This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the
audited consolidated comparative financial statements and accompanying notes of Ag Growth
International Inc. (“AGI”, the "Company", "we", "our" or "us") for the year ended December 31, 2019,
the Management’s Discussion and Analysis (the “Annual MD&A”) of the Company for the year
ended December 31, 2019 and the unaudited interim condensed consolidated comparative
financial statements of the Company and accompanying notes for the three-month period ended March 31, 2020. Results are reported in Canadian dollars unless otherwise stated.
The financial information contained in this MD&A has been prepared in accordance with
International Financial Reporting Standards [“IFRS”]. All dollar amounts are expressed in Canadian currency, unless otherwise noted.
Throughout this MD&A, references are made to "trade sales", "EBITDA", “adjusted EBITDA”,
“gross margin”, “funds from operations”, "payout ratio", “adjusted profit” and “diluted adjusted
profit per share”. A description of these measures and their limitations are discussed below under "Non-IFRS Measures".
This MD&A contains forward-looking information. Please refer to the cautionary language under the heading "Risks and Uncertainties" and "Forward-Looking Information" in this MD&A and in our most recently filed Annual Information Form, all of which are available under the Company's profile on SEDAR [www.sedar.com].
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