AN UNMATCHED PLATFORM FOR THE GLOBAL CANNABIS OPPORTUNITY 1 Forw - - PowerPoint PPT Presentation

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October 2019

AN UNMATCHED PLATFORM FOR THE GLOBAL CANNABIS OPPORTUNITY

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Forw rward Lo Lookin ing St Statements

This presentation contains certain "forward looking statements". These statements relate to future events or future performance and reflect the Company's expectations regarding its growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company. In some cases, forward looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict" , "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking

• statements. In evaluating these statements, you should specifically consider various factors, including, but not

limited to, such risks and uncertainties as availability of resource, competitive pressures and changes in market activity, risks associated with U.S. and Canadian sales and foreign exchange, regulatory requirements and all of the other "Risk Factors" set out in the Company's current Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2018, which are available electronically at www.sedar.com. Actual results may differ materially from any forward looking statement. Although the Company believes that the forward looking statements contained in this presentation are based upon reasonable assumptions, you cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this presentation, and other than as specifically required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.

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PRICE

TSX:VFF NASDAQ: VFF $9.65

MARKET CAPITALIZATION

CDN$475 M

(basic)

SHARES OUTSTANDING

49.2 M

(basic)

53.0 M

(diluted)

CDN$24.25 CDN$3.98

MANAGEMENT & BOARD OWNERSHIP

~21.5%

LISTING SYMBOL

(As of October 11, 2019)

US$355 M

(basic) Publicly traded company on TSX since 2006 Very strong alignment of management and shareholders

Mark rket Facts US$18.10 US$8.501 $7.21

52-WEEK HIGH/LOW

• 1. Commenced trading on Nasdaq on February 21, 2019.

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Canadian Legal Cannabis:

$4B+ in 20191

Global Hemp-Derived CBD:

$22B by 20222

US Legal Cannabis:

$25B by 20253

• 1. Deloitte 2. Brightfield Group 3. New Frontier Data

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Canadian cannabis JV already one of the largest producers in Canada and profitable Aggressively pursuing CPG strategy to capitalize on U.S. hemp/CBD opportunity (outdoor and greenhouse cultivation) Proven ability to quickly transition existing large-scale operations to new agricultural

• pportunities

Focused on cash flow generation and profitability

Leveraging decades of experience as a large-scale, low-cost, vertically integrated grower for nascent large market opportunities

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Gr Growin ing Par artners

Vegetables

Unmatched Nort rth Ameri rican Greenhouse Asse ssets

Ca Canada: De Delta, BC BC

1 1 Faci acilit ity - Veg egetable les 2.6 M M sq.

• q. ft
• ft. (60

(60 ac acres) s)

U.S .S.: Wes est t Texas

4 Faci acilit itie ies - Veg egetable les 5.7 .7 M sq.

• q. ft.
• ft. (13

(130 ac acres)

8.3 M sq. ft. (190 acres) Owned Ass ssets

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Can annabis is JV JV

(50% ownership)

2.2 M sq. ft. (50 acres)

Ca Canada: De Delta, BC BC

2 Faci acilit itie ies: : De Delt lta 2 & & De Delt lta 3 (f (form

• rmerly

ly owne wned by y Vi Villa lage Far arms)

Mexico: 1.7 1.7+ M sq.

• sq. ft
• ft. (40

(40+ ac acres) Ontario: 3.0 3.0 M sq.

• sq. ft.
• ft. (70

(70 ac acres) BC: BC: 3.0 3.0 M sq.

• sq. ft.
• ft. (70

(70 ac acres)

6

750 years

• f combined master grower

experience from around the world

Cannabis and hemp are agricultural products like any other

Le Leaders in in Hig igh-Tech, Lo Low-Cost Vert rtic icall lly In Integrated Greenhouse Growin ing

Decades of experience as a

vertically integrated grower/distributor, meeting the stringent specifications of North America’s top grocers

30 30-year

history developing and operating mega-scale greenhouses

Exp xperts

in n agric agricult ltural l pr prod

• duct safety

Leaders

in n crop

• p ma

management regi egistratio ions in n Nort North Am Americ ica

Proven

tr track recor

• rd as

as a a low-cos

• st op
• per

erator

• r

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Canada

Pure Sunfarms: One of the Largest Vertically Integrated Cannabis Producers

Del Delta, , BC BC

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+2.6 M sq. ft.

conservative projected annual yield of

+180,000 kg 2.2 M sq. ft.

conservative projected annual yield of

150,000 kg

50%-Owned Joint Venture

Pure Sunfarms has the potential to address a substantial portion of forecasted Canadian demand

Pure Sunfarms: One of Canada’s Largest Vertically Integrated Producers

PSF has an option on Delta 1 (owned by Village Farms) – expires Sept 2021

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Supported by Village Farms’ three decades of experience growing many different crops

Dif ifferentiated Cannabis Str trategy Driv iving In Industry-Leading Performance

Established, trained labour force Proven operating systems and 20 years of site-specific experience Decades of climatological data Experienced growing/operational teams Con

• nversion of
• f exis

istin ing lar large sc scale, lo low-cost precis ision ag agricult ltural l op

• perations

Extensive in-house facilities development and conversion expertise

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Ramp to full production of 75,000 kg annually at Delta 3 facility in <15 months

Pure Sunfarms is is Setting th the Standard in in Canada

Industry leading EBITDA margin: 78% (Q2/19) Ability to be low-cost producer in Canada – lowest “all in” cost of production reported by a Canadian LP to date: $0.65/gm2

• 1. Based on most recent quarter reported by publicly-traded Canadian LPs.
• 2. COGS per gram for Q2/19. COGS per gram (all in) is impacted by seasonal costs, primarily

utilities and co-gen rentals that occur in winter months but not in summer months.

Three consecutive quarters of profitability (all while still ramping to full production) 4th largest Canadian LP by cannabis sales1 at CAD$32.3 M (Q2/19)

11 11 June 2017 Fi File Cul Cultiv ivatio ion Li License App Applic ication Oct 2017 March 2018 Ini nitia iate Cul Cultiv ivatio ion Li License Process Co Commence Co Conversio ion

• f
• f 1.1 M

M ft ft2 Sept 2017

✓

Ob Obtain in Cul Cultiv ivatio ion Li License Co Comple lete Co Conversio ion of

• f

Qua uadrant 1 (27 (275,000 ft2) April 2018 Co Commence Co Commercia ial- Sc Scale le Prod

• ductio

ion Commence Sal Sales to

• Oth

Other LP LPs May 2018 July 2018

Delt lta 3: : Ra Rapid id Transit itio ion to Productio ion and Sa Sale les

Shipping of branded product to provincial wholesalers commenced mid-September

Ob Obtain in Sel Selli ling Li License Sept 2018 Exp Expand Li Licensed Ar Area to

• 825,000 ft2

Jan 2019 Co Comple lete Co Conversio ion Al All Gr Growin wing g Ar Area Exp Expand Li Licensed Gr Growin wing g Ar Area to

• 550,000 ft2

Sept 2018 Ob Obtain in Processing Li Licenses Jan 2019 Co Commence Sal Sales to

• Provin

incia ial l Who holesalers Sept 2019 Co Comple lete Li Licensin ing for

• r al

all Gr Growin wing g Ar Area: >1 >1 M M ft2 Mar 2019

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

May 2019 Apr 2019 Al All Gr Growi wing Ar Area in n Prod

• ductio

ion

✓ ✓ ✓

Ob Obtain in Sale Sales “Packaging” Li License Sept 2019

✓ ✓

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▪ President and CEO: Mandesh Dosanjh ▪ Joined from LCBO: SVP, Supply Chain & Wholesale ▪ Developed/managed LCBO’s supply chain/wholesale

strategy for adult-use cannabis

▪ Supply agreements for Ontario and B.C. (comprise more

than 50% of Canadian population) – in discussions with

• ther provincial/territorial wholesalers

▪ Strategic supply arrangement with one of Canada’s largest

• nline medical cannabis platform

▪ Wholesale distribution agreements with a Canadian LP ▪ 2019: 40% of production @ fixed price ▪ 2020-22: 25% of production @ prevailing market

price

▪ Realizing very favorable spot market pricing ▪ Strong demand from other Licensed Producers

Cap apitali lizing on

• n th

the cu current whole lesale

• p
• pportunity to
• oth
• ther Lic

Licensed Producers Build ildin ing a a premier vertic icall lly in integrated su supplie lier with ith a a le lead adin ing bran and an and reputation

Transitioning to a Vertically In Integrated Branded Supplier

Recent Lic License Amendment Allo llows Pure Su Sunfarms s to

• Begin Se

Selli lling Bran anded Pac ackaged Product Di Directly to

• Provin

incial/ l/Territoria ial Whole lesalers an and Authorized Retail ilers Extraction capabilities targeted to be in place by end of 2019

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High-quality BC cannabis, grown with care and integrity in the heart of the Fraser Valley Brand rollout has commenced to support product listings with Ontario Cannabis Retail Corporation and BC Liquor Distribution Branch

Dif ifferentiated Brand and Product Str trategy

Decades of greenhouse agricultural growing reflected in an uncompromising approach to quality and consistency Collection of dried flower will offer a range of aromas, flavors and potencies available in an assortment of sizes

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Now available in Ontario with availability in British Columbia expected in October Launch of oils and other derivative products planned for first half of 2020

Fir irst 8 Drie ied Cannabis Products Launched for th the Recr creational Market

Hig igh quali ality products at t an an ap approachable pric rice-poin int

Conceptual packaging only.

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2019

46,000 – 52,000 kg

2020

95,000 kg

Tar argeted Annual Production

Delt lta 2: : Replic licatin ing th the Su Success of f Delt lta 3 to Double le Productio ion

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2021

150,000 kg

Conversion and ramp of Delta 2 will benefit from the conversion and ramp up of Delta 3 De Delta 3: 3: 1.1 1.1 M sq sq. . ft ft

Operati ting g at t fu full ll ru run-rate annual l prod’n

• f
• f 75,0

,000 kg

De Delta 2: 2: 1.1 1.1 M sq sq. . ft. ft.

Fir irst harvest: M Mid id-2020 Full ll run run-rate annual l prod’n of

• f 75,0

,000 kg: g: Q4 2020

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Future financial performance will benefit from the start of direct sales to provincial/territorial wholesalers in Q3/19 and ramp to 150,000 kg of annual prod’n in 2020

Pure Sunfarms is Already Contributing to VFF’s Financial Results

(millions except per gram amounts)

Q2 2019 Q1 2019 $CAD $US $CAD $US

Cannabis Sales 16.2 12.1 7.2 5.4 Cost of Goods Sold per Gram (all in)1 0.65 0.49 1.38 1.06 SG&A as a % of Revenue 7% 7% 9% 9% Gross Margin % 84% 84% 65% 65% Net Income 18.6 13.9 5.7 4.3 EBITDA2 12.6 9.4 4.3 3.2 EBITDA1 Margin % 78% 78% 59% 59%

VFF’s Proportionate Share (50%) of Pure Sunfarms’ Financial Results

• 1. Cost of goods sold per gram (all in) is impacted by seasonal costs-primarily utilities and co-gen rentals that occur in winter months but not in summer months.
• 2. EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other
• issuers. Management believes that EBITDA is a useful supplemental measure in evaluating the performance of the Company.

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U.S .S. & Beyond

Uniquely Positioned for Both Near-Term & Longer-Term Opportunities

For

• rt

t Da Davis is, Texas

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Collaborating with geneticists, academics and researchers to drive genetic advances and cultural practices to optimize plant traits and yields

Hemp/CBD: A A Sig Signif ific icant Near-Term Opportunit ity

Vertically Integrated Strategy to Capture Value Throughout Supply Chain

Outdoor Cultivation

Will initially sell hemp biomass and wholesale CBD oil ahead of product development to drive near-term cash flow

Greenhouse Cultivation On-site Extraction Centralized Extraction Product Development & Manufacturing

Targeting “Big Box” & Other Major Retailers and CPG Companies

• White-Labeled CBD Products
• Branded CBD Products

Projected U.S. CBD Market

$16B by 20251

• 1. Cowen: Cowen’s Collective View of CBD, February 2019

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La Large-Scale le Hemp Productio ion Potentia ial

Texas: 5 5.7 .7 M ft ft2 (1 (130 acr cres) Per ermia ian Ba Basin (M (Monahans): >1 >1.3 M ft ft2 (3 (30 acr cres) Marfa (2 (2): ): >2 >2.5 M ft ft2 (6 (60 acres es) Fort Da Davis: >1 >1.7 M ft ft2(40 acr cres)

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Outdoor Operations Gr Greenhouse Con

• nversion Opportunit

ity

Villa illage Field ields He Hemp ~8 ~800 acres in in 2019 Vir irginia Sou South Ca Caroli lina No North Ca Carolin ina

Have commenced growing hemp outdoors and have commenced conversion of half of Permian Basin greenhouse

Village Fields Hemp Headquarters

Ark rkansas Valle ley Green and Gold

• ld He

Hemp ~1 ~120 acres es in in 2019 Col Colorado

Arkansas Valley Green and Gold Hemp Permian Basin Greenhouse

20 20 Dec 2018 Form

• rmatio

ion of

• f

Vi Villa lage Fi Field elds Hem Hemp Apr 2019 Pass assage of

• f 2018

Far arm Bi Bill Co Contract Ini nitia ial l Gr Growers Feb 2019

✓

Co Commence Ger Germin inatio ion Co Commence Fi Field eld Plantin ing May 2019 Co Commence Harv Harvestin ing Es Establi lish Ex Extractio ion Cap Capabil ilit itie ies August 2019 Q4 2019

Outdoor Hemp: Rapid id Path to Ca Cash Flo low Generatio ion

Co Commence Sal Sales of

• f Hem

Hemp Bi Biom

• mass

Q1 2020 2020

✓ ✓ ✓

Apr 2019 Co Commence Sal Sales

• f
• f CBD

CBD Oi Oil Co Commence CBD CBD Prod

• duct

Man Manufacturin ing 2020

2020: Commence sales of white labeled and branded CBD products to “big box” retailers

Form

• rmatio

ion of

• f

Ark Arkansas Vall alley Gr Green and and Go Gold d Hem Hemp May 2019

✓

✓

✓

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Cannabis cultivation uses the same growing system as hemp cultivation – Could rapidly transition to cannabis from hemp should cannabis be legalized at federal and state levels

5.7 .7M sq. . ft

• ft. of
• f exis

isting, g, state-of

• f-the-art greenhouse op
• perations in

in West Texas – th the best growin ing clim climate in in U.S .S. (all (all 10 100%-owned by y Vill illage Farms)

Greenhouse Hemp Opport rtunit ity: : One of f th the La Largest Footp tprin ints in in U.S. .S.

Conversion and production ramp will benefit from cannabis experience in Canada

Per ermia ian Bas Basin in, , Texas

Commenced conversion of half of 1.3 M sq. ft., ultra- high-tech Permian Basin facility (Monahans, TX) for hemp cultivation and on-site extraction Will begin growing and processing hemp as soon as possible upon Texas regulatory and licensing framework being put in place

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Village Farms already has established relationships with the leading “big box” retailers, and a reputation for quality, reliability and safety

Village Farms’ Hemp/CBD Advantage

Milli illions of dollars and countless

person hours invested in infrastructure and IT systems to consistently meet customers’ exacting standards

Decades of experience as a

vertically integrated supplier to North America’s top grocery and “big box” retailers

Exis xisting in-house

regulatory team with deep expertise and extensive experience with USDA and FDA

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▪ Canada: Pure Sunfarms is one of the largest vertically integrated cannabis producers with the ability to be the low-cost, high-quality producer ▪ Unmatched platform with proven ability to move quickly into new high-value crops ▪ USA: Aggressively pursuing opportunities in hemp/CBD with field and greenhouse cultivation: JV for field hemp cultivation/extraction and own one of the largest greenhouse footprints (independent of Canadian JV) ▪ Well aligned management team – ~19% owned by founder and CEO ▪ Compelling valuation on Canadian cannabis business alone – PLUS US/international hemp and cannabis

• pportunities PLUS underlying produce business

▪ Mexico: Strong existing partnerships/operations with large-scale growers to pursue cannabis opportunities

Uniq iquely ly Posit sitio ioned for r Mult ltip iple le La Large-Scale le Opportunit itie ies In Investment Su Summary ry

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Appendix

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DEEPLY EXPERIENCED MANAGEMENT TE TEAM

Michael A. DeGiglio President & Chief Executive Officer

Former U.S. Navy pilot and pioneer of the greenhouse industry, he founded Village Farms and has been CEO since inception (1987), building it to one of NA’s largest greenhouse produce growers. Previously founded greenhouse tech company, Agro Dynamics, acquired by Nasdaq-listed EcoScience, where he became CEO.

Stephen C. Ruffini Executive VP & Chief Financial Officer

CFO since 2009, was previously COO/CFO of Nasdaq- listed consumer product company Performing Brands, CFO of Hit Entertainment (FTSE-250) (Barney the Dinosaur, Bob the Builder, Thomas the Tank Engine) and CFO/Treasurer

• f

private companies Lyrick Corporation and RCL Enterprises, Inc.

Tim Robinson VP Applied Research & Asset Development

A seasoned executive and Master Grower. Spent a lifetime growing tomatoes, peppers and cucumbers in four of the largest and most progressive greenhouse companies in Europe and North America, joining Village Farms in 2006.

Mike Bledsoe, PhD VP Food Safety & Regulatory Affairs

40 years of agricultural and regulatory experience. Developed and managed Village Farms’ Food Safety Program, Employees Safety Programs. Serves on the boards and or steering committees for IR-4/EPA, USDA and Southern IPM.

Andrew Gigante VP Financial Planning & Analysis

Over 20 years of experience in the agriculture industry. Managed accounting for greenhouses, customer needs, analysis and forecast of the business lines, products, supply chain, cost and special projects.

Jonathan Bos VP of Asset Development

Over 30 years in the high-tech horticulture trade. R&D team member for Village Farms’ cannabis growing concept and facilities design and construction, greenhouse asset renovations, new site and technology developments. Leads Clean Energy

• Division. With Village Farms for 24 years.

Jan Korteland VP & Regional Facility Manager – Texas

Over 40 years of experience managing high-tech greenhouse facilities in Holland and USA. A key senior Management member of Village Farms since 1993, currently managing 130 acres high tech greenhouses in Texas, and holding the VP, Regional facility Manager position for Texas operations.

Dirk de Jong VP & Regional Facilities Manager - Canada

Passionate and successful grower with over 30 years

• f experience managing entire high-tech horticulture

facilities in Holland, US and Canada. A key senior management member of Village Farms, dedicated to his team’s high performance, low cost and quality production since 1999.

Paul Selina VP of Applied Research

Applying a lifetime greenhouse experience and wide technical knowledge to cannabis growing. Working on design, construction, and operational plans at Pure SunFarms and Village Farms’ hemp crops in the US.

Patti Smith Corporate Controller

A CPA, with over 20 years of experience in senior management roles for various U.S. public companies.

• Ms. Smith is a seasoned professional with expertise in

SEC rules and regulations, US GAAP, IFRS and SOX.

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DEEPLY EXPERIENCED MANAGEMENT TE TEAM

Mandesh Dosanjh President & CEO

A seasoned senior level executive, having led business

• perations for well-known retailers. Recently led

LCBO’s supply chain and wholesale strategy as it prepared for the legalization of adult-use cannabis.

Michael Lattimer VP, Operations

Has held significant roles in manufacturing, supply chain, and IT spanning the globe across a wide range

• f industries including consumer packaged goods,

alcohol, tobacco and automotive.

Elaine McAnally VP, People & Experience

15 years across a variety of industries, transforming fast-paced business environments from infancy and start-up, to growth and acceleration, to re-invention and transformation.

Rob Baldwin VP, Cultivation & Greenhouse Operations

18 years in the agricultural industry, and over a decade managing the current greenhouse where Pure Sunfarms operates. Extensive knowledge of growing in BC’s Fraser Valley combined with science

• f greenhouse growing.

Miguel Martinez VP, Finance - CPA, CA

Over a decade of financial experience which has allowed him to build a high-performance, cross- collaborative team overseeing financial planning, debt financing, and budget management systems.

Richard Lenz VP, Quality Assurance

20 years in regulated natural health products manufacturing industry. Managed quality control, quality assurance, analytical methods development, validation and scientific affairs functions.

Phillip Jennings, III Chief Business Officer

A life-long farmer and entrepreneur, he has grown numerous fledgling agricultural ventures across a wide variety of food and other crops into successful large-scale commercial operations.

Mark Morley Partner

Founder of one of Colorado's largest licensed

• utdoor cannabis growing operations and long-

time real estate developer in the Colorado Springs area, with strong ties to the local community.

Maria Guest VP, Brand & Commercial

Over 20 years leading growth brands, including strategy, planning, and brand positioning. Recently CMO for Emblem, overseeing adult-use strategy across various consumer segments.

Phil Jennings, IV Chief Executive Officer

An 11th generation farmer, he has an immense passion for growing. He has successfully managed a diverse portfolio of ag operations in the food and fiber markets, specializing in start ups with unique barriers to entry.

Arkansas Valley Green and Gold Hemp

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SE SEASO SONED BO BOARD OF DIR IRECT CTORS

John R. McLernon Chairman

• Mr. McLernon is an Honourary Chairman and Co-Founder of the Colliers Macaulay Nicolls

Group Inc. Colliers Macaulay Nicolls is the largest partner of Colliers International Commercial Real Estate Services (“Colliers”) a global organization with over 240 offices in 50 countries. He served as Chairman and Chief Executive Officer of Colliers from 1977 to 2002, and as Chairman until December 2004. Mr. McLernon also serves as a director of numerous corporations, income trusts, and theatre and arts organizations, and is Chairman of A&W Revenue Royalties Income Fund.

John P. Henry

• Mr. Henry has served as a director and member of the audit committee of Village Farms since 2001.

From 1981 to 2000, he was employed by Ocean Spray Cranberries, Inc. as their Senior Vice President

• f Grower Relations and Chief Financial Officer, retiring in 2000. Ocean Spray grew from $400

million to $1.3 billion in revenues during his tenure. He also served as a Director of Nantucket Nectors, a majority owned subsidiary of Ocean Spray. From 1980 to 1981 he was Chief Financial Officer of Castle Toy Co, Inc.

Michael A. DeGiglio CEO, Village Farms

A pioneer in the greenhouse industry, Mr. DeGiglio founded and has served as CEO of Village Farms, one of the first and today the longest operating hydroponic vegetable greenhouse business in North America, since its inception in 1987. Prior to Village Farms, he founded and served as CEO of Agro Dynamics, Inc., the first to introduce a number of new greenhouse technologies to the North American market. Upon the acquisition of Agro Dynamics by EcoScience, a NASDAQ agricultural biotech company, he became CEO, until the company was acquired privately by Village Farms in 2001. Mr. DeGiglio is a former U.S. Navy officer and tactical carrier jet aviator.

• Dr. Roberta Cook

From 1985-2016, Dr. Cook was a Cooperative Extension Marketing Economist in the Department of Agricultural and Resource Economics (ARE) at the University of California, Davis. She conducted applied research and industry outreach programs focusing on the marketing and international trade of fresh fruits and vegetables, including the North American fresh tomato market, and trends in consumer demand and food distribution. She served on the Board of Directors of Ocean Mist Farms, Naturipe Farms and Sunkist, as well as numerous other board and advisory boards in the produce industry.

David Holewinski

• Mr. Holewinski served as a director of Agro Power Development Inc. (“APDI”) from 2004 until

October 2006. Between 1995 and 2000, Mr. Holewinski also served as Senior Vice President of Business Development for APDI. Mr. Holewinski has co-founded two biotechnology companies and also co-founded a company with novel precast concrete technology for the construction industry. Between 1983 and 1988, Mr. Holewinski was a Manager of Business Development for ConAgra, International.

Stephen Ruffini CFO, Village Farms

• Mr. Ruffini began with Village Farms on January 5, 2009. Previously, Mr. Ruffini served as the Chief

Operating and Chief Financial Officer of Performing Brands, a small cap US publicly traded company. From 2001 until October 2005, Mr. Ruffini served as the Chief Financial Officer of Hit Entertainment, plc a publicly traded (FTSE-250) UK-company. Hit Entertainment is the preeminent young children’s entertainment company owning such brands as Barney the Dinosaur, Bob the Builder and Thomas the Tank Engine. From 1993-2001, Mr. Ruffini served as the Chief Financial Officer and Treasurer of Lyrick Corporation and RCL Enterprises, Inc. privately-held companies.

Christopher C. Woodward

• Mr. Woodward is a member of the Audit Committee and Compensation Committee. Mr. Woodward

serves as a director for a number of private and public companies as well as charitable institutions. These include the P.A. Woodward Medical Foundation, Brentwood College and the Sea to Sky Gondola Corp. He serves as the current Chair for the Vancouver Coastal Health Authority, and the Chair of the Keg Royalty Trust.

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October 2019

AN UNMATCHED PLATFORM FOR THE GLOBAL CANNABIS OPPORTUNITY