Mr. Darcy Bomford reports

TRUE LEAF RECEIVES NOTICE EVENT OF DEFAULT, INVESTIGATION OF EVENT OF DEFAULT AND RESERVATION OF RIGHTS

Lind Asset Management XV LLC (the lender), managed by alternative asset management firm The Lind Partners LLC, under True Leaf Brands Inc.'s convertible security financing agreement dated Feb. 12, 2019, and under the waiver, amendment and financing supplement agreement dated Oct. 7, 2019, has provided the company with a notice event of default, investigation of event of default and reservation of rights letter.

The lender has provided the company with two business days from March 23, 2020, to remedy all breaches under the credit agreement, the main breach being the immediate payment of $250,000, which was due on March 21, 2020. The lender has also requested the company provide certain financial information within five business days from the notice date.

The lender, without waiving any of its legal rights under the credit agreement, has notified the company it does not intend to take any further action until after March 27, 2020. After that date, the lender may enforce all rights available to it under the credit agreement.

The company is reviewing and considering the demand notice and its options. At present, there can be no assurance as to what, if any, alternatives might be pursued by the company. There can also be no assurance that the company will reach any solution with the lender or as to the terms of any such solution, if achieved.

About True Leaf Brands Inc.

True Leaf Brands is a wellness company for both people and their pets.

True Leaf Cannabis Inc., a division of True Leaf Brands, is a licensed producer and owns True Leaf Campus, an 18,000-square-foot facility located on a 40-acre site zoned for the cultivation, processing and sale of cannabis in Lumby, B.C.

True Leaf Pet Inc., a division of True Leaf Brands, is a global pet care company, offering plant-focused wellness products that improve the quality of life for companion animals. The company is guided by its mission to return the love, which was inspired by the unconditional love that pets give people every day.

We seek Safe Harbor.