Investor Presentation April 2020 Disclaimer Di ers Forward - - PowerPoint PPT Presentation

April 2020

TSXV: SUGR, SUGR.WT

Investor Presentation

Forward Looking Statements. Certain Information included in this presentation by Sugarbud constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “will”, “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose” or similar words suggesting future outcomes or statements regarding an outlook. Forward- looking information in this presentation includes, but is not limited to, statements relating to: the Company's business plan, including cannabis cultivation in the Company’s Stavely facility; construction of additional flower rooms and the scale thereof; cost of construction and sources and availability of funds; estimates regarding cannabis crop capacity, yield and frequency in respect of the initial phase of the facility and subsequent phases; cultivation practices, equipment and technologies, including vertical growing and hydroponics; management team and the performance thereof; supply agreements and industry partnerships, including with Segra, Fluence and PIPP; future expanded product

• fferings, including pre-rolls, vape cartridges and inhaled extracts; finished goods packaging; the size of the cannabis market Alberta,

Saskatchewan and across Canada; the number of LPs in Canada; the quality of cannabis grown; and Sugarbud’s cannabis strains and genetics. The forward-looking statements contained in this presentation are based on certain key expectations and assumptions made by Sugarbud, including expectations and assumptions concerning: the timing of the receipt of the required regulatory approvals, including additional licenses from Health Canada; the future operations of, and transactions completed by, the Company, including the availability of sufficient capital; the availability of and access to qualified personnel; the expected growth in the cannabis market; the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis; the securities markets and the general economy; applicable laws not changing in a manner that is unfavorable to Sugarbud; and the application of regulatory and licensing requirements. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Although Sugarbud believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Sugarbud can give no assurance that they will prove to be

• correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and
• uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but

are not limited to, risks associated with the cannabis industry in general; actions and initiatives of federal and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; the size of the medical-use and adult- use cannabis market; failure of counter-parties to perform contractual obligations; failure to maintain consumer brand recognition and loyalty

• f customers; reliance on relationships with wholesalers and retailers for distribution of products and failure to maintain strategic business

relationships; intense competition from other industry participants, including from illicit sources; currently contemplated expansion and development plans may cease or otherwise change; production of cannabis may be lower than expected, Sugarbud may not obtain the required approvals from Health Canada; demand for Sugarbud's products may be lower than anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; construction delays; risks inherent in the agricultural business, such as insects, plant diseases and similar agricultural risks which can have a significant impact on the size and quality of the harvest of cannabis crops; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID- 19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remain unknown, rapid spread of the COVID-19 virus may have a material adverse effect on global economic activity, and can result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company.

2 2

Di Disclaimer ers

Readers are cautioned that the assumptions used in the preparation of forward-looking information and FOFI (as defined below), although considered reasonable at the time of preparation, may prove to be imprecise. Sugarbud’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and FOFI and accordingly there can be no assurance that such expectations will be realized and/or what benefits Sugarbud will derive therefrom. The forward-looking information and FOFI contained in this presentation is made as of the date hereof and Sugarbud undertakes no obligation to update or revise any forward- looking information or FOFI, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information and FOFI contained in this presentation is expressly qualified by this cautionary statement. FOFI Disclosure. This presentation contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Sugarbud’s reasonably estimated prospective results of operations, cannabis production capacity, revenue, gross margin, cost of capital, cash flow, EBITDA, payout, rate of return on invested capital, cost per room, operating efficiencies, expenses, profit and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs, including with respect to economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. FOFI contained in this presentation was approved by management as of the date of this presentation and was provided for the purpose of providing further information about Sugarbud’s future business operations. Sugarbud disclaims any intention or obligation to update or revise any FOFI contained in this presentation, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Neither the Company’s independent auditors, nor any other independent accountants, have compiled, examined,

• r performed any procedures with respect to the FOFI contained herein, nor have they expressed any opinion or any other form of assurance
• n such information or its achievability, and assume no responsibility for, and disclaim any association with, the FOFI contained herein.

Readers are cautioned that the FOFI contained in this presentation should not be used for purposes other than for which it is disclosed herein. Certain information contained herein has been obtained from published sources prepared by independent industry analysts and third-party sources (including industry publications, surveys and forecasts). While such information is believed to be reliable for the purpose used herein, none of the directors, officers, owners, managers, partners, consultants, shareholders, employees, affiliates or representatives assumes any responsibility for the accuracy of such information. None of the sources cited in this presentation have consented to the inclusion of any data from their reports, nor has Sugarbud sought their consent. Not an Offer. This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into any contract

• r commitment whatsoever. The sole purpose of this presentation, in paper or electronic form, is strictly for information purposes.

3 3

Di Disclaimer ers C Con

• ntinued

ed

Sug Sugarbud ud is a federally licens nsed Alberta bas based d craf aft t cannabi annabis company, pany, focus used d

• n
• n t

the c cultivation

• n a

and p prod

• duction
• n of
• f h

high qual quality, ty, ge gene neti tical ally y di dive verse, select-batc batch h co connois isseur ca cannabis is product cts.

4

OU OUR VI VISION

To make a positive difference in peoples lives and to be a well respected brand, renowned for bringing superior high quality craft cannabis products to legal markets.

5

OU OUR MISSIO MISSION

To To delig light the mo most dis iscernin ing ca cannabis is co consume mer and and evo volve ve the the wa way people thi hink nk about ut inc ncorporating ng ca cannabis is in into their ir daily ily liv lives.

6

OU OUR FO FOCU CUS

To To de delive ver excepti ptional nal dr dried d cannabi annabis pr produc ducts ts to to Canadi Canadian an cons nsum umers and and ch change the nar narrati ative ve on n legal gal ca cannabis is in in Canada.

7

OU OUR VAL VALUE UES

Smart Growth

Growth is both what we (literally) do and the philosophy we live by. We take calculated risks, evolve and we’re not afraid of new challenges. We grow our plants in a way that’s healthy for our customers, our planet and ourcompany.

Nature and Technology

Nature created an incredible plant. We stay

• n the cutting edge of science and

growing technologies so that we can grow the best product without hurting its natural integrity.

Quality for the People

In the end, what we do is about making people’s lives better. People will trust us to bring them consistent, quality products and we strive to exceed their expectations.

Passion for What We Do

There’s excitement in our voice because we’re passionate about what we do and love sharing what we grow. We tackle our work with the belief that superior quality cannabis can make difference.

Entrepreneurship

We’re a startup in a new industry with lots of

• unknowns. Our aspirations are backed by a

plan and our plan is backed by action. We come to work with an

• pen

mind, a willingness to learn and a drive to succeed.

We Know Who We Serve

We are producing top-quality premium products for an intelligent customer. We recognize that our customers have lots of interests, cool hobbies, busy jobs and are doing all kinds of things to make their full lives even greater.

8

Co Company Milestones

9

• Jun. 1

2018

Sugarbud Breaks Ground on Phase 1 of Its Purpose Built Indoor Vertical Grow Facility Sugarbud Completes Primary Construction Of The 29,800 sq.

• ft. Facility.
• Jan. 28

2019

• Apr. 18

2019

Sugarbud Receives COR From Health Canada and Submits Site Evidence Package

Au

• Aug. 30

20 2019

Su Sugarbud Rec Recei eives ves Cu Cultivation, St Standard Pr Processing ng an and M d Medi dical al Sa Sales Li Licen ences es fr from Health Ca Canada

• Mar. 2

2020

Sugarbud Successfully Completes First Harvest Sugarbud Signs Definitive Sales and Distribution Agreement with Agro- Greens for the Provinces of Alberta, B.C. & Saskatchewan.

• Apr. 14

2020

• Feb. 28

2020

Sugarbud Submits Inter- Provincial Dried Cannabis Sales License Amendment Application to Health Canada

• Apr. 6

2020

Sugarbud Signs Definitive Supply & Authorized Wholesaler Agreement with National Cannabis Distribution for the Province of Saskatchewan

• Apr. 16

2020

Sugarbud Signs Definitive Contract Manufacturing and Distribution Agreement with Agro-Greens for Pre-Roll Products

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1 Source: Arcview Market Research/BDS Analytics

$0 $0.0 $1 $1.0 $2 $2.0 $3 $3.0 $4 $4.0 $5 $5.0 $6 $6.0 20 2017 20 2018 20 2019 20 2020 20 2021 20 2022 20 2023 20 2024

Th The Recr creational Cannabis Market Opportunity

Fo Fore recasted Legal Spend nding ng in n Cana nada (Bi

Billions $)1

$0 $0.3 $0 $0.5 $0 $0.5 $0 $0.4 $0 $0.4 $0 $0.4 $0 $0.4 $0 $0.4 $0 $0.1 $0 $0.6 $2 $2.2 $1 $1.2 $3 $3.4 $4 $4.3 $4 $4.8 Me Medical Cannabis Spending Ad Adult-Us Use Recreational Cannabis Spending

Le Legal Adult-Us Use Recreationa nal Canna nnabis is Jus Just Ge Getting ng Started and nd is Here To To Stay

11

1 Source: Arcview and BDS Analytics Cannabis Intelligence Briefing

2017 2017 2022

Fl Flower Co Concentrates Ed Edibles Ot Other

Fo Forec recasted ed Consumer er Mark rket et Tren rends

• De

Despite t the e expected g growth o

• f c

f concentrates a and e edibles, t the dr dried ed can cannabi abis oppo pportunity is ex expect pected ed to rem emai ain sign gnifican cant. Fo Fore recasted Cons nsum umable Canna nnabis Categori ries in n the he US1

12

Ex Expected Canadia ian Market at Maturit ity1

1 Source: GMP Securities

Ex Extracts Dr Dry F Flow

• wer

er

Dr Dry F Flower 40 40% Pr Pre-Ro Rolls 10 10% Vape Vape Pens 20 20% Ed Edibles 10 10% Be Beverages 10 10% Ot Othe her 10 10%

• Be

Between Drie ied Flo lower, , Pre-Ro Rolls lls and Va Vape Products, , Su Sugarbud is is We Well Pos

• sition
• ned to
• Wi

Win in 70% % of

• f the Tot
• tal Market Oppor
• rtunity

Experience by Design

High quality starting material are the foundation of exceptional dried cannabis and oil derivative products Partnering with industry leaders like Segra, Fluence and PIPP to improve product quality and consistency to support customer satisfaction, strategic pricing and overall value to the consumer Reducing risk by integrating micro-propagation practices and regenerative plant tissue culture into standard propagation workflows Methodically curating our plants through the entire growing cycle Prior to harvest we finish our flowering cycle with a flush of pure water, and no nutrients. This process cleanses and purifies the cannabis for a clean smooth burn during consumption We carefully hang dry and cure our plants to maximize potency and deliver a smooth terpene rich finish

Our Our Appr pproac ach h to to Co Conno nnoisseur ur Cannabi Cannabis

Ev Everything Starts with the Quality and Integrity of

• f Our Cultivars

13

Su Sugarbud Pre Pre-Nu Nup

Ba Batch# - 19 19PN01-RD RD

Su Sugarbud Ca Cap’s MAC AC

Ba Batch# - 19 19MC01-RD RD

3.5g Dried Flower

Sugarbud will process and package all 3.5g dry flower formats under their own standard processing license Sugarbud branded craft cannabis dry flower products will initially be sold and distributed as part of the sales and distribution agreement with Agro-Greens Target Launch Date – July 2020

Selectively target adjacent product category expansion

Pre-Rolls

Definitive agreement is in place with Agro-Greens to process, package, sell and distribute Sugarbud branded craft cannabis pre-rolls Target Launch Date – August 2020

Vape Cartridges

Contract manufacturing agreement signed in October 2019 with Heritage Cannabis Holdings to process and produce Sugarbud branded additive free craft cannabis Vape cartridges Target Launch Date – Q4 2020

Sug Sugarbud ud Craft Canna nnabis Collection

Cr Creati ting V Value T Through F Focused P Product L t Leadership

Su Sugarbud We Wedding Cake Ba

Batch# # - 19 19WC02-RD RD

We We base every rything we do on meeting and exc xceeding customer r exp xpectations

Ex Exception

• nal Craft Cannabis is the Cor
• rnerston
• ne of
• f the Sugarbud Br

Brand 14

Target retail markets Alberta - 441 licensed and operating retail locations1 British Columbia - 176 licensed and operating retail locations2 Saskatchewan - 43 licensed and operating retail locations3 Definitive agreement signed with Agro-Greens to sell and distribute the Sugarbud Craft Cannabis Collection to provincially authorized wholesalers and retail stores in Alberta, British Columbia and Saskatchewan. Definitive Wholesale and Supply Agreement with National Cannabis Distribution signed to distribute the Sugarbud Craft Cannabis Collection to provincially authorized retail stores in Saskatchewan. Leverage regional brand awareness to drive selective future geographic expansion

Di Distribution a and R Reach

Fo Focus used on

• n St

Strong Re Regio ional Re Retail il Ma Markets 15

1 https://aglc.ca/cannabis/retail-cannabis/cannabis-licensee-search 2 https://justice.gov.bc.ca/cannabislicensing/map 3 https://www.slga.com/permits-and-licences/cannabis-permits/cannabis-retailing/cannabis-retailers-in-saskatchewan

Su Sugarbud Ga Garlic-Z Z Ba

Batch# - 19 19GZ01-RD RD

Th The Faci cility ty - Op

Optimiz imizing ing Flo lowering ing Cano nopy

16

Ve Vertic ical l Cult ultiv ivatio ion

Up to 4 Layers of Canopy/Room

~1 ~193%1

Utilization of floorplate due to vertical growing

1, 1,024 sq

• sq. ft

ft of f Cu Cultivat vation Sp Space/Layer 4, 4,096 96 sq.

• q. ft of

Cu Cultivat vation Sp Space/Room

Su Sugarbud OG OG Kus ush h

Ba Batch# - 19 19OG02

~2 ~24,5 ,576 ft2 of

• f T

Tot

• tal F

Flow

• wering C

Canop

• py i

in a a 2 29,800 f ft2 Fa Facility

1 Source: Sugarbud Facility Design Records – Average square footage of a cultivation room floorplate is 2,122 sq. ft

17

Fi Fixed Cos

• st Absorp
• rption
• n

Reducing Operating Costs/g

Enha Enhanc nced Bud ud and nd Che Chemotype Expression

Improved Pricing Power

In Increa eased ed Gr Grams/sq. ft

Higher Return on Invested Capital

~ ~ 4.75 Harvest st Cy Cycles/Year ar

Maximizing Production Velocity & Volume

Su Sugarbud Ch Cheese

Ba Batch# - 19 19CH01

Th The Faci cility ty – Ma

Maximizing Ret Return On Dep eployed ed Capital

Fa Facilit ility Sum ummary ry

29 29,8 ,800 ft2

2 Ve

Vertic ical l Indoor Hydroponic ic Cult ltiv ivatio ion Facilit ility Phase 1a – Currently Licensed and Active Operational Areas Phase 1b – Future Cultivation and Production Rooms Phase 1c – Future Cultivation Rooms 18

Fa Facilit ility Capacit ity Sum ummary ry

Hi High Impact Asset Designed to Maximize Quality and Yield

Location

St Stavely, A , AB

Facility Type

In Indoor V Vertical H Hydroponic C Cultivation

Facility Size

29 29,800 ft2

Phase

Pha Phase 1a - Cu Current Pha Phase 1b - Fu Future Pha Phase 1c - Fu Future To Total al F Fac acility

Cultivation Rooms

2 Licensed Cultivations Rooms

2 Additional Cultivation Rooms 1 Automated Packaging Room 2 Additional Cultivation Rooms 1 Automated Pre-Roll Machine 6 6 Cultivation Rooms 1 1 Packaging and Prod

• duction
• n

Ro Room

Maximum Flowering Canopy

• 8,192 ft2

~8,192 ft2 ~8,192 ft2 ~2 ~24,576 ft2

• Est. Annual Cultivation

Capacity (@4 Layers)

~3,308,000–3,891,000 g ~3,308,000–3,891,000 g ~3,308,000–3,891,000 g ~9 ~9,924,000–11, 11,673,000 g

• Est. Packaging &

Production Capacity

Dried Cannabis ~14,000 Units/ Day Pre-Roll ~12,000 Cones/ Day Dried Cannabis ~14,000 Units/ Day Pre-Roll ~12,000 Cones/ Day

Capital Invested to Date $1 $11.5M 5M

• Est. Cost to Complete

$2 $2M ~$ ~$4.5M ~$ ~$4.5M ~$ ~$22.5M*

• Est. Total Cost Of

Capital/gram

Capital cost of $1.93/gram with all 6 grow rooms at full production design capacity. Total Est. Capital Cost to Develop 1 Cultivation Room = $1.5 M.

• Est. Return on Invested Capital/Room = 2.25 Harvests

Planned Activities

Propagation, cultivation, new product development and finished good packaging

* Includes $11.5M of previously deployed capital investment

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20

Cultivation Room Buildout Economics and Payback

*Payout Assumptions

Room costs ~$1.5 million to buildout and approximately 9.5 months to the completion of the initial harvest At 4 layers of canopy, each room has a total estimated production capacity of between ~348,200 - 409,600g/harvest Internal production estimates assume 70%, or between 243,700 – 274,700 g/harvest, will end up as dried flower Modeled average net selling price of $5.50/g into inter-provincial retail market1 Assumes Sugarbud has received retail sales licence by Q3 2020 Assumes gross margin of between 50-60%2 Investment in room pays out in 2 – 2.25 harvests

Each room can schedule between 4 – 5 harvests per year every year for the entire operational life of the room

Cu Cultivation Room Scale Up Timeline Cu Cultivation Room Expansion - $1.5 million Long Lead Time Items Ordered (HVAC/Lights) 3 Months Room Build Out Completed Health Canada Approval Process (Concurrent) 1.5 months Licenced Room Under Flower (9-10 Weeks) Harvest/Drying/Cure/Package 1 month 2nd Grow Set Under Flower 2nd Harvest/Drying/Cure/Package 1 Month Payback* 6 Months 2.5 Months 2.5 Months

1 Source: Sugarbud 2020-2024 Internal Model Projections 2 Excludes Cash Cost of SG&A

Cultivation Room Buildout Economics and Payback

Capital Funding Requirements

Includes capital to cover burn rate through Q4 2020 when company is anticipating having cash flow positive operations Phase 1a capacity expansion of existing licensed cultivation rooms 1 and 2 to 2-4 layers in early 2020 Phase 1b develop 2 additional cultivation rooms - $1.5 million per room (4 layers of growing capacity), along with automated production equipment Phase 1c development of 2 additional cultivation rooms and an automated pre-roll production line. (To commence in late 2021)

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Financial Catalysts

Revenue is expected to commence in Q2 2020 and rapidly increase through the remainder of the year Supplemental B2B supply agreements in place with Adastra Labs and Heritage Cannabis Holdings Distribution agreements permitting the sale of Sugarbud branded products to authorized provincial wholesalers and retailers in place. (AB, BC & SK) Inter-provincial dried cannabis sales license amendment was submitted to Heath Canada on Feb. 28th, 2020 Sugarbud is expects high value provincial retail sales activity to begin in late Q2/early Q3 of 2020

Capacity Expansion

$1.5 million capital cost per room can payout investment in 2 – 2.25 harvests under retail sales Phase 1b expansion will encompass the buildout of 2 additional 4 layer vertical cultivation rooms with an estimated production design capacity of between 348,000 - 409,600 grams per room per harvest Phase 1c expansion will encompass the buildout of 2 additional 4 layer vertical rooms and an estimated production design capacity of between 348,000 - 409,600 grams per room per harvest Upon completion of Phase 1a, 1b and 1c Sugarbud estimates the total annual production design capacity of the facility will be between 9.9 million and 11.7 million grams per annum based upon 4.75 harvests per year

Financing Highlights

March 2018 - Completes $8.25M Recapitalization Financing September 2018 - Announces the Completion of a Fully Subscribed $7.4M Rights Offering November 2019 - Announces the Completion of a $0.9M Private Placement and $0.4 million Non-Dilutive Lease Buyback December 2019 - Announces the Completion of a $0.9M Rights Offering in

Fina Financ ncing ing and nd Capit ital l Hig ighlig hlight hts

JOHN KONDROSKY

Chief Executive Officer

• Mr. Kondrosky is an accomplished senior executive with
• ver 25 years of experience leading complex global

consumer facing life sciences and cannabis organizations in the United States and Canada. Mr. Kondrosky most recently served as Chief Operating Officer of Zenabis Global Ltd. (“Zenabis”), one of Canada’s largest licensed producers of medical and adult use cannabis. Prior to his time at Zenabis, Mr. Kondrosky served as Vice President and General Manager of Pharmascience Inc.,

• ne of Canada’s largest generic drug manufacturers. Mr.

Kondrosky has also held senior executive roles with DENTSPLY Sirona and C.R. Bard/Becton Dickinson. Mr. Kondrosky brings to Sugarbud very relevant corporate leadership and

• perating

experience within highly regulated market environments as well as proven success in general management, commercial strategy, global market development, R&D and new product development.

CHRIS MOULSON

Chief Financial Officer

• Mr. Moulson brings more than 25 years of experience in

finance, business development, corporate law, commercial marketing and strategic planning roles to Sugarbud.

• Mr. Moulson holds a Bachelor of Laws (with honours)

degree as well as a Master of Business Administration (Finance Major) degree, and prior to joining Sugarbud Mr. Moulson served as Chief Financial Officer for Polaris Seismic International - Canada’s leading international seismic exploration company – with operations across the Middle East and East Africa. Prior to that, Mr. Moulson spent 10 years as an investment banker – focused on raising capital for small to medium-sized companies.

Ma Manageme ment Team

22

BOB LAWRENCE

Vice President of Operations

• Mr. Lawrence brings over 30 years of operational and quality experience from

the Brewing and Biotech industries. Holding the senior operational position at PEI Brewing Company, Mr. Lawrence was responsible for operational and capital expansions strategies and implementation. Prior to PEIBC, Mr. Lawrence held the Director of Engineering and Director of Operations positions for CellFor Inc., one of the world’s largest independent supplies of high technology seedlings to the forestry industry. Mr. Lawrence brings years

• f

experience developing and executing the business and

• perational

strategies to support the rapid growth of start-ups.

STEVE DUNPHY

Director of Cultivation (Master Grower)

• Mr. Dunphy brings demonstrated operating excellence and experience with

genetic propagation, cultivation, regulatory compliance, facility management, and team/leadership development to Sugarbud. Mr. Dunphy has extensive experience in previous legal cannabis regulatory frameworks including MMAR, MMPR and ACMPR, most notably as Operating Co-Founder of Calgary, Alta based Bloom Cultivation Ltd./Ogen.

VICTOR EL-ARAJ

Controller

8+ years of finance and accounting experience in cannabis, capital markets, and oil and gas. Prior to Sugarbud, performed roles related to external reporting, oil and gas finance, and internal audit and controls at Nexen Inc., where he obtained his Chartered Accountant designation. Also performed accounting and finance roles at Imperial Oil and most recently an Associate at Raymond James Ltd., where he gained valuable capital markets experience in an equity research role.

Ma Manageme ment Team m (C

(Continued)

23

NAVNEET MINHAS

Director of Quality Affairs (QAP)

9+ years of experience within the food and beverage production industry, including production, Quality Assurance, Quality Control, supervision and

• management. Prior to Sugarbud, worked in auditing and out of specification

investigations, Canadian Food Inspection Agency inspections, root cause analysis and corrective actions implementation. Navneet has a firm understanding of Global British Retail Consortium Standards, the Food Safety Modernization Act, Hazard Analysis and Critical Control Points, Good Manufacturing Practices and Good Production Practices.

DAN WILSON

Chairman

30+ years experience in high-growth public oil and gas companies. Prior to Sugarbud, was Chief Executive Officer of Relentless Resources from March 2010 to April 2018. Prior thereto, he was President and Chief Executive Officer of Alexander Energy Ltd. Mr. Wilson brings to the Company extensive governance, oil and gas, start-up and transaction experience.

Bill MacDonald

Director

• Mr. Macdonald brings over 40 years of deal-making, financing and capital markets experience.

He has extensive experience with publicly listed companies and has been involved in four TSX-V recapitalizations in the last five years, and four IPO filings on the CSE. He is a principal of Flower Advisory Corp. and currently serves on the Board of Innocan Pharma™. Innocan Pharma™ is a specialty pharmaceutical company, developing products that harness the unique properties of Cannabinoids combined with smart delivery formulations.

Su Sugarb rbud Bo Board of Directors

JOHN KONDROSKY

Director

• Mr. Kondrosky is an accomplished senior executive with over 25 years of experience leading complex

global consumer facing medical life sciences and cannabis organizations in the United States and

• Canada. Mr. Kondrosky most recently served as Chief Operating Officer of Zenabis Global Ltd.

(“Zenabis”), one of Canada’s largest licensed producers of medical and adult use cannabis. Mr. Kondrosky brings to Sugarbud very relevant organizational leadership and operating experience within highly regulated driven market environments as well as proven success in general management, commercial strategy, global market development, R&D and new product development.

24

Janice Comeau

Director

• Ms. Comeau has over 30 years of strategic corporate and financial management experience spanning a

variety of industries. Ms. Comeau has served as CFO of a number of public and private companies, including LMS Reinforcing Steel Group, Versacold Corporation and Pulse Energy Inc. In 2016, Ms. Comeau was named British Columbia CFO of the Year and she is recognized as a financial leader for business transformation.

Stephen Martin

Director

• Mr. Martin is a lawyer with more than 20 years of experience in compliance and monitoring, risk

assessment, corporate internal investigations and regulatory inquiries. He is a partner at StoneTurn LLP, where he advises clients on all matters related to corporate governance and compliance. Mr. Martin serves as a compliance advisor to several cannabis industry companies.

• Mr. Martin was previously a

partner at Arnold & Porter LLP and Baker & McKenzie LLP and has served as Assistant Attorney General in Missouri and Assistant United States Attorney for the District of Columbia.

Su Sugarb rbud Ad Advisory Bo Board

25

Joseph Dietrich

Advisor

30+ years technical experience and in-depth knowledge of cannabis flower and hashish production, extraction, breeding and genetics. Prior to Sugarbud, was a Director of Concrest Corporation Ltd. and in 2011 co-founded S.E. Asia-based precious metals mining exploration company Locrian Resources Inc., where he currently sits on the Board. Mr. Dietrich recently joined Flower Capital Advisory Corp. in 2018 as a cannabis consultant and Director.

Ian Miller

Advisor

• Mr. Miller is an accomplished multi-industry founder and executive manager with experience spanning

Construction, FinTech, Consumer Electronics, Yachting, and Legal Cannabis in the US, Canada, and

• Europe. Most recently, Mr. Miller served as co-founder and CEO of Æther Gardens, one of the largest,

most sophisticated operators in the Nevada medical and adult-use cannabis marketplace. Mr. Miller brings to the Advisory Board broad multi-disciplinary experience, exacting science, a data-based management style, and a hands-on approach to legal cannabis based on prior successes.

26

Su Sugarbud Ga Garlic-Z Z Ba

Batch# # - 19 19GZ01-RD RD

Su Sugarbud GG4 GG4 Ba

Batch# # - 19 19GG01-RD RD

Legal Counsel

Stikeman Elliott LLP

Bank

ATB Financial 600, 444 – 7th Avenue SW, Calgary, Alberta T2P 0X8

Address

# 620, 634 6th Avenue SW Calgary, Alberta, Canada T2P 0S4

Auditor

Meyers Norris Penny LLP 1500, 640 – 5th Avenue SW Calgary, Alberta T2P 3G4

Investor Relations

Gary Perkins, President, Tekkfund Capital Corp. Tel: (416) 882-0020 E-mail: garyperkins@rogers.com

Transfer Agent

Computershare Trust Company of Canada 600, 530 – 8th Avenue SW Calgary, Alberta T2P 3S8

Website

www.sugarbud.ca

Stock Symbol

TSX-V: SUGR TSX-V: SUGR.WT

27

Co Conta tacts ts a and S Service P Providers