process any exercise), and no Warrant Shares may be sold,
transferred pledged, hypothecated, or otherwise disposed of (any such sale, transfer or other disposition, a “Transfer”),
except in compliance with this Section 2.5.

 

(b) A
Holder may exercise this Warrant and may Transfer this Warrant or any and all of his or its Warrant Shares to either (i) a transferee
that is an “accredited investor” or a “qualified institutional buyer,” as such terms are defined in applicable
Canadian securities laws, Regulation D and Rule 144A under the Securities Act, respectively, or (ii) any transferee, if the Warrant Shares
have been registered for resale under the Securities Act and qualified or exempt for sale under applicable Canadian securities laws.

 

(c) In
addition to the foregoing, a Holder may exercise this Warrant and may Transfer this Warrant or his or its Warrant Shares in accordance
with Regulation S under the Securities Act or in any transaction that is registered under the Securities Act.

 

		3.	LEGENDS,
REGISTRATION AND VOLUNTARY ESCROW.

 

3.1. Legends.
Subject to Section 3.2, each certificate, instrument, or book entry representing (i) the Class A Common Shares, (ii) the Registrable
Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any share split,
share dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section
4) be notated with a legend, and no other 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 ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES
FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. Securities Act
AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. Securities Act
PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS,
OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. Securities Act OR ANY APPLICABLE STATE SECURITIES LAWS, AND,
IN THE CASE OF SUBPARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH
OTHER EVIDENCE AS THE CORPORATION MAY REQUIRE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY
OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

    4

     

    

 

3.2. Registration.
If at any time the Company registers or intends to register under the Securities Act, or qualify for distribution in Canada under applicable
Canadian securities laws, any Common Shares, Rights to Purchase Securities or any other securities convertible, exchangeable or exercisable
for Common Shares or other Voting Securities on a registration statement under the Securities Act or a prospectus under applicable Canadian
securities laws, or grants any demand or piggyback registration rights to any other holder of Common Shares, Rights to Purchase Securities
or any other securities convertible, exchangeable or exercisable for Common Shares or shares of Voting Securities, the Company shall
offer to the Holder of this Warrant to register the Warrant Shares of such Holder on no less favorable terms and conditions and/or enter
into an agreement on customary terms and conditions with the Holder of this Warrant granting to such Holder pari passu registration
rights with respect to the Registrable Securities of such Holder, as applicable. Notwithstanding the foregoing, the provisions of this
Section 3.1 shall not apply to an initial public offering of Common Shares or other securities of the Company, unless that Company shall
also register for resale in such initial public offering Common Shares owned by other shareholders.

 

3.3. Voluntary
Escrow. [Name] agrees that in addition to any escrow restrictions applicable to the Warrant or Warrant Shares pursuant to the polices
of any Recognized Securities Market upon which the Registrable Securities will be listed for trading and applicable laws, all of the
Registrable Securities (including any Warrant Shares issued upon exercise of the Warrants) issued to the Subscriber will be subject to
a one year hold period commencing on the date that the Registrable Securities begin trading on a Recognized Securities Market (the “Voluntary
Escrow”), to be determined as follows:

 

(a) [Name]
acknowledges and agrees that, at the Closing (as defined herein), or such other time as determined by the Company in its sole discretion,
the certificates representing the Registrable Securities, will be delivered to an escrow agent to be determined by the Company in its
sole discretion (the “Escrow Agent”) and held in escrow by the Escrow Agent pursuant to the terms and conditions of
a voluntary escrow agreement (an “Escrow Agreement”), in such form as is satisfactory to the Company, to be executed
by [Name] at the request of the Company. The Escrow Agreement will provide, among other things, that 1/12 of the Registrable Securities
will be released on each of the first day of each month following the date on which Company’s Registrable Securities commence trading
on a Recognized Securities market.

 

(b) The
Escrow Agreement will further provide that [Name] will be entitled to vote any of the Registrable Securities that are held in escrow,
but will not be entitled to transfer, option or otherwise encumber any of the Registrable Securities without the prior written consent
of the Company

 

(c) In
addition to the legends set forth in Section 3.1, the certificates for the Registrable Securities may, as determined in the sole discretion
of the Company, bear a legend to evidence that the Registrable Securities are subject to the Voluntary Escrow.

 

(d) As
and so often as the Company may require, [Name] will execute and deliver to the Company all such further documents, do or cause to be
done all such further acts and things, and give all such further assurances as in the opinion of the Company or its counsel are necessary
or advisable to give full effect to the Voluntary Escrow.

 

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		4.	ADJUSTMENTS.

 

4.1. Adjustments
upon Certain Transactions.

 

(a) The
Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be adjusted in the event the Company (i)
pays a dividend or makes any other distribution with respect to any of its Common Shares solely in Common Shares, (ii) subdivides its
outstanding Common Shares, or (iii) combines its outstanding Common Shares into a smaller number of shares. In such event, the number
of Warrant Shares issuable upon exercise of this Warrant immediately prior to the record date of such dividend or distribution or the
effective date of such subdivision or combination (the “Effective Exercise Date”) shall be adjusted so that the Holder
of this Warrant shall thereafter be entitled to receive the number of Warrant Shares that such Holder would have owned or have been entitled
to receive after the happening of any of the events described above, had the Warrant been exercised immediately prior to the happening
of such event or any record date with respect hereto.

 

In
addition, upon an adjustment pursuant to this Section 4.1, the Exercise Price for each of the Warrant Shares payable upon exercise of
this Warrant shall be adjusted (without rounding) so that it shall equal the product of the Exercise Price immediately prior to such
adjustment multiplied by a fraction, the numerator of which shall be the number of Warrant Shares issuable upon the exercise of this
Warrant immediately prior to such adjustment, and the denominator of which shall be the number of Warrant Shares so issuable immediately
thereafter. Such adjustment shall become effective immediately after the Effective Exercise Date of such event retroactive to the record
date, if any, for such event.

 

(b) For
avoidance of doubt, the adjustment contemplated by this section can be expressed by formula as follows:

 

Ub
= Warrant Shares underlying this Warrant before the adjustment

 

Ua
= Warrant Shares underlying this Warrant after the adjustment

 

Pb
= exercise price per share before the adjustment

 

Pa
= exercise price per share after the adjustment

 

Ob
= shares outstanding before the transaction in question

 

Oa
= shares outstanding after the transaction in question

 

Ua
= Ub x Oa / Ob

 

Pa
= Pb x Ob / Oa

 

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4.2. Dividends
and Distributions.

 

(a) If
the Company shall fix a record date for the payment of a dividend or the making of a distribution with respect to any of its Common Shares,
(other than one covered by Section 4.1), then the Exercise Price to be in effect after the record date for such dividend or distribution
shall be determined (without rounding) by multiplying (x) the Exercise Price in effect immediately prior to such record date by (y) a
fraction, the numerator of which shall be the Fair Market Value per share of Common Shares as of the last Business Day (or, if the Common
Shares is then traded on a Recognized Securities Market, the last trading day) before the ex-date less the Fair Market Value of the cash,
securities (excluding Common Shares that is the same class of securities for which this Warrant would be exercisable immediately after
such distribution or dividend taking into account the adjustments pursuant to this Article 4) or other property paid per share in such
dividend or distribution, and the denominator of which shall be the Fair Market Value per share of Common Shares as of the last Business
Day (or, if the Common Shares is then traded on a Recognized Securities Market, the last trading day) before the ex-date. Upon any adjustment
of the Exercise Price pursuant to Section 4.2(a), the total number of Common Shares purchasable upon the exercise of this Warrant shall
be such number of shares (calculated to the nearest thousandth) purchasable immediately prior to such adjustment multiplied by a fraction,
the numerator of which shall be the Exercise Price in effect immediately before such adjustment and the denominator of which shall be
the Exercise Price in effect immediately after such adjustment.

 

(b) For
avoidance of doubt, the adjustment contemplated by Section 4.2(a)(2) can be expressed by formula as follows:

 

Ub
= Warrant Shares underlying this Warrant before the adjustment

 

Ua
= Warrant Shares underlying this Warrant after the adjustment

 

Pb
= exercise price per share before the adjustment

 

Pa
= exercise price per share after the adjustment

 

M
= Fair Market Value per share of Common Shares as of the last Business Day (or, if applicable, trading day) before ex-date

 

D
= Fair Market Value of the dividend or distribution made per share of Common Shares

 

Ua
= Ub x M / (M - D)

 

Pa
= Pb x (M - D) / M

 

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4.3. Tender
Offers. If a publicly-announced tender offer or issuer bid made by the Company or any of its subsidiaries for all or any portion
of the Common Shares shall expire and tendering holders of Common Shares are paid aggregate consideration having a Fair Market Value
when paid which exceeds the aggregate Fair Market Value of the Common Shares acquired in such tender offer as of the last Business Day,
or, if applicable, trading day before the date on which such tender offer is first publicly announced (such excess, the “Excess
Tender Amount”), then the Exercise Price to be in effect after the tender offer expires shall be determined (without rounding)
by multiplying (x) the Exercise Price in effect immediately prior to such adjustment by (y) a fraction, the numerator of which shall
be the Fair Market Value per share of the Common Shares as of the last trading day before the date on which such tender offer is first
publicly announced less the Premium Per Pro Forma Share, and the denominator of which shall be the Fair Market Value per share of Common
Shares as of the last Business Day, or, if applicable, trading day before the date on which such tender offer is first publicly announced.
As used herein, “Premium Per Pro Forma Share” means (x) the Excess Tender Amount divided by (y) the number of Common Shares
outstanding at expiration of the tender offer after giving pro forma effect to the purchase of shares in the tender offer. Upon any adjustment
of the Exercise Price pursuant to this Section 4.3, the total number of Warrant Shares purchasable upon the exercise of this Warrant
shall be such number of Warrant Shares (calculated to the nearest thousandth) purchasable immediately prior to such adjustment multiplied
by a fraction, the numerator of which shall be the Exercise Price in effect immediately before such adjustment and the denominator of
which shall be the Exercise Price in effect immediately after such adjustment. For avoidance of doubt, the adjustment contemplated by
this section can be expressed by formula as follows:

 

Ub
= Warrant Shares underlying this Warrant before the adjustment

 

Ua
= Warrant Shares underlying this Warrant after the adjustment

 

Pb
= exercise price per share before the adjustment

 

Pa
= exercise price per share after the adjustment

 

M
= Fair Market Value per share of Common Shares as of the last Business Day (or, if applicable, trading day) before the tender offer is
announced

 

E
= Excess Tender Amount (the aggregate premium paid in the tender offer)

 

Pr
= Premium Per Pro Forma Share Oa = Shares outstanding after giving effect to tender offer

 

Pr
= E / Oa

 

Ua
= Ub x M / (M - Pr)

 

Pa
= Pb x (M - Pr) / M

 

    8

     

    

 

4.4. Consolidation,
Merger or Sale. If any consolidation, merger, amalgamation, arrangement or similar extraordinary transaction of the Company with
another entity, or the sale of all or substantially all of its assets, or any recapitalization or reclassification of the Common Shares,
shall be effected (a “Reorganization Event”), and in connection with such Reorganization Event, the Warrant Shares
shall be converted into or exchanged for or become the right to receive cash, securities or other property, then, as a condition of such
Reorganization Event, lawful and adequate provisions shall be made by the Company whereby the Holder of this Warrant shall thereafter
have the right to purchase and receive on exercise of this Warrant, for an aggregate price equal to the aggregate Exercise Price for
all of the Warrant Shares underlying this Warrant as in effect immediately before such transaction (subject to adjustment thereafter
as contemplated by the succeeding sentence), the same kind and amount of cash, securities or other property as it would have had the
right to receive if it had exercised this Warrant immediately before such transaction and been entitled to participate therein. In the
event of any such Reorganization Event, the Company shall make appropriate provision to ensure that applicable provisions of this Warrant
(including, without limitation, the provisions of this Article 4) shall thereafter be binding on the other party to such transaction
(or the successor in such transaction) and applicable to any securities thereafter deliverable upon the exercise of this Warrant. The
Company will not effect any such Reorganization Event unless, prior to the consummation thereof, the successor entity (if other than
the Company) resulting from such Reorganization Event or the entity purchasing such assets shall assume by written instrument reasonably
satisfactory in form and substance to the Holder of this Warrant, executed and mailed or delivered to the Holder at the last address
of such Holder appearing on the books of the Company, the obligation to deliver the cash, securities or property deliverable upon exercise
of this Warrant. The Company shall notify the Holder of this Warrant of any such proposed Reorganization Event reasonably prior to the
consummation thereof so as to provide such Holder with a reasonable opportunity prior to such consummation to exercise this Warrant in
accordance with the terms and conditions hereof; provided, however, that in the case of a transaction which requires notice to be given
to the holders of Common Shares of the Company, the Holder of this Warrant shall be provided the same notice given to the holders of
other Common Shares of the Company.

 

4.5. Full-Ratchet
Adjustment for Lower Revaluations. In the case of (a) any issuance of Common Shares, rights or options to acquire Common Shares or
securities convertible or exchangeable into, or exercisable for Common Shares (other than Common Shares underlying rights or options
to acquire Common Shares or securities convertible or exchangeable into Common Shares, in each case that are issued and outstanding on
the date hereof or that are issued to directors, officers or employees of the Company pursuant to the terms of a stock option plan that
is in existence as of the date hereof), or (b) the amendment to or change in the exercise, conversion or exchange price of such securities,
in each case for an Effective Issuance Price that is lower than the Exercise Price (in each case, other than issuances, amendments or
changes covered by Section 4.1, 4.2, 4.3 or 4.4), the Exercise Price for this Warrant shall be further reduced to an amount equal to
the Effective Issuance Price.

 

As
used herein, the “Effective Issuance Price” shall be:

 

(i) with
respect to Common Shares issued for cash the per share amount of the net cash proceeds received by the Company for such Common Shares;

 

(ii) with
respect to Common Shares issued for other consideration, the Fair Market Value of the net consideration calculated on a per share basis;

 

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(iii) with
respect to any option, warrant or other right to acquire Common Shares, whether direct or indirect and whether or not conditional or
contingent, the sum of (a) the Fair Market Value of the aggregate consideration, if any, received by the Company for the issuance of
such option, warrant or right divided by the number of Common Shares into which such option, warrant or right is exercisable at time
of issuance, plus (b) the per share amount of the exercise price to the extent paid in cash and per share Fair Market Value of the exercise
price if paid in other consideration; and

 

(iv) with
respect to securities convertible or exchangeable into Common Shares, the net consideration per security paid for such securities (to
the extent paid in cash) or the net Fair Market Value of the consideration per security paid for such securities if the price for such
securities is paid in other consideration, as of the date of their issuance divided by the number of Common Shares for which such securities
are convertible or exchangeable.

 

For
the avoidance of doubt, the Exercise Price of this Warrant shall in no event be increased pursuant to this Section 4.5.

 

4.6. Fractional
Shares. No fractional shares shall be issued upon exercise of this Warrant. Instead, the Company shall pay to the Holder, in lieu
of issuing any fractional share, a sum in cash equal to such fraction multiplied by the Fair Market Value of a share of Common Shares,
as determined by the Company’s Chief Executive Officer, Chief Financial Officer or Board, on the Business Day or, if applicable,
trading day immediately prior to the date of exercise.

 

4.7. Notice
of Adjustment. Prior to the consummation of any transaction, action or other event that would trigger an adjustment (or right to
adjustment) under this Section 4, the Company shall mail to the Holder by first class mail, postage prepaid, no later than ten (10) Business
Days prior to such consummation notice of such transaction, action or other event, along with reasonable details with respect thereto.
Whenever the number of Common Shares or other stock or property issuable upon the exercise of this Warrant or the Exercise Price is adjusted,
as herein provided, the Company shall promptly mail by first class mail, postage prepaid, to the Holder notice of such adjustment or
adjustments and shall deliver a certificate of a firm of independent public accountants selected by the Board (who may be the regular
accountants employed by the Company) setting forth the number of Common Shares or other stock or property issuable upon the exercise
of this Warrant and the Exercise Price after such adjustment, setting forth a brief statement of the facts requiring such adjustment
and setting forth the computation by which such adjustment was made.

 

		5.	WARRANT
TRANSFER BOOKS.

 

The
Company shall cause to be kept at its principal office a register in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of this Warrant Certificate and of transfers or exchanges of this Warrant Certificate
as herein provided.

 

At
the option of the Holder, this Warrant Certificate may be exchanged at such office, and upon payment of the charges hereinafter provided.
Whenever this Warrant Certificate is so surrendered for exchange, the Company shall execute and deliver the Warrant Certificates that
the Holder making the exchange is entitled to receive.

 

All
Warrant Certificates issued upon any registration of transfer or exchange of this Warrant Certificate shall be the valid obligations
of the Company, evidencing the same obligations, and entitled to the same benefits, as the Warrant Certificate surrendered for such registration
of transfer or exchange.

 

If
this Warrant Certificate is surrendered for registration of transfer or exchange it shall (if so required by the Company) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company, duly executed by the Holder hereof or his
attorney duly authorized in writing.

 

No
service charge shall be made to the Holder for any registration of transfer or exchange of this Warrant Certificate. The Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of this Warrant Certificate.

 

The
Warrant Certificate when duly endorsed in blank shall be deemed negotiable and when this Warrant Certificate shall have been so endorsed,
the Holder hereof may be treated by the Company and all other persons dealing therewith as the absolute owner hereof for any purpose
and as the Person entitled to exercise the rights represented hereby, or to the transfer hereof on the register of the Company, any notice
to the contrary notwithstanding; but until such transfer on such register, the Company shall treat the registered Holder hereof as the
owner for all purposes. No such transfer shall be registered until the Company has been supplied with the aforementioned instruments
of transfer and any other such documentation as the Company may reasonably require.

 

    10

     

    

 

		6.	WARRANT
HOLDER.

 

6.1. Right
of Action. All rights of action in respect of this Warrant are vested in the Holder hereof, and the Holder, without the consent of
the Company, may, on such Holder’s own behalf and for such Holder’s own benefit, enforce, and may institute and maintain
any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such Holder’s right to exercise
or exchange this Warrant in the manner provided herein or any other obligation of the Company under this Warrant.

 

		7.	REPRESENTATIONS
AND COVENANTS.

 

7.1. Reservation
of Common Shares for Issuance on Exercise of Warrant. The Company covenants that it will at all times reserve and keep available,
free from pre-emptive rights, out of its authorized but unissued Common Shares, solely for the purpose of issue upon exercise of this
Warrant as herein provided, such number of Common Shares as shall then be issuable upon the exercise of all Warrant Shares issuable hereunder
plus such number of Common Shares as shall then be issuable upon the exercise of other outstanding warrants, options and rights (whether
or not vested), the settlement of any forward sale, swap or other derivative contract, and the conversion of all outstanding convertible
securities or other instruments convertible into Common Shares or rights to acquire Common Shares. The Company covenants that all Warrant
Shares and other Common Shares which shall be issuable shall, upon such issue, be duly and validly issued and fully paid and non-assessable.

 

7.2. Notice
of Dividends. At any time when the Company declares any dividend on its Common Shares, it shall give notice to the Holder of this
Warrant of any such declaration not less than 15 days prior to the related record date for payment of the dividend so declared.

 

7.3. Capitalization.
The Company represents and warrants to the Holder that as of the date hereof, the Company has 83,130,498 Common Shares outstanding
and on a fully diluted basis, before giving effect to this Warrant or the Common Shares issuable on conversion of the Line of Credit
Note, the Company has 89,787,688 Common Shares on a fully diluted basis. To the extent that this representation is not true as of the
date hereof and there are more Common Shares outstanding then set out above (actual or on a diluted basis), the number of Warrant Shares
shall be increased such that the Warrant would exercise into 44% of the Common Shares on a diluted as were then outstanding as of the
date hereof. For greater certainty, should there be fewer Common Shares outstanding than as set out in this representation, no adjustment
shall be made to the number of Warrant Shares issuable on exercise of the Warrant.

 

		8.	MISCELLANEOUS.

 

8.1. Payment
of Taxes. The Company shall pay all transfer, stamp and other similar taxes that may be imposed in respect of the issuance or delivery
of this Warrant or in respect of the issuance or delivery by the Company of any securities upon exercise of this Warrant with respect
thereto. The Company shall not be required, however, to pay any tax or other charge imposed in connection with any transfer involved
in the issue of any certificate for Common Shares or other securities underlying this Warrant or payment of cash to any Person other
than the Holder of this Warrant Certificate surrendered upon the exercise or purchase of this Warrant, and in case of such transfer or
payment, the Company shall not be required to issue any stock certificate to pay any cash until such tax or charge has been paid or it
has been established to the Company’s satisfaction that no such tax or other charge is due. The Company and the Holder agree that
the issuance and exercise of this Warrant is a capital transaction and not a compensatory transaction, and any Holder who is not a U.S.
person for U.S. federal income tax purposes hereby represents that the Warrant Shares would, if owned by such Holder, be capital assets
in its hands for U.S. Federal income tax purposes.

 

    11

     

    

 

8.2. Surrender
of Certificates. Any Warrant Certificate surrendered for exercise or purchase shall, if surrendered to the Company, be promptly cancelled
and destroyed and shall not be reissued by the Company.

 

8.3. Mutilated,
Destroyed, Lost and Stolen Warrant Certificates. If (a) a mutilated Warrant Certificate is surrendered to the Company or (b) the
Company receives evidence to its satisfaction of the destruction, loss or theft of the Warrant Certificate, and there is delivered to
the Company such appropriate affidavit of loss, applicable processing fee and a corporate bond of indemnity as may be required by it
to save it harmless, then, in the absence of notice to the Company that the Warrant Certificate has been acquired by a bona fide purchaser,
the Company shall execute and deliver, in exchange for such mutilated Warrant Certificate or in lieu of such destroyed, lost or stolen
Warrant Certificate, a new Warrant Certificate of like tenor and for a like aggregate number of shares of Warrant Shares, if any, with
respect to which this Warrant shall not then have been exercised.

 

Upon
the issuance of any new Warrant Certificate under this Section 8.3, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and other expenses in connection therewith.

 

Any
new Warrant Certificate executed and delivered pursuant to this Section 8.3 in lieu of a destroyed, lost or stolen Warrant Certificate
shall constitute an original contractual obligation of the Company, whether or not the destroyed, lost or stolen Warrant Certificate
shall be at any time enforceable by anyone, and shall be subject to the same terms as this Warrant.

 

The
provisions of this Section 8.3 are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect to the
replacement of a mutilated, destroyed lost, or stolen Warrant Certificate.

 

8.4. Notices.
Any notice, demand or delivery authorized by this Warrant shall be sufficiently given or made when mailed if sent by first-class mail,
postage prepaid, addressed to the Holder of this Warrant at such Holder’s address shown on the register of the Company and to the
Company at its principal address, addressed to the Secretary of the Company, in each case or such other address as shall have been furnished
to the party giving or making such notice, demand or delivery.

 

8.5. Applicable
Law. This Warrant and all rights arising hereunder shall be governed by the laws of British Columbia and the federal laws of Canada
applicable therein.

 

8.6. Amendments.
This Warrant may only be amended with the prior written consent of the Holder and the Company.

 

8.7. Headings.
The descriptive headings of the several Articles and Sections of this Warrant are inserted for convenience and shall not control or affect
the meaning or construction of any of the provisions hereof.

 

    12

     

    

 

IN
WITNESS WHEREOF, this Warrant has been duly executed and delivered by the Company, by order of its Board of Directors, this 22nd
day of January 2021.

 

	
     

     
	HOLLYWEED NORTH CANNABIS INC.
	 	By:	 
	 	Name:	Renee Gagnon
	 	Title:	President & Director
	 	 	 

 

	ACCEPTED AND AGREED TO:	 
	 	 
	[NAME]	 
	 	 
	By:	      	 

 

    13

     

    

 

EXHIBIT
A

 

FORM OF EXERCISE

 

(To be executed upon exercise of Warrant.)

 

The
undersigned hereby irrevocably elects to exercise the Warrant represented by this Warrant Certificate, to purchase _______ Common Shares,
in the form of Common Shares (“Warrant Shares”), of HollyWeed North Cannabis Inc. in accordance with the Warrant Certificate,
and in accordance with the terms set forth below.

 

By
checking the appropriate paragraph election, the undersigned hereby exercises the Warrant, as follows:.

 

______[check
if applicable] Having the Company withhold, from the total number of Common Shares that would otherwise be delivered to the undersigned
upon such exercise, that lower number of Common Shares issuable upon exercise of this Warrant with an aggregate Fair Market Value as
of the last Business Day prior to such exercise equal to a purchase price for such Common Shares that would otherwise be payable by the
undersigned upon such exercise based upon the Exercise Price then in effect (a “Cashless Exercise”), or

 

______[check
if applicable] By) by payment in full of the Exercise Price then in effect for the shares of Warrant Shares as to which this Warrant
is submitted for exercise, payable in cash or other same-day funds.

 

The
undersigned requests that said Warrant Shares be registered in such names and delivered, all as specified in accordance with the instructions
set forth below.

 

If
said number of Warrant Shares is less than all of the shares of Warrant Shares purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of the Warrants evidenced hereby be issued and delivered to the undersigned
unless otherwise specified in the instructions below.

 

    A-1

     

    

  

	Dated:	 	 	Name:	
	 	 	 	(Please Print)
	 	 	 
	(Insert Social Security or Other Identifying
Number of Holder)	 	 
	 	 	 
	 	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Signature (Signature
must conform in all respects to name of holder as specified on the face of the Warrant Certificate and must be guaranteed by a bank,
stockbroker, savings and loan association or credit union meeting the requirements of the Warrant Holder.

  

    A-2

     

    

 

EXHIBIT
B

 

FORM OF ASSIGNMENT

 

FOR
VALUE RECEIVED the undersigned registered holder of the within Warrant Certificate hereby sells, assigns, and transfers unto the Assignee(s)
named below all of the right of the undersigned under the within Warrant Certificate, with respect to the number of Warrants set forth
below:

 

	 

    Names
    of Assignees
	 	Address	 	Social
    Security or 

other Identifying

 Number of

 Assignee(s)	 	Number
    of Shares

 Represented by the

 Portion of this

 Warrant to be

 Assigned
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

And
does hereby irrevocably constitute and appoint ______ the undersigned's attorney to make such transfer on the books of _____________
maintained for that purpose, with full power of substitution in he premises.

 

	 

    Date: 
	 	 	 
	 	 
	 	(Signature
    of Owner)
	 	 
	 	 
	 	(Street
    Address)
	 	 
	 	 
	 	(City)(State)(Zip
    Code)
	 	 
	 	 
	 	Signature
    Guaranteed By:
	 
	 	 

 

		*	The
signature must correspond with the name as written upon the face of the within Warrant Certificate in every particular, without alteration
or enlargement or any change whatever, and must be guaranteed by a financial institution satisfactory to the Company.

 

 

 

 

B-1Exhibit 10.7

 

EXECUTIVE CONSULTING AGREEMENT

 

This Agreement dated and made effective as of
the 22nd day of February, 2021.

 

BETWEEN:

 

HOLLYWEED NORTH CANNABIS INC.,
a company incorporated pursuant to the laws of Canada and having offices in Victoria, British Columbia (the “Corporation”)

 

- and -

 

AJK BIOPHARMACEUTICAL LLC – CANADIAN
CONSULTING SERIES, a company incorporated pursuant to the laws of Nevada and having offices in California, USA (the “Consultant”)

 

WHEREAS the Corporation wishes to retain
the services of the principal of the Consultant, in the capacity of Chief Scientific Officer of the Corporation, to assist in the furtherance
of its Business;

 

AND WHEREAS the Corporation and the Consultant
have agreed that their relationship will be governed by the terms and conditions of this Executive Consulting Agreement;

 

NOW THEREFORE THIS AGREEMENT WITNESSETH that
in consideration of the provision of services by the Consultant to the Corporation, and for other good and valuable consideration, the
receipt and sufficiency of which is acknowledged by the parties hereto, the parties hereto agree as follows:

 

ARTICLE
I.

DEFINITIONS AND INTERPRETATION

 

		1.1	In this Executive Consulting Agreement, including the recitals hereto, the following terms shall have
the following meanings:

 

		(a)	“Act” means the Canada Business Corporations Act, as amended;

 

		(b)	“Affiliated” has the meaning set out in the Act, and an “Affiliate” means one
of two or more Affiliated bodies corporate;

 

		(c)	“Agreement” means this Executive Consulting Agreement, as from time to time supplemented or
amended by one or more agreements entered into pursuant to the applicable provisions hereof;

 

		(d)	“Board of Directors” means the board of directors of the Corporation;

 

		(e)	“Business” means the delivery of pathways to innovative, science-based health and wellness
solutions in psychedelics;

 

		(f)	“Cause” means any reason which would entitle the Corporation to terminate this agreement without
notice or payment in lieu of notice at common law, or under the provisions of any other applicable law or regulation and includes, without
limiting the generality of the foregoing:

 

		(i)	fraud, misappropriation of the Corporation’s property or funds, embezzlement, malfeasance, misfeasance
or nonfeasance in office which is willfully or grossly negligent on the part of the Consultant;

 

		(ii)	the breach by the Consultant of any of his covenants or obligations under this Agreement, including any
non-competition, non-solicitation or confidentiality covenants with the Corporation;

 

    

    

    

 

		(g)	“Change of Control” means the occurrence of any of the following (other than as a consequence
of the Exchange Listing):

 

		(i)	the purchase or acquisition by whatever means of any Shares or Convertible Securities by a Holder which
results in the Holder beneficially owning, or exercising control or direction over, Shares or Convertible Securities such that, assuming
the conversion of Convertible Securities beneficially owned or over which control or direction is exercised by the Holder, the Holder
would beneficially own or exercise control or direction over Shares (together with such Holder’s then owned Shares and Convertible
Securities, if any) carrying the right to cast more than 51% of the votes attaching to all Shares;

 

		(ii)	the amalgamation, consolidation or merger of the Corporation with any other corporation pursuant to which
the shareholders of the Corporation immediately prior to such transaction do not own shares of the successor or continuing corporation
which would entitle them to cast a majority of the votes attaching to shares in the capital of the successor or continuing corporation
which might be cast to elect directors of that corporation;

 

		(iii)	the sale, lease or transfer by the Corporation of all or substantially all of the assets of the Corporation
to any Person other than a Related Corporation;

 

		(iv)	approval by the shareholders of the Corporation of the liquidation, dissolution or winding-up of the Corporation;
or

 

		(v)	a situation in which the majority of the Board of Directors, following a meeting of the shareholders of
the Corporation involving a contest for, or an item of business relating to, the election of directors, are not management nominees to
the Board of Directors.

 

		(h)	“Common Shares” means the common shares in the capital stock of the Corporation;

 

		(i)	“Compensation” means any amounts the Consultant is entitled to receive pursuant to Article
IV.

 

		(j)	“Compensation Committee” means the committee of the Board of Directors appointed from time
to time to consider and determine executive compensation issues or, in the absence of such a committee, means the Board of Directors;

 

		(k)	“Confidential Information” means any information of a confidential nature which relates to
the Business of the Corporation or any Related Corporation, including trade secrets, technical information, patents, marketing strategies,
sales and pricing policies, financial information, business, marketing or technical plans, programs, methods, techniques, concepts, formulas,
documentation, intellectual property, software, industrial designs, products, technical studies and data, strategic studies, engineering
information, client and supplier lists, shareholder data and personnel information. Notwithstanding the foregoing, Confidential Information
shall not include any information which:

 

		(i)	was in the possession of or known to the Consultant, without any obligation to keep it confidential, before
it was disclosed to the Consultant by the Corporation;

 

		(ii)	is or becomes public knowledge through no fault of the Consultant;

 

		(iii)	is independently developed by the Consultant outside the scope of his duties to the Corporation;

 

		(iv)	is disclosed by the Corporation to another Person without any restriction on its use or disclosure; or

 

		(v)	is, or becomes lawfully available to the Consultant from a source other than the Corporation.

 

    2

    

    

 

		(l)	“Convertible Securities” means any securities convertible or exchangeable into Shares or carrying
the right or obligation to acquire Shares;

 

		(m)	“Corporate Property” includes any and all proprietary technology, financial, and operating
information, all works of expression and any copyrights in such works, patentable inventions, discoveries or trade secrets, and any materials,
tools, equipment, devices, records, files, data, tapes, computer programs, computer disks, software, communications, letters, proposals,
memoranda, lists, drawings, blueprints, correspondence, specifications or any other documents or property belonging to the Corporation
or any Related Corporations;

 

		(n)	“Dedicated Personnel” means Dr. Assad Kazeminy

 

		(o)	“Effective Date” means the date as set forth on page one of this Agreement;

 

		(p)	“Exchange” means a recognized Canadian or United States stock exchange;

 

		(q)	“Exchange Listing” means the listing of the Common Shares on an Exchange;

 

		(r)	“Excluded Reason” means the termination of this employment by the Corporation for Cause pursuant
to Section 5.2, by the Consultant pursuant to Section 6.1, or termination upon Death pursuant to Article VII;

 

		(s)	“Holder” means any Person or group of Persons acting jointly or in concert, or associated
or Affiliated with any such Person, group of Persons or any of such Persons acting jointly or in concert;

 

		(t)	“Notice” means any Notice given by one Party to the other Party in accordance with Article
XI;

 

		(u)	“Party” means one or other of the Consultant and the Corporation, and “Parties”
means both the Consultant and the Corporation;

 

		(v)	“Person” includes an individual, partnership, association, body corporate, trustee, executor,
administrator or legal representative, and “Persons” means a group of more than one Person;

 

		(w)	“Related Corporation” means any subsidiary corporation or partnership, division, affiliate,
predecessor or successor of the Corporation;

 

		(x)	“Severance Period” has the meaning as defined in 6.3(a) herein;

 

		(y)	“Shares” means the common shares of the Corporation as constituted on the date first above
written;

 

		(z)	“Term” means the period during which this Agreement remains in force pursuant to Article II;
and (aa)“Termination Date” means the last day actively worked by the Consultant for the Corporation.

 

    3

    

    

 

		1.2	The headings in this Agreement are inserted for convenience and ease of reference only, and shall not
affect the construction or interpretation of this Agreement.

 

		1.3	All words in this Agreement importing the singular number include the plural, and vice versa. All words
importing gender include the masculine, feminine and neuter genders.

 

		1.4	All monetary amounts are in United States dollars.

 

		1.5	The word “including”, when following any general statement or term, is not to be construed
as limiting the general statement or term to the specific items or matters set forth or to similar items or matters, but rather as permitting
the general statement or term to refer to all other items or matters that could reasonably fall within its broadest possible scope.

 

		1.6	A reference to a statute includes all regulations made thereunder, all amendments to the statute or regulations
in force from time to time, and any statute or regulation that supplements or supersedes such statute or regulations.

 

		1.7	A reference to an entity includes any successor to that entity.

 

		1.8	A reference to “approval”, “authorization” or “consent” means written
approval, authorization or consent.

 

		1.9	A reference to an Article is to an Article of this Agreement and the reference to a Section followed by
a number or some combination of numbers and letters refers to the section, paragraph, subparagraph, clause or subclause of this Agreement
so designated.

 

ARTICLE
II.

TERM OF AGREEMENT

 

		2.1	The Consultant’s engagement shall commence on the Effective Date and continue for a three (3) years
period in accordance with the provisions of this Agreement (the “Term”).

 

ARTICLE
III.

DUTIES OF CONSULTANT

 

		3.1	The Consultant shall, during the Term:

 

		(a)	perform the duties and responsibilities of the Chief Scientific Officer of the Corporation substantially
as described in Schedule “A” to this Agreement (the "Services").

 

    4

    

    

 

		3.2	Independent Contractor

 

		(a)	It is understood and agreed that the Consultant will provide services to the Corporation as an independent
contractor, on a contract basis, and that nothing in this Agreement shall be construed to create a relationship of employer and employee
between the Corporation and the Consultant. The Consultant acknowledges that it and the Dedicated Personnel will not be employees of the
Corporation and accordingly will not be eligible to participate in any employee benefit plans of the Corporation including, without limitation,
life insurance, health care, disability income and dental plans. The Consultant acknowledges that it is not, nor will it represent himself
to be, an employee of the Corporation.

 

		(b)	Except as provided for in this Agreement, the Corporation shall not control, supervise, direct or schedule
the activities of the Consultant. The Consultant shall be solely responsible for the performance of the Services and shall have the exclusive
direction and control, including the method, manner and scheduling of the same.

 

		(c)	It is acknowledged that the work product of the Consultant hereunder is the sole property of the Corporation
and the Consultant hereby assigns to the Corporation any proprietary interest and waives all moral rights he may be deemed to have in
the work product of the Consultant relating to or resulting from the performance of the Services hereunder. The Consultant will, under
no circumstances, use, copy, modify or disclose any such work product without the prior written consent of the Corporation.

 

		3.3	The Consultant shall be free to determine the hours of the day during which it will perform the Services;
provided, however, that the Consultant agrees, to the extent possible, to endeavour to make itself available to the directors and employees
of the Corporation during their regularly scheduled hours or at specific times as requested by the Corporation. The Consultant acknowledges
that the Services are to be completed on a timely basis and agrees that it shall schedule the performance of the Services in order to
complete the Services on or prior to such dates as may be reasonably specified by the Corporation from time to time. Notwithstanding
the foregoing, it is acknowledged that the Dedicated Personnel is also currently engaged in senior capacities with A ingeal Therapeutics
and AJK Biopharmaceutical and that as a result there will be unavoidable schedule conflicts from time to time that prevent the Consultant
from performing Services at specifically requested times. It is further acknowledged and agreed that the Services shall be for no more
than 20 hours per week.

 

		3.4	It is a condition of this agreement that all of the services performed hereunder shall be performed by
the Dedicated Personnel as an employee of the Consultant. In the event that the Dedicated Personnel is not available to perform any of
the services performed hereunder, for any reason whatsoever, then the Consultant shall promptly advise the Corporation accordingly. In
the event that the Consultant wishes to have any of these services performed hereunder by any other person, it shall obtain the written
permission of the Board of Directors of the Corporation in advance of the performance of the services by that other person.

 

ARTICLE
IV.

COMPENSATION

 

		4.1	The Corporation shall pay the Consultant during the Term of this Agreement for the Services provided hereunder
(the “Consulting Fee”), a fee of USD$180,000.00 per annum beginning on March 1, 2021, payable in monthly installments
on the first day of each month in arrears.

 

		4.2	The Consultant shall invoice the Corporation for Services provided on a monthly basis. The parties acknowledge
and agree that the Consulting Fee maybe subject to Canadian withholding tax and goods and services tax, depending on the extent to which
the services are performed in the United States. Additional performance bonuses and targets may be established on an annual basis by the
board of directors of the Corporation.

 

		4.3	Upon approval from the Board of Directors of the Corporation and regulatory
authorities, the Dedicated Personnel will be granted 3,000,000 stock options on a one-time basis. Each of these options will be priced
at CDN$0.12 per Common Share and will vest as to 1,000,000 upon the execution of this Agreement, and 500,000 options at the end of each
three month period during the Term, with the effect that all options shall have vested on the one year anniversary of the execution of
this Agreement

 

    5

    

    

 

		4.4	Except as specified below, all expenses incurred by the Consultant in connection with the performance
of the Services shall be the sole responsibility of the Consultant and the Consultant shall be solely responsible for the payment thereof.
The Consultant agrees and acknowledges that the Corporation is not responsible in any manner whatsoever for the costs, expenses or third
party accounts incurred by the Consultant. Notwithstanding the above, the Corporation agrees to reimburse the Consultant for, or to pay
directly, all third party costs incurred by the Consultant with the prior written authorization or approval of the Corporation. Such costs
and disbursements may include, but may not be limited to, computer equipment, communication devices and travel-related expenses. Such
costs will be paid or reimbursed by the Corporation within thirty (30) days of written receipt of payment thereof.

 

		4.5	The Consultant shall be responsible for all taxes payable as a result of the provision of the Services
or which arise out of this Agreement. The Consultant represents and warrants to the Corporation that it is a non-resident of Canada and
a resident of the United States of America for Canadian income and goods and services tax purposes

 

		4.6	If the Corporation should ever be required by any governmental authority at any time to pay, on the Consultant’s
behalf, any assessments such as income tax, employment insurance premiums, Canada Pension Plan contributions, Provincial/State Health
Care contributions, or Workers’ Compensation contributions, the Consultant will, forthwith upon notice, reimburse the Corporation
for such payment, together with interest and any penalties applicable to such assessments. The Consultant’s obligations under this
subsection 4.6 will survive the termination of this Agreement and remain in effect until the expiry of the period during which a notice
of assessment or reassessment in respect of the taxes under dispute may be issued and any further periods during which such assessment
or reassessment may be applied.

 

		4.7	The Corporation may also grant the Consultant annual or incentive bonuses in an amount and on such terms
and conditions as the Compensation Committee in its sole discretion may determine from time to time, based upon such factors as the Compensation
Committee in its sole discretion determines are relevant, which factors may include the Consultant’s performance under the terms
of this Agreement and the performance of the Corporation.

 

		4.8	Upon termination of this Agreement for any reason, the Consultant shall be entitled to receive any Compensation
earned up to the Termination Date, in addition to any other severance or termination payments which are payable under the terms of this
Agreement.

 

ARTICLE
V.

TERMINATION BY CORPORATION

 

		5.1	The Corporation shall be entitled to terminate this Agreement at any time, for any reason, upon written
Notice to the Consultant, in which case:

 

		(a)	subject to Section 6.3, the Corporation shall pay the Consultant an amount equal to the Consultant’s
compensation for the Severance Period in full and final settlement of any claims by the Consultant against the Corporation or any Related
Corporation, arising out of, or in any way connected to, this Agreement with the Corporation or any Related Corporation, or the termination
of such Agreement, whether at common law or under the provision of any statute or regulation, or pursuant to any agreement between the
Parties.

 

		(b)	the Consultant’s right to receive the payment under this Section 5.1 shall not be subject to any
duty to mitigate, nor affected by any actual mitigation by the Consultant; and

 

		(c)	payment under this Section 5.1 shall be subject to the prior execution by the Consultant of a Settlement
Agreement and Release, on terms acceptable to the Corporation acting reasonably.

 

    6

    

    

 

ARTICLE
VI.

TERMINATION BY CONSULTANT

 

		6.1	The Consultant may terminate this Agreement by providing 90 days’ prior Notice to the Corporation.
Upon receipt of such Notice of termination by the Consultant:

 

		(a)	the Corporation shall be required to pay the Consultant any Compensation earned up to the Termination
Date, and may either require the Consultant to continue to perform his duties until the Termination Date, or dismiss the Consultant at
any time after receipt of the Notice, providing Compensation for the Notice Period equal to two months multiplied by the monthly instalment
of the Consulting Fee;

 

		(b)	If the Consultant has terminated this Agreement with the Corporation for any reason other than the occurrence
of a Change of Control of the Corporation then one hundred percent (100%) of both the vested and unvested portion of all stock options
held by the Consultant as of the Termination Date shall be cancelled as of the Termination Date.

 

		6.2	Subject to the conditions set out in Section 6.4, the Consultant may terminate this agreement with the
Corporation within 60 days following the occurrence of a Change of Control of the Corporation and receive the payment set out in section
6.3.

 

		6.3	In the event that the Consultant’s agreement with the Corporation is terminated in strict accordance
with Section 6.2, the Corporation shall pay the Consultant the following amounts in full and final settlement of any claims by the Consultant
against the Corporation or any Related Corporation, arising out of or in any way connected to the Consultant’s agreement with the
Corporation or any Related Corporation, or the termination of such agreement, whether at common law or under the provision of any statute
or regulation, or pursuant to the terms of any agreement between the Parties:

 

		(a)	Compensation calculated for the Severance Period calculated based upon 6 months plus the number of months
remaining in the Term multiplied by the Consulting Fee. The maximum compensation not to exceed 12 months of pay;

 

		(b)	one hundred percent (100%) of the unvested portion of all stock options held by the Consultant as of the
Termination Date shall be deemed vested and the Consultant shall be entitled to exercise such stock options for a period of six (6) months
following the Termination Date.

 

		6.4	Payment under Section 6.3 shall be subject to the following conditions:

 

		(a)	the prior execution by the Consultant of a Settlement Agreement and Release on terms acceptable to the
Corporation acting reasonably;

 

		(b)	the Consultant’s full co-operation and assistance, in connection with any Change of Control, to
transfer the Consultant’s duties and responsibilities to a replacement at the request of the Corporation and for a period requested
by the Corporation not to exceed 30 days, and the tendering by the Consultant of his resignation from any position he may hold as an officer
or a director of the Corporation and any Related Corporations, at such time as the Corporation may request;

 

		(c)	the Consultant’s right to receive the payment under Section 7.2 shall not be subject to any duty
to mitigate, nor affected by any actual mitigation by the Consultant; and

 

		(d)	payment under Section 6.2 shall be in place of, and not in addition to, any other statutory and common
law severance or termination payment in lieu of reasonable notice which may be made to the Consultant pursuant to any other term or provision
of this Agreement.

 

    7

    

    

 

ARTICLE
VII.

TERMINATION UPON DEATH

 

		7.1	This Agreement shall automatically terminate upon the death of the Dedicated Personnel.

 

ARTICLE
VIII.

PROPERTY RIGHTS

 

		8.1	The Consultant acknowledges and confirms that the Corporation shall be entitled to own and control all
proprietary technology, patentable inventions, discoveries, and improvements, trade secrets, all works subject to copyright, and financial,
operating, and training ideas, processes, and materials, including works of expression and all copyrights in such works, that are developed
for the Corporation, created for the Corporation, or conceived for the Corporation by the Consultant during the course of this Agreement
(collectively referred to as “Contract Developments”), to the extent that such Contract Developments relate to the Corporation’s
Business or if such Contract Developments were in any part undertaken with Corporation supplied software or equipment or on the premises
of the Corporation. Accordingly, the Consultant hereby agrees to disclose, deliver, and assign to the Corporation all such Contract Developments,
and further agrees to execute all documents, patent applications, and arrangements necessary to further document such ownership and/or
assignment and to take whatever other steps may be needed to give the Corporation the full benefit of them.

 

		8.2	The Consultant agrees that all copyrightable materials generated or developed for the Corporation under
this Agreement, including computer programs and documentation, shall be considered works made for hire under the copyright laws of Canada
and the United States and shall, upon creation, be owned exclusively by the Corporation. To the extent that any such materials, under
applicable law, may not be considered works made for hire, the Consultant hereby assigns to the Corporation the ownership of all copyrights
in such materials, without the necessity of any further consideration, and the Corporation shall be entitled to register and hold in its
own name all copyrights in respect of such materials.

 

ARTICLE
IX.

CONFIDENTIAL INFORMATION, NON-SOLICITATION AND NON-COMPETITION

 

		9.1	The Consultant agrees that, so long as this Agreement is in force, it shall not engage in any business
that competes with the Business of the Corporation without informing the Board of Directors of the Corporation. Notwithstanding the foregoing,
the Dedicated Personnel shall remain at liberty to carry out his duties with Aingeal Therapeutics and AJK Biopharmaceutical.

 

		9.2	The Consultant further acknowledges and agrees that in performing the duties and responsibilities pursuant
to this Agreement, he will become knowledgeable with respect to a wide variety of Confidential Information which is the exclusive property
of the Corporation, the disclosure of which would cause irreparable harm to the Corporation. The Consultant therefore agrees that during
the Term and following the termination of this Agreement for any reason, he shall treat confidentially all Confidential Information belonging
to the Corporation and shall not disclose the Confidential Information to any unauthorized persons, except with the express consent of
the Board of Directors, or otherwise as required by law.

 

		9.3	The Consultant further agrees that:

 

		(a)	the Consultant will not, for a period of two (2) years from the date of termination of this Agreement,
directly or indirectly, through any other party or entity, approach, solicit, entice or attempt to approach, solicit or entice any of
the other shareholders, employees or consultants of the Corporation, or anyone who was a shareholder, employee or consultant of the Corporation
during the one (1) year prior to termination of this Agreement, to leave the Corporation;

 

    8

    

    

 

		(b)	the Consultant acknowledges and agrees that the foregoing time limits are reasonable and properly required
for the adequate protection of the business of the Corporation, and in the event that any time limitation is deemed to be unreasonable
or unenforceable by a Court of competent jurisdiction, the Consultant agrees and submits to the reduction of the time limitation to such
period as the Court shall deem to be reasonable and enforceable;

 

		(c)	the Consultant agrees that the restrictions and covenants contained in this Section 9.3 shall be construed
independent of any other provision of this Agreement, and the existence of any claim or cause of action by the Consultant against the
Corporation, whether predicated on this Agreement or otherwise, shall not constitute a defence to the enforcement by the Corporation of
the covenants or restrictions contained herein, provided however that if any provision hereof shall be held to be illegal, invalid or
unenforceable in any jurisdiction by a Court of competent jurisdiction, such decision shall not effect any other covenants or provisions
of this Agreement or the application of any other covenant or provision;

 

		(d)	the Consultant agrees that all restrictions contained in this Section 9.3 are reasonable and valid in
the circumstances and all defences to the strict enforcement thereof by the Corporation are hereby waived by the Consultant.

 

		9.4	In the event that this Agreement is terminated in accordance with Sections 5.1 or 6.2, the Consultant
acknowledges and agrees that for a further period equal to three (3) months, it shall not for any reason, either directly or indirectly
through any Person, agent, employee, Affiliate or representative:

 

		(a)	purchase, offer or agree to purchase, directly or indirectly, more than 5% of the outstanding securities
of the Corporation or a Related Corporation (other than through the exercise of currently outstanding options);

 

		(b)	make, or in any way participate in, either directly or indirectly, any non-management solicitation of
any proxy to vote or any consent with respect to any Shares;

 

		(c)	form, join or in any way participate in a group in connection with any of the foregoing; or

 

		(d)	otherwise act, alone or in concert with others, to seek to control or influence the management or the
Board of Directors or policies of the Corporation.

 

		9.5	The Consultant further acknowledges and agrees that pursuant to the terms of this Agreement, that to the
extent he acquires Corporate Property of the Corporation, it shall remain the exclusive property of the Corporation. Upon termination
of this Consultant Consulting Agreement for any reason, the Consultant shall return to the Corporation all Corporate Property, together
with any copies or reproductions thereof; which may have come into the Consultant’s possession during the course of or pursuant
to this Agreement, and shall delete or destroy all computer files on his personal computer which may contain any Confidential Information
belonging to the Corporation.

 

    9

    

    

 

ARTICLE
X.

INDEMNIFICATION AND INSURANCE

 

		10.1	Subject to the requirements of the Act, the Corporation shall indemnify and save harmless the Consultant
from and against any personal liability which he incurs as a direct result of performing his duties on behalf of the Corporation, with
the exception of any liability which the Corporation is prohibited by law from assuming.

 

		10.2	The Corporation agrees to maintain directors and officers liability insurance for the benefit of the Dedicated
Personnel while the Dedicated Personnel remains an officer of the Corporation and shall, at the Consultant’s option or direction,
provide such insurance for the Dedicated Personnel on a run-off basis upon termination of this Agreement pursuant to Section 5.1 and Articles
XI and XII only, for a period of three (3) years from the Termination Date, on commercially reasonable terms.

 

		10.3	The provisions of this Article XIII shall remain in full force and effect notwithstanding the termination
of this Agreement for any reason.

 

ARTICLE
XI.

NOTICES

 

		11.1	Any Notice required to be given hereunder may be provided by personal delivery, by registered mail or
by facsimile to the Parties hereto at the following addresses:

 

To the Corporation:

 

c/o TingleMerrett LLP

1250, 639 — 5th Street, S.W.

Calgary, Alberta T2P 0M9

sreeves@tinglemerrett.com

 

Attention:Scott Reeves, Corporate
Secretary

 

To the Consultant:

 

	 	Address:	26421 Paseo Infinita
	 	 	San Juan Capistrano, CA 92675
	 	Attention:	Dr. Assad Kazeminy
	 	Email:	assadkazeminy@gmail.com

 

Any Notice, direction or other instrument
shall, if delivered, be deemed to have been given and received on the business day on which it was so delivered, and if not a business
day, then on the business day next following the day of delivery, and, if mailed, shall be deemed to have been given and received on the
fifth day following the day on which it was so mailed, and, if sent by facsimile transmission, shall be deemed to have been given and
received on the next business day following the day it was sent.

 

		11.2	Either Party may change its address for Notice in the aforesaid manner.

 

    10

    

    

 

ARTICLE
XII.

GENERAL

 

		12.1	Time shall be of the essence in this Agreement,

 

		12.2	This Agreement shall be construed and enforced in accordance with the laws of the Province of British
Columbia, and the Parties hereby attorn to the non-exclusive jurisdiction of British Columbia Courts. Should provisions in this Agreement
fail to comply with the applicable legislation, the Agreement shall be interpreted in accordance with those statutory requirements.

 

		12.3	This Agreement and any other agreements expressly incorporated by reference herein, constitute the entire
agreement between the Parties with respect to the subject matter hereof, and supercede and replace any and all prior agreements, undertakings,
representations or negotiations pertaining to the subject matter of this Agreement. The Parties agree that they have not relied upon any
verbal statements, representations, warranties or undertakings in order to enter into this Agreement. In the event of a conflict between
this Agreement and any other agreement expressly incorporated by reference herein, the terms of this Agreement shall prevail.

 

		12.4	This Agreement may not be amended or modified in any way except by written instrument signed by the Parties
hereto.

 

		12.5	This Agreement shall enure to the benefit of and be binding upon the Parties hereto, together with their
personal representatives, successors and permitted assigns.

 

		12.6	This Agreement may not be assigned by either Party without the prior consent of the other Party.

 

		12.7	The waiver by either Party of any breach of the provisions of this Agreement shall not operate or be construed
as a waiver by that Party of any other breach of the same or any other provision of this Agreement.

 

		12.8	The Parties agree to execute and deliver such further and other documents, and perform or cause to be
performed such further and other acts and things as may be necessary or desirable in order to give full force and effect to this Agreement.

 

		12.9	The Consultant agrees that following the termination of this Agreement with the Corporation for any reason,
the Consultant shall tender his resignation from any position he may hold as an officer or director of the Corporation or any Related
Corporation.

 

		12.10	Should any provision in this Agreement be found to be invalid, illegal or unenforceable, the validity,
legality or enforceability of the remaining provisions of the Agreement shall not be affected or impaired thereby in any way.

 

IN WITNESS WHEREOF the Parties hereto acknowledge
and agree that they have read and understand the terms of this Agreement, and that they have had an opportunity to seek independent legal
advice prior to entering into this Agreement, and that they have executed this Agreement with full force and effect from the date first
written above.

 

	 

    AJK
BIOPHARMACEUTICAL LLC CANADIAN CONSULTING SERIES

     
	 	HOLLYWEED
    NORTH CANNABIS INC.
	Per	/s/
Assad Kazeminy	 	Per:	/s/
    Authorized signatory
	Dr.
    Assad Kazeminy, President	 	 
	 	 
	 	Per:	 

 

    11

    

    

 

SCHEDULE A

DESCRIPTION OF SERVICES

 

    A-1

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