TSX:LEAF

Investor Presentation
December 2017
Top Licensed Producer

Price Close (Dec 7, 2017): $15.47 Market Capitalization: $1.5 billion Basic and F.D. Shares: 94.1/101.4 million
Forward-Looking Information
This Presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon the Company’s current internal expectations, estimates,
projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”,
“intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will”
happen, or by discussions of strategy. Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact.

Forward-looking information in this Presentation is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future
developments, as well as other factors that we believe are appropriate and reasonable in the circumstances as at the date hereof. Despite a careful process to prepare and review the forward-looking information,
there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. In particular, we have made assumptions in respect of the build-out of the Bradford Facility; our
competitive advantages; the expected legalization of cannabis use in Canada; the growth of our business and expansion into new markets; the development of new products and product formats for our cannabis-
based pharmaceutical products; our ability to retain key personnel; our ability to continue investing in our infrastructure to support our growth; our ability to obtain and maintain financing on acceptable terms; the
impact of competition; the changes and trends in the medical cannabis industry; and changes in laws, rules and regulations.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date hereof, are subject to known and unknown
risks, uncertainties, assumptions and other factors that may cause the actual actions, events, results, performance or achievements to differ materially from what is projected in forward-looking information,
including but not limited to the risks described in greater detail in the section entitled “Risk Factors” in our most recent annual information form available on SEDAR at www.sedar.com.

Although we have attempted to identify important factors that could cause actual actions, events, results, performance or achievements to differ materially from those described in forward-looking information,
there may be other factors not presently known to us or that we presently believe are not material that may cause actions, events, results, performance or achievements to differ from those anticipated, estimated
or intended. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking information prove incorrect, actual actions, events, results, performance or
achievements may vary materially from those expressed and implied by such statements contained in this Presentation. The purpose of forward-looking information is to provide the reader with a description of
management’s expectations, and such statements may not be appropriate for any other purpose. Accordingly, readers should not place undue reliance on forward-looking information. Although the Company
believes that the expectations reflected in statements containing forward-looking information are reasonable, it can give no assurance that such expectations will prove to be correct. The Company disclaims any
obligation to update any forward-looking information, whether as a result of new information or future events or results, except to the extent required by applicable securities laws.

Non-IFRS Measures
This Presentation refers to certain non-IFRS financial measures including Adjusted Product Contribution Margin, Cash Cost Per Gram Sold and Adjusted EBITDA (i.e., Adjusted Earnings Before Interest, Tax,
Depreciation and Amortization). See the section entitled “Non-IFRS Measures” in our Management’s Discussion and Analysis for the quarter ended September 30, 2017 available on SEDAR at www.sedar.com.
These measures are not recognized measures under IFRS, 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 additional information regarding the Company’s results of operations from management’s
perspective. Accordingly, non-IFRS measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.

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Setting the standard: Our Strategy

PHARMACEUTICAL BREWERY BEVERAGE CONSUMER PRODUCTS

Winners emerge and dominate

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Decisions that set the standard

Quality assurance CANADIAN MEDICAL DRIED CANNABIS MARKET SHARE

Total volume sold for the twelve month period ending June 20171
Patient-centric approach
79 Licenses2
Analytically-driven operations 18%
Ongoing innovation MedReleaf

Producing premium cannabis

82%
Rest of the
Licensed Producers
1) Source: Health Canada (most recent available data) and MedReleaf
2) Licenses held by producers as of December 7, 2017

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 Setting the standard: Performance

CASH COST PER GRAM

GRAMS PRODUCED PER SQUARE FOOT1 $3.50

$3.00

$2.50

$2.00
~ 300g $1.50

CASH COST PER GRAM1 $1.00

$1.46
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
F16 F16 F16 F17 F17 F17 F17 F18 F18

1) For the three months ended September 30, 2017

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 High growth with strong margins
DRIED CANNABIS EXTRACTS
Revenue Volume
($ millions) (kilograms) $8.31
AVG. PRICE PER GRAM
$9.34
AVG. PRICE PER GRAM
$13.97
AVG. PRICE PER GRAM
40.3
3,668

109% 117%
46%
$1.46
CASH COST PER GRAM
4%
2,208

$6.75
19.6 20.3
19.3
1,689
1,508
ADJ. CONTRIBUTION
MARGIN PER GRAM

F2016 F2017 H1F17 H1F18 F2016 F2017 H1F17 H1F18

70%+
Dried Cannabis Other Extracts ADJ. PRODUCT CONTRIBUTION MARGIN
Revenue and volume shipped for fiscal year ending March 31 and six months ending September 30 (THREE MONTHS ENDED SEPTEMBER 30, 2017)

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 Focused on profitability

STRONG ADJ. EBITDA GENERATION AVERAGE CONSUMPTION

($ millions)
13.9

National 0.75
s
GRAMS PER DAY

8.1

MedReleaf 1.35
4.6 GRAMS PER DAY

2.6

1.8x
NATIONAL CONSUMPTION AVERAGE
F2016 F2017 H1F17 H1F18
National average based on Health Canada reports from January 1, 2017 to March 31, 2017 (the most recent
information available from Health Canada). MedReleaf average from January 2017 to March 2017. Assumes
Adj. EBITDA for the fiscal year ending March 31 and the six months ending September 30 that the national average remained the same for the period of January 2017 to March 2017.

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55,000
sq. ft. facility

23,500
sq. ft. in cultivation

7,000
kg/yr capacity

Markham facility
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 Facility expansion

CULTIVATION CAPACITY (KG/YEAR)

Bradford First 35,000

Bradford Facility
Harvest
Completed Total ▪ 4x Markham
Jul 2017 ▪ 210,000 sq. ft.
Sales licence
Nov 2017
28,000
$40.3 million
Revenue in 12,600 Total
F2017
5,600 R&D LABS

7,000 7,000 7,000

INDUSTRIAL KITCHEN
MARKHAM MARKHAM + MARKHAM +
BRADFORD BRADFORD
(CURRENT) (FULL CAPACITY) PHARMACEUTICAL MANUFACTURING

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Business Overview

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Indoor
LIGHT

CO2 NUTRIENTS

HUMIDITY PRUNING

TEMPERATURE
MAXIMUM FORMATION
CONTROL

Higher quality Premium pricing

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Quality assurance
Fully-integrated cannabis producer, processor and distributor

400+
Only cannabis company in Canada

ISO 9001
CERTIFIED
& QUALITY
CONTROL

ICH-GMP
COMPLIANCE CERTIFICATION
CHECKS

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 Patient centric

PATIENT SAFETY PATIENT-DRIVEN FAST AND CONVENIENT

• third-party tested for over 300
pesticides and other contaminants
• exclusive locking container
PRODUCT DEVELOPMENT DELIVERY
• 1,000s of completed patient surveys • same day shipping
• patient-centric strain development • same day delivery in the GTA

89% customer satisfaction

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Accessing channels, not just patients
Chronic condition + payor

Veterans (PTSD) Healthcare spending accounts

Employee benefit plans

Deploying analytics to identify high lifetime value patients

whose conditions are shown to benefit from cannabis
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Ongoing innovation: A science-driven approach

Serving patients better Plant & process productivity

INNOVATE

1,000s
of data records collected over
Plant genetics
Plant molecular biology
Bioprocess engineering

10 years Food science and

nanotechnology
Clinical microbiology
and biochemistry
Clinical research

ITERATE

University of Toronto Hamilton Health Sciences University of Waterloo Sunnybrook Health Sciences Centre

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Our portfolio: Producing premium cannabis

Proprietary 1st place awards

genetics Top Licensed Producer
Tikun Olam® lines (2017)
Top Indica Top High CBD
Seed bank (2017, 2015) (2017, 2016, 2015, 2014)
Breeding program Product lines Top Sativa Top High CBD Oil
(2016) (2017)
20+ dried products Top High THC Flower

6 oil products (2017)

2nd Place Awards (2017)
4 capsule products Top Customer Service
Top Compassionate Pricing
1 topical cream Top Packaging
Top Hybrid

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Growth drivers

MEDICAL NEW PRODUCTS RECREATIONAL INTERNATIONAL

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 Medical market is poised to grow tenfold

Market growth Increasing Physician Education:

ANNUAL CANADIAN MEDICAL First Pharmacogenetics-Based Cannabis Compatibility Test
CANNABIS MARKET
$1.3 B PRESCRIBING ReleafDXTM
10-15%

?
DOSAGE

$363 M

Q217 2024
~75,000
?
STRAIN

Annualized*
NON-PRESCRIBING
*Based on Health Canada reported volume for the 3 months ending June at $7.50/gram

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First licensed producer in Canada with an
oil-capsule product and topical cream
MEDRELEAF EXTRACTS Precise dosing
% of Sales for patients and
18% physicians

Avidekel
Midnight
3% Sedamen
Luminarium
Q3 F17 Q2F18

Proven ability to launch novel new products

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$5-9 B
Canadian recreational
market opportunity

FREQUENT USERS OCCASIONAL USERS

BRAND X BRAND Y BRAND Z

Data driven and expert advised

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 Germany
Participating in the
next phase of the
domestic cultivation
licensing process

Exporting our expertise

Focused on international partnerships that leverage our strategic value
in order to replicate our Canadian success
Brazil
Completed first
ICH-GMP certified
commercial export
and the country’s
first import of
cannabis-oil Australia
Partners have
received cannabis
cultivation and
production licence

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Management
Neil Closner Igor Gimelshtein Donald Courtney
Chief Executive Officer Chief Financial Officer Chief Operating Officer
• 20 years of start-up, technology, and • Over 7 years in private equity and investment • Over 20 years of global operations and
healthcare experience banking supply chain experience in the wine, food,
• Former VP of Business Development at • Former VP at Birch Hill Equity Partners, a CPG and technology sectors.
Mount Sinai Hospital leading private equity firm in Canada • Previously at Vincor International, Pepsi
• Chairman of the Board of Cannabis Canada Canada, and Mars Incorporated; served as
Association COO of LG Electronics Canada

Eitan Popper Angelo Fefekos Darren Karasiuk

President
• Over 15 years of international partnerships,
large scale project development, and
engineering experience
• Oversees infrastructure and cultivation
Vice President, Clinical Affairs and
Quality Compliance
• Over 10 years experience in quality
assurance and laboratory technology
• Previously managed a division of Diagnostic
Medical Genetics and Allograft Technologies
at Mount Sinai Hospital
Vice President, Strategy
• Over 15 years of insight generation,
marketing strategy and public affairs
experience
• Previously VP, Insights and Advisory at
Deloitte where he was a leader in the
cannabis practice

Management owns 7.8%1

1Based on 101.4 million fully diluted shares outstanding

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Setting the standard

PHARMACEUTICAL BREWERY BEVERAGE CANNABIS

Winners emerge and dominate

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Investor Presentation
December 2017