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18

Investor Presentation

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The information contained herein, together with any

amendments or supplements and any other information

that may be furnished by the company, includes

forward-looking information. Such information is based

on assumptions as to future events that are inherently

uncertain and subjective. The company makes no

representation or warranty as to the attainability of such

assumptions, including the completion of a financing

or as to whether future results will occur as projected.

It must be recognized that the projections of the

company’s future performance are necessarily subject

to a high degree of uncertainty, that actual results can

be expected to vary from the results projected and

that such variances may be material and adverse.

Prospective investors are expected to conduct their

own investigation with regard to the company and its

prospects. This presentation does not constitute an offer

to sell or a solicitation of an offer to buy any security.

Forward Looking Statement

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Executive Summary _________________________________________ 4

Growing Demand for Medical Cannabis _______________________ 6Recreational Cannabis Market ________________________________ 7Insufficient Supply of Cannabis _______________________________ 8

Talented and Experienced Team ______________________________ 10High Quality Products _______________________________________ 11Our Corporate Identity ______________________________________ 14Customer Acquisition Strategies ______________________________ 15

London Facility _____________________________________________ 17Production Facility Pictures __________________________________ 19Path to 40+ Million Grams ____________________________________ 20

London Operating Expenses __________________________________ 22Capex/Use of Funds _________________________________________ 23Comparables _______________________________________________ 24

01 –SUMMARY

02 –INVESTING IN CANNABIS

03 –INDIVA ADVANTAGES

04 –LONDON FACILITY

05 –USE OF FUNDS AND COSTBREAKDOWN, LONDON ONTARIO

Table of Contents

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STRONG FUNDAMENTALS

• Award-winning cannabis products

• State-of-the-art GMP-standard indoor production facility

• Fully funded expansion

• Experienced Master Grower with award-winning strains and loyal 1000+ patient base.

• Experienced management team, passionate about helping people and protecting investors

NEAR TERM CATALYSTS

Sales license is expected as early as Q2 of 2018 and sales expected to start in Q4 of 2018

Sales Expansion

Fully funded expansion to 40, 000 square feet underway and to be completed in Q4 of 2018.

Processing Facility

Fully funded processing facility planned for 2019. Facility to produce INDIVA, Bhang, DeepCell and other cannabis products.

ExecutiveSummary

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18 02 Investing inCannabis

Executive Summary

01

Investing in Cannabis

02

INDIVA Advantages

03

London Facility

04

USE OF FUNDS AND COST BREAKDOWN

05

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GROWTH RATE OF MEDICINAL CANNABIS USERS IS HIGHER THAN EXPECTED

Health Canada projected 450,000 patients will be using cannabis at $1.3 billion annual revenue by 2024.

At September 2017, there were 269,502 patients registered, which is a 14% quarter-over-quarter increase & approximately equal to Health Canada’s projection for 2022

Actual Registered PatientsHealth Canada’s Projected Registered Patients

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Re

gis

tere

d P

ati

en

ts

450,000

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

December 2017: registered patients exceeds Health Canada’s 2022 projection

POTENTIAL MARKET Source: Health Canada, Statistics Canada, Canadian Community Health Survey, medicalmarijuana.ca

Mul

tiple

Sc

lero

sis

Epile

psy

Can

cer

Low

BM

I

Seve

re P

ain

Ris

k of

D

epre

ssio

n

Mig

rain

e H

eada

ches

Inso

mni

a

Anx

iety

Art

hriti

s

Hyp

erte

nsio

n

Life

Str

ess

(Ele

vate

d)

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

11,058 physicians have authorized patient access to medicinal marijuana

269,502registered patients in total to date

11,000(approx.) new patients per month (~5% month-over-month growth)

Growing Demand for MedicalCannabis

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Consumption (Metric Tonnes) Users (Thousands)

Daily Weekly Monthly Occasionally Non-Consumers Potential Customer

SIZE AND MAKEUP OF THE CANADIAN RECREATIONAL MARKET

According to the Deloitte Survey, the size of the Canadian recreational cannabis market could be as much as $8.7 billion per year, or similar to the size of the Canadian spirit market.

17%

61%

7%4%

8%

3%

ANNUAL CANNABIS USERS AND CONSUMPTION

Aged 15 and over, Canada excluding Territories, Mid-point Estimates, 2018

10

410

55

20

1100

300

1500

Once Less than once a month 1-3 Times per month At least once a week Daily

175

Source: Deloitte, PBO

Recreational Cannabis Market

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YT0

0 0

0

3

1

3

2

4

NT

AB

SK

MB QC

NL

PE

NS

NB

NU

56ON

22BC

56

Number of licences issued by province

Health Canada Market Data from Q3 2017

• Dry flowers: 6.3mm grams sold, 38.9mm grams in inventory

• Oil: 9.3mm grams sold, 11.1mm grams inventory • 269,502 registered clients at December 31, 2017• Prices range from $1.75/gram to $15/gram

Current Production

• 102 existing LPs• Current production insufficient

to meet demand• 45 Sales Licenses issued

(37 companies)

Health Canada Market Data from Q3 2017

• Supplying even the low end of the estimate of the recreational cannabis market would require the production of over 700mm grams of cannabis annually

Insufficient Supply of Cannabis

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18 03 INDIVA Advantages

Executive Summary

01

Investing in Cannabis

02

INDIVA Advantages

03

London Facility

04

USE OF FUNDS AND COST BREAKDOWN

05

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FINANCE & CORPORATE DEVELOPMENT ––––––––––––––––––––––––––––––––––––––––––––––––––––––

Niel Marotta President & CEO,

Director, Founder

• Managed over $1 Billion across several industries Involved in capital raises and M&A transactions exceeding $1 Billion

LEGAL & BUSINESS DEVELOPMENT––––––––––––––––––––––––––––––––––––––––––––––––––––––

Koby Smutylo COO, General Counsel,

Director, Founder

• Koby is a seasoned lawyer and has acted as counsel to private and public companies

• Helped finance and license an ACMPR LP

FINANCE––––––––––––––––––––––––––––––––––––––––––––––––––––––

Jennifer Welsh Chief Financial Officer

• Managed a global finance team for eight years as Corporate Controller of a TSX listed company

• Former consultant for a publicly traded LP

CREATIVE––––––––––––––––––––––––––––––––––––––––––––––––––––––

Tom Borowicz Chief Brand Officer

• Over 30 years of experience in marketing, branding, print/digital advertising and design with Fortune 500 companies

PRODUCTION––––––––––––––––––––––––––––––––––––––––––––––––––––––

Pete Young Master Grower, Founder

• Grow Team: 15+ years of experience producing medicinal strains for hundreds of patients

• International recognition and multiple product awards

PROJECT MANAGEMENT––––––––––––––––––––––––––––––––––––––––––––––––––––––

Jose Laurentino Chief Technology Officer

• 20+ years in agricultural project development including indoor and greenhouse expertise

Talented & Experienced Team

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INDIVAHigh Quality Products

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Products Powered by INDIVA

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Products Powered by INDIVA

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POSITIONING

At INDIVA, we believe cannabis can add to one’s general wellness and we stand for the destigmatization and normalization of cannabis for medicinal and recreational use.

INDIVA is an experienced producer of high quality cannabis products designed to contribute to the health and wellness of its clients.

Our logo symbolizes experience, strength, know-how practical knowledge, as well as a strong foundation for investment and growth. It is respectful of the cannabis movement without the clichés of cannabis counter-culture.

Our clean aesthetic and pallet strike the perfect balance between mature yet accessible, contemporary but still classic enough to be lasting, and holistic without looking like products that only belong in a health food store.

Our website and media content features contributors focused not just on cannabis, but wellness (nutrition, fitness, sleep) and culture (dining, events).

Our associations with award winning American brands that we will produce and sell in Canada and internationally with our “powered by INDIVA” logo.

Our Corporate Identity

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COMPASSION COMMUNITY RELATIONS

• Established relations with prominent and experienced members of the compassion community

• We will offer familiar strains and an overall respectful and familiar patient experience

• Agreement with London Compassion Society to transfer up to 1,200 clients

MARKETING

• SEO, E-shop, blog, and social media campaigns launched in 2017; mailing list of up to 2,000 clients

• Partnerships with popular social media influencers• Packaging developed and focus group tested• Engaging events team and keynotes at cannabis,

wellness, cultural, and community events across Canada

• Featured interviews in key publications

MEDICAL AND COMMUNITY ENGAGEMENT

• Strong ties to London’s medical community • Mandate to support patient networks and societies

PROVINCIAL RETAIL STRATEGY

• Sales teams active in multiple provinces • Responding to provincial RFPs• Access to award winning US products

CustomerAcquisitionStrategies

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18 04 London Facility

Executive Summary

01

Investing in Cannabis

02

INDIVA Advantages

03

London Facility

04

USE OF FUNDS AND COST BREAKDOWN

05

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ACMPR License

40,000 square feet- 10,000 sq. ft. retrofit complete- 8,000 sq. ft. production space- 30,000 sq. ft. expansion planned 2018- Adds 21,600 sq. ft. of production space 30 Year Lease with right of first refusal to purchase

2,500 - 3,000 kgsannual production capacity (dry flowers)

Extraction facility to be built on site

Ample Power & Water

5 Minutes from Highway 401

London Facility

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Mother Room

Oil Extraction

Drying Room

Trim Room

Packaging

Drying Room 2

Trim Room 2

Flower Room

Mother Room 2

Veg Room

Storage/Receiving

Pump

Admin/Call Center/QA

Planned Expansion(Flower Rooms)

Flower

Flower

Flower

Flower

Flower

Flower

Flower

Pack

Dry

Trim

Admin Flower

Pump

Str/Rec

Veg

Mother

Oil Extraction

Dry 2

Trim 2

Flower

Flower

Flower

Flower

Flower

Flower

Flower

Flower

Mother 2

Existing Fenceline

London Facility

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Production FacilityPictures

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LARGE SCALE CULTIVATION

• Currently evaluating 3 large greenhouse facilities in South Western Ontario for production partnerships

• INDIVA’s criteria: newer glass houses, access to infrastructure, experienced production partner, ability to fund retrofit out of existing cash resources, measured expansion over time

INTERNATIONAL DISTRIBUTION

• Active negotiations with German distributors for large quantity multi-year supply

• Agreements with US cannabis products companies to use Canada to produce and export internationally

• Active negotiations with Polish, Costa Rican and Maltese governments for production partnerships

Domestic Expansion

International Expansion

Path to 40+ Million Grams

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18

Executive Summary

01

Investing in Cannabis

02

INDIVA Advantages

03

London Facility

04

USE OF FUNDS AND COST BREAKDOWN

05

05 Operating & Capital Costs

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KEY EXPENSES

Cash costs: Power, light bulbs, labour, packaging, shipping, soil & nutrients, composting, QA testing and contingency (20%)

G&A: Management, accounting staff/admin, customer service/call center, security, distribution team

Rent, insurance & security

Software

EMPLOYEES (ESTIMATED)

Full production: 47 Senior management (5)Accounting (3)Gardening (10)Security/IT (2)Distribution (5)Customer Service (12)Sales (3)QA (2)Marketing (5)

1. Power 2. Bulbs 3. Labour 4. Shipping 5. Packaging 6. Materials 7. Contingency

1

7

6

5

4

32

London Operating Expenses

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Building Retrofit and Equipment

• HVAC, security, fence, electrical • Production facility and equipment• HID lights, carbon filters• Video surveillance, archiving

$14.5mm

Working Capital and Contingency

• Inventory build, G&A

$18.5mm

Total $33.0mm

London Capex /Working Capital

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VALUATIONS OF CANADIAN PUBLIC COMPANIES

Market data as of April 27, 2018

Reordered by market cap (C$mm)

$5,421mm

$4,331mm

$2,055mm

$2,043mm

$1,490mm

$745mm

$732mm

$630mm

$549mm

$486mm

$405mm

$187mm

$157mm

$115mm

$63mm

Licensed producer

Canopy Growth (WEED)

Aurora Cannabis (ACB)

Medreleaf (LEAF)

Aphria (APH)

CannTrust (TRST)

Organigram (OGI)

Cronos Group (MJN)

Emerald Health (EMH)

CanniMed Therapeutics (CMED)

Supreme Pharmaceuticals (FIRE)

Hydropothecary (THCX)

WeedMD (WMD)

Delta9 (NINE)

Emblem (EMC)

INDIVA (NDVA)

Capitalization: Basic Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . 81.0mm Warrants: . . . . . . . . . . . . . . . . . . . . . . . . . . .27.3mm Options: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3mm Convert: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8.9mmFully Diluted SharesOutstanding . . . . . . . . . . . . . . . . . . . . . . . 121.5mm

Balance Sheet (April 27, 2018):Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$33mmConvertible Debenture $6.7mm

INDIVA Limited