The Revised MD&A supersedes the previous MD&A for the same period (the “Original MD&A”).

The Ontario Securities Commission (the “OSC”), in connection with a staff review of the Company’s filings requested the below revisions to the Original MD&A.

The Revised MD&A provides additional disclosures related to the Company’s operations in the United States cannabis industry and provides further guidance on the regulatory regimes of each of the Company’s respective states of operation. These additional disclosures were included to conform to the guidance provided in CSA Staff Notice 51-352 (Revised) – Issuers with U.S. Marijuana-Related Activities (the “Staff Notice”).

The Revised MD&A includes enhanced disclosure regarding each of the Company’s material assets and investments in the United States, including describing whether each asset or investment constitutes “direct”, “indirect” or “ancillary” involvement in the United States marijuana industry (as such concepts are defined in the Staff Notice). The Revised MD&A also includes disclosures regarding the regulatory framework in each United States jurisdiction in which the Company operates, as well as disclosures regarding its compliance with applicable laws and regulatory requirements in such jurisdictions. The Revised MD&A includes a description of the Company’s systems for monitoring compliance with applicable laws and the regulatory requirements in each applicable United States jurisdiction. The Company, in this disclosure, has expanded the risk factor disclosure relating to the Company’s involvement in the United States cannabis industry.

The Revised MD&A also includes updates and clarifications regarding the Company’s Financial Statements for the nine months ended April 30^th, 2018.

Other than as expressly set forth above, the Revised MD&A does not reflect any events that occurred after the date of the filing of the Original MD&A.

The Revised MD&A was filed simultaneously with this press release on SEDAR at www.sedar.com.