Form 62-103F1 Required Disclosure under the Early Warning Requirements Item 1 Security and Reporting Issuer 1.1 State the designation of securities to which this report relates and the name and address of the head office

Required Disclosure under the Early Warning Requirements

Item 1 Security and Reporting Issuer

This report relates to the common shares ( Common Shares ) of The

Valens Company Inc. (the Corporation ). The address of the Corporation s head office is:

Toronto Stock Exchange.

Item 2 Identity of the Acquiror

The acquirer is Sundial Growers Inc. ( Sundial ). The address of Sundial is:

Sundial Growers Inc.

On September 17, 2021, Sundial acquired 100,000 Common

Shares at a price of $3.00 per Common Share for total consideration of $300,000.00 (the Transaction ).

Item 3 Interest in Securities of the Reporting Issuer

before the completion of the Transaction, Sundial owned 18,571,300 Common Shares, representing approximately 9.99% of the issued and outstanding Common Shares on a non-diluted basis as at September 20,

Following the completion of the Transaction, together with all previous acquisitions of Common Shares by Sundial, Sundial now owns

18,671,300 Common Shares, representing approximately 10.00% of the issued and outstanding Common Shares on a non-diluted basis as at September 20, 2021.

State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.

Item 4 Consideration Paid

Item 5 Purpose of the Transaction

State the purpose or purposes of the acquiror and any joint actors for the acquisition or disposition of securities of the reporting issuer.

Describe any plans or future intentions which the acquiror and any joint actors may have which relate to or would result in any of the following:

Sundial acquired the securities reported herein for investment purposes. Sundial may, depending on market and other conditions, increase or

decrease its beneficial ownership, control or direction in the Corporation s securities, whether in transactions over the open market, by privately negotiated arrangements or otherwise, subject to a number of factors, including general market

conditions and other available investment and business opportunities.

Item 6 Agreements, Arrangements, Commitments or

Understandings With Respect to Securities of the Reporting Issuer

Describe the material terms of any agreements, arrangements,

commitments or understandings between the acquiror and a joint actor and among those persons and any person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer or the voting

of any of the securities, finder s fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are

pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities, except that disclosure of standard default and similar provisions contained in loan agreements

need not be included.

Item 7 Change in Material Fact

If applicable, describe any change in a material fact set out in a previous report filed by the acquiror under the early warning

requirements or Part 4 in respect of the reporting issuer s securities.

If the acquiror relies on an exemption from requirements in securities legislation applicable to formal bids for the transaction, state the

exemption being relied on and describe the facts supporting that reliance.

Item 9 Certification

acquiror, certify, or I, as the agent filing this report on behalf of an acquiror, certify to the best of my knowledge, information and belief, that the statements made in this report are true and complete in every respect.

Dated September 21, 2021