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Management Discussion and Analysis for the Three Months Ended June 30, 2018

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Management Discussion and Analysis for the Three Months Ended June 30, 2018 Management Discussion and Analysis For the Three Months Ended June 30, 2018 The following Management’s Discussion and Analysis (“MD&A”) of financial condition and results of operations dated August 29, 2018 relates to unaudited interim condensed consolidated financial statements for the three months ended June 30, 2018 of MPX Bioceutical Corporation (formerly The Canadian Bioceutical Corporation) (“MPX” or the “Corporation”). This MD&A should be read together with the Corporation’s unaudited interim condensed consolidated financial statements for the three months ended June 30, 2018 together with the related notes as well as the audited consolidated financial statements for the years ended March 31, 2018 and March 31, 2017 together with the related notes. MPX’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) which requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the amount of revenue and expenses incurred during the reporting period. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods. Certain statements in this MD&A may contain “forward-looking information”, within the meaning of applicable securities laws, including “safe harbour provisions” of the Securities Act (Ontario) with respect to the Corporation and its subsidiaries. Such statements include, but are not limited to, statements about the growth of the business, production and revenue expectations and the licensing of facilities. These statements are subject to certain risks, assumptions and uncertainties that could cause actual results to differ materially from those included in the forward- looking statements. The words “believe”, “plan”, “intend”, “estimate”, “expect”, or “anticipate” and similar expressions as well as future or conditional verbs such as “will”, “should”, “would”, and “could” often identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. With respect to forward-looking statements contained in this MD&A, the Corporation has made assumptions and applied certain factors regarding, amongst other things, future cannabis pricing; cannabis cultivation yields; costs of inputs; its ability to market products successfully to its anticipated clients; reliance on key personnel and contracted relationships with 3rd parties; the regulatory environment in both the United States (the “U.S.” or the “United States”) and Canada; the application of federal, state and provincial laws; and the impact of increasing competition. These forward-looking statements are also subject to the risks and uncertainties discussed in the “Risks and Uncertainties” section and elsewhere in this MD&A and other risks detailed from time to time in the publicly-filed disclosure documents of the Corporation which are available at www.sedar.com. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which could cause actual results to differ materially from the conclusions, forecasts or projections anticipated in these forward-looking statements. Because of these risks, uncertainties and assumptions, the reader should not place undue reliance on these forward-looking statements. The Corporation’s forward-looking statements are made only as of the date of this MD&A and, except as required by law, MPX undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances. Unless otherwise stated, all dollar amounts are expressed in Canadian dollars. This MD&A has been prepared in accordance with the MD&A disclosure requirements established under National Instrument 51-102 Continuous Disclosure Obligations (“NI 51-102”) of the Canadian Securities Administrators. Further MPX details and filings are available at www.sedar.com and on the Corporation’s website www.mpxbioceutical.com. CANNABIS INDUSTRY IN THE UNITED STATES MPX derives a substantial portion of its revenues from the cannabis industry pursuant to legislation in certain U.S. states, more than a majority of which have decriminalized under state law either medical or medical and adult-use marijuana, although marijuana remains illegal under U.S. federal law. MPX is directly and indirectly involved in the cannabis industry by virtue of its own involvement or that of its subsidiaries in the U.S. where state and local laws permit such activities. Currently, MPX and/or its subsidiaries are directly and indirectly engaged whether on its own accord or via management or other service arrangements as described herein, in the cultivation, manufacture/production, possession, use, sale or distribution of cannabis in the Arizona medical marijuana market and the medical and adult-use market in Nevada. MPX is also in the early stage of expanding its operations in Massachusetts and Maryland. MPX’s core business involves providing substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to cannabis businesses. See “Involvement in the United States Cannabis Industry”. The U.S. federal government regulates drugs through the Controlled Substances Act (21 U.S.C. § 811) (the “CSA”), which places controlled substances, including marijuana, in a schedule. Cannabis is classified as a Schedule I drug, Schedule I drugs are those deemed to have a high potential for abuse, no accepted medical use in the U.S. and a lack of accepted safety for the use of the drug under medical supervision. The U.S. Food and Drug Administration (“FDA”) has not approved cannabis as a safe and effective drug for any indication. While the FDA has not approved cannabis as a safe and effective drug, on June 25, 2018, the FDA approved a drug named Epidiolex, which is the first drug comprised of an active ingredient derived from marijuana. Epidiolex is used to treat rare, severe forms of epilepsy. Almost half of the states in the U.S. have enacted legislation to regulate the sale and use of medical and adult-use cannabis with various, limits, restrictions and protocol applicable in each state. Notwithstanding the permissive regulatory environment of medical cannabis at the state level, cannabis continues to be categorized as a controlled substance and as such, is in violation of federal law in the U.S. Despite the current state of the federal law and the CSA, certain states have legalized the adult-use of cannabis, including Nevada and Massachusetts, where the Corporation has ongoing and early-stage operations, respectively. See “Risk Factors” under the heading “Variation in State Regulations”. In the U.S., marijuana is largely regulated at the state level. State laws regulating cannabis are in direct conflict with the federal CSA, which makes cannabis use and possession federally illegal. Although certain states authorize medical or adult-use cannabis, under U.S. federal law, the possession, use, cultivation and transfer of cannabis or any related drug paraphernalia is illegal and any such acts, even by state licensed or registered entities, are subject to criminal prosecution under federal law. The Supremacy Clause of the U.S. Constitution establishes that the Unites States Constitution and U.S. federal laws made pursuant to it are paramount and in case of conflict between federal and state law, the federal law shall apply. Notwithstanding the permissive regulatory environment of medical cannabis at the state level, cannabis continues to be categorized as a controlled substance under the CSA and as such, is in violation of federal law in the U.S. Despite the current state of the federal law and the CSA, certain states have legalized the recreational use of cannabis, including Massachusetts, where the Corporation is expanding its operations. On January 4, 2018, U.S. Attorney General Jeff Sessions issued a memorandum to U.S. district attorneys which rescinded previous guidance from the U.S. Department of Justice (“DOJ”) specific to cannabis enforcement in the U.S., including the Cole Memorandum (as defined herein). With the rescission of the Cole Memorandum, U.S. federal prosecutors have been given discretion in determining whether to prosecute cannabis related violations of U.S. federal law. See “Risk Factors” under the heading “U.S. Federal Regulation“. There is no guarantee that state laws legalizing and regulating the sale and use of cannabis will not be repealed, amended or overturned, or that local governmental authorities will not limit the applicability of state laws or restrict permissible activities within their respective jurisdictions. Unless and until the U.S. Congress amends the CSA with respect to medical and/or adult-use cannabis (and as to the timing or scope of any such potential amendments there can be no assurance), there is a risk that the federal authorities may more rigorously enforce current federal law. If the federal government begins to enforce federal laws relating to cannabis in states where the sale and use of cannabis is currently legal, or if existing applicable state laws are repealed, amended or overturned, MPX’s business, results of operations, financial condition and prospects would be materially affected. See “Risk Factors” under the heading “U.S. Federal Regulation”. 2 On June 26, 2018,
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