APRIL 3, 2020

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Disclaimer

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 themeaning 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 actualresults 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 risksand uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "potential," "should," "may," "will," "plans," "continue" or other similarexpressions to be uncertain and forward-looking.

Forward-looking statements may include, without limitation, the Company’s ability to complete the Company’s 25k+ sq. ft. state-of-the-art commercial kitchen in Q3/Q4 2020; to take advantage of U.S. cannabisopportunities, to maintain the lowest cost per gram in the industry and to become the largest producer and brand fulfillment partner in Nevada and replicate the model in other strategic markets; the projected market growthin Nevada; the expected number of dispensaries in Nevada; crop yields; potential annual production and average cash cost / gram; and the potential sales and revenues from the sale of the Company’s products.

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 uncertaintiesrelating to the Company’s business are contained under the heading "Risk Factors" in the Company’s Shelf Prospectus dated September 27, 2019 and the Prospectus Supplement dated November 8, 2019 (collectively, the“Prospectus”) filed on its issuer profile on SEDAR at www.sedar.com.

Further, the Company’s business could be significantly impacted by the recent outbreak of the coronavirus (“COVID-19”) which has had a negative impact on global financial conditions. The Company cannot accuratelypredict the impact that COVID-19 will have on the Company’s ability to remain open in response to government public health efforts to contain COVID-19 and on future demand of the Company’s wholesale and finishedpackaged products; or the Company’s ability to obtain financing or third parties’ ability to meet their obligations with the Company, including due to uncertainties relating to the ultimate geographic spread of the virus, theseverity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. Governments may increase regulations and restrictions regarding theflow of labour or products, and travel bans, and the Company’s operations, suppliers, customers and distribution channels, and ability to advance its projects, could be adversely affected. In particular, should any employees orconsultants of the Company become infected with COVID-19 or similar pathogens, it could have a material negative impact on the Issuer’s operations and prospects.

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 theProspectus. 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 anduncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities commissions, including the Company’s Prospectus.

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 otherfactors 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 projectsthat 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; hinderingmarket 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 news release are made as of the date of this release. Flower One Holdings disclaims and does notundertake 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.

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Our flagship facility in Nevada is one of the top yieldingfacilities in North America. Flower One has built anindustry-leading team focused on delivering on ourpromise to be the first national high-quality, low-costbrand fulfillment partner in cannabis.

Watch the video

4

U.S. Cannabis Opportunity

BEER

$100B+25% Penetration

Source: Market size based on Brewers Association (beer), Park Street (wine and spirits), Ackrell Capital (coffee), Cowen Group (cannabis year 2030). Penetration rates based on Nielsen Panel Data (beer), Park Street (wine and spirits), Ackrell Capital (coffee) and Cowen Group (cannabis). Penetration defined as percentage of adults consuming respective product in the past year.

WINE & SPIRITS

$100B+20% Penetration

COFFEE

$50B+50% Penetration

CANNABIS

$80B+14% Penetration

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Recent Quarterly Financial Performance

Q4 REVENUES$5.7M, up 128% from Q3-19

FULL YEAR REVENUES$9.4M; ahead of company guidance of $9.0M

Q1 REVENUES$8.9M; in-line with company guidance of $8M-$10M

MARCH 2020 CANNABIS SALES$3.8M; highest month of sales to date

MoM REVENUE GROWTH17% on average, since first full month of production from greenhouse in September 2019

2019

2020

* All figures on this slide are in US dollars and are preliminary unaudited numbers.

6

Revenue Performance

Q1 Q2 Q3 Q4* Q1 2020*** Preliminary FY-19 revenues of $9.4M, as of the company press release dated March 9, 2020** Preliminary Q1-20 revenues of $8.9M, as of the company press release dated April 6, 2020

Note: All revenue figures are unaudited

Start of Greenhouse

SalesFirst

Harvest

Launch of Production / Lab Facility

Reported Actual Preliminary

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Investment Highlights

THE LARGEST CULTIVATOR AND PRODUCER IN NEVADADelivered the state’s largest commercial greenhouse from construction to revenue in 14 months

INDUSTRY-LEADING CULTIVATION ANALYTICSLowest cost per gram in the industry

LED BY INDUSTRY’S LEADING AGRICULTURAL AND CPG TALENTTrack record of delivering profitable, high growth businesses for over two decades

UNIQUE BUSINESS MODELFocused on cultivation, production and end-to-end fully integrated brand fulfillment at scale

FUTURE OUTLOOK AND STRATEGYBecome the largest producer and brand fulfillment partner in Nevada and replicate the model in other strategic markets

INTEGRITY AND TRANSPARENCYFull control over supply chain with total traceability of products, ensuring consistency of dosage of product while growing on a large-scale basis

Building a Leading Cannabis CPG Fulfillment Company

8

Value Proposition

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

Turnkey Solutions For Leading Brands

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

Creating Value For Cannabis Retailers

STRAIN: Purple PunchHARVEST: 09/12/19

May 2018

Start ofConstruction

June 2019

Fully CanopiedFirst Harvest

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Timeline

May 2019

PlantedFirst Crop

Q3 2019

First Licensed Sale out of GreenhouseProduction / Extraction Lab Completed

Initial Brands Launched into Market

Q4 2019

Signs Top California Based BrandPartners – KIVA, Cookies & 22Red

KIVA Camino Launch

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Q1

Launches –KIVA Terra BitesHuxton Pre-roll

Q2

Launch of 22RedExpansion of White Label Offerings

Q2

Launches Leading Vape Brands –The Clear, Heavy Hitters & Old Pal

Q2 / Q3

Launch of Cookies Product Line

2020 Brand Launches

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Highest Quality & Lowest Cost Cannabis Fulfillment Partner

Cultivation

Extraction

Manufacturing & Production

Distribution, Sales, Marketing

Brand / Market Penetration Strategy

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Actual 2019 Cannabis Sales = $639 Million

Estimated 2024 Cannabis Sales = $1.5 Billion

Flower One has the only large-scalegreenhouse in Nevada

Controlled number of licensed producers

Cannabis is considered an “essential business” in current market conditions

#2 target market for brands

Strong tourist and local cannabis market

Growing number of retail delivery services

Sources: MJBiz Daily September, 2019 | Cannabis Business Times October, 2018 | New Frontier Report, Arcview Market Research | Nevada Department of Taxation | Bureau of Economic Analysis | US Census Bureau | Echelon Wealth Partners

Nevada Market to Double by 2024

400k sq. ft. largest scale,high tech commercialgreenhouse in the State of Nevada

25k-50k+ sq. ft. state of the art commercial

kitchen set to break ground in Q2 2020

Flower One serves theentire Nevada market,including tourists near

the Las Vegas strip andlocal consumers

throughout Nevada

55k sq. ft. post harvestproduction facility

25k+ sq. ft. indoor facility for R&D and

genetics library

Why Nevada?

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Continued Strength of Nevada Cannabis Sales

Source: BDS Analytics / February 2019 to February 2020 POS Y/Y0%

5%

10%

15%

20%

25%

30%

35%

40%

37%

AZ CA CO NV OR

11%13%

16%

27%

Nevada Footprint

Square Feet Square Feet Square Feet Brand Partners

flagship greenhouse, Nevada’s largest and among North

America’s top yielding with annual production forecast to

exceed 140,000 lbs

Nevada’s largest post-harvest production facility readily processes between 3,000 and 5,000 pounds of

biomass per week into bulk and brand packaged flower as well as dozens of

products that rely on cannabis derived oils, terpenes, boutique concentrates,

and active intermediates

current indoor cultivation and production space with proposed addition of up to 45k square feet

of state-of- the-art commercial kitchen and manufacturing space for edibles, beverages, topicals,

and more

and counting with industry leading brand and

distribution strategy led by cannabis industry pioneer

GREENHOUSE FACILITY

PRODUCTION FACILITY

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400K 55K 25K 15+

LARGEST COMMERCIAL CULTIVATION & PRODUCTION FACILITY IN NEVADA

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Pounds annual production

Average cashcost / gram

Years of large scale greenhouse excellence

Cannabis strains

100-110K+ $0.44 25+ 150+

Cultivation

$0.44 cash cost per gram as of March 9, 2020 / Source: Intro-Blue

Image: June 2019

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Industry Leading Cultivation Yield Performance

Crop Yield (Grams per Square Foot)

Flower One Holdings

OrganiGram Holdings

Aurora Cannabis

The Supreme Cannabis Company

Canadian LP Average

Cronos Group

Canopy Growth Corp.

HEXO

Emerald Health & Village Farms

230

230

125

114

100

95

94

84

72Source: Intro-Blue, March 9, 2020

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Industry Leading Cash Cost Per Gram Performance

Harvested Cash Cost Per Gram ($USD/g)

Flower One Holdings

OrganiGram Holdings

Aurora Cannabis

Aphria

Canopy Growth Corp.

0.44

– 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60

0.50

0.64

1.07

1.59

Source: Intro-Blue, December 11, 2019

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Ethanol, LPG and CO2 Finest full spectrumoils, distillates, and finished products

Commercial scale distillation capacity; throughput

sufficiently sized to handily meet all internal needs

Scientists, engineers and cGMP manufacturing

professionals

50kg+MultipleCapabilities

SuperiorRefinement

Top Talent

Extraction

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Finished GoodsEconomics

15-25 lbs of cannabis = 1 liter of oil

20 lbs of cannabis costs Flower One $3,992

Cash cost per gram: $0.44

1 Liter of Distillate Oil $3,992 Average Raw Product Cost

2,0000.5 gram vape cartridge

Vape Cartridgesto make

$10 - $19Wholesale price per 0.5 gram cartridge

$20,000 - $38,000Wholesale packaged products

10,000100 mg gummy

Gummiesto make

$8 - $10 Wholesale price per

100 mg gummy package

20,00050 mg RDT QuickStrip

QuickStripTM

to make

$6Wholesale price per

50 mg strip pack

$120,000Wholesale packaged products

“or” “or”

$80,000 - $100,000Wholesale packaged products

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Exclusive partnership with #1 Design build firm in

U.S in food and beverage

Square feet of state-of-the-art Production

Square feet commercial kitchen planned for 2020

Diverse product offerings, contract manufacturing, white label solutions and

biomass at scale

25K-50KDennisGroup

ProductCapabilities55K

Manufacturing& Production

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Top selling brands from California and beyond

95%+ Dispensary Penetration

Launch campaigns, in-store activations

and customer loyalty

Dispensaries preserve working capital

Leading BrandPortfolio

Established Retail Partnerships

Localized Sales &Marketing Experts

Just-In-TimeDelivery

Distribution, Sales & Marketing

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Brand PartnershipsLAUNCHED

COMING SOON

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Our Leadership Team

Ken VillazorPresident & CEO20 Years of corporate affairs experience and has held senior positions with multiple 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 OfficerDecade 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.

Geoff MiachikaChief Financial OfficerChartered Professional Accountant with over a decade of experience as a Senior Manager at KPMG with extensive public company accounting and finance experience. Audit, compliance and governance experience with global companies.

Salpy Boyajian VP of Operations - NevadaFounder of NLV Organics, one of Nevada’s first cannabis companies that was subsequently acquired by Flower One and served as its entry point to the Nevada market. Serial entrepreneur and operator who has launched several other successful businesses. Has overseen Flower One’s Nevada operations from beginning to present.

Dillon KassRegulatory & ComplianceCertified 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 RosengrenDirector of Extraction & ProductionMr. Rosengren is primarily responsible for the implementation of data-driven methodologies to improve quality and yield of extracted products for Flower One. Successfully leveraging LEAN and Six-Sigma methodologies, Mr. Rosengren’s strategies reduce risk, waste and turnaround times, leading to improved life-cycle sustainability, quality, and margins across cultivation and extraction operations.

Ricky JefferiesDirector of Post Harvest & Fulfillment25 years experience in world-class operations – ranging from 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 RodarteGrowerMr. Rodarte is one of Flower One’s lead growers and an instrumental part of the cultivation team. Mr. Rodarte’s day-to-day responsibilities include ensuring the overall health of Flower One’s plant material. This includes managing activities including, but not limited to, cloning, light recipes, climate control, irrigation, fertilizers, and general oversight of the entire life cycle of the plant from seed to shelf.

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Board of Directors

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 also spent more than 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 green field 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 ten-year tenure 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.

Contact

Ken Villazor, President & CEO

Toronto, ONE kvillazor@flowerone.com

Kellen O’Keefe, Chief Strategy Officer

Los Angeles, CAE kellen@flowerone.com

Geoff Miachika, Chief Financial Officer

Vancouver, BCE gmiachika@flowerone.com

Media & Investor Inquires

NATIONAL Capital MarketsToronto, ONT 416.848.9835E ir@flowerone.com

ADDO Investor RelationsLos Angeles, CAT 310.829.5400E ir@flowerone.com