FEBRUARY 2021 TSX: VLNS OTCQX:VLNCF

THEVALENSCOMPANY.COM NOTICE TO RECIPIENT

This presentation (the “Presentation”) of The Valens Company Inc. (the “Company” or “The Valens Company” or “Valens”) is an overview only and does not contain all the information that a prospective investor may require to make investment decisions. This Presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy any securities of the Company. In making an investment decision, investors must rely on their own examination of the Company, including the merits and risks involved. This presentation is confidential and contains confidential information and distribution of this presentation may also be restricted or prohibited by law. Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitions.

FORWARD LOOKING STATEMENTS

This Presentation contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often but not always using phrases such as "expects", "is expected", "anticipates", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends", or variations of such words and phrases (including negative and grammatical variations), or stating that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements and are intended to identify forward-looking statements.

By their nature, forward-looking statements are based on assumptions and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or developments in the Company’s industry, to be materially different from any future results, performance or achievements, or industry developments, expressed or implied by the forward-looking statements and information. These risks are described in the Company’s latest Annual Information Form for the year ended November 30, 2019 and Management’s Discussion and Analysis of the Company for the three and nine month period ended August 31, 2020 (the “MD&A”), each as filed with the Canadian securities regulatory authorities on SEDAR at www.sedar.com. Examples of forward-looking statements include, without limitation: (A) financial forecasts of the Company; (B) the intention to grow the business and operations of the Company; (C) anticipated timing for the availability of the Company’s products to market and expected sale prices; (D) expected growth in the number of users of medical and recreational marijuana anticipated in various regional and international markets; and (E) the expansion of the Company’s business into other 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 which may prove to be incorrect, including, but not limited to: expectations regarding the ability of the Company to raise capital and grow through acquisitions; growth strategy, joint venture and other commercial opportunities, including cannabis-related legal reform and regulatory changes with respect to the U.S. and other international markets, and the ability of the Company to capitalize on these opportunities through its stated 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 differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this Presentation are expressly qualified in their entirety by this cautionary statement. The forward-looking statements and information included in this Presentation are made as of the date of this Presentation and the Company assumes no obligation to update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

TSX: VLNS | OTCQX: VLNCF 2 Historical statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company. In particular, historical results of the Company should not be taken as a representation that such trends will be replicated in the future. No statement in this document is intended to be nor may be construed as a profit forecast.

CAUTIONARY NOTE REGARDING FUTURE-ORIENTED FINANCIAL INFORMATION

To the extent any forward-looking statement in this Presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to risks as set out above under the heading “Forward-Looking Statements”. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses may differ materially from the revenue and expenses profiles provided in this presentation. Such information is presented for 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 third-party sources. In preparing this Presentation, the Company has relied upon such data from certain of these sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data or conclusions from third-party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation or warranty as to the accuracy or completeness, or suitability for any given analytical purpose, of such data or conclusions and disclaims any liability to the recipient from the recipient’s use of any such report or source, or the data or conclusions therein, including those reproduced herein.

USE OF NON-GAAP MEASURES

Adjusted EBITDA is a non-GAAP measure used by management that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Management defines adjusted EBITDA as loss and comprehensive 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 including impairment losses. Management believes adjusted EBITDA is a useful financial metric to assess its operating performance on an adjusted basis as described above. A description of these financial measures, including a reconciliation of such measures, to the extent possible, against the most directly comparable IFRS measure, can be found starting on page 9 of the MD&A.

TSX: VLNS | OTCQX: VLNCF 3 OUR MISSION IS TO BRING THE BENEFITS OF CANNABIS TO THE WORLD.

RECENT ANNOUNCEMENTS

• Acquisition of leading Canadian edibles manufacturer, LYF Food Technologies Inc.

• Expected to close on or about February 18, 2021

• Closing of bought deal financing for total gross proceeds of $39.7 million

• Expanded product distribution capabilities with amended Health sales licence to sell dried cannabis products

• Reported fourth quarter and fiscal 2020 financial results

TSX: VLNS | OTCQX: VLNCF 4 BEST POSITIONED TODAY, ACCELERATING INTO TOMORROW CANNABIS PROCESSING AND NEXT GENERATION PRODUCT CAPABILITIES DRIVE OUR ADVANTAGE

BECOMING A GLOBAL ONE-STOP SHOP PREPARING FOR THE GROWING MARKET Providing a full suite of manufacturing Increasing and improving custom manufacturing capabilities with the ultimate ability to distribute capabilities to keep up with expected demand for products globally to adapt to evolving consumer extract-based products and customer demand BUILDING REPUTATION OPERATING WITH GLOBAL STANDARDS Gaining more partnerships and establishing The Readying our business model for exportation to Valens Company as the trusted partner of choice high value international markets by various leading international brands and Consumer Packaged Goods (CPG) companies PROVIDING UNIQUE, CUSTOMIZED OFFERINGS Further developing our unique, IP-based product technology platform offering customized manufacturing services

TSX: VLNS | OTCQX: VLNCF 5 OUR BELIEF THE MARKET WILL BE DOMINATED BY EXTRACT-BASED PRODUCTS

25%

35% 65% 49% 51% 75%

2017 2019 FUTURE*

OTHER PRE-ROLLS CONCENTRATES

6% 9% 9%

EXTRACT-BASED EDIBLES PRODUCTS 11% Source: Cowen and FLOWER Company, cannabis 42% equity research report FLOWER- BASED dated February 24, 2020 PRODUCTS (US Market Share). *Valens’ forward-looking 23% prediction in the short- VAPE PENS term based on market research

TSX: VLNS | OTCQX: VLNCF 6 THE VALENS ADVANTAGE LEADING THE CANADIAN CANNABIS 2.0 MARKET WITH A FULL SUITE OF MANUFACTURING CAPABILITIES

CAPSULES TINCTURES VAPES BEVERAGES CONCENTRATES EDIBLES TOPICALS

COMING SOON

*Sourced from company presentations, websites and news releases. As at January 29, 2021.

TSX: VLNS | OTCQX: VLNCF 7 GROWING RETAIL MARKET INCREASED OPPORTUNITY FOR 2.0-FOCUSED COMPANIES LIKE THE VALENS COMPANY

Flower-based and Extract-based Product Sales in AB, BC Canadian Annualized Retail Sales (C$,B) and ON (C$,M)

$4.00B $200M $3.5B* Post 2.0 $3.50B $180M $160M $3.00B $140M $2.50B $120M Pre 2.0 $2.00B $100M

$1.50B $80M $60M $1.00B $40M $0.50B $20M $0.00B $0M Jul-19 Jul-20 Jan-19 Apr-19 Oct-19 Oct-18 Jun-19 Sep-19 Feb-19 Mar-19 Nov-19 Dec-19 Nov-18 Dec-18 Jan-20 Apr-20 Oct-20 Aug-19 May-19 Jun-20 Jul-20 Sep-20 Feb-20 Mar-20 Oct-19 Nov-20 Dec-20 Sep-19 Aug-20 May-20 Nov-19 Dec-19 Jan-20 Apr-20 Oct-20 Aug-19 Jun-20 Sep-20 Feb-20 Mar-20 Nov-20 Dec-20 Aug-20 May-20

Flower-based Products Extract-based Products 9 +1K $3.5B* Product Segments Retail Stores Annualized Revenue

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

TSX: VLNS | OTCQX: VLNCF 8 PROJECTED CANADIAN RETAIL CANNABIS MARKET OPPORTUNITY CANADA COULD BE AT $10B+ IN SALES IN 2024 BASED ON COLORADO’S GROWTH TRAJECTORY

EXTRACT-BASED PRODUCTS ~$2.5B ~$5.0B POTENTIAL SIZE OF EXTRACT-BASED WHOLESALE MARKET UP FOR GRABS BETWEEN LPS AND MANUFACTURERS* $10B+ 2024* POTENTIAL IMPLIED REVENUE MARKET SHARE OPPORTUNITY ~$5.0B 10% $250MM 20% $500MM FLOWER- BASED 30% $750MM PRODUCTS

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

TSX: VLNS | OTCQX: VLNCF 9 VALENS IN THE VALUE CHAIN UNLOCKING HIGHER MARGINS FOR OUR CUSTOMERS

VALENS’ OPERATIONS PRODUCT BRANDING RETAIL MANUFACTURING & SALES

FORMULATION

PURIFICATION

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

CULTIVATION EXTRACTION

TSX: VLNS | OTCQX: VLNCF 10 EXTRACTION CONCEPT IS SIMPLE, QUALITY EXECUTION IS COMPLEX

DRIED CANNABIS CRUDE OIL OIL REFINEMENT CHROMATOGRAPHY/ OR HEMP OIL (DISTILLATE) SEPARATION WINTERIZATION (ISOLATE) OIL EXTRACTION

TSX: VLNS | OTCQX: VLNCF 11 EXPERTISE THAT DIFFERENTIATES DIVERSITY CREATES COMPETITIVE ADVANTAGE

LESS COMMODITIZATION

SUPER/SUB SOLVENT-LESS ETHANOL HYDROCARBON TERPENE CRITICAL CO2 Capsules, Tinctures, Rosin, Hash, Full Capsules, Tinctures, Concentrates, Vapes, Add back for Vapes, Topicals, Spectrum Vapes, Topicals, Shatter/Wax, experience, flavour Beverages, Edibles Beverages, Edibles Crumble/Live Resin, and smell and Full Spectrum and Others Full Spectrum

ONE SIZE DOES NOT FIT ALL: HIGH QUALITY PRODUCTS NEED CUSTOMIZED PROCESSES

TSX: VLNS | OTCQX: VLNCF 12 BUSINESS STRATEGY DELIVERING SUSTAINABLY STRONG EBITDA MARGINS THROUGH THE CYCLE

PHASE 1 EXTRACTION High margin and low risk entry into market $ through accelerated scale-up

PHASE 2 CUSTOM MANUFACTURING Utilize technical expertise to develop unique $$ product portfolio and maximize margins

GLOBAL CUSTOM MANUFACTURING PHASE 3 Generate global revenue and high margins in large $$$ markets by leveraging experience and best practices

TSX: VLNS | OTCQX: VLNCF 13 EXTRACTION EXPERTISE FACILITATES ROLL-OUT OF BESPOKE MANUFACTURING A ONE-STOP-SHOP FOR LEADING LPS, BRAND HOUSES AND CPG COMPANIES

EXTRACTION EXTRACTION & WHITE LABEL & CUSTOM MANUFACTURING MANUFACTURING

+ OTHERS

HIGH QUALITY EXTRACTION NEXT GENERATION PRODUCT DEVELOPMENT

*Slide represents both past and present customers of The Valens Company but is not inclusive of all customers that the Company does business with on an ongoing basis. TSX: VLNS | OTCQX: VLNCF 14 VALENS IP CUSTOMIZED USER EXPERIENCES NEED CUSTOMIZED PRODUCT FORMULATIONS

VALENS IS BUILDING A DIVERSE IP PORTFOLIO THAT SPANS ACROSS ALL TYPES OF PRODUCTS AND SERVICES

CANNABINOID AND TERPENE ISOLATION S ōRSE BY VALENS EMULSION AND CANNABINOID DELIVERY

CONCENTRATES FORMULATIONS

EXTRACTION CURRENT VALENS’ METHODOLOGIES BEVERAGE SOLUTION PROBLEMS

TESTING METHODOLOGIES

TSX: VLNS | OTCQX: VLNCF 15 THIRD-PARTY PRODUCT DEVELOPMENT AND MANUFACTURING THE FUTURE OF CANNABIS CONSUMPTION

VALENS 1.0 VALENS 2.0 CURRENTLY MANUFACTURING PHASE I PHASE II CURRENTLY MANUFACTURING 2021

Beverages Edibles Q1 2021

Tinctures Two-piece caps

Concentrates Topicals Q2 2021

Soft gels Oral spray Vape pens and + More innovative products cartridges

TSX: VLNS | OTCQX: VLNCF 16 THE VALENS COMPANY + LYF CREATING A LEADING CANNABIS CONSUMER PACKAGED GOODS PLATFORM IN CANADA

EXPERIENCED ACCRETIVE TEAM ACQUISITION TRANSACTION SUMMARY Commercial-scale food and cannabis Expected to increase EBITDA and manufacturing experience with diluted EPS in 2021 with earnout existing and deep supply chain structure designed to generate • Upfront purchase of LYF relationships shareholder value Food Technologies Inc. for C$24.9 million

CATEGORY-LEADING FURTHER DIVERSIFIED • Approximately C$17.5 million in consideration SCALE PLATFORM subject to achieving Addition of 10,500 square foot Enhanced platform equipped to certain EBITDA edibles manufacturing facility with produce expectedly higher margin milestones, which if met standard processing licence and edible products in formats not yet implies a ~4.2x multiple on pending provincial sales licence introduced to the market fiscal 2022E EBITDA

COMPLIMENTARY AND SPEED TO MARKET HIGH-VALUE PARTNERSHIP ADVANTAGE NETWORK Agility and speed to capitalize on Combined supply agreements and edibles segment with existing roster robust pipeline of near-term of new innovative products ready for executable opportunities with LPs, immediate commercialization and brand houses, third-party operators, market launch and retailers

*The transaction has been unanimously approved by Valens’ TSX: VLNS | OTCQX: VLNCF 17 Board of Directors and is expected to close on or about March 1, 2021. BRAND PARTNERS STRATEGICALLY BALANCED ACROSS CONSUMER & PRODUCT CATEGORIES GAINING MARKET SHARE ACROSS KEY VERTICALS

1 Cannabis Specialty Consumer 2 Cannabis Mass Consumer 3 Health & Wellness, Medical

CONCENTRATES HASH PRE- ROLLS VAPES OILS EDIBLES BEVERAGES DRINK DROPS TOPICALS / SOFT- GELS *Brand partners defined as unlicensed partners with launched products.

TSX: VLNS | OTCQX: VLNCF 18 LEADING CANADIAN VAPE MANUFACTURER

In October, including both licensed and unlicensed customers, by unit volume Valens manufactured: • 6 of the top 15 vape • 4 of the top 20 vape • 3 of the top 10 vape brands in brands in Ontario brands in British Columbia

VAPE UNITS SOLD THROUGH THE OCS THAT WERE MANUFACTURED BY VALENS

September 2020 October 2020

15.2% 17.7%

84.8% 82.3%

Source: OCS, Headset, The Valens Company

TSX: VLNS | OTCQX: VLNCF 19 FACILITY EXPANSION FOR WHITE LABEL AND CUSTOM MANUFACTURING IP-BASED PRODUCTS TO STRENGTHEN COMPETITIVE ADVANTAGE AND MARGINS

TODAY Q2 2021

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

+ +

Cannabis Processing and Cannabis White Label and Custom Small-Scale White Label Processing Manufacturing

Crude, distillate, full Crude, distillate, full Capsules, Highly customizable Formulation, spectrum, isolate, spectrum, isolate, tinctures, vapes, edibles with vegan, emulsion, formulation and formulation and emulsion sprays, topicals sugar-free, low-sugar beverage/edible emulsion and small-scale and natural ingredient co-packing beverage filling offerings

Most output +77,000 sq ft Most output leaving as a leaving as bulk oil of licensed consumer packaged good manufacturing space at Valens TSX: VLNS | OTCQX: VLNCF 20 TESTING

WE ARE SETTING THE STANDARD

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” BY

Market Cap: 204B*

*As at January 29, 2021

TSX: VLNS | OTCQX: VLNCF 21 ACTION PLAN 12 MONTH STRATEGY

1 2

DELIVER ON EXISTING GTA EXPANSION CONTRACTS AND EXPAND Increase output of Cannabis 2.0 PARTNERSHIP NETWORK and 3.0 products leveraging SōRSE by Valens technology Optimize newly-operational capacity to maximize margins

3 4

LAUNCH NEW DOMESTIC AND GLOBAL PRODUCTS AND EXPANSION INCREASE MARKET Target markets and opportunities that maximize SHARE ROI, and export globally with EU Build IP portfolio with GMP certification differentiated product offering

TSX: VLNS | OTCQX: VLNCF 22 FIT FOR PURPOSE INTERNATIONAL EXPANSION ADVANCED DISCUSSIONS IN KEY MARKETS GLOBALLY

Evaluating select U.S. Valens is currently able to service opportunities with entry many high-growth international expected in the next 12 markets without EU level months (1) certification KELOWNA, BC BOLTON, ON K1 K2 EU GMP Certification expected in fiscal 2021 E U

UNITED STATES

MEXICO

COLOMBIA

PERU BRAZI L

CURRENT AREAS OF INTEREST URUGUAY

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

(1) Subject to U.S. federal and state legal and regulatory changes.

TSX: VLNS | OTCQX: VLNCF 23 FINANCIALS & OUTLOOK FIRMLY INTO OUR CUSTOM MANUFACTURING AND WHITE LABEL GROWTH PHASE; FOCUSED ON UNLOCKING SHAREHOLDER VALUE 35 $32.0 $30.6 30 CAPITALIZATION TABLE $19.0 - $23.0 (In CAD$MM, Unless otherwise noted) 25

Share Price as of February 24, 2021 $1.85 20 $17.6 $18.1 $17.7 $16.0 Basic Shares O/S 148.7 $14.3 15 Fully Diluted Shares O/S 152.4 Equity Value 281.9 10 1 Cash and Cash Equivalents 48.7 $2.7 5 $1.4 ITM Securities 3.8 Debt 9.5 0 Enterprise Value 238.9 -5 $-4.3 -10 Average Analyst Estimates2 2020 2021 2022 2023 Revenue 82.9 114.7 186.2 198.2 Adjusted EBITDA 12.8 14.1 43.3 53.3 REVENUE (MM) EBITDA (MM) EPS -$0.12 -$0.03 $0.09 $0.15

2 70 Implied Multiples 2020 2021 2022 2023 62 Valens EV/EBITDA 18.7x 17.0x 5.5x 4.5x 60 56 Pharma CMO Average EV/EBITDA* 9.4x 15.2x 13.9x 13.2x Packaged Foods CMO Average EV/EBITDA* 9.6x 13.9x 11.3x 8.5x 50 Canadian Cannabis Peer Average EV/EBITDA* 45.7x 64.3x 42.9x 48.4x 40 36 Analyst Target Price2 30 Average (9 Analysts) $3.54 Implied Return Potential 91% 20 9 10 6 1 Figure includes proceeds from bought deal financing closed subsequent to quarter-end 2 As at February 24, 2021 0 Source: Company Filings, S&P Capital IQ Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Note: 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 CMO cohort includes: Tate & Lyle PLC, J&J Snack Foods Corp., TreeHouse Foods Inc., Hilton Food SKUs PRODUCTION (MM of grams) Group PLC. Canadian Cannabis Peers refer to cohort on next slide.

TSX: VLNS | OTCQX: VLNCF 24 APPENDIX: ANALYST OUTLOOK

Broker Date Rating Target ($C)

ATB Financial February 1, 2021 Outperform $3.75

Canaccord Genuity January 29, 2021 Speculative buy $4.50

Desjardins Securities February 1, 2021 Buy $3.75

Haywood Securities January 26, 2021 Buy $3.00

M Partners January 29, 2021 Buy $5.00

Mackie Research Capital February 1, 2021 Buy $3.50

Raymond James January 25, 2021 Underperform $2.00

RBC Capital Markets February 24, 2021 Outperform $3.00

Stifel GMP January 31, 2021 Buy $3.35

TSX: VLNS | OTCQX: VLNCF 25 APPENDIX: KEY MANAGEMENT

Tyler Robson, B.A. & Sc. Jeff Fallows LLB/MBA, CFA Chair of the Board, Chief Executive Officer & Co-founder President Mr. Robson has worked extensively over the last decade in Mr. Fallows is an accomplished finance professional with over cannabis science, focusing on R&D, proprietary extraction 18 years experience working on a wide range of financial processing and medical application. He attended the University of transactions in the cannabis, consumer products and industrial Saskatchewan, graduating with a Bachelor of Arts & Sciences products industries. He spent the last 10 years working with a degree specializing in biology, before returning to Kelowna to number of cannabis companies to raise capital and has advised pursue his passion for the cannabis industry. Mr. Robson joined on some of the largest transactions in the sector. Prior to joining The Valens Company in 2012, moved from the role of COO to CEO The Valens Company, Mr. Fallows worked as a Managing Director in 2017, and has since significantly scaled operations and increased at AltaCorp Capital Inc. profitability, leading to the Company’s ability to capture market share and lead the industry as a major player in the supply chain of Everett Knight, CFA leading Canadian and international brands. EVP, Corporate Development and Capital Markets Mr. Knight holds over a decade of experience in Chris Buysen, MPAcc, CPA, CA Portfolio Management and Private Equity. At Matco Financial, he Chief Financial Officer launched the first ever institutional long only cannabis mandate in Mr. Buysen has over 15 years of diverse financial Canada and managed a small cap fund, ranked first in its category. experience working as a senior financial executive with many He is known for his thought leadership and expertise in public and private organizations in a wide range of industries. analyzing, lobbying, investing, advising, and consulting During this time, he was responsible for internal and external throughout the cannabis value chain. financial reporting, strategic planning, treasury, tax, information technology, human resources, financial controls and corporate Paul Kunynetz, J.D. governance. General Counsel Mr. Kunynetz practiced law at McCarthy Tétrault in Toronto prior to Chantel Popoff joining The Valens Company, where he gained extensive Chief Operating Officer experience working on high-profile and complex transactions. His Ms. Popoff has over a decade of experience in managing practice focused on mergers and acquisitions, 21+ Western Canadian retail chains, including franchisee/distribution, commercial transactions and private Shoppers Drug Mart. After her time in pharma, she spent over 6 equity with an emphasis on the automotive and cannabis years in senior managerial roles in the Canadian natural health industries. food industry.

TSX: VLNS | OTCQX: VLNCF 26 APPENDIX: BOARD OF DIRECTORS

Tyler Robson, B.A. & Sc. Karin A. McCaskill, LL.B. Chair of the Board, CEO and Co-founder Former SVP, General Counsel & Corporate Secretary of Empire Mr. Robson has over a decade of experience in the cannabis industry, Company Limited and Sobeys Inc. with expertise in plant genetics and extraction processes. His Ms. McCaskill has been recognized for various achievements within the contributions and thought leadership in the industry have led to legal community. In her fifteen-year career at Empire and Sobeys, she recognition from the Kelowna Chamber of Commerce and grew and lead a national legal services team, and provided legal Marijuana Venture Magazine. leadership on various high-profile transactions.

Ashley McGrath ADVISORS Director, President & Owner of Glencoe Developments Inc. Mr. McGrath has been involved in real estate development for 14 Phil Donne years, overseeing all aspects of the development business and Past President/CEO of Campbell Company of Canada, Past CEO of oversees the management of multiple development companies in Kellogg Canada the commercial, residential and agricultural space. Mr. Donne brings over 30 years of international brand management, re-structures and bold brand and communication Deepak Anand initiatives including the launch of Vector cereal (the largest new Director, Co-Founder & CEO of Materia Ventures cereal product in 20 years). Mr. Anand is known as global leader in the cannabis sector for his regulatory, political and industry knowledge. Prior to starting Materia, Brett Channer he was the VP of Business Development & Regulatory Affairs at CEO of Mass Minority, Past CEO of Saatchi + Saatchi Cannabis Compliance Inc. Mr. Channer has over 25 years of marketing industry experience. He was responsible for leading Saatchi Canada to Andrew Cockwell, LL.B. “Most Improved Agency in Canada,” as well as one of the Top 10 Managing Partner, Ursataur Capital Management creative agencies in Canada and becoming one of the top Mr. Cockwell holds a breadth of experience providing financial and performing agencies for growth in the Saatchi Network. legal advisory services in a variety of complex business contexts across a wide range of industries, in addition to a track record of fostering value creation for both private and public companies.

Nitin Kaushal, CPA, CA President, Anik Capital Corp. Mr. Kaushal has over 30 years of finance and investment expertise including having held a number of senior roles within Canadian investment banks, private equity and the venture capital industry.

TSX: VLNS | OTCQX: VLNCF 27 APPENDIX: COMP TABLE

SHARE EQUITY ENTERPRISE EBITDA EPS EV/EBITDA PRICE VALUE VALUE 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (C$mm) (x) (x) (x) Large Cap LPs Corporation C$44.53 $17,000 $16,495 -$352 -$153 $9 $290 -$1.98 -$0.78 -$0.12 $0.32 nmf nmf nmf 57.0x Aurora Cannabis Inc. C$14.54 $2,871 $2,976 -$101 -$16 $23 $88 -$21.16 -$0.92 -$0.59 -$0.39 nmf nmf 129.0x 33.7x , Inc. US$27.98 $6,126 $6,296 -$42 $16 $59 $144 -$2.13 -$0.51 -$0.14 $1.18 nmf nmf 106.6x 43.7x Aphria Inc. C$25.19 $8,534 $8,948 $36 $97 $149 $256 -$0.42 -$0.07 $0.09 $0.45 nmf 92.7x 60.2x 34.9x Cronos Group Inc. C$14.26 $5,237 $3,514 -$157 -$105 -$58 -$57 $0.02 -$0.31 -$0.21 -$0.30 nmf nmf nmf nmf OrganiGram Holdings Inc. C$4.22 $980 $967 -$30 -$9 $16 $40 -$0.79 -$0.14 -$0.04 $0.06 nmf nmf 59.6x 24.1x HEXO Corp. C$9.74 $1,191 $1,133 -$8 $13 $31 $48 -$1.57 -$0.07 $0.02 n.a. nmf 89.4x 36.6x 23.6x AVERAGE nmf 91.1x 78.4x 36.2x

Mid Cap LPs Village Farms International, Inc. C$20.61 $1,565 $1,542 $17 $60 $106 $208 $0.16 $0.62 $1.15 $2.02 91.8x 25.5x 14.5x 7.4x Sundial Growers Inc. US$1.45 $2,953 $3,051 -$27 -$13 -$1 $16 -$0.63 -$0.15 -$0.01 $0.01 nmf nmf nmf 190.4x The Supreme Cannabis Company C$0.31 $228 $286 -$15 $11 n.a. n.a. -$0.23 n.a. n.a. n.a. nmf 26.6x nmf nmf Zenabis Global Inc. C$0.15 $117 $239 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf The Flowr Corporation C$0.39 $129 $219 -$17 -$1 $7 $32 -$0.27 -$0.13 -$0.09 n.a. nmf nmf 31.0x 6.8x WeedMD Inc. C$0.58 $122 $171 -$18 $16 n.a. n.a. -$0.06 $0.03 n.a. n.a. nmf 10.9x nmf nmf The Green Organic Dutchman C$0.39 $191 $233 -$30 $1 $6 $41 -$0.37 -$0.03 -$0.01 n.a. nmf 255.7x 38.8x 5.7x AVERAGE 91.8x 79.7x 28.1x 52.6x

Small Cap LPs Emerald Health Therapeutics, Inc. C$0.35 $71 $30 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf Delta 9 Cannabis Inc. C$0.58 $59 $90 $4 $12 $18 n.a. -$0.04 $0.01 $0.04 n.a. 22.5x 7.8x 4.9x nmf VIVO Cannabis Inc. C$0.20 $73 $72 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf Decibel Cannabis Company Inc. C$0.17 $58 $98 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf Harvest One Cannabis Inc. C$0.20 $42 $46 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf AVERAGE 22.5x 7.8x 4.9x nmf

Extraction Companies The Valens Company C$1.85 $276 $270 $13 $14 $43 $35 -$0.12 -$0.03 $0.09 $0.05 18.7x 17.0x 5.5x 4.5x MediPharm Labs Corp. C$0.74 $147 $141 -$22 $3 $28 n.a. -$0.31 -$0.07 $0.05 n.a. nmf 45.0x 5.0x nmf Neptune Wellness Solutions Inc. C$2.15 $376 $349 -$55 -$11 $33 n.a. -$0.71 -$0.51 $0.11 n.a. nmf nmf 14.4x nmf Radient Technologies Inc. C$0.12 $42 $58 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. nmf nmf nmf nmf AVERAGE 18.7x 31.0x 8.3x 4.5x

AVERAGE ALL 45.7x 64.3x 42.9x 48.4x MEDIAN ALL 22.5x 26.7x 34.9x 30.3x

Source: Company Filings, S&P Capital IQ as at February 24, 2021; shares outstanding based on most recent quarterly financials and adjusted for share issuance transactions and other significant publicly disclosed transactions.

TSX: VLNS | OTCQX: VLNCF 28 CONTACT US

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