[PPT] - APRIL 2020 TSX:VLNS, OTCQX:VLNCF THEVALENSCOMPANY.COM NOTICE TO PowerPoint Presentation

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APRIL 2020

TSX:VLNS, OTCQX:VLNCF

THEVALENSCOMPANY.COM

SLIDE 2

NOTICE TO RECIPIENT This presentation (the “Presentation”) of Valens GroWorks Corp. (the “Company” or “The Valens Company” or “Valens”) is an overview only and does not contain all the information that a prospective investor may require to make investment decisions. This Presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy any securities of the Company. In making an investment decision, investors must rely on their own examination of the Company, including the merits and risks involved. FORWARD LOOKING STATEMENTS This Presentation contains forward-looking statements and forward-looking information. Often, but not always, forward-looking statements can be identified by the use of words or phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements and information. Examples of such statements include: (A) the financial forecast of the Company; (B) the intention to grow the business and operations of the Company; (C) anticipated timing for the availability of the Company’s products to market and expected sale prices; (D) expected growth in the number of users of medical and recreational marijuana anticipated; and (E) the expansion of the Company’s business into other revenue streams. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this Presentation. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: expectations regarding the ability of the Company to raise capital and grow through acquisitions; growth strategy, joint venture, other commercial opportunities and the ability of the Company to carry out its stated work program; and expected sources and uses of capital. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this Presentation are expressly qualified in their entirety by this cautionary statement. The forward-looking statements and information included in this Presentation are made as of the date of this Presentation and the Company assumes no obligation to update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

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VALENS |2 TSX:VLNS, OTC:VLNCF

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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CAUTIONARY NOTE REGARDING FUTURE-ORIENTED FINANCIAL INFORMATION To the extent any forward-looking statement in this Presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial

utlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to risks as set out

above under the heading “Forward-Looking Statements”. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses may differ materially from the revenue and expenses profiles provided in this presentation. Such information is presented for illustrative purposes only and may not be an indication of the Company’s actual financial position or results of operations. THIRD PARTY INFORMATION This Presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information. USE OF NON-GAAP MEASURES Adjusted EBITDA is a non-GAAP measure used by management that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Management defines adjusted EBITDA as loss and comprehensive loss from operations, as reported, before interest, tax, depreciation and amortization, and adjusted for removing share-based payments, unrealized gains and losses from short term investments and other one-time and non-cash items including impairment losses. Management believes adjusted EBITDA is a useful financial metric to assess its operating performance on an adjusted basis as described above. A description of these financial measures, including a reconciliation of such measures, to the extent possible, against the most directly comparable IFRS measure, can be found at page 9 of the management’s discussion and analysis of the Company for the three and nine month period ended August 31, 2019.

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VALENS |3

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

TSX:VLNS, OTC:VLNCF

SLIDE 4

VALENS |4

OUR MISSION

Our mission is to become the world’s most trusted partner for best-in-class cannabis extraction, testing, formulation, product development and manufacturing.

RECENT ANNOUNCEMENTS

Commenced trading on the Toronto Stock

Exchange on April 16, 2020

SLIDE 5

BEST POSITIONED TODAY, ACCELERATING INTO TOMORROW

EXTRACTION AND NEXT GENERATION PRODUCT CAPABILITIES DRIVE OURADVANTAGE

THE VALENS COMPANY IS ACCELERATING INTO CANNABIS 2.0

BROADENING END-PRODUCT AND DELIVERY CAPABILITIES Broadening our white label offerings to become the largest third-party cannabis product development and manufacturing company in the world OPERATING WITH GLOBAL STANDARDS Readying our business model for exportation to high value international markets PROVIDING UNIQUE, CUSTOMIZED OFFERINGS Further developing our unique, IP based product technology platform offering customized white label services INCREASING CAPACITY Significantly increasing existing extraction capacity of 425,000 KG of hemp and cannabis to keep up with expected demand BUILDING REPUTATION Gaining more partnerships and establishing ourselves as the trusted partner of choice by various leading licensed producers and CPG companies

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VALENS |5

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

TSX:VLNS, OTC:VLNCF

SLIDE 6

2016 2018 FUTURE*

OIL BASED PRODUCTS FLOWER BASED PRODUCTS

E D I B L E S V A P E P E N S O T H E R P R E R O L L S F L O W E R

71% 29% 53% 47% 25% 75% 20% 11% 10%

OUR BELIEF

THE MARKET WILL BE DOMINATED BY OIL BASEDPRODUCTS

Source: Cowen Equity Research Report (US MarketShare) *Valens forward-looking predictionin the short-term based on market research

C O N C E N T R AT E S

VALENS |6

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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SLIDE 7

VALENS IN THE VALUE CHAIN

UNLOCKING HIGHER MARGINS FOR OUR CUSTOMERS

CULTIVATION EXTRACTION PURIFICATION FORMULATION PRODUCT MANUFACTURING BRANDING RETAIL & SALES

OUR FOCUS:

PROVIDE QUALITY PRODUCTS THAT OFFER CUSTOMIZED USER EXPERIENCES TO HELP OUR CUSTOMERS BUILD DIFFERENTIATED, HIGH VALUE BRANDS

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VALENS |7

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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SLIDE 8

OIL EXTRACTION

EXTRACTION

CONCEPT IS SIMPLE, QUALITY EXECUTION IS COMPLEX

DRIED CANNABIS OR HEMP OIL REFINEMENT (DISTILLATE) CHROMATOGRAPHY /SEPARATION (ISOLATE)

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VALENS |8

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

CRUDE OIL OIL WINTERIZATION

WAXES CHLOROPHYLL LIPIDS

TSX:VLNS, OTC:VLNCF

SLIDE 9

EXPERTISE THAT DIFFERENTIATES

DIVERSITY CREATES COMPETITIVE ADVANTAGE Super/Sub Critical CO2 Capsules Tinctures Vapes Topicals Beverages Edibles Full Spectrum Ethanol Capsules Tinctures Vapes Topicals Beverages Edibles Others Hydrocarbon Concentrates Vapes Shatter/Wax Crumble/Live Resin Full Spectrum Solvent-less Terpene Add back for experience, flavour and smell

LESS COMMODITIZATION

ONE SIZE DOES NOT FIT ALL: HIGH QUALITY PRODUCTS NEED CUSTOMIZED EXTRACTION PROCESSES

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VALENS |9

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

Rosin Hash Full Spectrum

TSX:VLNS, OTC:VLNCF

SLIDE 10

EBITDA MARGIN

WHITE LABELING &

DESIGNED TO TRANSITION AS THE MARKET EVOLVES

BUSINESS STRATEGY

DELIVERING SUSTAINABLY STRONG EBITDA MARGINS THROUGH THE CYCLE

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VALENS |10

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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SLIDE 11

EXTRACTION EXPERTISE FACILITATES ROLL-OUT OF WHITE LABEL

EVOLUTION TO WHITE LABEL WELL UNDERWAY

+3 OTHERS

HIGH QUALITY EXTRACTION NEXT GENERATION PRODUCT DEVELOPMENT

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VALENS |11

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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SLIDE 12

TESTING

WE ARE SETTING THE STANDARD

FIRST ISO 17025 ACCREDITED LAB

Consistent use of validated methodologies

CAN PERFORM ANALYSES IN AS LITTLE AS 24 HOURS

Positioning Valens as the go-to lab with turn arounds 4-5x faster than other leading labs

PUBLISHING FULLY VALIDATED, STANDARDIZED, AND TURNKEY SOLUTIONS FOR THE GLOBAL CANNABIS INDUSTRY

Global recognition for methodologies and putting Valens’ name at the forefront of analysis

ADDITIONAL REVENUE SOURCE THROUGH THIRD-PARTY LAB TESTING

Consistent high margin revenue source, mandated by Health Canada

NAMED A “CENTER OF EXCELLENCE IN PLANT BASED SCIENCE” BY

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VALENS |12

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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SLIDE 13

PINEAPPLE E X P R ES S *

Linalool 7% Beta Pinene 5% Alpha Pinene 3% Myrcene 23% Limonene 18% Humulene 15%

S O R S E EMULSION C A N N ABI N O I D A N D T E R P E N E I SOLATI ON C O N C E N T R ATES F O R M UL ATI ONS

FORMULATIONS

CUSTOMIZED USER EXPERIENCES NEED CUSTOMIZED PRODUCT FORMULATIONS

*Example of the terpene make-up of the cannabis strain, Pineapple Express

VALENS IS BUILDING A DIVERSE IP PORTFOLIO THAT SPANS ACROSS ALL TYPES OF PRODUCTS AND SERVICES

Beta Caryophyllene 30%

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VALENS |13

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

T E S T I N G M E T H O D O L O G I E S E X T R A C T I O N M E T H O D O L O G I E S

100+ TERPENE FORMULATIONS

TSX:VLNS, OTC:VLNCF

SLIDE 14

FORMULATIONS

SORSE EMULSION TECHNOLOGY

CURRENT PROBLEMS VALENS’ SOLUTIONS

The global market for cannabis-based drinks is expected to be worth US$1.4 billion by 2024

Prohibition Partners

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VALENS |14

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

Shelf stable for over 2 years.
Zero cannabis taste, colour or odour.
Provides effective consistent dosing
Lower dosage proven sufficient due to

increase in bioavailability when consumed.

Resistant to temperature change including boiling,

freezing and thawing.

Faster onset making it the safer and more trusted
ption. Observed in 5-15 minutes versus normal 30

minutes-2 hours

Faster offset making it feel exactly like an alcoholic
beverage. Observed in 45 miuntes-2 hours versus

normal 4-8 hours

Proprietary licensed formula
Exclusive rights in Canada, Mexico, EU, UK and Australia.
Access to non-exclusive rights globally

WATER SOLUBILITY ONSET OFFSET SMELL/TASTE CONSISTENCY SHELF STABILITY

TSX:VLNS, OTC:VLNCF

SLIDE 15

VALENS 1.0

T inctures Two Piece Caps Soft Gels Oral Sprays

VALENS 2.0

PHASE 1

H1 2020

Beverages Edibles Concentrates Topicals Vape Pens More Innovative Products...

3RDPARTY PRODUCT DEVELOPMENT & MANUFACTURING

THE FUTURE OF CANNABIS CONSUMPTION

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VALENS |15

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

PHASE 2 H2 2020

TSX:VLNS, OTC:VLNCF

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2 3 0 C A R I O N R D 180 + 2 3 0 C A R I O N R D

M O S T O U T P U T L E A V I N G A S B U L K O I L M O S T O U T P U T L E A V I N G A S A H I G H E R V A L U E P R O D U C T E X T R A C T I O N F O C U S E D C R U D E D I S T I L L A T E F U L L S P E C T R U M I S O L A T E F O R M U L A T I O N E M U L S I O N E X T R A C T I O N C R U D E D I S T I L L A T E F U L L S P E C T R U M I S O L A T E F O R M U L A T I O N E M U L S I O N W H I T E L A B E L F O C U S E D C A P S U L E S T I N C T U R E S V A P E G O O D S S P R A Y S E D I B L E S B E V E R A G E S T O P I C A L S W H I T E L A B E L F O R M U L ATION E M U L S I O N B E V E R A G E C O - P A C K I N G E D I B L E S C O - P A C K I N G

G T A F A C I L I T Y

FACILITY EXPANSION FOR PRODUCT DEVELOPMENT

IP BASED PRODUCTS TO STRENGTHEN COMPETITIVE ADVANTAGE AND MARGINS

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A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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SLIDE 17

ACTION PLAN

12 MONTH GOALS

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VALENS |17

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

DELIVER ON EXISTING CONTRACTS

Optimize existing capacity to maximize margin

LAUNCH NEXT GENERATION PRODUCTS

Build IP portfolio Differentiated product offering

1 2 3 4

KELOWNA + GTA EXPANSION

Speed to market to maintain advantage

GLOBAL EXPANSION

Target markets & opportunities that maximize ROI Export globally with EU GMP certification TSX:VLNS, OTC:VLNCF

SLIDE 18

G L O B A L M E D I C A L M A R K E T A L O N E E S T I M A T ED A T $180B A N N U A L L Y IN 10-20 Y E A R S * C U R R E N T A R E A S O F I N T E R E S T U N I T E D S T A T E S E U A U S T R A L I A L O N G E R TERM OPPORT U N I T I E S

*Source: Eight Capital Research

B R A Z I L C O L U M B I A P E R U U R U G U A Y ME X I C O

INTERNATIONAL EXPANSION

ADVANCED DISCUSSIONS IN KEY MARKETS GLOBALLY

C B D

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A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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SLIDE 19

$1.20 $1.02 $0.61 $1.25 $1.44 5 10 15 20 25 30 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 PRICE ($ per gram) PRODUCTION (MM of grams)

$2.2 $8.8 $16.5 $30.6 $32.0

$2.0

$2.0 $9.8 $17.7 $14.3

5

5 10 15 20 25 30 35 REVENUE (MM) EBITDA (MM)

FINANCIALS & OUTLOOK

FIRMLY INTO OUR GROWTH PHASE; FOCUSED ON UNLOCKING SHAREHOLDER VALUE

Source: Company Filings, S&P Capital IQ Note: Shares outstanding and cash balance based on most recent quarterly financials; presented as Treasury Stock

Method. Pharma CMO cohort includes: Catalent Inc., Perrigo Company PLC, Recipharm AB. Packaged Foods

CMO cohort includes: Tate & Lyle PLC, J&J Snack Foods Corp., TreeHouse Foods Inc., Hilton Food Group PLC. Canadian Cannabis Peers refer to cohort on next slide.

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VALENS |19

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

CAPITALIZATION TABLE (In CAD$MM, Unless otherwise noted) Share Price: As of March 31, 2020 $2.44 Basic Shares O/S 126.0 Full Diluted Shares O/S 130.0 Equity Value 317.2 Cash and Cash Equivalents 58.7 ITM Securities 6.1 Debt 0.0 Enterprise Value 252.4 Average Analyst Estimates 2019 2020 2021 2022 Revenue 58.1 168.7 225.5 311.3 Adjusted EBITDA 27.4 72.4 93.5 127.0 EPS

$0.06

$0.34 $0.47 $0.61 Implied Multiples 2019 2020 2021 2022

Valens EV/EBITDA

9.2x 3.5x 2.7x 2.0x

Pharma CMO Average EV/EBITDA*

13.4x 8.4x 9.8x 9.2x

Packaged Foods CMO Average EV/EBITDA*

12.0x 10.8x 10.2x 9.0x

Canadian Cannabis Peer Average EV/EBITDA*

nmf 15.8x 20.2x 11.6x

Valens P/E

nmf 7.1x 5.2x 4.0x

Pharma CMO Average P/E*

20.2x 17.7x 15.3x 13.5x

Packaged Foods CMO Average P/E*

21.1x 19.6x 18.2x 14.9x

Canadian Cannabis Peer Average P/E*

nmf 15.5x 16.0x 15.6x Analyst Target Price Average (7 Analysts) $8.10 Implied Return Potential 232%

Fiscal Year 2019 TSX:VLNS, OTC:VLNCF

SLIDE 20

LARGE DISCOUNT TO PEERS DESPITE STRONG EXECUTION

Canadian cannabis peer group includes: WEED, ACB, CRON, TLRY, APHA, HEXO, OGI, VFF, SNDL, FLWR, TGOD, FIRE, EMH, ZENA, WMD, VIVO, HVT, DN, DB, LABS, NEPT and RTI. Observations with no consensus estimates are excluded.

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VALENS |20

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

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SLIDE 21

NO. OF ANNOUNCED TOLL

PROCESSING AND BULK SALES AGREEMENTS 11 3 7 2

NO. OF WHITE LABEL AGREEMENTS

11 2 4 CURRENT ANNUAL CANADIAN EXTRACTION CAPACITY 425,000 KG 200,000 KG 300,000 KG 56,000 KG TYPES OF EXTRACTION 5 2 1 1 ISO 17025 ACCREDITED TESTING LAB* Y N N N EU GMP CERTIFICATION Pending N Pending Pending ORGANIC CERTIFICATION Y N Y N CASH FLOW FROM OPERATIONS ($CAD)

Per Latest Filed Quarter

3.4M
10M
21.1M
19.2M

NET INCOME ($CAD)

Per Latest Filed Quarter

4.5M 5.6M 3.3M

6.9M

ENTERPRISE VALUE ($CAD)

Per Comp Table Pg. 23

256M 146M 184M 59M EV / EBITDA ($CAD)

Per Latest Filed Quarter

3.5x n/a 8.1x n/a

COMPETITIVE LANDSCAPE

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VALENS |21

A W A R D E D T O P E X T R A C T I O N C O M P A N Y *Sourced from company presentations, latest filed quarters and newsreleases

TSX:VLNS, OTC:VLNCF

SLIDE 22

INVESTMENT

HIGHLIGHTS

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VALENS |22

A W A R D E D T O P E X T R A C T I O N C O M P A N Y

Largest extraction company in Canada.

At 425,000 KG of capacity, Valens is equipped to service Canadian demand as well as the global markets with efficiency at scale.

High margins.

Operating in one of the highest margin sub- sectors of the cannabis industry with low variability in costs.

Proprietary technology and processes.

Decades of experience have resulted in best-in- class proprietary extraction processes that are

ptimized to produce consistently high quality

products.

First mover advantage.

Founded in 2012, Valens was granted the first Dealer’s License to process cannabis. Our R&D and testing process allows us to quickly identify market trends and adapt to a changing landscape.

Most diverse extraction capabilities.

Providing customers with the widest variety of extraction techniques which allows them to produce the largest range of end products.

High cashflow visibility.

Substantial, reoccurring agreements with leading producers, including Canopy, Tilray, HEXO, TGOD and Organigram providing a clear revenue and cashflow path.

Customized product development.

Valens formulation and testing expertise allows for the production of a wide array of tinctures, capsules, concentrates, vapes, topicals, beverages and edibles.

In-house testing laboratory.

Setting global standards, Valens labs was the first ISO 17025 accredited lab for cannabis analyses and is endorsed by $100B+ Thermo Fisher Scientific as the Centre of Excellence in Plant Based Science.

TSX:VLNS, OTC:VLNCF

SLIDE 23

APPENDIX: COMP TABLE

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A W A R D E D T O P E X T R A C T I O N C O M P A N Y Source: Company Filings, S&P Capital IQ As of March 31, 2020; shares outstanding based on most recent quarterly financials and adjusted for share issuance transactions and other significant publicly disclosed transactions. Share Equity Enterprise Price Value Value 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (x) (x) (x) (x) (x) (x) Large Cap LPs Canopy Growth Corporation C$20.46 $7,154 $5,817

$264

$18 $68

$1.12
$0.38
$0.16

nmf nmf 85.7x nmf nmf nmf Aurora Cannabis Inc. C$1.26 $1,534 $1,934

$46

$66 $215

$0.20
$0.11

$0.02 nmf 29.5x 9.0x nmf nmf 60.6x Tilray, Inc. US$6.88 $1,101 $1,593

$91
$1

$103

$1.71
$1.03

$0.64 nmf nmf 15.5x nmf nmf 15.3x Aphria Inc. C$4.29 $1,147 $1,182 $59 $106 $162

$0.12
$0.05

$0.25 20.2x 11.1x 7.3x nmf nmf 17.0x Cronos Group Inc. C$7.99 $2,830 $885

$68
$14

$50

$0.19
$0.08

$0.24 nmf nmf 17.8x nmf nmf 34.0x OrganiGram Holdings Inc. C$2.84 $492 $544 n.a. $64 $78 $0.09 $0.22 $0.29 nmf 8.4x 7.0x 31.1x 13.1x 9.7x HEXO Corp. C$1.15 $327 $350

$21

$11 $20

$0.16
$0.04

n.a. nmf 31.8x 17.7x nmf nmf nmf Average 20.2x 20.2x 22.9x 31.1x 13.1x 27.3x Mid Cap LPs Village Farms International, Inc. C$4.04 $232 $276 $11 $95 $40 $0.49 $1.24 $0.54 24.4x 2.9x 6.9x 8.2x 3.3x 7.5x Sundial Growers Inc. US$0.64 $98 $267

$16

$1 n.a.

$0.94
$0.57

n.a. nmf 210.9x nmf nmf nmf nmf The Supreme Cannabis Company, Inc. C$0.28 $98 $191

$8

$24 n.a.

$0.08

n.a. n.a. nmf 8.1x nmf nmf nmf nmf Zenabis Global Inc. C$0.10 $37 $159 $0 $68 n.a. n.a. n.a. n.a. nmf 2.3x nmf nmf nmf nmf The Flowr Corporation C$0.76 $92 $123 $3 $86 $61

$0.09

$0.01 n.a. 40.0x 1.4x 2.0x nmf 76.0x nmf WeedMD Inc. C$0.43 $89 $121 $24 $51 n.a. n.a. $0.11 n.a. 5.1x 2.4x nmf nmf 3.9x nmf The Green Organic Dutchman Holdings Ltd. C$0.30 $94 $87

$24

$0 $24

$0.15
$0.05

n.a. nmf nmf 3.6x nmf nmf nmf Average 23.2x 38.0x 4.2x 8.2x 27.7x 7.5x Small Cap LPs Emerald Health Therapeutics, Inc. C$0.21 $39 $65

$8

$4 n.a. n.a. n.a. n.a. nmf 17.9x nmf nmf nmf nmf Delta 9 Cannabis Inc. C$0.42 $37 $60 $4 $12 $11

$0.04

$0.02 $0.03 16.6x 5.2x 5.2x nmf 20.8x 13.8x VIVO Cannabis Inc. C$0.22 $65 $51

$1

$19 $40

$0.05

$0.02 $0.06 nmf 2.6x 1.3x nmf 11.0x 3.7x Decibel Cannabis Company Inc. C$0.07 $24 $25 $3 $33 $56

$0.10

$0.06 $0.08 8.3x 0.8x 0.4x nmf 1.2x 0.9x Harvest One Cannabis Inc. C$0.09 $19 $26

$12

n.a. n.a.

$0.06

n.a. n.a. nmf nmf nmf nmf nmf nmf Average 12.5x 6.6x 2.3x nmf 11.0x 6.1x Extraction Companies The Valens Company C$2.44 $315 $256 $72 $93 $127 $0.34 $0.47 $0.61 3.5x 2.7x 2.0x 7.1x 5.2x 4.0x MediPharm Labs Corp. C$1.59 $214 $184 $23 $64 $100

$0.06

$0.15 n.a. 8.1x 2.9x 1.8x nmf 10.4x nmf Neptune Wellness Solutions Inc. C$1.70 $162 $146

$24

$48 $68

$0.43

$0.11 $0.37 nmf 3.0x 2.2x nmf 15.8x 4.6x Radient Technologies Inc. C$0.18 $49 $59 n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf nmf nmf Average 5.8x 2.9x 2.0x 7.1x 10.5x 4.3x Average All 15.8x 20.2x 11.6x 15.5x 16.0x 15.6x Median All 12.5x 3.0x 6.1x 8.2x 10.7x 9.7x EBITDA EPS EV/EBITDA P/E

TSX:VLNS, OTC:VLNCF

SLIDE 24

Tyler Robson, B.A. & Sc. Based on Mr. Robson’s impressive contributions to The Valens Company, formerly Valens GroWorks, he was appointed CEO in May 2017 after previously serving as COO. Over the last decade Tyler has worked extensively in cannabis science focusing

n research and development, proprietary extraction processing and

medical application. Mr. Robson is seen as a thought-leader throughout the industry and his expertise has shown through his impressive client base at Valens where the Company has secured agreements with some of the worlds most renowned cannabis companies. Chris Buysen, MPAcc, CPA, CA

Mr. Buysen has over 15 years of diverse financial experience working

as a senior financial executive with many public and private

rganizations in a wide range of industries. During this time, he was

responsible for internal and external financial reporting, strategic planning, treasury, tax, information technology, human resources, financial controls and corporate governance. Chantel Popoff

Ms. Popoff has over a decade of experience in managing 21+

Western Canadian retail pharmacy chains, including Shoppers Drug Mart. After her time in pharma, she spent over 6 years in senior managerial roles in the Canadian natural health food industry. Jeff Fallows LLB/MBA, CFA President

Mr. Fallows is an accomplished finance professional with over 17

years experience working on a wide range of financial advisory mandates in the cannabis, consumer products and industrial products industries. He previously worked as a Managing Director at AltaCorp Capital Inc Everett Knight, CFA EVP, Corporate Development and Capital Markets

Mr. Knight holds almost a decade of experience in Portfolio

Management and Investments. At Matco Financial, he launched the first ever institutional long only cannabis fund in Canada and managed a small cap fund, ranked #1 in its category. He is known for his thought leadership and his expertise in analyzing, lobbying, investing, advising, & consulting throughout the cannabis value chain. Paul Kunynetz Prior to joining Valens, Paul practiced law at McCarthy Tétrault in Toronto where he gained extensive experience working on high profile and complex transactions. His practice focused on mergers and acquisitions, franchisee/distribution, commercial transactions and private equity with an emphasis on the automotive and cannabis industries.

APPENDIX:

KEY MANAGEMENT (PART 1)

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General Counsel TSX:VLNS, OTC:VLNCF

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APPENDIX:

BOARD & ADVISORS

Tyler Robson, B.Sc. Director, CEO and Co-founder

Mr. Robson has over a decade of cannabis R&D, plant innovation

and life sciences experience. He previously held the position

f COO of Valens Agritech Ltd. “Top 100 Leaders in Health Care”

by IFAH. Phil Donne Advisor, Past President/CEO of Campbell Company of Canada, Past CEO of Kellogg Canada

Mr. Donne brings over 30 years of international brand

management, re-structures and bold brand and communication initiatives including the launch of Vector cereal (the largest new cereal product in 20 years). Brett Channer Advisor, CEO of Mass Minority, Past CEO of Saatchi + Saatchi

Mr. Channer has over 25 years of marketing industry experience.

He was responsible for leading Saatchi Canada to “Most Improved Agency in Canada” as well as one of the Top 10 creative agencies in Canada and becoming one of the top performing agencies for growth in the Saatchi Network. Ashley McGrath Director, President & Owner of Glencoe Developments Inc.

Mr. McGrath has been involved in real estate development for 14

years, overseeing all aspects of the development business and

versees the management of multiple development companies in

the commercial, residential and agricultural space. Deepak Anand Director, Co-Founder and CEO of Materia Ventures

Mr. Anand is known as a global leader in the cannabis sector for

his regulatory, political and industry knowledge. Prior to starting Materia he was the VP of Business Development & Regulatory Affairs at Cannabis Compliance Inc. Nitin Kaushal, CPA, CA Director, Managing Director, Corporate Finance at PwC Canada.

Mr. Kaushal has over 30 years of finance and investment expertise

including having held a number of senior roles with Canadian investment banks, private equity and venture capital industry. Chris Irwin Director, Partner at Irwin Lowy LLP.

Mr. Irwin advises a number of public companies on a variety of

matters including continuous disclosure and regulatory matters, reverse takeover transactions, initial public offeringsand take over bids. Chris Buysen, MPAcc CPA, CA Director, CFO

Mr. Buysen has over 15 years of diverse financial experience

working as a senior financial executive with many public and private organizations in a wide range of industries.

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APPENDIX:

ANALYST OUTLOOK

As of March 31, 2020 The Valens Company is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding the Company's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of The Valens Company or its management. By reference to the information above, The Valens Company does not imply its endorsement of or concurrence with any information, conclusions or recommendations as a result of analyst coverage.

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Broker Date Rating Target ($C)

AltaCorp Capital Inc. Apr 1, 2020 Outperform $8.00 Canaccord Genuity Apr 7, 2020 Speculative buy $7.25 Desjardins Securities Inc. Apr 13, 2020 Buy $8.75 Eight Capital Feb 26, 2020 Buy $8.25 Haywood Securities Apr 7, 2020 Buy $7.75 Mackie Research Capital Corp. Feb 25, 2020 Buy $8.00 M Partners Inc. Apr 1, 2020 Buy $8.70

TSX:VLNS, OTC:VLNCF

SLIDE 27

LOCATIONS

409 KING ST W TORONTO, ONTARIO 230 CARION RD KELOWNA, BRITISH COLUMBIA

CONTACT US

IR@THEVALENSCOMPANY.COM