May 27, 2016

Research #15Hemp-based pet foods

Hemp for Dogs: True Leaf from Canada

brings a special treat to the world‘s

leading trade-show Interzoo

Company Details

True Leaf Medicine International Ltd.100 Kalamalka Lake Road, Unit 32Vernon, BC V1T 9G1, CanadaPhone: +1 778-389-9933 Email: kevin@trueleaf.comwww.trueleaf.comShares Issued & Outstanding: 52,800,371

Canadian Symbol (CSE): MJCurrent Price: $0.225 CAD (May 26, 2016)Market Capitalization: $12 million CAD

German Symbol / WKN: TLA / A14NM1Current Price: €0.164 EUR (May 27, 2016)Market Capitalization: €9 million EUR

Chart Canada (CSE)

Chart Germany (XETRA)

That‘s what winners look like, that went to the dogs: Darcy Bomford, CEO of publicly-listed True Leaf Medicine International Ltd., came to the Interzoo trade-show in Germany‘s Nürnberg to launch its innovative dog treats, based on hemp and other plant-based “superfoods“, into the European markets.

Research #15 | True Leaf Medicine International Ltd.2

erman television broadcaster Bayerische Rundfunk reported as follows yesterday from

the Interzoo trade-show in Nürnberg, Germany (freely translated):

Everything for the dog, cat, fish and bird shows the 36th Interzoo in Nürnberg, starting today until Sunday. The inter-nationally leading trade-show of the pet industry is experiencing record levels. Almost 1,800 exhibiting companies will give an overview on pet food and equip-ment, care products, garden and horse sports articles, as well as services.

The manufacturers, wholesalers, distri-butors, and service providers are coming from more than 60 countries. Their pre-sentation of products and services at the world‘s largest professional trade-show for pet products is taking place on a re-cord area of around 115,000 m2.

Visitors from more than 100 countries

The organizers expect up 40,000 visitors from more than 100 countries. By far the largest space at Interzoo is filled by prod-ucts for dogs and cats. The second largest exhibitors are from the aquaristics space as well as articles for small animals and ro-dents.

The German love for pets

More than 40% of all German households live together with pets. Their favorite pet is the cat, 12.9 million live in German house-holds. Followed by 7.9 million dogs. On top of that another 5.1 million small mam-mals, whereas the most favorite are dwarf rabbits. Of the 4.2 million caged birds, the budgy is the most popular. Ornamental fish live in 2 million aquariums and 1.6 million garden ponds.

The German’s Favorite Pets

High-quality products, which grant a healthy diet and development of pets, are one of the growth drivers in the global pet indus-try, according to Gemeinschaft Zoologischer Fachbetriebe. With 4.5 billion EUR, the total revenues in the specialized pet and foods markets grew by 2.2% over last year. 3.1 bil-lion EUR fell under the category pet foods and 953 million EUR under pet equipment.

Visitor Information: Interzoo in Nürnberg takes place between Thursday 26th and Sun-day 29th May of 2016. Thursday-Saturday from 9:00 am to 6:00 pm and Sunday from 9:00 am to 5:00 pm. Tickets at the venue.

True Leaf Director Kevin Bottomley goal-oriented at the Interzoo 2016:

G

“In terms of quality and comfort,

the sophistication of pet owners is

on the rise. High-quality products,

supporting a healthy diet and

development, are the revenue

generators. Health-oriented,

sustainably produced and nicely

designed articles are trendy.”

(Birgit Ropohl in ‘Nur das Beste für Hund, Katze und Co.’, Mittelbayerische Zeitung,

May 26, 2016)

The True Leaf team at the Interzoo 2016, ready to launch its True Hemp product line europe-wide (from left to right: Director Kevin Bottomley, European Consultant Narcise Kaiser, CEO & President Darcy Bomford, VP Marketing & Operations Alison Ruks):

Research #15 | True Leaf Medicine International Ltd.3

By Chris Parry on May 18, 2016

I’ve covered the North American marijuana investment space since there’s been such a thing, from the early days of the mining-to-weed diaspora, to the latter day Kafka-es-que nightmare that has been the MMPR system.

And through those several years, a lot of companies that promised a lot failed to de-liver anything at all. Others sputtered along, but have yet to really get their business plan firing. Some companies got it together quickly enough to get big dollar valuations, despite slow revenue growth, on the prom-ise that one day it will all make sense.

But for the most part, it still doesn’t.

True Leaf (MJ.C) was an early MMPR ap-plicant but quickly fell into the issue most applicants fell into – the realization that the system was never going to get around to li-censing everyone.

So True Leaf management switched gears toward something that took advantage of the CEO’s sector background.

It moved into pet food.

The market gave precisely zero fucks about this business plan and, I’ll be honest, I fig-ured it was a long shot. But Darcy Bomford had been there before, had built a pet food company and found distribution and made money doing it. So it figures he’d have a shot at doing it again.

We’re a year further along now, and Bom-ford deserves credit. He nailed it.

Against all the bullshit on messageboards that said his team were fly-by-nighters, that there was no market for hemp dog treats, that they were just flailing about looking for a way to hinge themselves on the dot.bong move-ment, against the shorters and the bashers and the cynics – at times, myself included

– True Leaf didn’t just do what it promised, but has grown while others have faltered.

Look at that chart. Even if you took away the recent explosion in share price, from $0.05 to $0.15 is a solid triple in less than a year, while the jump in the last few weeks has taken it to nearly a five-bagger.

A lot of this is coming from sales results. In early March, the company launched True Hemp pet chew treats. By March 29, they were in 3,500 stores. By April 29, they were in 6,000 stores.

Hemp doggy treats, man.

And if you think this jump is mere fluke, or some sort of promo campaign result, not so fast. Turns out someone is chomping through as much stock as they can right now, amassing an interest that has effectively taken control of the company.

That someone is CEO Darcy Bomford. He’s papering the walls with True Leaf stock right now. He bought a bunch at $0.105 in the recent financing, and he turned a bunch of cash he’d loaned the company into more stock still.

Now ask yourself, would Bomford be doing this if he thought True Leaf’s future was going to be a long slow haul? Hell no, he’d be running around finding lithium properties like everyone else.

I’m not a consultant to True Leaf, don’t have True Leaf stock, they’re not a site sponsor and I get no benefit from pointing this out other than to lay some much deserved respect at the feet of a guy who did what he said he would.

True Leaf is legit. And it’s just getting started.

— Chris Parry

http://www.twitter.com/chrisparry

www.equity.guru

True Leaf deserves your respect..No, seriously

Research #15 | True Leaf Medicine International Ltd.4

By Debbie Phillips-Donaldson on May 12, 2016 on PetFoodIndustry.com

The ingredients list on the cat food bag sitting in my kitchen reads like something out of a foodie’s dreams, with foods like peas, salmon, flaxseed, sweet potatoes, alfalfa, blueberries and cranberries. Of-ten falling under the category of so-cal-led superfoods, their use in pet foods and treats is not all that new or revolutionary; ingredients such as these and pumpkin, kale and chia seeds have been appearing on pet food labels for at least a few years now and are especially popular in premi-um and superpremium products, inclu-ding pet treats.

That’s because pet food makers the world over understand that the pet owners dri-ving real, continued growth in the market, particularly highly involved pet parents, who also often enjoy higher incomes, in-creasingly seek to feed their furry family members similarly to how they feed their human ones. Which means searching for the same ingredients on pet food labels that they look for in their own food—and more and more, superfoods fit that bill.

New research from Mintel’s Global New Products Database shows a whopping 202% rise in the number of new human food and beverage products launched globally between 2011 and 2015 that in-cluded the terms “superfood,” “superfru-it” or “supergrain.” Last year alone saw a 36% increase in such product launches.

While “superfood” and similar claims are essentially marketing terms used to describe foods (typically whole, natural ones) that are supposedly nutrient den-se, there is no official or regulatory defi-nition for the terms, under any regulatory body worldwide. “Generally speaking, su-perfoods refer to foods—especially fruits and vegetables—whose nutrient content confers a health benefit above that of other foods,” reads an article by the Eu-

ropean Food Information Council (EUFIC).

Scientific research backing the claims sur-rounding superfoods is limited to just a few of the foods that usually fall into this category, and the studies themselves are often limited. “At first glance, they appear to lend weight to the existence of certain superfoods—certainly, the nutrients in these foods have been shown to have se-veral health-promoting properties. But a closer look reveals the difficulty in applying the results of these studies to real diets,” the EUFIC article says. “This is because the conditions under which foods are stu-died in the lab are often very different to the way these foods are normally consu-med by people in their everyday lives.

“One major characteristic of research in this area is that very high levels of nutri-ents tend to be used,” the article conti-nues. “These are usually not realistically attainable in the context of a normal diet. On top of this, the physiological effects of many of these foods are often short-term.”

Seeking natural nutrition

Yet, as with human foods labeled natu-ral—another term that has no official or regulatory definition, at least in the US—consumers are still drawn to labels touting superfoods. Mintel ties this to the strong consumer demand for highly nu-tritious products in general. For example, 73% of Italian consumers, 72% of French and Spanish shoppers, and 71% of Ger-man consumers believe that health-pro-moting benefits of natural foods (such as fruits and vegetables) are preferable to the benefits of functional additives.

Similarly, in the US, among consumers who prefer to purchase food products wi-th “free from” claims (promoting what the foods do not include), 84% say they buy those products because they are looking for more natural or less processed food, according to previous Mintel research.

Granted, superfoods are mainly a phen-omenon in developed markets. Most of the superfood and “superdrink” launches in 2015 occurred in the US, with 30% of all new superfood products globally, fol-lowed by Australia (10%), Germany (7%), the UK and Canada (6% each). And, it’s not limited to just fruits and vegetables but has also expanded to ancient grains and pulses. “Between 2014 and 2015, there was a 70% increase in the percen-tage of food and drink products launched containing chia, while launches of food and drink products containing teff rose by 31%,” Mintel said. “Meanwhile, the num-ber of food and drink products containing quinoa rose by 27%.” In addition, 30% of UK consumers say they think pasta made with ancient grains is healthier than regu-lar pasta, and 41% of US consumers have eaten ancient grain-based cereals.

While the United Nations has declared 2016 as the year of the pulse, pulses have been used in pet food for some time now, particularly in grain-free products, and are certainly making their mark in human food, too. Over the past two years, food and drink product launches containing green split peas have increased 126%, while ones with coral lentils have grown 62% and products containing yellow split peas have risen 21%, according to Mintel.

Chia seeds, which we’ve seen appear in-creasingly in pet treats, are also on the rise in human foods. The number of food and drink products with chia seeds has grown 70% globally over the past two ye-ars, ones with pumpkin seeds have risen 27% and products with sunflower seeds have increased 22%.

Despite the lack of definition, regulation or in-depth research backing superfoods, they seem destined to capture the imagi-nation, appetite and wallets of more and more consumers, especially in developed markets. This will likely continue to be as true for pet food as for human food.

Superfoods: Pet food tracks another food super trend

Research #15 | True Leaf Medicine International Ltd.5

By Herbal Medicine Fans

Are you a pet lover? If so, then I am sure that you don’t want your pet to be afflicted by some illnesses, right? However, we cannot really escape the onset of some diseases, and so all we have to do is to find some possible solutions for treating whatever form of illness our pets experienced. For that matter, here is a few of the great herbal remedy for pet that is marketed online. Read on.

Herbal Remedy for Pet Birds:

In the early days, there were no guidelines and no dosages for the use of herbal remedy for pet birds. So, only those most experimental-minded of bird keepers were able to apply herbs. However, as the drug industry realized a less potential for harm of herbal remedy for pet birds than that of the over-the-counter medications, they greatly began to acknowledge aloe vera as a great herbal remedy for pet birds.

Aloe vera is actually the most popular herbal remedy for pet birds, specifically for parrots. One of its applications is a topical spray that is intended to comfort the irritated skin of birds that engage in feather plucking. This herbal remedy for pet birds gives relief to pain of plucking and it also aids to prevent bruising. Aside from that, this herbal remedy for pet birds helps to prevent the yellowing of the purple, black, and blue colors of the parrots.

Aside from aloe vera, garlic is also known as an effective herbal remedy for pet birds. It has anti-oxidant and anti-parasitic qualities which eventually kill the intestinal parasites. Besides, this herbal remedy for pet birds shields the liver from the damage of chemical pollutants in the air as well as in food and water supply.

Herbal Remedy for Pet Dogs:

Just like the birds, dogs are also greatly affected by some diseases. So to protect the dogs for some of the common illnesses like anemia, many herbal supplement manufacturers have developed some of the notable forms of herbal remedy for pet dogs. And

specifically, one of those is the Evening Primrose Oil Liquid. This herbal remedy for pet dogs is manufactured from premium grade Evening Primrose Oil that contains Gamma Linolenic Acid as well as Vitamin E in order to maintain the skin in good condition. This comes in liquid form and is administered by dropping directly into the mouth, adding to the food, and by means of dropping it onto the nose.

Today, these mentioned forms of herbal remedy for pets are now widely distributed and marketed anywhere in the world. So, whenever you need some of those, many animal health outlets and even veterinarians are there as sources of such herbal remedies.

Herbal Remedy for Pet!

Research #15 | True Leaf Medicine International Ltd.6

By Bernie Canter on May 4, 2016

Germany’s health minister announced Monday that the nation will federally legalize medical marijuana by next spring.

The country’s imminent medical marijuana plan will provide safe access to patients with chronic diseases and “no therapeutic alternative.” Moreover, health insurance companies will be allowed to cover the cannabis expenses for these patients if the patients cannot afford their medicine.

That caveat would make Germany one of the few places where health insurance applies to medical marijuana purchases. Federal Health Minister Hermann Grohe issued a press release stating:

“Our goal is that seriously ill people are looked after to the best of our

ability.”

It’s unclear whether Germany will set up a dispensary system or provide the medical cannabis through traditional pharmacies.

The nation’s supply of medical canna-bis will likely be overseen by the gover-nment and not independent growers.

Late last year, Germany created a special government agency to handle the production of medical cannabis. That production may or may not have begun, but should mean that Germany has begun or soon will begin growing medical marijuana for its patients.

Germany joins other nations like Jamaica, Uruguay, and Canada that have all recently federally legalize medical marijuana.

Germany will legalize medical marijuana next year

Research #15 | True Leaf Medicine International Ltd.7

About True Leaf

Besides its pet food business in Canada, USA and Europe,. the company has also filed an application under Health Canada’s Marihuana for Medicinal Purposes Regulations (MMPR) to become a licensed producer.

Analyst Coverage

Research #14 “True Leaf pushes the gas pedal and brings True Hemp to Europe“

Research #13 “True Leaf conquers the US Pet Food Market”

Research #12 “True Leaf To Sell Hemp-Based Products in 3500 Stores in the US”

Research #11 “True Leaf‘s Product Line Now Available in 47 Canadian Retail Stores”

Research #10 “True Leaf‘s Selling Fast”

Research #9 “True Leaf Expands to Europe”

Research #8 “True Leaf Unveils New Product Line”

Research #7 “Another Key Piece for the True Leaf Puzzle”

Research #6 “True Leaf Pet’s Hemp Chew Product Line to be Distributed Across Canada”

Research #5 “Interview with True Leaf‘s CEO Darcy Bomford“

Research #4 “One Step Closer Becoming A Licenced Medical Marijuana Producer“

Research #3 “True Leaf on its way to production“

Research #2 “True Leaf To Enter The Pet Food Market With Hemp Products In Fall of 2015“

Research #1 “True Leaf Medicine Interna-tional Ltd. Goes Public“

Hemp is Not Marijuana

True Leaf’s pet product line contains hemp as one of the primary ingredients; provi-ding the health benefits of hemp is what sets True Leaf apart from the competition. Hemp anCd marijuana are different varieties of the same plant species of ‘Canna-bis Sativa’. Marijuana plants contain high levels of THC. Hemp, on the other hand, is non-psychoactive and contains very little THC (less than .3% by law), but certain cultivars contain cannabidiol (CBD). Hemp seed oil, a major component of hemp seed itself – and of True Leaf Pet’s product line – has a variety of beneficial proper-ties and is showing great promise on its own as a supplement. Because hemp oil is extracted from the industrial hemp plant, it contains no psychoactive reactors.

Hemp seed oil is extremely high in omega-6 and omega-3 fatty acids in the ratio of 3:1, which is required by dogs for optimal health and well-being. Hemp contains known antioxidants from tocopherols and hosts a variety of other beneficial pro-perties including anti-inflammatory compounds from terpenes, plant sterols and methyl salicylate – a relative of acetylsalicylic acid or ‘aspirin’. Hemp oil helps to support the moisture level in a dog’s skin and fur, and supports the body‘s ability to heal skin disorders such as dry nose, dog acne, dog eczema, dog rash and dog dandruff. Further, hemp seed oil supports the body‘s ability to enhance blood cir-culation, stimulate a dog’s cognitive thinking and can help thicken fur texture and lessen shedding.

Hemp is legally refined in industrial factories for textile and nutritional use: it is often consumed and mixed into other products including cereal, granola bars and hemp dog treats. Hemp chews for dogs are increasing in popularity because of its significant potential health benefits that may include joint pain reduction, skin and coat nourishment and antioxidant support.

Vancouver Commodity ForumJune 14, 2016 at Hyatt Regency Hotel in Vancouver

Click Here to Register

Exhibitors:

92 Resources Corp. (TSX.V: NTY; Frankfurt: R9G2)ALX Uranium Corp. (TSX.V: AL; Frankfurt: 6LLN)Arctic Star Exploration Corp. (TSX.V: ADD; Frankfurt: 82A)Belmont Resources Inc. (TSX.V: BEA; Frankfurt: L3L1)Commerce Resources Corp. (TSX.V: CCE; Frankfurt: D7H)Canadian Zeolite Corp. (TSX.V: CNZ ; Frankfurt: ZEON)Copper North Mining Corp. (TSX.V: COL; Frankfurt: 79M)Dunnedin Ventures Inc. (TSX.V: DVI; Frankfurt: 5DD)Electra Stone Ltd. (TSX.V: ELT; Frankfurt: 44E1)Equitas Resources Corp. (TSX.V: EQT; Frankfurt: T6UN)MGX Minerals Inc. (CSE: XMG; Frankfurt: 1MG)Group Ten Metals Inc. (TSX.V: PGE; Frankfurt: 5D31)Nickel One Resources Inc. (TSX.V: NNN; Frankfurt: 7N1)Scandium Int. Mining Corp. (TSX.V: SCY; Frankfurt: 0E6)True Leaf Medicine Int. Ltd. (CSE: MJ; Frankfurt: TLA)Umbral Energy Corp. (CSE: UMB; Frankfurt: 2UE)Vatic Ventures Corp. (TSX.V: VCV.H)Voltaic Minerals Corp. (TSX.V: VLT; Frankfurt: 2P61)Zimtu Capital Corp. (TSX.V: ZC; Frankfurt: ZCT1)

Program:

12:00 pm: Exhibitor floor opens

1:00 pm: Welcome from Dave Hodge, President of Zimtu Capital Corp.

1:10 pm: Participant company introductions by Dave Hodge and Sven Olsson

1:30 pm: Joe Martin (Cambridge House International): The difference between exploration and mining, and the importance of Vancouver

1:40 pm: John Kaiser (Kaiser Researcb Online): “Criticality of Supply” and how it effects world prices, demand, and the ability to use that to your advantage in the market place

2:10 pm: BREAK - Networking with refreshments

3:00 pm: Stephan Bogner (Rockstone Research): How European markets impact Canadian markets

3:20 pm: John Hykawy (Stormcrow Capital): Demand & Pricing for lithium, cobalt and other battery materials

3:50 pm: Chris Berry (Disruptive Discoveries Journal): The future of lithium

4:30-6:00 pm: Networking Session with refreshments

Research #15 | True Leaf Medicine International Ltd.9

Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that True Leaf Medi-cine International Ltd. or any other company or market will perform as expected; that True Leaf will start producing saleable prod-ucts; that True Leaf or its partner(s) can and will start producing and selling any kinds of products; that the company can raise suffi-cient funds for product development and/or production; that any of the mentioned plans are valid or economic. Such statements in-volve known and unknown risks, uncertain-ties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting medical marijuana and/or hemp-fo-cussed companies are generally disclosed in the annual financial or other filing docu-ments of True Leaf Medicine International Ltd. and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to True Leaf Medicine International Ltd., a number of risks relate to any statement of projection or forward statements, including among other risks: the receipt of all necessary approvals and per-mits; the ability to conclude a transaction to start or continue product development and distribution; uncertainty of future market regulations, capital expenditures and other costs; financings and additional capital re-quirements for development, construction, and operating of a facility; the receipt in a timely fashion of further permitting for its legislative, political, social or economic de-velopments in the jurisdictions in which True Leaf Medicine International Ltd. carries on business; operating or technical difficulties in connection with production or development activities; the ability to keep key employees, joint-venture partner(s), and operations financed. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by True Leaf Medicine International Ltd., the author’s employer Zimtu will benefit from appreciation of True Leaf Medicine International Ltd.’s stock price. In addition, the author owns shares of True Leaf Medicine International Ltd. and would also benefit from volume and price appreciation of its stock. In this case, True Leaf Medicine International Ltd. has one or more common directors with Zimtu Capital Corp. Thus, multiple conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a financial analysis or recommendation but strictly as an advertisment. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature.

Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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