TSX: VLNSOTCQX:VLNCF

JANUARY 2021

THEVALENSCOMPANY.COM

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NOTICE TO RECIPIENT

This presentation (the “Presentation”) of The Valens Company Inc. (the “Company,” “The Valens Company” or “Valens”) is an overviewonly and does not contain all the information that a prospective investor may require to make investment decisions. ThisPresentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy any securities of theCompany. In making an investment decision, investors must rely on their own examination of the Company, including the meritsand risks involved.

FORWARD-LOOKING STATEMENTS

This Presentation contains forward-looking statements and forward-looking information. Often, but not always, forward-lookingstatements 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 ofsuch words and risks, uncertainties and other factors which may cause the actual results, performance or achievements of theCompany 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 operationsof the Company; (C) anticipated timing for the availability of the Company’s products to market and expected sale prices; (D)expectedgrowth in the number of users of medical and recreational marijuana anticipated; and (E)the expansion of the Company’s business intoother 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 whichmay prove to be incorrect, including, but not limited to: expectations regarding the ability of the Company to raise capital and growthrough acquisitions; growth strategy, joint venture, other commercial opportunities and the ability of the Company to carry out itsstated 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 differmaterially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-lookingstatements. The forward-looking statements and information contained in this Presentation are expressly qualified in theirentirety by this cautionary statement.

The forward-looking statements and information included in this Presentation are made as of the date of this Presentation and theCompany assumes no obligation to update such forward-looking statements to reflect new information, subsequent events orotherwise unless required by applicable securities legislation.

CAUTIONARY NOTE REGARDING FUTURE-ORIENTED FINANCIAL INFORMATION

To the extent any forward-looking statement in this Presentation constitutes “future-oriented financial information” or “financialoutlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate theanticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and thereader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financialinformation and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptionsand subject to risks as set out above under the heading “Forward-Looking Statements”. The Company’s actual financial position andresults of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue andexpenses may differ materially from the revenue and expenses profiles provided in this presentation. Such information is presentedfor 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 sourcesbelieved by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any ofthe data from third-party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon orreferred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not makeany 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 IF RSand may not be comparable to similar measures presented by other companies. Management defines adjusted EBITDA as loss andcomprehensive 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 includingimpairment losses. Management believes adjusted EBITDA is a useful financial metric to assess its operating performance on anadjusted basis as described above. A description of these financial measures, including a reconciliation of such measures, to the extentpossible, against the most directly comparable I F RS measure, can be found on page 11 of the management’s discussion and analysis ofthe Company for the three and six months period ended May 31, 2020.

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OUR MISSION IS TO BRING THE BENEFITS OF CANNABIS TO THE WORLD.

RECENT ANNOUNCEMENTS• Expanded international distribution

capabilities

• Valens Australia awarded licences to import and export cannabis-derived medical products

• Completed first successful shipment to Denmark for a research and development initiative

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BEST POSIT IONED TODAY,ACCELERATING INTO TOMORROW CANNABIS PROCESSING AND NEXT GENERATION PRODUCT CAPABILITIES DRIVE OUR ADVANTAGE

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BECOMING A GLOBAL ONE-STOP SHOPProviding a full suite of manufacturing capabilities with the ultimate ability to distribute products globally to adapt to evolving consumer and customer demand

OPERATING WITH GLOBAL STANDARDSReadying our business model for exportation to high value international markets

PROVIDING UNIQUE, CUSTOMIZED OFFERINGSFurther developing our unique, IP-based product technology platform offering customized manufacturing services

PREPARING FOR THE GROWING MARKETIncreasing and improving custom manufacturing capabilities to keep up with expected demand for cannabis derivative products

BUILDING REPUTATIONGaining more partnerships and establishing The Valens Company as the trusted partner of choice by various leading international brands and Consumer Packaged Goods (CPG) companies

9%

42%

23%

11%

9%6%

OUR BEL IEFTHE MARKET WILL BE DOMINATED BY OIL-BASED PRODUCTS

Source: Cowen and Company, cannabis

equity research report dated February 24, 2020

(US Market Share).*Valens’ forward-looking

prediction in the short-term based on market

research

OIL-BASED PRODUCTS

FLOWER- BASED PRODUCTS

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65%35%

2017

51%49%

2019

25%

75%

FUTURE*

EDIBLES

CONCENTRATES

VAPE PENS

OTHERPRE-ROLLS

FLOWER

CAPSULES TINCTURES VAPES BEVERAGES CONCENTRATES TOPICALS EDIBLES

COMING SOON

*Sourced from company presentations, websites and news releases. As at December 31, 2020.

THE VALENS ADVANTAGE

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LEADING THE CANADIAN CANNABIS 2.0 MARKET WITH A FULL SUITE OF MANUFACTURING CAPABILITIES

GROWING RETAIL MARKET

Canadian Annualized Retail Sales (C$,B)

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Source: Statistics Canada, Headset*Annualized sales based on daily retail sales data in October from Statistics Canada.

INCREASED OPPORTUNITY FOR 2.0-FOCUSED COMPANIES LIKE THE VALENS COMPANY

$0M

$20M

$40M

$60M

$80M

$100M

$120M

$140M

$160M

$180M

Au

g-1

9

Sep

-19

Oct

-19

Nov

-19

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-20

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

Flower-based Products Oil-based Products

Flower-based and Oil-based Product Sales in AB, BC and ON (C$,M)

Post 2.0

Pre 2.0

$3.2B*Annualized Revenue

+1KRetail Stores

9Product Segments

$0.00B

$0.50B

$1.00B

$1.50B

$2.00B

$2.50B

$3.00B

$3.50B$3.2B*

~$5.0B

~$5.0B

~$2.5BPOTENTIAL SIZE OF

OIL-BASED WHOLESALE MARKET UP FOR GRABS

BETWEEN LPS AND MANUFACTURERS*

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PROJECTED CANADIAN RETAIL CANNABIS MARKET OPPORTUNITY

Source: Cantor Fitzgerald, Projecting Canada based on the Colorado trajectory, consumer/cannabis equity research report dated June 21, 2020.*C$,B. Used only for illustrative purposes, implies conservative wholesale retail markup of 100% for retailers

CANADA COULD BE AT $10B+ IN SALES IN 2024 BASED ON COLORADO’S GROWTH TRAJECTORY

$10B+2024*

OIL-BASED PRODUCTS

FLOWER- BASED PRODUCTS

POTENTIAL

MARKET SHARE

IMPLIED

REVENUE

OPPORTUNITY

10% $250MM

20% $500MM

30% $750MM

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

CULTIVATION EXTRACTION

PURIFICATION

FORMULATION

PRODUCT MANUFACTURING

BRANDING RETAIL& SALES

VALENS IN THE VALUE CHAINUNLOCKING HIGHER MARGINS FOR OUR CUSTOMERS

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VALENS’ OPERATIONS

DRIED CANNABIS OR HEMP

OIL EXTRACTION

CRUDE OILOIL

WINTERIZATION

OIL REFINEMENT(DISTILLATE)

CHROMATOGRAPHY/ SEPARATION

(ISOLATE)

EXTRACTIONCONCEPT IS SIMPLE, QUALITY EXECUTION IS COMPLEX

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EXPERTISE THAT DIFFERENTIATESDIVERSITY CREATES COMPETITIVE ADVANTAGE

Capsules, Tinctures, Vapes, Topicals,

Beverages, Edibles and Others

Capsules, Tinctures, Vapes, Topicals,

Beverages, Edibles and Full Spectrum

Concentrates, Vapes, Shatter/Wax,

Crumble/Live Resin, Full Spectrum

Rosin, Hash, Full Spectrum

Add back for experience, flavour

and smell

SUPER/SUB CRITICAL CO2

ETHANOL HYDROCARBONSOLVENT-LESS TERPENE

L E S S C O M M O D I T I Z A T I O N

O N E S I Z E D O E S N O T F I T A L L : H I G H Q U A L I T Y P R O D U C T S N E E D C U S T O M I Z E D P R O C E S S E S

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PHASE 1 $

PHASE 2$$

PHASE 3 $$$

BUSINESS STRATEGYDELIVERING SUSTAINABLY STRONG EBITDA MARGINS THROUGH THE CYCLE

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EXTRACTION

Util ize technical expertise to develop unique product portfolio and maximize margins

CUSTOM MANUFACTURING

GLOBAL CUSTOM MANUFACTURINGGenerate global revenue and high margins in large markets by leveraging experience and best practices

High margin and low risk entry into market through accelerated scale-up

EXTRACTION EXPERTISE FACIL ITATES ROLL-OUT OF BESPOKE MANUFACTURING

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A ONE-STOP-SHOP FOR LEADING LPS AND CPG/BRANDED COMPANIES

N E X T G E N E R A T I O N P R O D U C T D E V E L O P M E N TH I G H Q U A L I T Y E X T R A C T I O N

EXTRACTION EXTRACTION & MANUFACTURING

WHITE LABEL & CUSTOM MANUFACTURING

+OTHERS

7THIRD-PARTY

BRAND HOUSES

12UNIQUE BRANDS

15LICENSED

PRODUCERS

64VAPE SKUS PRODUCED

185+SKUS PRODUCED ACROSS CANADA

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GROWING WITH THE MARKET

PORTFOLIO APPROACH

CUSTOMIZED USER EXPERIENCES NEED CUSTOMIZED PRODUCT FORMULATIONS

VALENS IP

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VALENS IS BUILDING A DIVERSE IP PORTFOLIO THAT SPANS ACROSS ALLT Y P E S OF PRODUCTS AND SERVICES

C O N C E N T R AT E S F O R M U L AT I O N S

T E S T I N GM E T H O D O L O G I E S

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

C A N N A B I N O I D A N D T E R P E N E I S O L A T I O N

CURRENTBEVERAGEPROBLEMS

VALENS’SOLUTION

S ōR S E B Y V A L E N SE M U L S I O N A N D C A N N A B I N O I D D E L I V E R Y

THIRD-PARTY PRODUCT DEVELOPMENT AND MANUFACTURING

Tinctures Two-piece caps

Soft gels Oral spray

VALENS 1.0CURRENTLY MANUFACTURING

VALENS 2.0PHASE I

CURRENTLY MANUFACTURINGPHASE IIH2 2020

Beverages

Concentrates

Vape pens and cartridges

Edibles

Topicals

More innovative products

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THE FUTURE OF CANNABIS CONSUMPTION

BRAND PARTNERS STRATEGICALLY BALANCED ACROSS CONSUMER & PRODUCT CATEGORIES

Cannabis Specialty Consumer 1Cannabis Mass Consumer 2

Health & Wellness, Medical 3

*Brand partners defined as unlicensed partners with launched products.

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C O N C E N T R A T E S H A S H P R E - R O L L S V A P E S O I L S E D I B L E S B E V E R A G E S D R I N K D R O P S T O P I C A L S / S O F T - G E L S

GAINING MARKET SHARE ACROSS KEY VERTICALS

In October, including both licensed and unlicensed customers, by unit volume Valens manufactured:

• 6 of the top 15 vape brands in Alberta

• 4 of the top 20 vape brands in Ontario

• 3 of the top 10 vape brands in British Columbia

LEADING CANADIAN VAPE MANUFACTURER

Source: OCS, Headset, The Valens Company

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17.7%

82.3%

15.2%

84.8%

September 2020 October 2020

VAPE UNITS SOLD THROUGH THE OCS THAT WERE MANUFACTURED BY VALENS

IP-BASED PRODUCTS TO STRENGTHEN COMPETITIVE ADVANTAGE AND MARGINS

FACIL ITY EXPANSION FOR WHITE LABEL AND CUSTOM MANUFACTURING

Crude, Distillate, Full Spectrum, Isolate, Formulation and

Emulsion

Cannabis Processing and Small-Scale White Label

Crude, Distillate, Full Spectrum, Isolate,

Formulation and Emulsion

Cannabis Processing

Capsules, Tinctures, Vapes, Sprays, Topicals and Small-Scale

Beverage Filling

White Label and Custom Manufacturing

Formulation, Emulsion, Beverage/Edible Co-packing

Most output leaving as bulk oil Most output leaving as a consumer packaged good

TODAY 2020

230 Carion (K1)230 Carion (K1)+ 180 Carion (K2) GTA Facility

+

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TESTINGWE ARE SETTING THE STANDARD

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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” B Y

Market Cap: 191B**As at January 6, 2021

ACTION PLAN12 MONTH STRATEGY

DELIVER ON EXISTING CONTRACTSOptimize existing capacity to maximize margin

LAUNCH NEXT GENERATION

PRODUCTSBuild IP portfolio with

differentiated product offering

1 2

3

KELOWNA + GTA EXPANSIONSpeed to market to maintain advantage

GLOBAL EXPANSIONTarget markets and

opportunities that maximize ROI, and export globally with EU

GMP certification

4

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INTERNATIONAL EXPANSIONADVANCED DISCUSSIONS IN KEY MARKETS GLOBALLY

GLOBAL MEDICAL MARKET ALONE ESTIMATED AT $180B ANNUALLY IN 10-20 YEARS*

C U R R E N T A R E A SO F I N T E R E S T

C U R R E N T F A C I L I T I E S

P E N D I N G F A C I L I T I E S

A U S T R A L I A

U N I T E D S T A T E S

E U

B R A Z I L

C O L O M B I A

P E R U

U R U G U A Y

ME X I C O

C B D

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L O N G T E R M A R E A S O F I N T E R E S T

*Source: Eight Capital Research

BOLTON, ON

KELOWNA, BC

K1 K2

F INANCIALS & OUTLOOKFIRMLY INTO OUR CUSTOM MANUFACTURING AND WHITE LABEL GROWTH PHASE; FOCUSED ON UNLOCKING SHAREHOLDER VALUE

*As at December 31, 2020Source: Company Filings, S&P Capital IQNote: 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 CMOcohort includes: Tate & Lyle PLC, J&J Snack Foods Corp., TreeHouse Foods Inc., Hilton Food Group PLC. CanadianCannabis Peers refer t o cohort on next slide.

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CAPITALIZATION TABLE(In CAD$MM, Unless otherwise noted)Share Price as of December 31, 2020 $1.65Basic Shares O/S 128.4Fully Diluted Shares O/S 129.8Equity Value 214.2Cash and Cash Equivalents 30.3ITM Securities 1.2Debt 19.5Enterprise Value 202.3

Average Analyst Estimates* 2020 2021 2022Revenue 90.2 139.6 195.5Adjusted EBITDA 19.7 30.9 52.0EPS -$0.05 $0.05 $0.17

Implied Multiples* 2020 2021 2022Valens EV/EBITDA 10.5x 6.7x 4.0xPharma CMO Average EV/EBITDA* 16.6x 14.6x 13.4xPackaged Foods CMO Average EV/EBITDA* 20.2x 12.5x 11.2xCanadian Cannabis Peer Average EV/EBITDA* 39.7x 56.8x 31.6x

Analyst Target Price*Average (10 Analysts) $4.22Implied Return Potential 156%

$16.5

$30.6 $32.0

$17.6 $18.1

$9.8

$17.7

$14.3

$2.7$1.4

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

REVENUE (MM) EBITDA (MM)

26

9

36

56

0

10

20

30

40

50

60

Q3'19 Q4'19 Q1'20 Q2'20 Q3'20

SKUs PRODUCTION (MM of grams)

APPENDIX : ANALYST OUTLOOK

Broker Date Rating Target ($C)

ATB Financial November 19, 2020 Outperform $4.00

Canaccord Genuity November 19, 2020 Speculative buy $6.00

Desjardins Securities November 19, 2020 Buy $4.00

Haywood Securities October 15, 2020 Buy $3.50

M Partners October 15, 2020 Buy $5.00

Mackie Research Capital October 19, 2020 Buy $5.00

Raymond James October 15, 2020 Market perform $3.50

RBC Capital Markets October 15, 2020 Outperform $3.25

Stifel GMP November 20, 2020 Buy $3.75

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Tyler Robson, B.A. & Sc.Chair of the Board, Chief Executive Officer & Co-founderMr. Robson has worked extensively over the last decade incannabis science, focusing on R&D, proprietary extractionprocessing and medical application. He attended the University ofSaskatchewan, graduating with a Bachelor of Arts & Sciencesdegree specializing in biology, before returning to Kelowna topursue his passion for the cannabis industry. Mr. Robson joinedThe Valens Company in 2012, moved from the role of COO to CEOin 2017, and has since significantly scaled operations and increasedprofitability, leading to the Company’s ability to capture marketshare and lead the industry as a major player in the supply chain ofleading Canadian and international brands.

Chris Buysen, MPAcc, CPA, CAChief Financial OfficerMr. Buysen has over 15 years of diverse financialexperience working as a senior financial executive with manypublic and private organizations in a wide range of industries.During this time, he was responsible for internal and externalfinancial reporting, strategic planning, treasury, tax, informationtechnology, human resources, financial controls and corporategovernance.

Chantel PopoffChief Operating OfficerMs. Popoff has over a decade of experience in managing21+ Western Canadian retail pharmacy chains, includingShoppers Drug Mart. After her time in pharma, she spent over 6years in senior managerial roles in the Canadian natural healthfood industry.

Jeff Fallows LLB/MBA, CFAPresidentMr. Fallows is an accomplished finance professional with over18 years experience working on a wide range of financialtransactions in the cannabis, consumer products and industrialproducts industries. He spent the last 10 years working with anumber of cannabis companies to raise capital and has advisedon some of the largest transactions in the sector. Prior to joiningThe Valens Company, Mr. Fallows worked as a Managing Directorat AltaCorp Capital Inc.

Everett Knight, CFAEVP, Corporate Development and Capital MarketsMr. Knight holds over a decade of experience inPortfolio Management and Private Equity. At Matco Financial, helaunched the first ever institutional long only cannabis mandate inCanada and managed a small cap fund, ranked first in its category.He is known for his thought leadership and expertise inanalyzing, lobbying, investing, advising, and consultingthroughout the cannabis value chain.

Paul Kunynetz, J.D.General CounselMr. Kunynetz practiced law at McCarthy Tétrault in Toronto prior tojoining The Valens Company, where he gained extensiveexperience working on high-profile and complex transactions. Hispractice focused on mergers and acquisitions,franchisee/distribution, commercial transactions and privateequity with an emphasis on the automotive and cannabisindustries.

APPENDIX : KEY MANAGEMENT

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APPENDIX : BOARD OF DIRECTORS

Tyler Robson, B.A. & Sc.Chair of the Board, CEO and Co-founderMr. Robson has over a decade of experience in the cannabis industry,with expertise in plant genetics and extraction processes. Hiscontributions and thought leadership in the industry have led torecognition from the Kelowna Chamber of Commerce andMarijuana Venture Magazine.

Ashley McGrathDirector, President & Owner of Glencoe Developments Inc.Mr. McGrath has been involved in real estate development for 14years, overseeing all aspects of the development business andoversees the management of multiple development companies inthe commercial, residential and agricultural space.

Deepak AnandDirector, Co-Founder & CEO of Materia VenturesMr. Anand is known as global leader in the cannabis sector for hisregulatory, political and industry knowledge. Prior to starting Materia,he was the VP of Business Development & Regulatory Affairs atCannabis Compliance Inc.

Andrew Cockwell, LL.B.Managing Partner, Ursataur Capital ManagementMr. Cockwell holds a breadth of experience providing financial andlegal advisory services in a variety of complex business contexts acrossa wide range of industries, in addition to a track record of fosteringvalue creation for both private and public companies.

Nitin Kaushal, CPA, CAPresident, Anik Capital Corp.Mr. Kaushal has over 30 years of finance and investment expertiseincluding having held a number of senior roles within Canadianinvestment banks, private equity and the venture capital industry.

Karin A. McCaskill, LL.B.Former SVP, General Counsel & Corporate Secretary of Empire Company Limited and Sobeys Inc.Ms. McCaskill has been recognized for various achievements within thelegal community. In her fifteen-year career at Empire and Sobeys, shegrew and lead a national legal services team, and provided legalleadership on various high-profile transactions.

ADVISORS

Phil DonnePast President/CEO of Campbell Company of Canada, Past CEO ofKellogg CanadaMr. Donne brings over 30 years of international brandmanagement, re-structures and bold brand and communicationinitiatives including the launch of Vector cereal (the largest newcereal product in 20 years).

Brett ChannerCEO of Mass Minority, Past CEO of Saatchi + SaatchiMr. Channer has over 25 years of marketing industryexperience. He was responsible for leading Saatchi Canada to“Most Improved Agency in Canada,” as well as one of the Top 10creative agencies in Canada and becoming one of the topperforming agencies for growth in the Saatchi Network.

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APPENDIX :

Source: Company Filings, S&P Capital IQ as at December 31 , 2020; shares outstanding based on most recent quarterly financials and adjusted for shareissuance transactions and other significant publicly disclosed transactions.

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COMP TABLE

SHARE EQUITY ENTERPRISE EBITDA EPS EV/EBITDA P/EPRICE 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 LPsCanopy Growth Corporation C$31.32 $11,659 $10,828 -$353 -$176 $53 -$1.97 -$0.84 -$0.17 nmf nmf 203.2x nmf nmf nmfAurora Cannabis Inc. C$10.60 $1,947 $2,303 -$99 $17 $75 -$21.17 -$1.08 -$0.47 nmf 131.9x 30.9x nmf nmf nmfTilray, Inc. US$8.26 $1,419 $1,863 -$42 $17 $51 -$2.28 -$0.72 -$0.20 nmf 111.5x 36.3x nmf nmf nmfAphria Inc. C$8.80 $2,790 $2,856 $36 $129 $197 -$0.42 -$0.01 $0.25 78.7x 22.1x 14.5x nmf nmf 35.4xCronos Group Inc. C$8.84 $3,196 $1,473 -$157 -$105 -$58 $0.04 -$0.30 -$0.21 nmf nmf nmf 196.8x nmf nmfOrganiGram Holdings Inc. C$1.69 $392 $436 -$30 $8 $28 -$0.79 -$0.07 $0.01 nmf 56.8x 15.6x nmf nmf 264.1xHEXO Corp. C$4.67 $570 $512 -$8 $11 $25 -$1.58 -$0.07 -$0.02 nmf 46.9x 20.2x nmf nmf nmfAVERAGE 78.7x 73.8x 53.5x 196.8x nmf 149.7x

Mid Cap LPsVillage Farms International, Inc. C$12.89 $868 $845 $17 $61 $110 $0.15 $0.70 $1.38 50.1x 13.9x 7.7x 84.8x 18.3x 9.3xSundial Growers Inc. US$0.47 $567 $667 -$27 -$12 $0 -$0.70 -$0.10 -$0.02 nmf nmf nmf nmf nmf nmfThe Supreme Cannabis Company, Inc. C$0.16 $78 $138 -$14 $8 n.a. -$0.24 -$0.05 n.a. nmf 16.7x nmf nmf nmf nmfZenabis Global Inc. C$0.05 $42 $164 n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf nmf nmfThe Flowr Corporation C$0.33 $94 $184 -$17 $0 $14 -$0.27 -$0.11 -$0.05 nmf nmf 13.4x nmf nmf nmfWeedMD Inc. C$0.25 $52 $101 -$18 $16 n.a. -$0.06 $0.03 n.a. nmf 6.4x nmf nmf 8.2x nmfThe Green Organic Dutchman Holdings C$0.24 $114 $156 -$30 $1 $6 -$0.37 -$0.03 -$0.01 nmf 171.2x 26.0x nmf nmf nmfAVERAGE 50.1x 52.0x 15.7x 84.8x 13.3x 9.3x

Small Cap LPsEmerald Health Therapeutics, Inc. C$0.20 $41 $0 n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf nmf nmfDelta 9 Cannabis Inc. C$0.51 $52 $83 $4 $11 n.a. n.a. $0.01 n.a. 19.5x 7.3x nmf nmf 51.0x nmfVIVO Cannabis Inc. C$0.13 $43 $42 n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf nmf nmfDecibel Cannabis Company Inc. C$0.07 $24 $65 n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf nmf nmfHarvest One Cannabis Inc. C$0.07 $14 $17 n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf nmf nmfAVERAGE 19.5x 7.3x nmf nmf 51.0x nmf

Extraction CompaniesThe Valens Company C$1.65 $213 $207 $20 $31 $52 -$0.05 $0.05 $0.17 10.5x 6.7x 4.0x nmf 34.1x 10.0xMediPharm Labs Corp. C$0.53 $82 $76 -$22 $3 $28 -$0.31 -$0.07 $0.05 nmf 24.3x 2.7x nmf nmf 11.4xNeptune Wellness Solutions Inc. C$1.98 $257 $252 -$52 $2 $57 -$0.69 -$0.31 $0.13 nmf 122.1x 4.4x nmf nmf 15.7xRadient Technologies Inc. C$0.09 $29 $45 n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf nmf nmfAVERAGE 10.5x 51.0x 3.7x nmf 34.1x 12.3x

AVERAGE ALL 39.7x 56.8x 31.6x 140.8x 27.9x 57.6xMEDIAN ALL 34.8x 24.3x 15.0x 140.8x 26.2x 13.5x

CONTACT USTORONTO

KELOWNA

96 Spadina Ave, Suite 400Toronto, ON

230 Carion RdKelowna, BC

EMAIL

PHONE

IR@TheValensCompany.com

1 647.956.8254

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