Blueberries Medical : MD&A for the period ended June 30, 2022

BLUEBERRIES MEDICAL CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

FOR THE SIX MONTHS ENDED

JUNE 30, 2022

Dated August 25, 2022

Blueberries Medical Corp.

Management's Discussion and Analysis

For the six months ended June 30, 2022

(All amounts are in Canadian Dollars, unless otherwise stated)

The following Management's Discussion and Analysis (the "MD&A") of Blueberries Medical Corp. ("Blueberries", "BBM" or the "Company"), formerly CDN MSolar Corp. ("CMS") for the six months ended June 30, 2022, as well as information and expectations concerning Blueberries' outlook are based on currently available information.

This MD&A should be read in conjunction with Blueberries' unaudited interim consolidated financial statements for the six months ended June 30, 2022, as well as Blueberries' audited annual consolidated financial statements for the year ended December 31, 2021 (collectively, the "Financial Statements"). The Financial Statements and notes thereof are prepared in accordance with International Financial Reporting Standards ("IFRS") and its interpretations adopted by the International Accounting Standards Board ("IASB").

The MD&A, and the annual audited consolidated financial statements have been filed on SEDAR at www.sedar.com. Additional information can also be found on the Company's website at www.blueberriesmed.com.

This MD&A is prepared as of August 25, 2022. All dollar values are expressed in Canadian dollars, unless otherwise indicated.

HIGHLIGHTS

Blueberries management team keep focus on reducing cash expenses and fixed costs, optimizing working capital expenditures, and increasing the Company's revenue generating capabilities and alternatives. The Company closed an agreement to significantly reduce the Guatavita cultivation location fixed cost and expenditures, as well as increasing the capability to ensure access to GACP CUMCS / IMC dry flower both for THC and CBD strains with a minimum CAPEX allocation. In the extraction operation, the Company renegotiated certain warehouse-related contracts to identify cost saving opportunities while keeping the current extraction capacity and improving the quality operation standards. A plan to extend production capacities including distillation and crystallization if moving positively.

With regards to the sales, the Company has started progressing towards sale to new countries and markets, especially in CBD Isolate and other non-psychoactive extracts. Also, the Company is preparing the plan to enter new markets with THC valued-added products in form of dry flower, resin, and distillate. Finally, the Company expect to launch in Q3 2022 a novel fully translucid water-soluble power specialty.

CORPORATE OVERVIEW AND UPDATE

Blueberries is a fully licensed cannabis producer in Latin America with a focus on cultivating, processing, and supplying medicinal-grade cannabis oil extracts, premium medical flower and related products. The common shares of the Company are listed on the Canadian Securities Exchange (the "CSE") under the symbol "CNSX: BBM", in U.S.A on the OTC Markets ("OTC: BBRRF") and in Germany on the Frankfurt Bourse ("FRA: 1OA").

Blueberries' wholly owned subsidiary, Blueberries SAS ("BBSAS") is a licensed producer and distributor of medicinal cannabis and cannabis-derived products in Colombia.

COLOMBIA OPERATIONS

Agricultural Operations

Contract grower model

After closing an agreement under contract growing arrangements to ensure access to premium GACP CUMCS certified CBD and THC flower both for extraction and dry flower exportation purposes, the Company started the mother plants establishment at strategic ally farm for CBD predominant genetics. By the end of the second quarter of 2022, the psychoactive quota approval is under the final course of approval by Colombia´s Ministry of Justice.

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Blueberries Medical Corp.

Management's Discussion and Analysis

For the six months ended June 30, 2022

(All amounts are in Canadian Dollars, unless otherwise stated)

Extraction and manufacturing

Manufacturing facilities upgrade

In order to align the Company´s facilities with strategic international, both operative and quality, standards the Company has finished the design of new Cannabis derivatives manufacture facilities. The infrastructure project that also includes the addition of a new ethanol-based extraction line, while the downstream capacities will be strengthened will start on Q3 2022.

New finished products research and development pipeline

The Company is now on the final stage of THC:CBD balanced formulation product development to be launch during Q4 2022, at the same time a novel product oriented to sleep quality improvement is ready to enter into stability studies phase.

The Company is also working into novel co-processedwater-soluble products including high CBD and high minor cannabinoids products in order to enhance the Company´s products scope of application at the same time the dosage efficiency will be improved in medicinal finished products.

COMMERCIAL EMPHASIS AND NEW REVENUE STREAMS

During Q2 2022, BBM is still positioned as a company specialized in cannabis-derived ingredients in Colombia and Latin America, focused in Argentina and Brazil.

Primary Extraction and Superior Standardization:

We continue to offer to customers in Colombia the service of primary extraction of CBD and THC flower. In the case of CBD, our superior standardized service has been relevant as customers have the possibility to convert their W+D extract into a standardized oil at the required potency levels and thus, have a stable ingredient to supply any type of industry or market it is offered to. It is estimated that by 2022 the volume of THC flower extraction will increase due to the advantage of BBM extraction through supercritical fluids.

The BBM extraction service is today recognized by the cannabis industry in Colombia as it values the genetic development that has been developing for more than 4 years by growers, and is reflected in the Certificates of Analysis that are issued to through third-party labs where it shows its potency of minor cannabinoids and terpenes that are normally lost with regular ethanol-based extraction

Magistral Formulas for compassionate use in Brazil:

As BBM has an own capacity of develop and manufacture CBD/THC compounded formulations, BBM developed 6 potential SKU, CBD-predominant and THC-predominant, designed in a functional way to attend to different pathologies that are typical of treating through cannabis as compassionate use. In this way, supported by local Brazilian business partners, BBM intends to penetrate the Brazilian market by facilitating the use of its products in patients in need of cannabis-based formulations (not hemp), being the case of THC where its vegetable source is Delta 9, which exceeds in effectiveness, efficiency, and naturalness the current offer that supplies the United States with Delta 8. The work developed by BBM is not limited to R&D, it exceeds its scope to understand the logistics process and identify how to operate and market its Master Formulas in Brazil.

Bulk Ingredients:

Based on the commercial agreement with an American supplier of cannabis raw materials with US GMP pharmaceutical and cosmetic grade for its commercialization in Colombia and Latin America, BBM activated international sales to Argentina of ingredients such as CBD isolate in its first stage of the business development strategy: new clients in Argentina. These first exports demonstrated that the Argentine market is highly demanding cannabis-derived ingredients in cosmetic and pharmaceutical developments.

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Blueberries Medical Corp.

Management's Discussion and Analysis

For the six months ended June 30, 2022

(All amounts are in Canadian Dollars, unless otherwise stated)

Argentina:

BBM finds an interesting opportunity in the Argentinean market for the commercialization of cannabis-derived ingredients for cosmetic product development during Q2. After the contact with more than 100 medium and large companies who found out about our offer and some of them has tested our ingredients, we believe we will be able to launch finished products to the market no later than Q4 of this year. In Q2 we were able to start exporting our ingredients to 2 clients in Argentina who will carry out pilot tests to continue supplying Cannabis through Blueberries from Colombia. In addition to the quality of our ingredients, Argentine clients widely recognize the commercial service they have with the Company, and the ease of having BBM as a supplier of highly reliable Cannabis-derived ingredients.

The success and work done during Q2 in Argentina served as the basis for entering the market and, in a second stage of commercial development, offering more portfolio products such as CBG or CBN isolates, as well as higher value products such as Broad Spectrum. The incorporation of new SKUs in the market enhances the development of cosmetic and pharmaceutical products to the final consumer and facilitates the export of Argentine finished product to nearby geographies that the regulation allows. The foregoing is a right to win for BBM as the provider called to be the leader in the Argentine market.

We have also been approached by food companies in Argentina that have started to test and develop prototypes for when the regulation allows the use of cannabis in food and beverages.

PRODUCTION LICENSES

The legalization of the cultivation of cannabis as medicinal Cannabis was based on Law 1787 of 2016 enacted by Colombian Congress, Decree 613 of 2017 the ("Decree") and regulatory resolutions (577, 578 and 579 of August 8, 2017 enacted by the Ministry of Justice and resolutions 2891 and 2892 of 2017 enacted by the Ministry of Health) which formed a legal framework that regulates the actions of any company in Colombia working with cannabis for medical and scientific purposes, including the cultivation, production, and domestic and international distribution of cannabis, cannabis seeds, High THC Medicinal Cannabis, and Low THC Medicinal Cannabis extracts.

Decree 613 of 2017 specifically outlines the different types of cannabis licenses and general requirements for issuing these licenses. The new requirements from this Decree to obtain a license include providing certification of land use, shareholder structure information, a farming crop plan and manufacturing projected for five years, and registry of plant cultivars with the ICA. The Decree also outlines that the license holder must inform the Ministry of Justice and the National Narcotics Fund of non-psychoactive seeds that become psychoactive either during agricultural evaluation or seed cultivation. Additionally, the Decree outlines new events for termination of licenses including not obtaining at least one quota for each year of licenses and beginning cultivation or commercialization without the ICA registry of plant cultivars.

The opportunity to connect cannabis formulas with patients more easily and the delivery of raw materials and solutions for the FMCGs industry and for veterinary products show to be the more immediate opportunities. Thus, the Company has focused their efforts and invested time and resources in preparing high value-added formulations and non- psychoactive specialty ingredients for specific Food & Beverages applications and for veterinary uses. Also, it has approached to national pharmacy chains that will help the Company to distribute its medical formulas across de country The Company obtained licenses to grow, cultivate, distribute locally and internationally medical cannabis with high concentrations of Tetrahydrocannabinol "THC" (>1% THC) and medical cannabis with low concentrations of THC (<1% THC). Below is a summary of the licenses, their function, status and application.

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Blueberries Medical Corp.

Management's Discussion and Analysis

For the six months ended June 30, 2022

(All amounts are in Canadian Dollars, unless otherwise stated)

Licenses	Function	Grant Date	Application
	· Seed production for planting		· Less than 1.0% THC Production of low THC
Non-psychoactive
· Grain production	Mar. 15, 2018	flower
cannabis			· Domestic and international distribution
· Manufacture of derivatives
cultivation
	· Dry Flower Exportation	Jun. 30, 2022	· Non-psychoactive dry flower exportation
	· Seed production for planting		· Production of more than 1.0% THC and high THC
Psychoactive	· Grain production	Oct. 24, 2018	extracts.
		· Domestic and international distribution
· Manufacture of derivatives
cannabis
cultivation
· Scientific purposes	Dec. 5, 2019	· Scientific research
	· Dry Flower Exportation	Jun. 30, 2022	· Psychoactive dry flower exportation
Seeds	· Marketing or delivery	Dec. 3, 2019	· Marketing: Buying and selling of seeds
· Scientific purposes
Manufacture of	· National use		· Manufacture, Produce, Commercialize and export
	Aug. 17, 2018	psychoactive and non-psychoactive cannabis
· Exportation
cannabis		derivatives
derivatives	· Scientific Research	Jan. 29, 2020	· Scientific research and extension to extraction

CHANGES IN COLOMBIAN CANNABIS REGULATIONS

On February 18, 2022, the Colombian government issued the Resolution 227/2022 that improved license holders' conditions, such as extending from 5 to 10 years the term of the licenses and facilitating and extending the term for applying to THC quotas. This resolution also regulated the use of non-psychoactive cannabis plant and its derivatives in food, beverages, alcoholic beverages, and dietary supplements. In this same direction, on April 1st the Colombian government issued the Resolution 539/2022 that regulates the Decree 811 of 2021 in all aspects related to the exportation of seeds for sowing, grain, plant component, cannabis plants, cannabis, cannabis derivatives and related products, allowing therefore the exportation of dry flower for medical and scientific purposes.

In anticipation to this regulatory chances, the Company started specific plans to: a) be ready to export premium grade GACP CUMSC / IMC certified flower exploring a third-party cultivator model agreement with one of the largest flower processors in Colombia, (Blueberries already modified their license to be able to export) b) started the development of multiple non-psychoactive high value-added ingredients for Food and Beverages, including specialties for chocolate and fully translucid water-soluble forms for beverages.

Blueberries expects that new commercial opportunities allowed by the updated regulation in Colombia will be rapidly traduced in sales and incomes for the Company both locally and in development markets.

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