Canntab Therapeutics : 2021Nov30 Q2 MD&A

CANNTAB THERAPEUTICS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS

THREE AND SIX MONTHS ENDED NOVEMBER 30, 2021 AND 2020

CANNTAB THERAPEUTICS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS

THREE AND SIX MONTHS ENDED NOVEMBER 30, 2021 AND 2020

The following management discussion and analysis ("MD&A") of Canntab Therapeutics Limited ("Canntab" or "the Company") provides a review of corporate developments, results of operations and financial position for the three and six months ended November 30, 2021 ("F2022 Q2" and "F2022 Q2 YTD" respectively) compared with the corresponding period ended November 30, 2021 ("F2021 Q2" and "F2021 Q2 YTD" respectively). This discussion is prepared as of January 31, 2022 and should be read in conjunction with (i) the unaudited interim condensed consolidated financial statements and the accompanying notes for the three and six months ended November 30, 2021 and 2020, and (ii) both the audited consolidated financial statements and MD&A for the fiscal years ended May 31, 2021 and 2020. Additional information relating to the Company is available on Canntab's SEDAR profile at www.sedar.com and the Company's website at www.canntab.ca. The results reported in this MD&A have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are presented in Canadian dollars, which is the Company's functional currency.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors (the "Board"), considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company's common shares, (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision, or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

FORWARD-LOOKINGSTATEMENTS

This MD&A contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward- looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement.

Detailed information on risks and uncertainties is provided in the "Uncertainties and Principal Risk Factors" section of the annual MD&A for the year ended May 31, 2021.

COMPANYOVERVIEW

Canntab Therapeutics Limited ("Canntab" or the "Company") was incorporated on April 20, 2016 under the Canada Business Corporations Act. The Company, with its head office located at 223 Riviera Drive, Markham, Ontario, L3R 5J6, is a Canadian phytopharmaceutical company focused on the manufacturing and distribution of a full suite of hard pill cannabinoid formulations in multiple doses and timed-release combinations. Canntab's proprietary hard pill cannabinoid formulations provide doctors, patients and consumers with medical grade solutions which incorporate all the features one would expect from any prescription or over the counter medication sold in pharmacies around the world.

Page 1 of 15

CANNTAB THERAPEUTICS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS

THREE AND SIX MONTHS ENDED NOVEMBER 30, 2021 AND 2020

Canntab trades on the Canadian Securities Exchange under the symbol "PILL", the OTCQB Best Market under the symbol "CTABF" and the Frankfurt Stock Exchange under the symbol "TBF1".

The Extended Release Tablet ("XR" or the "XR Tablet") is a proprietary phytocannabinoid vehicle that is designed to directly address the drawbacks and challenges of competing oral delivery systems. These challenges include, but are not limited to, accuracy of dosing, onset times, duration of action, bioavailability, discreetness of consumption, ease of spoilage and the reduction of side effects, and are all directly addressed by the unique formulation of the XR Tablet. The XR Tablet is designed to contain either THC, CBD or a combination of THC/CBD (depending on the composition of the medicine), permitting it to meet the demands of a broader patient base than the current synthetic- THC based pills in the market today.

Intellectual property underpins the value of XR Tablets in the form of four international patent applications already filed. With the recent Health Canada licensing amendment that allows for sales directly to the consumer, the Company is now aggressively moving forward with its business plan and full commercialization of its brand and products.

CURRENTHIGHLIGHTS

• Finalizing a convertible debenture offering for proceeds in excess of $1 million on terms similar to previous offering, expected to close early in February, 2022.
• Official launch of online e-commerce platform and web site at www.canntab.ca on January 20, 2022, providing Canadians with an opportunity to source true medical THC and CBD in a pharmaceutical grade hard tablet from the only THC and CBD provider in hard tablet in Canada.
• Completed first two shipments to the Ontario Cannabis Store ("OCS") in January, 2022.
• Completed second shipment of both THC and CBD tablets to Australia by November, 2021.
• Entered into service agreement in December, 2021 with Levitee Clinics Inc. ("Levitee"), a leader in the integrative wellness space, under which Canntab's full suite of oral tablet products, including a comprehensive range of both THC and CBD strengths, will be made available to Levitee and their patients.
• Entered into service agreement in December, 2021 with Pathway Health Corporation ("Pathway"), one of the largest providers of out-of-hospital pain management services in Canada, under which Canntab's full suite of oral tablet products, consisting of a range of both THC and CBD strengths, will be available to Pathway's patients.
• Received an amendment to its Cannabis Standard Processing and Sales for Medical Purposes Licence from Health Canada in November, 2021, enabling focus on the full commercialization of the Company's brand and products.
• Entered into an agreement in October, 2021 with 36Eight Technologies Inc., a bioinformatics pharmacological healthcare data and technology company, whose first-of-its-kind clinical intelligence software assists physicians, nurses, and pharmacists in screening for drug-cannabis interactions, and to optimize healthcare outcomes via cannabis dose combination, titration and ongoing clinical assessment.

Page 2 of 15

CANNTAB THERAPEUTICS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS

THREE AND SIX MONTHS ENDED NOVEMBER 30, 2021 AND 2020

RECENTEVENTS

Medical Sales License From Health Canada

On November 11, 2021, the Company received an amendment to its Cannabis Standard Processing and Sales for Medical Purposes Licence from Health Canada, marking the final regulatory step required to launch the Company's direct to consumer sales through its website. Receipt of the license is considered the most significant milestone for the Company to date, and provides Canntab with the legal ability to aggressively move forward with its business plan and full commercialization of its brand and products.

The recently announced initial shipment to OCS and second Australian shipment are just two examples of what is expected to be further revenue-generating developments in the very near future. In addition, affiliates across Canada like pharmacy groups, health and wellness practitioners, sleep and pain clinics and other medical professionals will now be able to recommend or prescribe the Company's products and be compensated for doing so., allowing patients across Canada with an authorized medical document to order online. The service agreements announced with both Pathway and Levitee in December, 2021 are the first such examples. Over the next several weeks and months, we expect to announce many new partnerships that will extend to a large percentage of the Canadian population to provide specific programs from opiate alternative solutions to general health and wellness programs, as well as the OCS and other provincial authorities.

Current sales results and initiatives

E-Commerce platform

On January 20, 2022, the Company announced the official launch of its online e-commerce platform and web site at www.canntab.ca. The e-commerce platform and web site provide Canadians with an opportunity to source true medical THC and CBD in a pharmaceutical grade hard tablet. Canntab is now able to script patients directly online, take in existing or new prescriptions from doctors or even share a prescription with another licensed producer. The recent amendment to the medical sales license now allows Canntab to sell and distribute its 12 Health Canada approved SKU's (instant release tablets delivering THC, CBD and a combination of THC/CBD in 12 different strengths) directly to every medically prescribed patient across the country.

Ontario Cannabis Store

The Company executed a Master Cannabis Supply Agreement with OCS in September, 2021. In January, 2022, Canntab completed its first two shipments to OCS. These initial deliveries to the OCS mark the beginning of a productive and growing relationship. The Company's products are now available to all Ontario Cannabis stores for purchase, in addition to being available for sale via the OCS website. Canntab will support the sales and distribution of the Canntab brand with strong marketing materials and point of sale programs, engaging expert teams to educate all Ontario budtenders about the unique nature of Canntab's products and its patented delivery system.

Management is confident of further future listings and significant orders from OCS under the Master Cannabis Supply Agreement. The Company is also actively engaged with other provinces to complete the application process to list our products with their respective regulatory bodies.

Page 3 of 15

CANNTAB THERAPEUTICS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS

THREE AND SIX MONTHS ENDED NOVEMBER 30, 2021 AND 2020

Australian order

On March 30, 2021, Health Canada granted the Company an export license under which Canntab can now fulfill the initial purchase order of CAD $406,200 received from Cann Global Limited (ASX: CGB) ("CANN Global") of Australia. The products ordered by Cann Global on October 26, 2020 are expected to be distributed, through its management partnership with Medcan Australia Pty Ltd ("Medcan Australia"), throughout Australia to medical distributors, including doctors, pharmacies, and hospitals.

The first 10% of the order was successfully shipped in F2022 Q1. Upon receipt of the required import permits from Australia and export permits from Health Canada, the second part of shipment of approximately $200,000 was shipped near the end of F2022 Q2.

Pathway Health Corporation

In December, 2021, Canntab entered into a service agreement with Pathway. Pathway is one of the largest providers of out-of-hospital pain management services in Canada, owning and operating nine community-based clinics across four provinces. Its team of healthcare professionals and clinic staff can assess and treat patients with chronic pain or those interested in medical cannabis.

Canntab's full suite of oral tablet products consisting of a range of both THC and CBD strengths will be available to patients served by Pathway. Canntab believes this type of dosage format will be preferred by certain patients - such as those in the senior demographic, who are largely interested in a product that is easy to administer and yet, is also titratable due to the availability of different strengths. With a network of specialized medical clinics in major markets across Canada that treat patients with chronic pain, the largest out-of-hospital chronic pain centre and the largest medical cannabis tele-health network in Canada, Canntab's medical cannabis products can potentially be made available to tens of thousands of medical cannabis patients.

Levitee Clinics Inc.

In December, 2021, Canntab entered into a service agreement with Levitee. Servicing over 35,000 patient visits in the last 12 months, Levitee is establishing itself as a leader in the integrative wellness space. Levitee aims to transform mental health and addiction treatments through the integration of alternative medicinal therapies. Levitee also operates three pharmacies in Alberta specializing in filling prescriptions for patients with substance use disorders, mental health conditions and chronic pain.

Canntab's full suite of oral tablet products including a comprehensive range of both THC and CBD strengths will be made available to Levitee and their patients. It is believed that a hard tablet delivery format will be the preferred dosage format by many of Levitee's patients including, more specifically, the senior demographic and patients with several issues related to the use of opiates and other related painkillers. Such patients are largely interested in a product that is easy to administer and is also titratable due to the availability of multiple strengths.

Page 4 of 15