I N V E S T O R P R E S E N T A T I O N - S E P T E M B E R 2 0 1 8

48North Cannabis Corp.

TSXV: NRTH

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Forward-looking statements

Disclaimer and cautionary statements

This presentation is current as of September 23, 2018 and contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “Forward-Looking Statements”). These include, but are not limited to, statements with respect to the future financial or operating performance of 48North Cannabis Corp. and its subsidiaries (“48North” or the “Company”), the market conditions, business strategy, corporate plans, objectives and goals, the estimates of the timing, cost, nature and results of corporate plans, or the strategy for the development of the Company’s cannabis business. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will, may, could or might occur in the future are Forward-Looking Statements. The words “expect,” “anticipate,” “estimate,” “may,” “could,” “might,” “will,” “would,” “should,” “intend,” “believe,” “target,” “budget,” “plan,” “strategy,” “goals,” “objectives,” “projection” or the negative of any of these words and similar expressions are intended to identify Forward-Looking Statements, although these words may not be present in all Forward-Looking Statements.

Forward-Looking Statements are subject to a number of risks and uncertainties that may cause the actual events or results to differ materially from those discussed in the Forward-Looking Statements, and even if events or results discussed in the Forward-Looking Statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Forward-Looking Statements. The Company’s Forward-Looking Statements are based on beliefs, expectations and opinions of management on the date the statements are made. A number of important facts could cause actual results to differ materially from those indicated by the Forward-Looking Statements, including, but not limited to, the risks described herein. For the reasons set forth above, investors should not place undue reliance on Forward-Looking Statements. The Company undertakes no obligation to update its Forward-Looking Statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events other than as required by law. Accordingly, readers should not place undue reliance on Forward-Looking Statements.

The information contained in this presentation and its attachments contains privileged, confidential and protected from disclosure. Please ensure that you do not forward, disseminate, distribute or copy this presentation and its attachments.

© 2018 48North Cannabis Corp. All rights reserved. 48North Cannabis Corp., the 48North logos, and all other products or service names are trademarks of 48North Cannabis Corp. or their respective owners.

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48North investment highlights

Vertically-integrated house of brands focused on

women’s health and wellness

Parent company of DelShen Therapeutics Corp.

an ACMPR licensed producer with a 40,000 sq ft

state-of-the-art facility in Kirkland Lake, ON with

2,500 kg/yr production capacity

Targeting the cultivation of sun-grown cannabis on

DelShen’s existing 800-acres of land, previously used

as a tree nursery

Proven executive team with experience in

cannabis, consumer packaged goods (CPG)

and retail

Existing partnerships with top industry

experts from production, extraction and

CPG companies

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Deep roots in cannabis

One of the first medicinal cannabis

markets in the world, introduced by

Health Canada in July 2001

Production regulation

World-class production standards and

regulations will guide international export

of product and intellectual property

Legalization, eh?

68% or 24M Canadians agree with the

recreational use of cannabis1

First G7 nation

Canada will legalize adult recreational

cannabis use on October 17, 2018,

having a profound impact on legaliza-

tion efforts around the world

A massive opportunity for international expansion

Canada's unparalleled advantage

1 F i n a n c i a l P o s t - S e p t e m b e r 2 6 , 2 0 1 7

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Canadian market potential

• Medical market under the ACMPR expected to be $2.1B by 20201

• 715,000 registered patients under national medical systems by 2020

• Cannabis shipments per patient 1 gram per day (HC numbers show slightly over 1.0 grams per day)2

• Average price: $8 per gram

• Recreational market projected to be $10B annually3

• 3.4M current Canadian cannabis users4

• First G7 nation with federal legalization adult rec cannabis

• Significant potential for new products and devices

• Sales of home-cultivation kits

• Deloitte estimated the combined annual cannabis market could reach $22B5

1 H E A L T H C A N A D A 2 M A C K I E R E S E A R C H 3 C I B C W O R L D M A R K E T S 4 C A N A D I A N C O M M U N I T Y H E A L T H S U R V E Y – M E N T A L H E A L T H 2 0 1 2 5 D E L O I T T E

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• Launched Latitude on July 30, 2018, an online storytelling platform for women and cannabis

• Differentiated brand positioning in a male focused industry

• Ownership of a valuable niche

• Contract manufacturing, product formulation and brand development

48North will own women cannabis consumers

48North is poised to become the authoritative voice in women’s health and wellnessthrough innovative, trusted cannabis-based products, experiences and brands

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The largest increase in spending is from consumers using cannabis for health and wellness1

89% of Canadians agree that cannabis can be an effective and natural medicine, and 65% believe using cannabis can be a part of a healthy lifestyle2

Expanding the cannabis category into the health and wellness industry

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N O T E : N U M B E R S M A Y N O T A D D U P D U E T O O V E R L A P I N S E G M E N T S .S O U R C E : G L O B A L W E L L N E S S I N S T I T U T E , G L O B A L W E L L N E S S E C O N O M Y M O N I T O R , J A N U A R Y 2 0 1 7

Booming health and wellness industry provides a major opportunity for cannabis brands

$199BComplementar y &

AlternativeMedicine

$563BWellness

Tourism

$534BPreventive &PersonalizedMedicine andPublic Health

$648BHealthy Eating,

Nutrition & Weight Loss

$524BFitness & Mind-Body

$999BBeauty & Anti-Aging

WorkplaceWellness

$43B

Thermal/ Mineral Springs

$51B

Spa Industr y

$99B

Wellness Lifestyle

Real Estate

$199B

G L O B A L W E L L N E S S E C O N O M Y

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$3.7Tin 2015

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Women control the majority of health and wellness purchases and decision making

C O N S U M E R P U R C H A S E S B Y W O M E N

Women account for 85% of all consumer purchases 1

New Homes

New Cars

91 %

65 %

Vacations

Food

92 %

93 %

PCs

Bank Accounts

6 6 %

89 %

Healthcare

OTC Pharmaceuticals

8 0 %

93 %

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1 E A Z E

The future of cannabis

PRODUCTAND BRAND

~40%EBITDA margin estimate

Consumption of extracted products has increased by 60%

in the US since legalization1

CBD products are expected to be available in Canada in

mainstream stores

* M O C K - U P O N L Y, N O T F I N A L P R O D U C T

CULTIVATION

~10%EBITDA margin estimate

C E R E A L C E R E A L

C R A C K E R S

M U L T I G R A I N

C H I P SM U L T I G R A I NP A S T A

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Our difference

Cultivate high quality cannabis with unique

genetics from the Netherlands

Leverage IP and formulations to contract

manufacturer for Canadian licensed

producers and US/global brands

License proven cannabis

formulations and internationally

recognized brands

Partner with

well-established

contract manufacturers

and CPG companies to

create productsBuild remarkable brands

that resonate with key segments

of cannabis consumers and set-up

distribution model and sales teams

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Cultivation Extraction Formulation and Manufacturing

Distribution

Deep library of genetics

to deliver premium

cannabis products

40,000 sq ft state-of-

the-art closed box ACMPR

licensed facility

Targeting the cultivation of

sun-grown cannabis

on DelShen’s existing

800-acres of land previously

used as a tree nursery

Received a supplemental

license from Health Canada

for the extraction and

production of cannabis oils

on September 13, 2018

Partner with established

extractors from Canadian

and US markets

High yield innovative safe

extraction methods

CPG partnership

opportunities on

manufacturing facilities

• Food

• Beverage

• Cosmetic

Leverage partners' patents

and IP for unique

formulations

Contract manufacturing

Opportunity to

supply provincial and

private retail

Work with third

party suppliers

Develop mainstream

distribution network with

CPG partners for

CBD products

Our business plan

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DelShen Therapeutics Corp.

• 40,000 sq ft ACMPR state-of-the-art indoor grow facility in Kirkland Lake, ON

• Estimated 2,500 kg/yr production capacity

• Targeting the cultivation of sun-grown cannabis on DelShen’s existing 800-acres of land previously used as a tree nursery

• On the way to Good Manufacturing Practices Certification, which will allow for export

• Grown to the highest standards in a pharma grade facility

• Closed box provides consistent and reliable yields

• Licensed to produce and sell cannabis; and produce and extract cannabis oils

Cultivation assets

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Sourcing the most trusted genetics for consumers based on their needs

• Unique genetics sourced from MariPharm B.V.

• 48North imported 6,650 seeds, representing 19 cultivars

• Set to bring its top performing cannabis cultivars to the Canadian adult rec market including Girl Scout Cookies, Granddaddy Purple, Green Crack, Kosher Kush, Power Plant, High CBD

• Exclusive partnership with MariPharm B.V., the first holder of a cannabis cultivation license in the Netherlands

• MariPharm B.V. has over 25 years of experience researching the application and effects of medical cannabis

Trusted proven genetics

Marcel De WitTechnical Consultant, MariPharm B.V.

A pioneer in the field of manufacturing pharmaceutical grade cannabis. Chairman of the

non-profit organization MariPharm B.V. in the Netherlands, which was the sole Dutch supplier of medical grade

cannabis until 2003. MariPharm B.V. has three strains of Medicinal Grade Cannabis (MGC) granted protection

under the Community Plant Variety Office of the European Union. In 2003, MariPharm B.V. received an ISO 9001

certificate for management quality, and in 2007, MariPharm B.V. received GMP certification for

the production of cannabis drops.

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First Nations

• In pursuing our business objectives, we seek to advance and share knowledge with partners

• To collaborate and listen, to speak our mind, tell the truth, and act with integrity

• 48North respects the significant investment from our First Nation partners and we are committed to strengthening our innovative and mutually respectful relationships

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Financial highlights

$27M raised between 2014 and 2016 via non-brokered private placements

$16M raised in January 2018 via bought deal private placement of units with Eight Capital Corp.

Going public transaction by way of three- cornered amalgamation with Kramer Capital Corp., a capital pool company listed on the TSX Venture Exchange

Ticker symbol: NRTH

Listed on the TSX Venture Exchange on June 11, 2018

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S H A R E H O L D E R O W N E R S H I P

C A S H , O P T I O N S , W A R R A N T S , D E B T

Capitalization Table (as of June 30, 2018) Number of Shares

Basic Shares Outstanding 78,192,536

Options 13,180,000

Broker Compensation Options 1,867,833

Warrants 35,027,926

Total Issued and Outstanding (Fully Diluted) 128,268,295

Cash (as of June 30, 2018)

Options Outstanding

Warrants Outstanding

Broker Compensation Options From Unit Financing

Debt

$0.74

$0.75

$0.98

$12,231,484

13,180,000

35,027,926

1,867,833

NIL

Capital structure

Average Exercise Pr ice

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Management team

Alison GordonChief Executive Officerand Director-Alison is a veteran of the Canadian cannabis, marketing and health care industries, bringing a unique depth of experience and relation-ships to her role as Chief Executive Officer of 48North.

Kevin HelfandChief Operating Officer

-Kevin holds an MBA/LL.B. from the University of Alberta and brings over 15 years of experience leading organizations in the banking, payments and technology industries.

David HackettChief Financial Officer

-David is a CPA, CA and holds an MBA from the Richard Ivey School of Business at the University of Western Ontario and brings over 20 years of financial and manage-ment leadership to 48North.

Kirsten GauthierChief Marketing Officer

-Kirsten is an entrepreneur and creative leader with more than 21 years of award-winning experience, who brings innovative solutions and brand building skills to 48North.

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William Assini-Mr. Assini is a chartered profes-sional accountant and was both Senior Vice President and Partner at PriceWaterhouseCoopers LLP for more than 20 years, where he had advisory responsibility for southwestern Ontario. Mr. Assini is also a director and audit committee member of IG Trust Company Limited. He is also a past director of GoviEx Uranium Inc., M.R.S. Trust Company, Canada Flourspar Inc. and Mettrum Health Corporation.

The Honourable Martin Cauchon-Mr. Cauchon was first elected to political office in October 1993 in the federal riding of Outremont. He has held many cabinet posi-tions, including Minister of National Revenue, Minister of Justice and Attorney General of Canada. As Justice Minister, he introduced in 2003 legislation decriminalizing the possession of small amounts of cannabis. Currently, Mr. Cauchon is Executive Chairman of Groupe Capitales Médias.

Anne Darche-Ms. Darche is a marketing and consumer trends specialist with a 20 year career in Montreal advertising agencies. The agency she helped build and administer, Allard Johnson (now KBS), has become one of Canada’s leading advertising firms. A respected speaker, she has been heard regularly on Radio Canada shar-ing her views on trends, breakthroughs and market disruptions. Ms. Darche also serves as a director for Groupe Germain Hotels and KDC, a leading North American con-tract manufacturer of health and beauty care products.

Board of directors

Alain Dubuc-Mr. Dubuc is an economist, author and journalist. He is the national affairs columnist for the Montréal Daily La Presse and is the recipient of numerous awards, including the National Newspaper Award for editorial commentary and the Public Policy Forum Hyman Solomon Award for Excellence in journalism. He sits on several boards, including the Institute for Research on Public Policy and the McGill Institute for the Study of Canada. He has written seven books on economics and political subjects and was named Officer of the Order of Canada in 2011.

Lieutenant General James C. Gervais (retired)-Mr. Gervais is a retired Army Commander of the Canadian Armed Forces who also served 12 years as a public servant as Assistant Deputy Minister to Canada’s Governor General. In retirement, he has been a director on the boards of several mining companies and has served as the Chairman of the Board of Commissionaires Ottawa, the largest not for profit security firm employing military and RCMP Veterans.

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Alison GordonChief Executive Officer+1 (416) 737-0271alison@48nrth.com

David HackettChief Financial Officer+1 (416) 639-5891 x304david@48nrth.com

Heidi Christensen BrownNational Investor Relations +1 (416) 586-0180hchristensenbrown@national.ca

Contact information

TSXV: NRTH