Commercializing scalable vertical farming solutions

for the world’s biggest agricultural markets

CubicFarms.com | TSXV:CUB November 2019

DisclaimerIMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. The information contained in this document has been prepared by CubicFarm Systems Corp. (“CubicFarms” or the “Company”). The information contained in this document (a) is provided as at the date hereof and is subject to change without notice, (b) does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in the Company, including important disclosures relating to the terms of an investment and risk factors associated with an investment in the Company and (c) is not to be considered as a recommendation by the Company that any person make an investment in the Company.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This document includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, including research and development activities, delivery of product, completion of sales, future sales potential, application of the CubicFarms technology to different industries; and other statements that contain words such as "believe," "expect," "project," "should," "seek," "anticipate," "will," "intend," "positioned," "risk," "plan," "may," "estimate" or, in each case, their negative and words of similar meaning. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. These factors and risks include, without limitation: changes in delivery timelines out of control of the Company, order cancellations, standard risks present in the agriculture industry including crop failure, general economic, market and business conditions and industry growth rates; changes in the competitive environment in the markets in which the Company operates and from the development of new markets for emerging technologies; industry trends, technological developments, and other changing conditions in the Company’s industry; the Company’s ability to execute its strategic plans; technology, cyber security and reputational risks; opportunities that may be presented to and pursued by the Company; and changes in laws, regulations and decisions by regulators that affect the Company or the markets in which it operates. In addition, even if the outcome and financial effects of the plans and events described herein are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. Forward-looking information contained in this presentation is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. You should not place undue reliance on forward-looking statements, which are based on the information available as of the date of this document. Any forward-looking statements speak only as of the date on which such statement is made and the Company disclaims any intention or obligation to update or revise any forward-looking information contained in this document, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this Presentation is expressly qualified in its entirety by this cautionary statement. The Company cautions that the foregoing lists of assumptions, risks and uncertainties is not exhaustive.

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Who we are

CubicFarms is an ag-tech company commercializing large scale, vertical farming solutions for global industrial markets.Key sectors deploying our patented, proprietary machines:FRESH 24/7 bulk growing of produce predominantly for food services FEED Nutritious, high-quality fodder for healthier livestock

HEMP/CANNABIS Optimize/automate for hemp/cannabis operations NUTRACEUTICALS Pure ingredients for the nutraceutical and cosmetics industries

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Listing TSXV:CUB

Share price C$0.40/share

Market cap C$33.7 million

Shares outstanding 84.18 million

Insider ownership 41.34%

Cash & cash eq. C$9.9 million (as at June 30, 2019)

Strategic shareholder Nu Skin Enterprises (approx. 12.9%)

Corporate information as at November 14, 2019

Company highlights

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Patented technology

The unique, Dutch-engineered vertical farming system of CUB offers turnkey automated, controlled-environment agriculture farming, which utilizes hydroponic technology to create efficient commercial-scale output.

Multiple sources of revenue

CUB is an early ag-tech participant in the vertical farming space leveraging a unique sales model of machine sales in multiple market sectors, and monthly service subscriptions – for multiple income streams.

Partnership with Nu SkinGlobal authorized reseller agreement with minimum sales threshold of 200 machines by December 2020, with CUB strategic investor Nu Skin Enterprises (NYSE:NUS) and its Groviv division, to accelerate CUB machine sales in strategic markets including China and the Middle East.

Addressing real needsThe world needs to find sustainable alternatives to traditional farming as population increases while arable land and fresh water supplies decrease. The global vertical farming market generated US$2.2bn in 2018 and is anticipated to grow at a 24.6% CAGR to US$12.8bn by 2026.

Experienced management team Established presenceAt the intersection of experience in engineering, cultivation, manufacturing and global entrepreneurship, the CUB team has been assembled to drive growth at an international level.

CUB has proven its demand by delivering systems in Canada and the U.S., including to Del Fresco Pure, Nu Skin, Swiss Leaf and Zenabis Global.

A radical transformation of the global food system is urgently needed. — EAT-Lancet Commission, a collective of 37 scientists from 16 countries

Fresh produce sector Animal feed sector

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Population growth: Nine billion people to feed by 2050.Climate instability: Decrease in arable land, biodiversity and fresh water suppliesConsumer awareness: 52% of European consumers said they would be willing to pay up to 20% more for sustainable food

“”

Macro trends converge on the need to upend traditional farming:

Global food production is the biggest single driver

of environmental degradation, accounting for:

30% 40% 70%

greenhouse gas emissions land use fresh water drawnfrom lakes/rivers

Sources: Financial Times, September 24, 2019; The Game Changers documentary

Inefficiency: Animals on average consume 6x more protein than they produceResource depletion: 1/3 of global arable land is used to grow feed

CubicFarms technology is part of the solutionCompared to traditional farming and other vertical farming methods, growing in a CubicFarm:

• Reduces the physical footprint of traditional farming while maximizing production per cubic foot.• Significantly lowers the use of physical labour throughout production.• Dramatically decreases the amount of fresh water needed.• Eliminates the need for harmful pesticides and herbicides.• Allows for a meaningful reduction in energy consumption.• Growing locally greatly reduces the emission of associated greenhouse gases.

We are positioned to capture significant market opportunities

Fresh produce Animal feed Hemp & cannabis Nutraceuticals

LettuceHerbs

Microgreens

WheatgrassBarleyAlfalfa

HempCannabis

WheatgrassMicrogreens

Total addressable market* $13 billion $416 billion $79 billion $228 billion

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*Fresh produce from vertical farming: by 2026; https://www.prnewswire.com/news-releases/global-vertical-farming-market-to-garner-12-77-billion-by-2026--at-24-6-cagr-300950754.htmlAnimal feed: by 2023; https://www.businesswire.com/news/home/20190515005811/en/Global-415-Billion-Animal-Feed-Market-OutlookHemp/cannabis: by 2026; https://www.globenewswire.com/news-release/2019/05/06/1817648/0/en/Industrial-Hemp-Market-To-Reach-USD-13-03-Billion-By-2026-Reports-And-Data.html; https://www.grandviewresearch.com/press-release/global-legal-marijuana-marketNutraceuticals: by 2025; https://www.globenewswire.com/news-release/2019/05/15/1825364/0/en/Nutraceutical-Ingredients-Market-Global-Forecast-2025-Opportunities-in-Product-Based-and-Technological-Innovations.html

Vertical farming space gaining traction with ~US$600mn funding from high-profile investors

Backed by:

Jeff Bezos Eric Schmidt

Raised $200mn in 2017

Backed by:

Raised $172mn to date

Backed by:

Raised $238mn to date

Raised C$18mn to date

Backed by: TSX Venture trading symbol:

CUB

CubicFarms is an emerging vertical-farming leader, differentiated by our heritage of Dutch greenhouse growing expertise, automation, commercial scalability and business model spanning large market sectors.

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Our Dutch heritage of world-class growing experience

CubicFarms’ technology was developed by Jack Benne (right), founder of Bevo Farms, one of North America’s largest plant propagation businesses, and his son Leo (left).

Few people on earth have grown more plants from seed than Jack, born and trained in the Netherlands. Bevo’s decades of world-class growing experience have culminated in the next generation of growing technology with the CubicFarm.

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CubicFarms’ proven, patented technologyAn automated, environment-controlled system where trays of high-value crops like leafy vegetables, herbs and other crops follow a patented, undulating “V-shape” path that ensures all sides of the plant are evenly bathed in light to maximize growth.

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• Each machine’s trays and inserts are easily switched out to accommodate alarge variety of crops and crop densities to ensure maximum flexibility andproductivity.

• Plants are grown hydroponically in trays in a natural horizontal position.

• Gravity is utilized to evenly distribute water and nutrients from a centralizedirrigation system, ensuring maximum yield and consistency in each crop cycle.

• During each cycle, unused water is filtered and recycled back into the system,drastically minimizing freshwater consumption vs. traditional farming.

• Our proprietary app controls frequency and volume of irrigation and nutrients,and constantly monitors the machine’s speed to optimize yield and quality ofeach crop during planting, growing and harvesting.

• Each growing machine is manufactured to exacting standards using stainlesssteel for the interior and exterior walls, providing maximum durability andlongevity. The interior walls meet the strict standards set by AgricultureCanada for food production while the fully insulated machines can be used inany climate.

CubicFarmssystem

CubicFarms machine

Multiple paths to revenueOur revenue streams leverage our patented technology, know-how and sales network:

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Fresh produceDIRECT MACHINE SALES to customers in 4 sectors

Animal feed

Hemp/cannabis

Nutraceuticals

Internal sales team + global reseller agreement with Nu Skin’s Groviv division

Internal sales team

Internal sales team + license agreement with Zenabis

Internal sales team

MONTHLY RECURRING REVENUES

Support subscriptions

Software updates, new crop technology, optimization data, training, grower support

Consumables Seeds, nutrients, substrates, packaging

SALES COMMISSIONS Commissions from our growers

in exchange for customer referrals

CubicFarms sector: Fresh produce

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Our machines can grow hundreds of varieties of lettuce, herbs and microgreens. Our R&D team is continually expanding our product line.

CubicFarms machine customers

Edmonton, Alberta

14 machines installed; expansion planned to meet demand from Sysco, the world’s largest distributor of foodservice products, and Sobeys, one of Canada’s largest food retailers.

Year round growing despite the weather outside!

Kingsville, Ontario

14 machines installed.

Family-owned greenhouse grower looking to diversify into leafy greens and herbs through CubicFarms technology.

CubicFarms system for Del Fresco

CubicFarms sector: Fresh produce

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Our proprietary packaging prolongs shelf life

Global reseller agreement with Nu Skin’s division Groviv

• In November 2019, CubicFarms and Groviv agreed to allow Groviv to be the exclusive, authorized reseller of CubicFarms systems, provided that Groviv fulfills a minimum sales threshold of 200 machines by end of 2020.

• Sales of vegetable-growing machines will be focused in China, the Middle East and other strategic areas.

• Partnership expands CubicFarms’ own sales efforts and leverages Nu Skin and Groviv’s extensive international sales network.

Our Pitt Meadows facility is a demonstration of proof-of-concept. CubicFarms-grown fresh produce is sold under our Thriiv Local Garden brand at these Canadian retailers:

CubicFarms sector: Animal feed

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CubicFarms machines can grow sprouted fodder e.g. wheatgrass, barley and alfalfa for feeding livestock such as cows, pigs, sheep, horses, camels, etc.

Environmental benefits Nutritional benefits = Higher-value animal

Less grazing pasture, arable land and water dedicated to production of feed.

The feed is grown using only seed, water and light, without herbicides, pesticides and fertilizers.

An environmentally-controlled system with daily planting and harvesting provides fresh, consistent feed year round, regardless of climate.

Through natural transmutation, sprouted food acquires vastly improved digestibility and nutritional qualities, leading to*:

• Improvement in milk quality; • Improvement in body coat condition;• Improved fertility rate;• Improved lactation rate; and• Increased resistance to, and recovery from, disease.

*Source: http://govindmilk.com/responsible-dairying/sprout-feeding/

Vertical-farmed animal feed has helped us increase the value of our beef. This feed is a key component in ourgrass-fed finishing rations and results in AA and AAA grading. Producing consistent high-quality meat isimportant for our Hank’s Grass-Fed brand.

– Bill Vanderkooi, owner of Bakerview EcoDairy, Abbotsford, BC.

“”

CubicFarms sector: Hemp & cannabis

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CubicFarms’ indoor, controlled-environment system eliminates variables faced from growing outside, ensuring predictable, year-round yields.

Our ZenCube machine for growing hemp and cannabis at a showcase and R&D facility in Langley, Canada

License agreement with ZenabisZenabis shall fulfill a minimum sales threshold of 150 ZenCube machines by year 2024 to maintain its exclusive license to operate, sell and sublicense ZenCube machines globally.

Our system provides hemp and cannabis producers with key solutions during a growing cycle:

Germination Cloning Growing Control room

Each machine can take 100,000 seeds to seedling rapidly

Each machine can facilitate approx. 21,000 cuttings/clones per cycle

Grow plants 14 inches high before harvesting for high-value CBD oil or transplanting outside

Empty growing chambers and proprietary app serve as control room for testing crop varieties

CubicFarms sector: Nutraceutical ingredients

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CubicFarms demo machine at the headquarters of Groviv, a division of Nu Skin

• Operational seven-machine system in Vineyard, Utah, purchased by Nu Skin for its Groviv division.

• CubicFarms is collaborating with Nu Skin and Groviv on R&D to develop and grow natural ingredients e.g. wheatgrass and microgreens that are used in Nu Skin's extensive line-up of personal care products and nutritional supplements.

Our machine footprint

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Cannabis/hemp growing machine at R&D and showcase facility; expansion plans

UnitedStates

Canada

CONFIDENTIAL CUSTOMER

CONFIDENTIAL CUSTOMER

B.C. ALBERTA

ONTARIO

UTAH

11 machines

1 machine

1 machine

12 machines

7 machines

14machines

14machines

Operational R&D facility

Installation in Q4 2019

Deposit received

Operational nutraceutical R&D facility

Installed; operational

MONTANA CONFIDENTIAL CUSTOMER

20 machines

Deposit received

22machines

Depositreceived

CONFIDENTIAL CUSTOMER

CubicFarms has a sales pipeline with near-term installations in North America and internationally. An order volume of approx. 200 machines is expected in the next 12 months.

Installed; operational

Wholly-owned facility

Patent granted Patent pending

Australia, Canada, China, Eurasia (eight countries),

Europe (37 countries), Japan, New Zealand, Saudi Arabia, South Africa, South Korea,

United States

United Arab Emirates, India, Oman

47machines

installed since 2018

Our future system: Scaling up to 100 machines

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Dual-layer growing, germination and irrigation machines

Stacked 2nd level

Office area

Processing area

Centralized workspace

The growing chamber opens to a centralized workspace that accommodates all planting, harvesting, monitoring and packaging of crops.

ExpandabilityEach CubicFarmssystem is expandable without interrupting current crop production or workflow.

Past and future milestones

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CubicFarms’ vision is to drive sales by remaining at the forefront of innovation through increased automation and expansion of sectors served in the market.

Q4 2015

CUB founded.

C$110,000 seed capital raise.

2016-2017

Raised C$1.7 million.

1H 2018

First test machine delivered to CubicFarms HQ from factory.

Raised C$3.5 million.

Q4 2018

Completed first commercial install with Swiss Leaf Farms and signed what would become an exclusive license arrangement with Zenabis.

Raised C$12.7 million from strategic partner Nu Skin & other investors.

Q1 2019 Q1-Q3 2019

Delivered machines to DelFrescoPureand Nu Skin; signed largest sales to date in Canada and the US; deposits received.

Q3 2019

Listed on the TSX Venture and began trading on July 12, 2019.

Q4 2019 & BEYOND

Total raised: C$18 million

Increased automation + expansion of sectors

More markets served

Management team

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Dave Dinesen Chief Executive Officer

An expert in global operations management and corporate clientacquisition. Leads growth at CubicFarms since inception, raisingover $18MM in capital. Formerly CEO of BackCheck, where headvanced the company from a small business to an industry-leading company operating in three continents with over 500employees.

Rodrigo SantanaPresident, COO and Interim CFO

Over 20 years of international managerial experience. Held severalleadership roles in growth-oriented companies, including COO ofSacré-Davey Engineering and Regional Director / Director ofOperational Efficiency at SGS Canada Inc. Agricultural engineeringbackground.

John de JongeChief Design & Installation Officer

In 1995, he purchased Artex Barn Solutions and grew it into aglobal provider of cattle handling equipment, ventilation and cowcooling. Deep expertise in establishing and scaling up multiplemanufacturing facilities in China and North America.

Jo-Ann OstermannVice President

One one of the few people in North America to have opened andoperated a vertical farming operation on a commercial scale. AsGeneral Manager for Urban Barns Foods Inc., she led the teamthat opened its 16,000-sq ft. facility in Mirabel, QC. Herresponsibilities included all aspects of farming operationsincluding ensuring compliance and achieving certification withCanadaGAP food safety. She also conducted cultivar researchwhich led to the expansion of lettuce offerings and developmentof the microgreen product line.

At the intersection of experience in engineering, cultivation, manufacturing and global entrepreneurship, the CUB team has been assembled to drive growth at an international level.

Board of directors

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Dave Dinesen An expert in global operations management and corporate clientacquisition. Leads growth at CubicFarms since inception, raisingover $18MM in capital. Formerly CEO of BackCheck, where headvanced the company from a small business to an industry-leading company operating on three continents with over 500employees.

John de JongeIn 1995, he purchased Artex Barn Solutions and grew it into a global provider of cattle handling equipment, ventilation and cow cooling. Deep expertise in establishing and scaling up multiple manufacturing facilities in China and North America.

Daniel Burns, ChairmanThe first certified director in British Columbia (ICD.D) and one ofthe first in Canada. He is a member of the Law Society of BC andthe Certified Professional Accountants of Ontario. He holds MBAsfrom University of Toronto and St Gallen, Switzerland. He is wellversed in public markets, having created a capital pool companyon the TSX Venture Exchange.

Leo BenneCurrently serves as Chief Growing Officer at Zenabis Global Inc.He gained advanced knowledge of modern horticultural methodsat Rijks Middelbare Tuinbouwschool in Holland, and has beeninstrumental in the development of the CubicFarms technology.Formerly the head of Bevo, Leo grew Bevo to become the leadingplant propagator in North America.

Chris EricsonCurrently serves as Nu Skin’s VP of Business Development wherehe drives long-term value for Nu Skin through strategic businessrelationships. Prior to this position, he led Nu Skin’s global internalaudit team as VP of Internal Audit and served as the Director ofInternal Controls.

John HoekstraCurrently the Controller of Bevo Agro Inc. He joined Bevo in 2004,shortly after Bevo went public. Prior to joining Bevo, he worked asa Supply Chain Manager at Air Liquide Canada, and at Unitor ShipsService as Branch Manager. He is a Chartered ProfessionalAccountant (CPA, CGA) and holds a Business Administrationdegree from Redeemer University.

Michael McCarthyPrincipal at McCarthy Pacific Group, consulting and advising onstrategic business development, enhancing business-to-businessmarketing and enabling a culture of high performance. He hasextensive leadership experience in the technology sector withcompanies such as Telus, IBM and Silicon Graphics, where heaggressively grew the business while developing future leaders.

Thank you for your interest

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Contacts for investors:

Dave DinesenChief Executive Officerdave@cubicfarms.com604.220.1370

Kimberly LimVP, Investor Relations & Corp. Communicationskimberly@cubicfarms.com236.858.6491

TSXV:CUBCubicFarms.com

Appendix

*Depending on size and variety required.

Traditional growing

LabourLabour-intensive process places constant strain on workers and increases farmers’ exposure to liability. Labour sourcing challenges persist on local, regional and national levels.

Growing machines move the produce to the employee requiring less physical labour, allowing for faster planting and harvesting cycles that improves productivity.

Quality Crops are grown in varying and inconsistent conditions that can affect a farmer’s crop quality and production.

Crops are grown in consistent conditions year round, resulting in reliable crop quality.

Water At least 12 litres of water required per head of lettuce.Water is recycled and controlled independently in each machine, resulting in only 1 litre of water required per head of lettuce.

Efficiency

Traditional growing cycles are longer when using large cultivated land areas. The opportunity for farm expansion is limited by availability and the cost of arable land. In many parts of the world outdoor weather is affected by seasonality that can severely limit production.

A CubicFarms growing system produces much higher yields on a square foot basis by dramatically reducing the footprint of land used. Our systematic growing programs lower production cycles to as little as 5 to 21 days*. CubicFarms’ patented growing machines allow our customers to expand based on market demands.

Environment

Uses a mixture of herbicides, pesticides, fungicides and insecticides to produce. Science is proving that the use of thesetoxic chemicals can be harmful to health. Very specific climate locations for growing in North America requires produce to travel large distances creating large volumes of CO2 emissions.

Our stainless steel growing machines and sterilized growing environment eliminates the need for pesticides and herbicides. Local, year-round growing reduces transportation emissions.

CubicFarms vs. traditional growingCubicFarms has proven that using its growing system allows for significant savings in labour, provides consistent growing conditions for optimum quality of crops, drastically lowers water use, maximizes production yield footprint and eliminates the need to use harmful pesticides or herbicides for production. All while growing locally!

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Facility details

Number of machines▪ Growing – 11▪ Germination – 2▪ Irrigation – 1

Intended use▪ Research and development▪ Supply of leafy greens for Greater Vancouver area▪ Cultivation of wheatgrass for selected customers

Expansion plans▪ CubicFarms has incremental bare land available at

Pitt Meadows that could be utilized to expand the facility further

Current facility capacity

▪ 1.2 million heads of lettuce per annum;▪ 6 million plugs of basil; ▪ 150,000 pounds of microgreens; or ▪ Any combination thereof could be produced

annually at the current Pitt Meadows facility

Expanded facility capacity

▪ 1.3 million heads of lettuce per annum;▪ 8.3 million plugs of basil; ▪ 160,000 pounds of microgreens; or ▪ Any combination thereof could be produced

annually in the expanded section of the Pitt Meadows facility

Wholly-owned facility in Pitt Meadows, B.C.

CubicFarms owns an 11-machine system in Pitt Meadows – our first installed and operational system.

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Production yields

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The table below showcases the production yields of CubicFarms’ machines for lettuce, basil and microgreens.*

*The projected economics are based on observations of production at the Pitt Meadows facility.

Lettuce Basil Microgreens

Number of machines 1 14 1 14 1 14

Crops per cycle (units) 6,240 87,360 20,640 288,960 1,440 20,160

Cycles per year ~17 (21 days per cycle) ~36 (10 days per cycle) 52 (7 days per cycle)

Wastage rate 5% 5% 5%

Net annual crops (units) ~103,000 ~1,410,000 ~716,000 ~11,529,000 ~71,000 1,162,000