DISCLAIMER Westleaf Inc. (formerly IGC Resources Inc., the "Corporation“ or “Westleaf”) completed a business combination involving Westleaf Enterprises Inc. (formerly Westleaf Cannabis Inc.) on December 28, 2018, which constituted a "reverse takeover transaction" of the Corporation. This Presentation dated March 1, 2019 (the “Presentation”) has been prepared by management of the Corporation. This Presentation does not constitute an offer to sell to any person, or a general offer to the public of, or the general solicitation from the public of offers to subscribe or purchase, any of the securities of the Corporation. The information contained in this Presentation is subject to updating, completion, revision, verification and amendment without notice which may result in material changes. This Presentation is not intended to provide financial, tax, legal or accounting advice. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this Presentation, and any representation to the contrary is an offence. Certain information contained herein includes market and industry data that has been obtained from or is based upon estimates derived from third party sources, including industry publications, reports and websites. Third party sources are believed to be reasonably reliable, the Corporation has not independently verified the accuracy, currency or completeness of any of the information from third party sources referred to in this Presentation or ascertained from the underlying economic assumptions relied upon by such sources. 2
NON-IFRS MEASURES AND INDUSTRY METRICS The Presentation Materials refer to certain non-IFRS measures including certain operating metrics in the industry. Non-IFRS measures including industry metrics do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. FORWARD LOOKING INFORMATION This Presentation contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. This Presentation uses words such as "may", "would", "could", "will", "likely", "except", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "outlook", "propose" and other similar expressions to identify forward-looking information. Examples of such statements include, but are not limited to, statements with respect to: (i) the objectives and business plans of the Corporation; (ii) the performance of the Corporation’s business and operations; (iii) the Corporation’s expectations regarding production, extraction and product development; (iv) the receipt by the Corporation of all licenses and permits by applicable government authorities to conduct its cannabis operations; (v) legislation and regulatory control of cannabis products for recreational use; (vi) the expected timing and completion of the Corporation’s near-term and long-term objectives; (vii) the competitive advantages, business strategies and future business plans of the Corporation; (viii) the Corporation’s future product offerings; (ix) the number, terms and timing of leases, construction and licensing of certain facilities and retail locations of the Corporation and its partners; and (x) strategic investments and partnerships available to the Corporation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking statements contained in this Presentation include, but are not limited to, Westleaf's ability to obtain regulatory approvals in a timely manner, the ability of Westleaf to execute on its business plan and Westleaf's ability to secure financing. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Westleaf to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including risks relating to the future business plans of Westleaf. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for Westleaf's management to predict all of such factors and to assess in advance the impact of each such factor on Westleaf's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Westleaf does not undertake any obligation to update any forward-looking information to reflect information or events after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. objectively determinable. 3
WESTLEAF / RETAIL / PROCESSING & EXTRACTION / CULTIVATION / MANAGEMENT TEAM PREMIUM RETAIL ICONIC BRANDS PROVEN TRACK RECORD M&A FOCUS Targeting premium locations Utilizing distribution to Demonstrated cannabis Track record of successful in privatized retail markets establish leading brands operations expertise partnerships & acquisitions ––––––– ––––––– ––––––– ––––––– Leveraging instinctual tie of Focus on valuable Proven retail roll-out and Fragmented industry ripe cannabis & music consumer segments execution ability for consolidation ––––––– ––––––– ––––––– ––––––– Differentiated approach Drive customer loyalty and Significant investment & Value-oriented to customer engagement demand for products capital markets expertise investment approach 4
WESTLEAF / RETAIL / PROCESSING & EXTRACTION / CULTIVATION / MANAGEMENT TEAM Scott Hurd, CFA Taylor Ethans Co-founder, President & CEO, Director Co-founder, CFO, Head of M&A ▪ ▪ Former VP Business Development at Grafton Asset Former VP at TriWest Capital (diversified private Management. Played integral role in raising, equity firm) where he completed over $1 billion of investing, and managing over $1 billion of capital acquisitions and divestures in manufacturing and focused on real-asset investments in North America retail businesses ▪ ▪ Significant leadership, principal investing, private Served as a Director on the boards of Landmark equity and capital markets expertise Cinemas and Trimlite Manufacturing ▪ ▪ Bachelor of Commerce, Finance; CFA Charterholder Bachelor of Commerce (honours with Distinction) with a major in Finance Shon Williams Ben Kaanta Christian Monson Adam Coates Chief Development Officer Chief Operating Officer Chief Legal Officer & VP of Chief Commercial Officer Strategy ▪ ▪ ▪ 24+ years experience in 20+ years of experience, Former Vice President of leadership, strategic planning, including R&D for NASA, R&D and Specialty Sales at Labatt ▪ Former General Counsel for program management, test & FDA clinical bio-medical Breweries of Canada, where he MJardin, one of North America’s evaluation, and business instrumentation, and particle was responsible for over $70 largest cannabis businesses development accelerator-based cancer therapy million in revenue and marketing ▪ Project managed successful centers ▪ ▪ Former Director of BD, PM, & Led business integration, brand merit-based cannabis license ▪ Design for MJardin, one of North Former Director of Operations for expansion and budgeting plans application writing efforts for America’s largest cannabis MJardin, one of North America’s for the acquisition of Mill Street numerous clients businesses largest cannabis businesses Brewery and Mark Anthony ▪ J.D. from the University of Denver Brands ▪ ▪ West Point & USAF Test Pilot BS in Mechanical Engineering and ▪ School grad, Retired USAF Lt Col, certified Professional Project Honors Degree in Business MS in Astronautical Eng. Management (PMP) Administration from Richard Ivey School of Business 5
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