Updated investor presentation for Flower One Holdings Inc., a leading cannabis cultivator, producer and innovator in Nevada.

1. JULY 2020
INVESTOR PRESENTATION
CSE: FONE OTCQX: FLOOF FSE: F11
JULY 2020

2. 2
Statements in this presentation that are not statements of historical or current fact constitute "forward-looking information" within the meaning of Canadian securities laws and "forward-looking
statements" within the meaning of United States securities laws (collectively, "forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties, and
other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future actual results expressed or implied by such forward-
looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief,"
"expects," "intends," "anticipates," "potential," "should," "may," "will," "plans," "continue" or other similar expressions to be uncertain and forward-looking.
Forward-looking statements may include, without limitation, statements relating to the Company’s ability to take advantage of the U.S. cannabis opportunities; the Company’s value proposition;
the projected market growth in Nevada; the strength of the tourist market in Nevada; the growing number of retail locations in Nevada; annual production and average cash cost per gram; the
number of cannabis strains; extraction capabilities; manufacturing and production capabilities; distribution, sales and marketing capabilities; operational enhancements; strategic expansion; the
Company’s Q2 2020 revenues; new brand partners; the launching of Lift Tickets and Heavy Hitters and the expansion of White Label Offerings in Nevada; and the Company’s ability to ensure the
health and well-being of all of its employees.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplaces in the United States through its
subsidiary Cana Nevada Corp. Local state laws where Cana Nevada Corp. operates permit such activities; however, these activities are currently illegal under United States federal law. Additional
information regarding this and other risks and uncertainties relating to the Company’s business are contained under the heading "Risk Factors" in the Company’s Annual Information Form dated
June 23, 2020 (the "Annual Information Form") filed on its issuer profile on SEDAR at www.sedar.com.
The forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement, the "Cautionary Statement regarding Forward-Looking
Information" section contained in the Annual Information Form. All forward-looking statements in this presentation are made as of the date of this presentation. The forward-looking statements
contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities
commissions, including the Company’s Annual Information Form.
Although Flower One has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking
statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining
regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating
history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the
medical-use and adult-use marijuana industry and; regulatory or political change.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this presentation are made as of the date of this presentation. Flower
One Holdings disclaims and does not undertake any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or
otherwise, except as required by applicable law.
Disclaimer

3. 4
Our flagship facility in Nevada is one of the top yielding
facilities in North America. Flower One has built an
industry-leading team focused on delivering on our
promise to be the first national high-quality, low-cost
brand fulfillment partner in cannabis.
Watch the video

4. 4
BEER
$100B+
25% Penetration
Source: Market size and penetration rates based on Brewers Association (beer), Park Street (wine and spirits), Ackrell Capital (coffee), Cowen Group (cannabis year 2030). Penetration is defined as the percentage of adults
consuming each respective product in the past year.
WINE & SPIRITS
$100B+
20% Penetration
COFFEE
$50B+
50% Penetration
CANNABIS
$80B+
14% Penetration
U.S. Cannabis Opportunity

5. 5
For Our Retail Partners
For Our Brand Partners
Simplified single source ordering for a full suite of products
Diverse brand, white label and bulk wholesale offerings
Just-in-time delivery to free up working capital
Consistency of product quality and surety of supply
Full control over supply chain ensures total traceability of products
Speed and ease of market entry
Eliminate high cost of capital to build dedicated facilities for individual brands
Assist brands to secure all required regulatory licenses
Consistent product quality with custom product fulfillment
Industry-leading cultivation analytics - lowest cash cost per gram
Strain: Purple Punch
Harvest Date: 09.12.19
As the Largest Cultivator and Producer in Nevada, Flower One Provides Turnkey
Solutions for Leading Cannabis Brands while also Creating Value for Cannabis Retailers.
Our Value Proposition

6. 6
Why Nevada?
400k sq. ft. largest scale,
high tech commercial
greenhouse in the state
of Nevada
Flower One serves the
entire Nevada market,
including tourists near
the Las Vegas Strip and
local consumers
throughout Nevada
55k sq. ft. post harvest
production facility
25k+ sq. ft. indoor
facility for R&D and
genetics library
Nevada Market Stats
2019 Cannabis Sales = $639 Million
(19%Increase from 2018 Sales of $539 Million)
Flower One has the only large-scale greenhouse
in Nevada
Controlled number of licensed producers
Concentrated, efficient market: 80% of
cannabis sales take place within Clark County
Strong tourist market along with a notable
resident cannabis customer set
70 current retail locations and growing
#2 target market for brands
Sources: Nevada Department of Taxation | Echelon Wealth Partners | Marijuana Business Daily

7. Square Feet Square Feet Square Feet
Flagship greenhouse, Nevada’s
largest and among North
America’s top yielding with an
annual production capacity
of 100K-110K pounds
Capability to process over 1,000
pounds of bulk and branded flower
along with 3,000 to 5,000 pounds of
biomass into dozens of products
Current indoor cultivation and
production space for testing
strains from the Company's
genetic library and growing
select, premium craft cannabis
And counting with industry
leading brand and
distribution strategy led by
cannabis industry pioneers
GREENHOUSE FACILITY
PRODUCTION FACILITY
7
400K 55K 25K 16+
Brand Partners
LARGEST COMMERCIAL CULTIVATION & PRODUCTION FACILITY IN NEVADA
Nevada Footprint

8. May 2018
Start of Construction
Fully Canopied
First Harvest
8
Timeline
May 2019
First Crop Planted
Q3 2019
First Licensed Sale out of Greenhouse
Production / Extraction Lab Completed
Initial Brands Launched into Market
Q4 2019
Signed Heavy Hitters as Brand Partner
Approval of The Clear & Old Pal Vapes
Q1 2020
June 2019
Signed Top California Based Brand Partners –
KIVA, Cookies & 22Red
KIVA Camino Launch
Old Pal #1 Selling Flower Brand in NV

9. 9
Q1
Launched –KIVA
Terra Bites
Huxton Pre-Rolls
Q2
Launched 22Red & Cookies
Planned Launch of Lift Tickets
Expansion of White Label Offerings
Q3
Launched Vape Brands --
The Clear & Old Pal
Q4
Planned Launch of Heavy Hitters
2020 Brand Launches

10. 10
Cultivation
Extraction
Manufacturing & Production
Distribution, Sales, Marketing
Brand / Market Penetration Strategy
Strain: Sour Sunset
Harvest Date:05.21.20
Turnkey Solution for Brand & Retail Partners

11. 11
Pounds per annual
production capacity
Years of large scale
greenhouse excellence
Cannabis strains
100-110K+ $0.49 25+ 150
Average cash
cost / gram
As of Q1 2020
Image: June 2019
Cultivation

12. 12
Ethanol, LPG and CO2 Finest full spectrum
oils, distillates, and
finished products
Commercial scale distillation
capacity; throughput
sufficiently sized to easily
meet all internal needs
Scientists, engineers and
cGMP manufacturing
professionals
50kg+
Multiple
Capabilities
Superior
Refinement
Top
Talent
Extraction

13. 13
Exclusive partnership with
#1 design build firm in U.S.
in food and beverage
Square feet of state-
of-the-art production
SKUs emerging from
Production Facility
Diverse product offerings,
contract manufacturing,
white label solutions and
biomass at scale
100+
Dennis
Group
Product
Capabilities55K
Manufacturing & Production

14. Distribution, Sales & Marketing
Just-In-Time
Delivery
Dispensaries preserve
working capital
Localized Sales &
Marketing Experts
Launch campaigns,
in-store activations
and customer loyalty
14
Established Retail
Partnerships
90%+ Dispensary
Penetration
Leading Brand
Portfolio
Top selling brands from
California and beyond
Image inside one of Flower One's Nevada dispensary partners

15. 15
Brand Partnerships

16. Strategic Expansion
Operational Enhancements
2019 - 2020 YTD Revenue Performance
Recent Financial Performance
16
Strain: Wedding Cake
Harvest Date:05.21.20
Strategic Plan & Recent Financial Performance

17. Flower One continues to identify operational improvements to lower costs, improve
cultivation methods and enhance overall product quality.
Significantly enhanced quality of Company's dry cannabis as a result of data improvements made in the crop
management process.
New drying and curing techniques have resulted in improved aroma, THC levels and physical bud characteristics as well
as enhanced terpene profiles.
Successfully validated Fresh Frozen harvest process to expand product offerings and continue to offer best-in-class
concentrates.
Continued improvements in upstream extraction, resulting in first-pass distillate achieving 92% THC levels, on average,
across all lots.
Revised, flexible crop management limits number of zones planted in order to match current market demand and
reduce expenses during costlier cultivation months.
17
Operational Enhancements

18. Total number of licenses vs. total addressable
market sizes
Competitive cultivation landscape (greenhouse,
outdoor, etc.)
Wholesale & retail regulatory landscape
Current inventory of distressed cannabis assets
alongside the opportunity to leverage Flower
One's operations and brand portfolio
Evolving partner agreements with MSO's and
other private retailers
Strategic Expansion
18
States with Legal Medical & Recreational Cannabis States with Legal Medical Cannabis
Key Factors:

19. 19
Q4 REVENUES
$5.8M, up 128% from Q3-19
FULL YEAR REVENUES
$9.5M; ahead of company guidance of $9.0M
Q1 REVENUES
$8.8M; in-line with company guidance of $8M-$10M
2019
2020
Q2 PRELIMINARY UNAUDITED REVENUES
$3.8M; ahead of company guidance of $3.25M-$3.75M
* All figures on this slide are in US dollars
Q2-20 preliminary unaudited revenues of $3.8M, as of the company press release dated July 15, 2020
Recent Financial Performance

20. 20
* Preliminary Q2-20 revenues of $3.8M, as of the company press release dated July 15, 2020
Revenue Performance
Reported Actual Preliminary
$10M
$9M
$8M
$7M
$6M
$5M
$4M
$3M
$2M
$1M
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020
$USD
First
Harvest
Start of
Greenhouse
Sales
Launch of
Production Lab/
Facility
COVID-19
State Closure
Record Monthly
Sales in March
$3.9M

21. 21
Ken Villazor
President & CEO
20 years of corporate affairs experience
andhas heldsenior positions withmultiple
global pharmaceutical companies. Public
company Director experience and 10
years as an executive and advisor to a
National Hockey League franchise.
Kellen O’Keefe
Chief Strategy Officer
Decade of cannabis experience leading
business development, brand portfolio’s
and capital sourcing. Recognized as one
of the industry’s early leaders. Worked
with large CPG companies in marketing
and brand development.
David Kane
Interim Chief Financial Officer
Certified Public Accountant with over three
decades of finance and accounting
experience with several roles as a Chief
Financial Officer. Most recently, Mr. Kane was
CFO of Xtreme Cubes Corporation, a
manufacturing company, and Tryke
Companies, a vertically integrated cannabis
company, both located in Nevada.
Salpy Boyajian
VP of Operations - Nevada
Founder of NLVOrganics, oneof Nevada’s
first cannabis companies that was
subsequently acquiredby Flower Oneand
servedas its entry point totheNevadamarket.
Serial entrepreneur andoperator whohas
launchedseveral other successful businesses.
Has overseenFlower One’s Nevada
operations frombeginningtopresent.
Dillon Kass
Regulatory & Compliance
Certified geologist with 15 years
of professional environmental and
regulatory compliance experience.
Specialist in licensing and permitting
throughout all levels of government with
extensive experience in the
highly regulated California and
Nevada markets.
Thomas Rosengren
Director of Extraction & Production
Responsiblefor theimplementationof data-
drivenmethodologies toimprovequality
andyieldof extractedproducts for Flower
One. Successfully leveragingLEANand
Six-Sigmamethodologies, Mr. Rosengren’s
strategies reducerisk, wasteandturnaround
times, leadingtoimprovedlife-cycle
sustainability, quality, andmargins across
cultivationandextractionoperations.
Ricky Jefferies
Director of Post Harvest & Fulfillment
25 years experience in world-class
operations – including aseptic processing,
maintenance, sanitation, warehousing,
food, biochemical, and pharmaceutical.
Mr. Jefferies, is responsible for the
implementation and oversight of a post-
harvest program that sustains product
quality, promotes storage viability, and
generates positive economic output.
Francisco Rodarte
Grower
One of Flower One’s lead growers and
an instrumental part of the cultivation
team. Day-to-day responsibilities include
ensuring the overall health of Flower
One’s plant material, cloning, light
recipes, climate control, irrigation,
fertilizers, and general oversight of the
entire life cycle of the plant from seed
to shelf.
Our Leadership Team

22. 22
Ken Villazor
Mr. Villazor has more than 20 years of
experience in Corporate Affairs including
communications, public relations, business
development, regulatory affairs, government
relations, philanthropy and public policy.
He has held numerous senior positions in
the pharmaceutical industry working
extensively in government regulated
aspects of commercial operations including
formulary/market access, pricing
compliance, price controls, manufacturing
grants, regulatory approvals and shaping
federal and provincial government policies.
Mr. Villazor has been a director of Organic
Garage Ltd. (TSXV:OG) since 2016 and
serves on its Audit Committee, Governance
Committee and Compensation Committee.
He has worked for a number of large
pharmaceutical companies including
SmithKline Beecham, GlaxoSmithKline and
Biovail Corporation as well as with the
industry’s national trade association based
in Ottawa. In addition, Mr. Villazor spent
more than a decade in the sports and
entertainment industry including having
served as an Alternate Governor and
advisor to a National Hockey League
franchise. His Board experience spans
the academic sector, not-for-profit sector
and publicly-traded companies.
David Wesley
Mr. Wesley has a decade of experience
in the development, implementation and
operational handover of some of the largest
commercial greenhouse operations in North
America. He has delivered over $400 million
dollars of agricultural, office, industrial and
other greenfield construction. Mr. Wesley
has extensive multi-national experience
leading development efforts and regulatory
compliance from the local city-level to
federal agencies. He has experience in both
private company and advisory Boards. Mr.
Wesley holds a Masters Degree in Business
Administration in Executive Management
with a Specialization in Management
Consulting, a Masters Certificate in Project
Management, and Certificate in Business
Administration.
Amit Varma
Mr. Varma brings with him approximately
20 years of experience in cross border
corporate banking and finance roles with
some of the largest financial institutions
in Canada as well senior management
and executive roles with some of Canada’s
largest agricultural companies. Mr. Varma
has worked in both large private and public
companies and has been responsible for
sourcing, developing, and maintaining
new and existing relationships with
strategic financial partners to ensure the
long-term availability of adequate sources
of capital including equity and debt
required for the ongoing operations,
planned capital expenditures and the
funding of the company’s strategic
initiatives including possible mergers and
acquisitions. Throughout his career in both
the private and public sectors, Mr. Varma
has successfully delivered several billion
dollars in debt and equity financing.
Molly Hemmeter
Ms. Hemmeter has over 20 years of
experience leading and advising public,
private and VC-backed health and wellness
companies with a commitment to
sustainability. She currently serves on
the Board of Wilbur-Ellis and was recently
the CEO, President and Director of Landec
Corporation (NASDAQ: LNDC). During her
10 year career at Landec, she led the
turnaround of the Curation Foods business
from a commodity vegetable company to a
branded natural foods company and the
acquisition of Lifecore Biomedical and its
subsequent organic growth into adjacent
markets. Prior to Landec, she served as
Vice President of Global Marketing and
Business Development at Ashland
Chemical, was an executive at two
successful software companies that were
later sold and held additional positions in
strategy, marketing, engineering and
operations at a number of leading
chemical, pharmaceutical and consumer
product companies within the U.S. Ms.
Hemmeter holds a Bachelor of Science
and Masters in Chemical Engineering
from the University of Louisville and an
MBA from Harvard Business School.
Board of Directors

23. 23
Appendix

24. MAY
29
JUNE
4
Phase 2 of
Nevada
reopening begins
All casinos, including
those on Las Vegas
Strip can reopen with
certain restrictions
and protocols
MAY
9
Dispensary
storefronts allowed
to re-open subject
to specific physical
distancing criteria
and protocols
MAY
1
Dispensaries
permitted to
expand service to
include curbside
pick-up
20
MARCH
Alllicensedcannabis
establishmentsare
deemed essential
andare permittedto
continuetooperate
through delivery-
only sales
24
Nevada & COVID-19 | Cannabis Deemed an Essential Business

25. Beginning in mid-March with the on-set of COVID-19, Flower One enhanced
the Company’s already stringent food-safety standards.
Flower One is committed to ensuring the health and wellbeing of all of its employees, while at the same time
protecting the safety and consistency of the cannabis supply chain in Nevada.
Additional cleaning staff hired and deployed across locations
Implemented pre-cautionary disinfection process of entire facility between each shift
Shift-based employees have been properly socially distanced, with no overlay or contact between teams
Reconfiguration of production workflows to increase working distance between all non-shift employees
Onsite dispensary activations temporarily suspended to assist retail partners with managing newly adjusted in-
store customer flow and demand
25
COVID-19 Operational Response Plan

26. Ken Villazor, President & CEO
Toronto, ON
E kvillazor@flowerone.com
Media & Investor Inquiries
NATIONAL Capital Markets
Toronto, ON
T 416.848.9835
E ir@flowerone.com
Kellen O’Keefe, Chief Strategy Officer
Los Angeles, CA
E kellen@flowerone.com
ADDO Investor Relations
Los Angeles, CA
T 310.829.5400
E ir@flowerone.com
David Kane, Interim Chief Financial Officer
Las Vegas, NV
E dkane@flowerone.com
Media Inquiries
E media@flowerone.com
Contact