Maple Leaf Green World : Third Quarter

MAPLE LEAF GREEN WORLD INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

MAPLE LEAF GREEN WORLD INC.

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

MANAGEMENT'S DISCUSSION AND ANALYSIS

November 29, 2021

This Management's Discussion and Analysis ("MD&A") is intended to help the reader understand the financial statements of Maple Leaf Green World Inc. (referred to as "we", "Maple Leaf" or the "Company"). The information herein should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2021 (the "Interim Financial Statements") and the audited consolidated financial statements for the years ended December 31, 2020 and 2019 and related notes thereto. The Company's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. This MD&A is based on information available to November 29, 2021 and was approved by the Board of Directors. Additional information relating to Maple Leaf is available on SEDAR at www.sedar.comand on Maple Leaf's website at www.mlgreenworld.com.

Unless otherwise indicated, in this MD&A all references to "dollar" or the use of the symbol "$" are to the Canadian dollar.

FORWARD-LOOKING STATEMENTS

This MD&A contains certain information that may constitute "forward-looking information" and "forward-looking statements" which are based upon the Company's current internal expectations, estimates, projections, assumptions, and beliefs. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget" or "budgeted", "scheduled", "estimates", "projects", "intends", "proposes", "complete", "anticipates" or "does not anticipate", "believes", "likely", "may", "will", "should", "intend", "anticipate", "proposed", "potential", or variations of such words and phrases or state that certain actions, events, or results "may", "can", "could", "would", "might", "will be taken", "occur", or "be achieved", and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking statements include, but are not limited to estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward- looking information. The forward-looking statements included in this MD&A are made only as of the date of this MD&A. Forward-looking statements in this MD&A include, but are not limited to, statements with respect to: the performance of the Company's business and operations; the development, expansion, and assumed future results of operations of the Company's projects; the intention to grow the business and operations of the Company; consumer perception of the medical- use and adult-use hemp industry continuing to affect the market price of hemp-related products; the respective costs, and anticipated timing associated therewith; the receipt of applicable approvals governmental authorities, expectations with respect to the approval of the Company's applications for licenses pursuant to federal, state, and provincial regulation and legislation; the competitive conditions of the hemp industry; the applicability of certain laws, regulations, and any amendments thereof; future legislative and regulatory developments involving hemp; the ability to access sufficient capital from internal and external sources and the ability to access sufficient capital on favourable terms; the ability of the Company to generate cash flow from operations; income and sales tax regulatory matters, competition, crop projections, currency, and interest rate fluctuations; the competitive and business strategies of the Company; the Company's investment in the United States, the characterization and consequences of the investment under U.S. federal law, and the framework and the grant and the impact of any license or supplemental license to conduct activities with hemp or any amendments thereof.

With respect to the forward-looking statements contained in this MD&A, we have made assumptions regarding, among other things: (i) our ability to generate cash flow from operations and obtain necessary financing on acceptable terms; (ii) general economic, financial market, regulatory and political conditions in which we operate; (iii) the yield from the growing operations; (iv) consumer interest in our products; (v) competition; (vi) anticipated and unanticipated costs; (vii) government regulation of our activities and products and in the areas of taxation and environmental protection, including in the United States and in Canada; (viii) the timely receipt of any required regulatory approvals; (ix) our ability to obtain qualified staff, equipment and services in a timely and cost-efficient manner; (x) our ability to conduct operations in a safe, efficient, and effective manner; and (xi) our construction plans and timeframe for completion of such plans.

With respect to the forward-looking statements contained in this MD&A, we have made assumptions regarding, among other things: (i) our ability to generate cash flow from operations and obtain necessary financing on acceptable terms; (ii) general economic, financial market, regulatory and political conditions in which we operate; (iii) the yield from the growing operations; (iv) consumer interest in our products; (v) competition; (vi) anticipated and unanticipated costs; (vii) government regulation of our activities and products and in the areas of taxation and environmental protection, including in the United States and in Canada; (viii) the timely receipt of any required regulatory approvals; (ix) our ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; (x) our ability to conduct operations in a safe, efficient, and effective manner; and (xi) our construction plans and timeframe for completion of such plans, (xi) the uncertainties associated with the COVID-19 pandemic, including our ability to continue operations, the ability of our suppliers and distribution channels to continue to operate, the disruptions to the global and local economies due to related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations and a reduction in discretionary consumer spending.

Certain of the forward-looking statements and forward-looking information and other information contained herein concerning the hemp industry and the general expectations of Maple Leaf concerning the hemp industry are based on estimates prepared by Maple Leaf using data from publicly available governmental sources, market research, industry analysis, and on assumptions based on data and knowledge of the hemp

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MAPLE LEAF GREEN WORLD INC.

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

MANAGEMENT'S DISCUSSION AND ANALYSIS

industry, which Maple Leaf believes to be reasonable. However, although generally indicative of relative market positions, market shares, and performance characteristics, such data is inherently imprecise. While Maple Leaf is not aware of any misstatement regarding any industry or government data presented herein, the hemp industry involves risks and uncertainties that are subject to change based on various factors.

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and we cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, readers should not place undue reliance on these forward-looking statements. Whether actual, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Risk Factors" in this MD&A. Additional information on these and other factors which could affect the Company's operations and financial results are discussed in the sections relating to risk factors of our business filed in the Company's required securities filings with applicable securities commissions or other securities regulatory authorities and which may be accessed through the SEDAR website (www.sedar.com).

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. In particular, but without limiting the foregoing, disclosure in this MD&A as well as statements regarding the Company's objectives, plans and goals, including future operating results, economic performance, and patient acquisition efforts may make reference to or involve forward-looking statements. A number of factors could cause actual events, performance, or results to differ materially from what is projected in the forward-looking statements. The purpose of forward-looking statements is to provide the reader with a description of management's expectations, and such forward-looking statements may not be appropriate for any other purpose. You should not place undue reliance on forward-looking statements contained in this MD&A. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

GOING CONCERN

The consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations.

Details of deficit and working capital (current assets less current liabilities) of the Company are as follows:

	September 30, 2021	December 31, 2020
Deficit	(43,572,696)	(42,396,799)
Working Capital	(7,400,921)	(6,424,495)

There are a number of outstanding legal claims against the Company stemming from its nonpayment of invoices relating to the construction of its cannabis growing facility in British Columbia. As such, there is a material uncertainty related to these events and conditions that may cast significant doubt on the Company's ability to continue as a going concern and therefore, it may be unable to realize its assets and discharge its liabilities in the normal course of business.

Management has forecasted the expected expenditure levels and contracted commitments will exceed the Company's net cash inflows and working capital during fiscal 2021 unless further financing is obtained. Additional sources of funding will be required during fiscal 2021 to carry on operations and/or to realize on investment opportunities. The Company's future operations are dependent upon its ability to secure additional funds and generate product sales. While the Company is striving to achieve these plans, there is no assurance that these and other strategies will be achieved, or such sources of funds will be available or obtained on favorable terms or obtained at all. Historically, the Company has obtained funding via the issuance of shares and warrants as well as debt financing. If the Company cannot secure additional financing on terms that would be acceptable to it or otherwise generate product sales, the Company will have to consider additional strategic alternatives which may include, among other strategies, cost curtailments and delays of product launch, as well as seeking to license and/or divest assets or a merger, sale or liquidation of the Company. These material uncertainties cast significant doubt about the Company's ability to continue as a going concern.

The consolidated financial statements do not reflect adjustments to the carrying values of assets and liabilities that may be required should the Company be unable to continue as a going concern. Such adjustments will be material.

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MAPLE LEAF GREEN WORLD INC.

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

MANAGEMENT'S DISCUSSION AND ANALYSIS

COMPANY OVERVIEW

The Company was formed by the amalgamation of Maple Leaf Reforestation Inc. ("MLFI") and Intercontinental Mining Corp. under the Business Corporations Act (Alberta), RSA 2000, c B-9 on February 24, 2005. MLFI changed its name to "Maple Leaf Green World Inc." by Certificate of Amendment dated October 9, 2012.

Maple Leaf's common shares (the "Common Shares") were previously listed under the symbol under the symbol "MGW" on the Aequitas NEO Exchange Inc. (the "NEO Exchange"). At the close of business on May 31, 2021, the Company voluntarily delisted its Common Shares from the NEO Exchange and subsequently completed the listing of the Common Shares on the Canadian Securities Exchange (the "CSE") on June 1, 2021. The Common Shares of the Company are traded on the CSE under the symbol "MGW".

The Company's Common Shares also trade on the OTCQB® Venture Market ("OTCQB") under the symbol "MGWFF" for U.S. and international investors.

On November 3, 2014, the Company filed Articles of Organization to form a limited liability company, Golden State Green World, LLC, ("GSGW") under the laws of the State of California. The Company owns 100% of the membership interests of GSGW.

On March 1, 2017, the Company filed Articles of Organization to form a limited liability company, SSGW, LLC ("SSGW"), under the laws of the State of Nevada. The Company owns 100% of the membership interests of SSGW.

Maple Leaf has a registered office and head office located at Suite 20, 3515 27 Street NE, Calgary, AB, T1Y 5E4. The Company's telephone number is [phone] and Maple Leaf's corporate website is www.mlgreenworld.com.

Maple Leaf and its subsidiaries are focused on the emerging hemp industry in North America. The Company devotes its time, effort, and capital to seek hemp business opportunities. Maple Leaf is engaged in hemp operations in the United States of America ("United States", "USA", the "US", "U.S.", or "U.S.A") in the state of California.

As of the date of this MD&A the Company owns land in the state of California and is operating six greenhouses focused on cultivating hemp seeds, flowers, biomass and clones under a US regulations permit.

CALIFORNIA HEMP OPERATIONS

The Company received a Hemp Seed Cultivation License ("The License") from Riverside County to start breeding Hemp Seed for CBG enriched Hemp in 2019. The Biomass of the Hemp grown from these special genetic type seeds contains a much higher CBG content than the Biomass from typical industrial Hemp, thus the market price for these types of seeds is much higher than the typical industrial Hemp seeds.

On November 9th 2020, the Company announced that the latest Certificate of Analysis ("COA") for its La Crème flowers continues to show rising CBG concentration during the curing phase. The latest lab results show 16.68% CBG and 0.11% THC and no other cannabinoids detected. It is noteworthy that most samples would present traces of other cannabinoids as enzymes break down CBG to produce other cannabinoids. The lack of these other cannabinoids indicates a pure CBG flower. The Company expects ultimately to achieve 18-20% CBG.

The Company completed harvesting its 2nd crop in March 2021. All five (5) greenhouses have also been upgraded to be fully automated and winterized. The low THC nature of the La Crème strain has allowed the Company to make adjustments during the vegetative phase to maximize both CBG concentration and yield. In June 2021 the Company planted its third crop, with an expected harvest in the fourth quarter 2021.

With the four additional greenhouses constructed in 2020, the Company has currently five greenhouses for hemp seed cultivation and one smaller greenhouse used for plant germination purposes. The company has a total of over 17,000 square feet of growing space.

The Company also has plans to utilize the remaining open space on the 20-acre parcel of land to grow Hemp outdoors in the summer months or add additional greenhouses as market conditions dictate.

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MAPLE LEAF GREEN WORLD INC.

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

MANAGEMENT'S DISCUSSION AND ANALYSIS

MANAGEMENT STRATEGY AND OUTLOOK

In 2020 the Company has focused on its California CBG hemp operations, and it plans to continue its California centric focus in 2021. As such, The Company is expanding and diversifying its commercialization by constructing structural buildings for processing its products as well as for staff residency.

The Company completed its second harvest in the first quarter of 2021 and is in the process of growing its third crop, with and expected harvest date in the fourth quarter of 2021.

Over the last nine months the Company is has worked on preparing its hemp inventory for sale in order to maximize the realized value from the sale of its first two hemp harvests.

On November 9, 2021, the Company announced a Joint Venture ("JV") with Biolinear Technologies Inc ("Biolinear"). The JV will design, produce, and sell cannabinoid-based products that utilize the technologies developed by Biolinear. Ownership and profits of the JV will be evenly split between Maple Leaf and Biolinear.

Biolinear is a technology company based in Nevada that researches and develops cannabinoid enhancement and delivery technologies. Biolinear's technologies include the Cannabinoid Enhancement System (CES), GelPatch™, and NanoSpheres™.

The JV will combine Biolinear's CES, GelPatchTM, and NanoSpheresTM technologies with MGW's hemp products to develop a new product line. This Proprietary Product will be in effect for one (1) year. Either party can renew this agreement with sixty

1. days' notice. MGW will distribute, on behalf of the JV, to its existing and potential client base consumer products containing the Biolinear technology.

Effective October 4, 2021, the Company has appointed Matthew Hay to the Company's Board of Directors. Matthew Hay has worked as a Subject Matter Expert, cannabinoid scientist, technology developer, and formulator in the cannabinoid space for over six years. Mr. Hay brings a vast knowledge of the endocannabinoid system and its relation to, and effect on, human health to the company. Mr. Hay has focused his efforts on technology and methods to improve bioavailability and delivery of cannabinoids, believing that science is the next frontier in cannabinoid therapy. Mr. Hay has broad experience in the cannabinoid industry overall, having worked with cultivators, extractors, manufactures, testing facilities, marketing firms, banks, and logistic companies.

Concurrent with the appointment of Matthew Hay, the Company announced the resignation of Greg Moline, who joined the Maple Leaf Board in 2013, effective September 30, 2021.

Effective October 27, 2021, the Company has appointed Jeffrey Mashregi to the Company's Board of Directors. Jeffrey Mashregi has demonstrated success and extensive experience in formulating a vision, outlining strategy, meeting aggressive deadlines and financial commitments, negotiation, acquisitions, fundraising, international expansion, and growth, while improving overall operational effectiveness. Most recently, Mr. Mashregi built a mobile app subscription platform where he managed a P&L of over $100 million and lead growth and expansion into 16 countries, resulting in an acquisition by a subsidiary of SoftBank Group. During his tenure, he built and managed large transcontinental teams and partnerships with global companies and brands.

Concurrent with the appointment of Jeffrey Mashregi, the Company announces the resignation of Najibullah "Naj" Alizada, who joined the Maple Leaf Board in 2016, effective October 22, 2021.

In May 2021, the Company announced the appointment of Mr Leonard Davis as VP of Marketing to lead its Sales & Marketing team. Mr. Davis has been in the soft goods manufacturing and sourcing business for over thirty years, assisting various companies to streamline process, increase product quality and distribution. In January 2018, Mr. Davis co-founded AIP2020, a hemp-based business in California, where he was COO and was responsible for manufacturing, development and marketing.

In May 2021, the Company singed a cultivation partnership agreement with APEX Genetics LLC ("APEX") a seed genetics firm currently being acquired by Swissx. Under this Agreement, APEX will supply their proprietary strain Swissx Melon, a CBD-rich hemp strain, for Maple Leaf to cultivate using its greenhouse technology in a fully automated and climate controlled environment. Maple Leaf will grow, dry and trim the CBD plants to APEX's specifications as outlined in the Agreement, ensuring compliance with local and federal laws and regulations. After harvesting, APEX is committed to distributing the entire production of flower, biomass and trim with the flower price established at US$225/lb. Maple Leaf will be compensated 85% of the gross sales and

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