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Annual Information Form for the Transition Year (Six Months) Ended December 31, 2020

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Annual Information Form for the Transition Year (Six Months) Ended December 31, 2020 CUBICFARM SYSTEMS CORP. #353-19951 80A Avenue Langley, British Columbia V2Y 0E2 Telephone: 888-280-9076 Website: https://cubicfarms.com/ ANNUAL INFORMATION FORM FOR THE TRANSITION YEAR (SIX MONTHS) ENDED DECEMBER 31, 2020 DATED APRIL [X], 2021 CUBICFARM SYSTEMS CORP. ANNUAL INFORMATION FORM FOR THE TRANSITION YEAR (SIX MONTHS) ENDED DECEMBER 31, 2020 #353-19951 80A Avenue Langley, British Columbia V2Y 0E2 Telephone: 888-280-9076 Website: https://cubicfarms.com/ DATED APRIL 30, 2021 CUBICFARM SYSTEMS CORP. ANNUAL INFORMATION FORM FOR THE TRANSITION YEAR (SIX MONTHS) ENDED DECEMBER 31, 2020 TABLE OF CONTENTS INTRODUCTORY NOTES ........................................................................................................................................ 1 Date of Information ....................................................................................................................................... 1 Currency ......................................................................................................................................................... 1 Cautionary Note Regarding Forward-Looking Information ..................................................................... 1 GLOSSARY OF DEFINED TERMS......................................................................................................................... 4 CORPORATE STRUCTURE .................................................................................................................................... 8 Name, Address and Incorporation ............................................................................................................. 8 Inter-Corporate Relationships ..................................................................................................................... 8 GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................................... 8 Three Year History ....................................................................................................................................... 8 DESCRIPTION OF THE BUSINESS ..................................................................................................................... 12 Production .................................................................................................................................................... 13 Specialized Skill and Knowledge.............................................................................................................. 14 Employees ................................................................................................................................................... 14 CubicFarm System for Growing Vegetables, Leafy Greens and Herbs ............................................. 14 CubicFarms Intellectual Property ............................................................................................................. 17 Advantages of the CubicFarms System .................................................................................................. 18 HydroGreen Animal Feed System ........................................................................................................... 20 HydroGreen Intellectual Property ............................................................................................................. 22 Advantages of the HydroGreen System .................................................................................................. 23 Relationships and Partnerships ................................................................................................................ 24 Milestones and Successes ........................................................................................................................ 28 Industry Analysis ......................................................................................................................................... 29 Growing System .......................................................................................................................................... 30 Facility Type ................................................................................................................................................ 31 Crop Selection ............................................................................................................................................. 32 Industry Strategies ...................................................................................................................................... 32 Current Positioning and Competitive Advantages ................................................................................. 32 RISK FACTORS ....................................................................................................................................................... 33 DIVIDENDS AND DISTRIBUTIONS ...................................................................................................................... 43 DESCRIPTION OF CAPITAL STRUCTURE ....................................................................................................... 43 Authorized Capital ...................................................................................................................................... 43 Common Shares ......................................................................................................................................... 43 Class A Preferred Shares .......................................................................................................................... 44 Class B Preferred Shares .......................................................................................................................... 45 Share Purchase Warrants ......................................................................................................................... 45 Stock Options .............................................................................................................................................. 46 MARKET FOR SECURITIES .................................................................................................................................. 47 Trading Price and Volume ......................................................................................................................... 47 Prior Sales ................................................................................................................................................... 47 ESCROWED SECURITIES ..................................................................................................................................... 48 DIRECTORS AND OFFICERS ............................................................................................................................... 48 Name, Occupation and Security Holding ................................................................................................ 48 Cease Trade Orders, Bankruptcies, Penalties or Sanctions ................................................................ 51 Conflicts of Interest ..................................................................................................................................... 51 PROMOTER .............................................................................................................................................................. 52 LEGAL PROCEEDINGS AND REGULATORY ACTIONS................................................................................ 52 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ...................................... 52 AUDIT COMMITTEE ................................................................................................................................................ 53 The Audit Committee Charter ................................................................................................................... 53 Composition of the Audit Committee ....................................................................................................... 53 Relevant Education and Experience of Members of the Audit Committee ........................................ 54 Audit Committee Oversight ....................................................................................................................... 55 Pre-Approval Policies and Procedures .................................................................................................... 55 External Auditor Service Fees .................................................................................................................. 55 NOTES: ........................................................................................................................................................ 55 TRANSFER AGENT AND REGISTRAR .............................................................................................................. 55 MATERIAL CONTRACTS ...................................................................................................................................... 55 INTERESTS OF EXPERTS .................................................................................................................................... 56 ADDITIONAL INFORMATION ............................................................................................................................... 56 AUDIT COMMITTEE CHARTER ..........................................................................................................................
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