NEW YORK, January 22, 2024–(BUSINESS WIRE)–The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CBSTF) (FSE: 3LP) (“The Cannabist Company” or the “Company”), one of the largest and most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., announced today that, further to its previously announced intention to repurchase up to US$25 million of principal amount of 6.0% senior secured convertible notes due June 2025 of the Company (the “2025 Convertible Notes”), it has entered into a binding agreement (the “Agreement”) with certain offshore institutional investors (the “Investors”) to conditionally effect such repurchase (the “Repurchase”) for common shares of the Company (“Common Shares”).

“We are pleased to have reached agreement on the previously announced transaction to reduce leverage and decrease interest expense, maintaining momentum for our balance sheet improvement plan. We are grateful for the constructive relationship with our investors that enabled this transaction to come to fruition and look forward to delivering on additional initiatives in the months ahead,” said David Hart, CEO of The Cannabist Company.

Pursuant to the terms of the Agreement, the Investors shall:

1. by January 31, 2024, exchange, assign, transfer and sell (“Transfer”) US$5 million principal amount of 2025 Convertible Notes in consideration of Common Shares issued at a price per Common Share equal to the greater of CAD$0.41 per Common Share and the 12.5% discount to the 5-day volume weighted average price of the Common Shares (the “Initial Exchange Price”) on Cboe Canada Inc. (the “Exchange”) prior to receipt of a Transfer notice;
2. upon fulfillment of certain conditions related to the trading price of the Common Shares on the Exchange, on or prior to February 29, 2024, Transfer US$5 million principal amount of 2025 Convertible Notes in consideration of Common Shares issued at the Initial Exchange Price, and
3. upon fulfillment of certain conditions related to the trading price of the Common Shares on the Exchange, on or prior to June 30, 2024, Transfer in three separate equal tranches, an aggregate of US$15 million principal amount of 2025 Convertible Notes in consideration of Common Shares issued at a price per Common Share equal to the greater of CAD$0.57 per Common Share and the 12.5% discount to the 5-day volume weighted average price of the Common Shares on the Exchange prior to receipt of a Transfer notice, in each case, subject to adjustment in certain instances.

In the event the conditions are fulfilled and the Investors fail to Transfer their 2025 Convertible Notes in accordance with the terms of the Agreement, the Company has the right, but not the obligation, to require the Investors to Transfer some or all of the portion of the $25 million of 2025 Convertible Notes still held by the Investors. Assuming all of the conditions are fulfilled, and the entire US$25 million principal amount of 2025 Convertible Notes are Transferred for Common Shares issued at the minimum prices set out in the Agreement, a maximum of 68,564,698 Common Shares would be issued in connection with the Repurchase.

In connection with the Repurchase, the Company obtained waivers from holders of, in the aggregate, US$34.5 million principal amount of 2025 Convertible Notes confirming that they did not object to the Company completing the Repurchase and confirming that they had no intention of participating in a Repurchase of their 2025 Convertible Notes on similar terms. Should the holders of the balance of the 2025 Convertible Notes (representing an aggregate amount of US$5 million) participate in a similar Repurchase of their 2025 Convertible Notes, the Company expects that approximately US$3.57 million principal amount of 2025 Convertible Notes could be repurchased, with the remaining balance being potentially Transferred for New Notes.

In connection with the Repurchase, ATB Capital Markets acted as exclusive financial advisor to the Company and to the Company’s special committee.

About The Cannabist Company (f/k/a Columbia Care)

The Cannabist Company, formerly known as Columbia Care, is one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 16 U.S. jurisdictions. The Company operates 125 facilities including 94 dispensaries and 31 cultivation and manufacturing facilities, including those under development. The Cannabist Company is one of the original multi-state providers of cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the Company launched Cannabist, its retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber. For more information, please visit www.cannabistcompany.com.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to sell, buy or subscribe for any securities or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this communication is not an offer of securities for sale into the United States. No offer of securities shall be made in the United States or to or for the account or benefit of a U.S. person (as that term is used in Regulation S of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) absent registration under the U.S. Securities Act, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. In addition, hedging transactions may not be conducted unless in compliance with the U.S. Securities Act.

Caution Concerning Forward Looking Statements

This press release contains certain statements that constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to the Repurchase, the fulfilment of the conditions to one or more of the Transfers contemplated by the Repurchase, the prices at which the Common Shares will be issued if the conditions to one or more of the Transfers are fulfilled, the ability to complete a future offering of convertible notes on favourable terms if at all, the potential for additional holders to Transfer their 2025 Convertible Notes, and the Company’s ability to execute on retail, wholesale, brand and product initiatives. There can be no assurances that the conditions to any future Transfer will be fulfilled or that the Common Shares will be issued. These forward-looking statements or information, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. In addition, securityholders should review the risk factors discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2022, as filed with Canadian and U.S. securities regulatory authorities and described from time to time in subsequent documents filed with applicable securities regulatory authorities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240122940581/en/

Contacts

Investor
Lee Ann Evans
SVP, Capital Markets
investor@cannabistcompany.com

Media
Lindsay Wilson
SVP, Communications
media@cannabistcompany.com

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Achieved Ninth Consecutive Quarter of Positive Adjusted EBITDA

Received Shareholder Approval for Strategic Arrangement with Canopy and Canopy USA

Gained Access to Additional Funding Through Amendments to Credit Facility

NEW YORK, May 22, 2023 (GLOBE NEWSWIRE) — Acreage Holdings, Inc. (“Acreage” or the “Company”) (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S., today reported its financial results for the first quarter ended March 31, 2023 (“Q1 2023”).

First Quarter 2023 Financial Highlights

• Consolidated revenue of $56.0 million for Q1 2023.
• Gross margin was 48% for Q1 2023, an increase from 35% in the fourth quarter of 2022 (“Q4 2022”). Excluding the impact of non-cash inventory adjustments, gross margin for Q1 2023 was 51%.
• Adjusted EBITDA* was $10.6 million and Adjusted EBITDA* as a percentage of consolidated revenue was 19% for Q1 2023.

First Quarter and Recent Operational Highlights

• Received the required approval of the holders of Class D subordinate voting shares of Acreage (the “Floating Shareholders”), at a special meeting of Floating Shareholders held on March 15, 2023, in connection with the Company’s previously announced arrangement agreement dated October 24, 2022, as amended on March 17, 2023 (the “Floating Share Arrangement Agreement”) with Canopy Growth Corporation (“Canopy”) and Canopy USA, LLC (“Canopy USA”). Additionally, the Company obtained a final order from the Supreme Court of British Columbia on March 20, 2023, approving the Floating Share Arrangement Agreement under section 288 of the Business Corporations Act (British Columbia). Upon the satisfaction or waiver of all other conditions set out in the Floating Share Arrangement Agreement, which the parties continue to work towards, the parties will complete the ‎Floating Share Arrangement.
• Launched adult-use retail operations in Connecticut, among an inaugural group of operators permitted to begin adult-use sales in the state. Sales initially commenced at The Botanist store in Montville followed later by The Botanist Danbury location.
• Secured approval to relocate the Acreage’s existing Atlantic City medical dispensary to Pennsauken, New Jersey, along with the approval of the Company’s annual renewal of its license in the state. The Company anticipates commencing adult-use sales at the new Pennsauken location before the end of 2023.
• Introduced new line of dose-able fast-acting gummies in Illinois, Maine, Massachusetts, and Ohio under the flagship The Botanist brand.

Management Commentary

“Our focus on our core footprint while upholding strict cost controls has enabled us to maintain strong margins and continue to deliver positive Adjusted EBITDA despite continued volatility within the market,” said Peter Caldini, CEO of Acreage. “Over the first quarter, we were thrilled to have expanded our addressable market in Connecticut with the launch of adult-use sales at our thriving The Botanist Montville location, and just most recently in the second quarter, began serving adult-use consumers at our Danbury store. Additionally, continuing our commitment to diversifying our product portfolio, we debuted our innovative fast-acting gummies to consumers in Illinois, Maine, Massachusetts, and Ohio under our flagship brand The Botanist.”

Mr. Caldini continued, “Notably, during the quarter, we received shareholder approval for our strategic arrangement with Canopy and Canopy USA, bringing us one step closer to satisfying what is required to close the transaction. We have experienced numerous transformative achievements to bring Acreage to where it is today, and we could not be more excited for its expected bright future under Canopy USA. As we work to complete our arrangement with Canopy and Canopy USA, we will continue to focus on driving our business forward with a priority on managing cash flows in a volatile trading environment.”

Q1 2023 Financial Summary
(in thousands)

Total revenue for Q1 2023 was $56.0 million compared to $56.9 million in the first quarter of 2022 (“Q1 2022”) and $57.5 million in Q4 2022. The year-over-year and sequential decreases were primarily due to continued industry headwinds and decreased pricing as a result of competitive pressures across various markets. Additionally, the year-over-year decrease was also due to the divestiture of the Company’s operations in Oregon and was somewhat offset by the acquisition of a Maine dispensary in 2022. After adjusting for acquisitions and divestitures, revenue for Q1 2023 was relatively consistent with Q1 2022.

Total gross profit for Q1 2023 was $26.6 million, compared to $29.5 million in Q1 2022. Total gross margin was 48% in Q1 2023 compared to 52% in Q1 2022. Margin was impacted by cost increases due to inflation as well as price compression during the quarter. Additionally, cost of goods sold for Q1 2023 included $2.3 million of non-cash inventory adjustments as a result of excess inventory in select markets and carrying values of inventory exceeding net realizable value. Excluding these non-cash inventory adjustments, gross margin for Q1 2023 was 51%.

Total operating expenses for Q1 2023 were $25.4 million, compared to $32.2 million in Q1 2022. Operating expenses in the current quarter included a one-time bad debt charge of $1.3 million and a reversal of prior period bonus accruals of $2.5 million. Operating expenses in Q1 2022 included impairment charges and write-downs of assets held for sale that were not incurred in Q1 2023. Additionally, total operating expense for Q1 2023 benefitted from reduced equity-based compensation expenses and depreciation and amortization when compared to Q1 2022.

Adjusted EBITDA* for Q1 2023 was $10.6 million compared to Adjusted EBITDA* of $8.6 million in Q1 2022 and Adjusted EBITDA* of $7.0 million in Q4 2022.

Net loss attributable to Acreage for Q1 2023 was $(14.6) million, compared to $(12.7) million in Q1 2022.

Amendment to Credit Facility

Subsequent to quarter end, on April 28, 2023, Acreage further amended its existing credit facility (the “Credit Facility”) such that $15.0 million was available for immediate draw, but such funds would be maintained in a segregated account until dispersed and be restricted for use to only eligible capital expenditures. Additionally, the Company has agreed to limit the total amounts outstanding under the Credit Facility to $140.0 million and to, at all times subsequent to April 28, 2023, maintain collateral (as defined in the Credit Facility) equal to or greater than the outstanding amount under the Credit Facility.

Balance Sheet and Liquidity

Acreage ended Q1 2023 with $14.3 million in cash and cash equivalents. As of March 31, 2023, $125.0 million was drawn under the Amended Credit Facility, with a further $15.0 million of long-term debt available from its committed debt facilities, but such funds are restricted for use to only eligible capital expenditures. Additionally, in April 2023, the Company sold, with recourse, the rights to receive certain Employee Retention Tax Credits with an aggregate receivable value of $14.3 million for total proceeds of $12.1 million.

About Acreage Holdings, Inc.

Acreage is a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., including the Company’s national retail store ‎brand, The Botanist. With its principal address in New York City, Acreage’s wide range of national and regionally available cannabis products include the award-winning brands The Botanist and Superflux, the Tweed brand, the Prime medical brand in Pennsylvania, the Innocent brand in Illinois and others. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. Learn more at www.acreageholdings.com and follow us on Twitter, LinkedIn, Instagram, and Facebook.

Forward Looking Statements

This news release and each of the documents referred to herein contains “forward-looking information” and ‎‎“forward-looking statements” within the meaning of applicable Canadian and United States securities legislation, ‎respectively. All statements, other than statements of historical fact, included herein are forward-looking ‎information. ‎Often, but not always, forward-looking statements and information can be identified by the use of words such as ‎‎“plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, ‎or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, ‎‎‎“would”, “might” or “will” be taken, occur or be achieved. ‎

Forward-looking statements or information involve known and unknown risks, uncertainties, and other ‎factors which may cause the actual results, performance or achievements of Acreage or its ‎subsidiaries to be materially different from any future results, performance or achievements expressed or ‎implied by the forward-looking statements or information contained in this news release.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including, but not limited to: the occurrence of changes in U.S. federal Laws regarding the cultivation, distribution or possession of marijuana; ‎the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court ‎and Floating Shareholder approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Floating Share ‎Arrangement Agreement; the ability of Canopy, Canopy USA and Acreage to satisfy, in a timely manner, the closing conditions to the Floating Share Arrangement; risks relating to the value and liquidity of the Floating Shares and the common shares of Canopy; Canopy maintaining compliance with the Nasdaq Global Stock Market (the “Nasdaq”) and Toronto Stock Exchange listing requirements; the rights of the Floating ‎Shareholders may differ materially from those of shareholders in Canopy; expectations regarding future investment, growth and ‎expansion of Acreage’s operations; the possibility of adverse U.S. or Canadian tax consequences upon completion of the Floating Share Arrangement; if Canopy USA acquires the Fixed Shares pursuant to the Existing Arrangement Agreement without structural amendments to Canopy’s interest in Canopy ‎USA, the listing of the Canopy Shares on the Nasdaq may be jeopardized; the risk of a change of ‎control of either Canopy or Canopy USA; restrictions on Acreage’s ability to pursue certain business ‎opportunities and other restrictions on Acreage’s business; the impact of material non-recurring expenses in ‎connection with the Floating Share Arrangement on Acreage’s future results of operations, cash flows and ‎financial condition; the possibility of securities class action or derivatives lawsuits; in the event that the Floating ‎Share Arrangement is not completed, but the acquisition by Canopy of the Fixed Shares (the “Acquisition”) is completed pursuant to Existing Arrangement Agreement and Canopy becomes the majority ‎shareholder in Acreage, the likelihood that the Floating Shareholders will have little or no influence on the conduct ‎of Acreage’s business and affairs; risk of situations in which the interests of Canopy USA and the interests of ‎Acreage or shareholders of Canopy may differ;‎ Acreage’s compliance with Acreage’s business plan for the fiscal years ending December 31, 2020 through December 31, 2029 pursuant to the Existing Arrangement Agreement; in the event that the Floating Share Arrangement is ‎completed, the likelihood of Canopy completing the Acquisition in accordance with the Existing Arrangement Agreement; ‎risks relating to certain directors and executive officers of Acreage having interests in the transactions ‎contemplated by the Floating Share Arrangement Agreement and the connected transactions that are different ‎from those of the Floating Shareholders; risks relating to the possibility that holders of more than 5% of the ‎Floating Shares may exercise dissent rights; other expectations and assumptions concerning the transactions ‎contemplated between Canopy, Canopy USA and Acreage; the available funds of Acreage and the anticipated ‎use of such funds; the availability of financing opportunities for Acreage and Canopy USA and the risks ‎associated with the completion thereof; regulatory and licensing risks; the ability of Canopy, Canopy USA and ‎Acreage to leverage each other’s respective capabilities and resources; changes in general economic, business ‎and political conditions, including changes in the financial and stock markets; risks relating to infectious diseases, ‎including the impacts of the COVID-19; legal and regulatory risks inherent in the cannabis industry, including the ‎global regulatory landscape and enforcement related to cannabis, political risks and risks relating to regulatory ‎change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the ‎interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry‎; and such other risks disclosed in the Circular, the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, dated May 1, 2023 and the Company’s other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with Canadian securities regulators and available under Acreage’s profile on SEDAR at www.sedar.com. Although Acreage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

Although Acreage believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and Acreage does not undertake any obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Service Provider, nor any securities regulatory authority in Canada, the United States or any other jurisdiction, has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.‎

For more information, contact:

Steve Goertz
Chief Financial Officer
investors@acreageholdings.com

Courtney Van Alstyne
MATTIO Communications
acreage@mattio.com

*NON-GAAP MEASURES, RECONCILIATION AND DISCUSSION (UNAUDITED)

This release includes Adjusted EBITDA, which is a non-GAAP performance measure that we use to supplement our results presented in accordance with U.S. GAAP. The Company uses Adjusted EBITDA to evaluate its actual operating performance and for planning and forecasting future periods. The Company believes that the adjusted results presented provide relevant and useful information for investors because they clarify the Company’s actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with U.S. GAAP, they should not be considered in isolation of, or as a substitute for, net loss or our other reported results of operations as reported under U.S. GAAP as indicators of our performance, and they may not be comparable to similarly named measures from other companies.

The Company defines Adjusted EBITDA as net income before interest, income taxes and, depreciation and amortization and excluding the following: (i) income from investments, net (the majority of the Company’s investment income relates to remeasurement to net asset value of previously-held interests in connection with our roll-up of affiliates, and the Company expects income from investments to be a non-recurring item as its legacy investment holdings diminish), (ii) equity-based compensation expense, (iii) non-cash impairment losses, (iv) transaction costs, (v) non-cash inventory adjustments and (vi) other non-recurring expenses (other expenses and income not expected to recur).

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

• Unprecedented merger of two leading Canadian cannabis companies with demonstrated expertise in cannabis cultivation, manufacturing and scalability, together with three Israeli companies skilled in import, marketing, distribution and sales of cannabis for medical purposes

• Strategic synergies covering the full value chain with a history of sales in eight international markets

VANCOUVER, BRITISH COLUMBIA, EDMONTON, ALBERTA and TEL-AVIV, ISRAEL, Jan. 04, 2023 (GLOBE NEWSWIRE) — Atlas Global Brands Inc. (formerly Silver Phoenix Resources Inc. “Silver Phoenix”) is pleased to announce the successful completion of its previously announced business combination, pursuant to a reverse take-over transaction (“RTO Transaction”), with each of Atlas Biotechnologies Inc. (“Atlas Biotech”), AgMedica Bioscience Inc. (“AgMedica”) and Cambrosia Ltd. (“Cambrosia”) and the concurrent acquisition by Cambrosia of each of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd., privately held operating cannabis pharmacies in Israel (collectively, the “Cambrosia Acquisitions” and together with the acquisition of Silver Phoenix by Atlas Biotech, AgMedica and Cambrosia, the “Transaction”), all to form Atlas Global Brands Inc. (“Atlas Global” or the “Company”). The RTO Transaction constitutes a “fundamental change” of Silver Phoenix pursuant to the policies of the Canadian Securities Exchange (the “CSE“).

The RTO Transaction was completed pursuant to the terms of conditions of the amalgamation and share exchange agreement dated July 14, 2022, as amended, among Silver Phoenix, Atlas Biotech, AgMedica, Cambrosia, 2432998 Alberta Ltd. (“Subco 1”), 14060407 Canada Inc. (“Subco 2”) and the ordinary shareholders of Cambrosia (the “Amalgamation and Share Exchange Agreement”).

Concurrently, with the completion of the Transaction, Cambrosia completed a financing pursuant to which it issued of 100,000,000 ordinary shares of Cambrosia with S.H.R. Group Management (KSN) Ltd. (the “S.H.R. Group”) for gross proceeds of ILS 9,000,000 (approximately CAD$3,487,441) with a further commitment of ILS 6,000,000 to finance future acquisitions.

The Company expects to commence trading on the CSE on or about January 13, 2023 (upon submission of final documentation), under the ticker symbol “ATL”.

Atlas Growers is a federally licensed Canadian cultivator and processor with a focus on genetics, brands, and unique cannabis delivery formulations. Atlas operates two brands in the Canadian adult-use market: Natural History and Atlas Thrive and distributes a handful of sought-after adult-use partner brands. AgMedica is a federally licensed Canadian cultivator and processor. In addition, AgMedica is EU-GMP certified (European Union Good Manufacturing Practices) for production of cannabis dried flower and oil and it exports medically formatted cannabis products to medically legalized global markets. AgMedica’s EU-GMP facility was purpose-built to grow high-quality cannabis genetics with a low-cost growing model. Together, Atlas and AgMedica generate revenues across eight countries. Cambrosia is an Israel-based group with expertise in international acquisitions and owned pharmaceutical distribution to drive global growth.

The Transaction positions Atlas Global as a leading international cannabis company with operations in Canada and Israel, with combined expertise in all facets of the cannabis value chain.

“We believe the North American industry has seen the bottom and we are starting the next chapter of cannabis where innovation, synergy, business efficiency and international reach converge. We have thoughtfully brought together a group of industry leading players to build a fully integrated cannabis company that will serve eight countries as of today,” said Sheldon Croome, Interim CEO of Atlas Global. “This transaction demonstrates that the industry has come a long way over the past decade, and there is a global commitment to redefining the future of cannabis.”

Sheldon added: “We believe consolidation, integration and international expansion will drive the future of the cannabis industry. We have set Atlas Global up to capture market share and accelerate growth with all these factors in mind. We are committed to making strategic decisions that will benefit yield, profitably and sustainability over the long term.”

Further details regarding the Transaction are provided in the Form 2A – Amended and Restated Listing Statement of Silver Phoenix dated December 29, 2022 (the “Listing Statement“). Please refer to the Listing Statement for full particulars of the Transaction, which is available on SEDAR (www.sedar.com) under the issuer profile of Atlas Global.

Key Company Highlights:

• Leveraging synergies and strategic supply chain: The international reach of the combined Company will leverage efficiencies from cross-selling, sales channel alignment, and coordinated operational and distribution strategies.
• Global footprint: Exposure to advanced and developing medical cannabis markets, including Australia, Denmark, Germany, Israel, Norway, Spain and United Kingdom.
• Leadership team bring industry expertise: The new management team, board of directors and advisors includes seasoned professionals with diverse professional experiences and operational track records in the cannabis industry, food, beverage, FMCG and health care.
• Brand and product portfolio: An expansive product portfolio of EU-GMP manufactured flower, extracts, topicals, and smokeless cannabis products including transdermal patches, creams, tinctures and chewing gums.
• Cannabis industry catalysts: There are significant long-term catalysts to support market expansion including additional regulatory developments offering a path to new markets. Existing consumers represent the greatest growth opportunity in the near term – accounting for an estimated 75% of Canada’s cannabis-volume consumption while making up just 58% of the cannabis-using population⁽¹⁾. An increase in the demand for cannabis to address insomnia, medical conditions and stress drives consumption together with product innovation and demand for variety such as edibles and beverages, also provides opportunities for growth. The combined entity is now positioned to take advantage of these catalysts through its brands, distribution to new markets, purposeful capital deployment and acquisitions.

Note 1 Source: 2021 Cannabis Consumer Report – Deloitte – https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/consumer-business/ca_cannabis_consumer_survey_en_aoda.pdf

Reconstituted Management Team and Board

Management and the Board of Directors of the Company changed to consist of persons that have experience in the new business to be undertaken.

• Sheldon Croome, Interim CEO – Sheldon was a co-founder and Chief Executive Officer of Atlas Growers. He has a track record of launching successful start-ups with international operations in cannabis, liquor distribution, retail and online accessories. Sheldon has over 12 years of experience in import and export and mass distribution in government regulated CPG industries.
• Bernard Yeung, MBA, General Manager, Head of Global Operations – Bernie is expected to become Atlas Global’s Chief Executive Officer upon conclusion of a transition period. Bernie has held senior executive roles in cannabis, including leadership positions with multiple publicly traded Licensed Producers. Bernie is the former Senior Vice President, Sales & Marketing for Aphria and the newly merged Tilray. Previously, Bernie was the former head of marketing for Brown Forman (parent company of Jack Daniel’s). Bernie has international experience with Keurig and Dr. Pepper and has experience navigating regulated and controlled products industries. Bernie has a MBA from Laurier University and an Honours Bachelor of Commerce degree from York University.
• Jason Cervi, CPA, Head of Finance & Administration – Jason is expected to become Atlas Global’s Chief Financial Officer upon conclusion of a transition period. Jason has over 20 years of experience working in large global publicly traded organizations with market capitalizations in excess of US$10 billion, across several highly regulated industries including health care, medical devices, and aerospace and defense with extensive background in building and leading high performing teams. Jason has deep technical and operational knowledge and expertise in M&A and business integrations. Jason is a Chartered Professional Account and holds a Bachelor of Commerce degree with a minor in Economics from DeGroote school of business at McMaster University.
• Jeffrey R. Gossain, P. Eng., COO – Jeffrey was previously the President, Chief Operating Officer and a director of Atlas Growers. Jeffrey will lead all internal operations for Atlas Global as Chief Operating Officer while developing valuable partnerships for distribution, technology, product formulation and revenue growth. He has 10 years of experience in construction and asset management including management of a fleet of equipment assets, valued at more than $300 million. Jeffrey holds a Bachelor of Science in Mechanical Engineering from the University of Alberta and is licensed as a Professional Engineer (P. Eng.).
• Dr. Trevor Henry, DVM, Director and President of AgMedica – Dr. Henry has been the President and CEO of AgMedica since 2019 and 2021, respectively. Dr. Henry has over 25 years of entrepreneurial and veterinary experience as the Founding Partner and President of a multi practice veterinary corporation in Ontario.
• Peter Van Mol, CPA, CA, Director and CFO of AgMedica – Peter was a founder and became Chief Financial Officer of AgMedica in 2020. Previously, Peter held other senior executive roles in the cannabis industry. Peter has over 30+ years of corporate finance experience, supporting ten-fold revenue growth at large diversified agricultural companies with operations across Canada.
• Cale Alacer, P.Eng, PMP, Director – Cale was a founding director and long-standing member of Atlas Biotech’s Board of Directors, where he served as the chair of the Audit Committee, Strategic Planning Committee. Outside of Atlas, Cale is responsible for a portfolio of projects and services to help modernize services, technologies and operations for the Canadian government. Cale holds a Professional Engineering designation and was previously certified as a Professional Cloud Architect and is Lean Six Sigma and PMP certified.
• Elan MacDonald, ICD.D, Director – Elan is currently Vice President of External Relations for the University of Alberta. Previously, Elan built and ran a public affairs firm, Impact Consulting, which was recently acquired by Global Public Affairs. Elan is also a director of the board of Edmonton Global and the Edmonton Chamber of Commerce. Elan holds the ICD.D designation.

Advisory Board

Concurrently with completion of the Transaction the reconstituted board of directors of the Company appointed the following persons to a newly formed advisory board.

• Jonathan Ben-Cnaan, Vice Chairman of the Advisory Board – Jonathan was previously, Chief Financial Officer of Bateman Engineering NV, where he played a key role in its development from US$120 million to US$650 million in revenue, with a substantial part of the growth coming from acquisitions in Australia, India, South Africa and Canada.
• Dr. Tamir Gedo, PhD, Executive Chairman of the Advisory Board – Tamir is the Chief Executive Officer of Beyond Oil Ltd., a CSE-listed food technology company. Tamir is also founder and former CEO of BOL Pharma, a leading Israeli cannabis company, and the former Chairman, cannabis section at the Industrial Association of Israel.
• Prof. Itamar Grotto, Advisor – Itamar is the former Associate Director, Israeli Ministry of Health, and head of the Medical Cannabis Unit in Israel. Itamar is currently an advisor to the MedTech group of companies, a visiting professor at the Cyprus University of Technology and a full professor at Ben Gurion University. From 2018 to 2021, Itamar was a member of the Executive Board of the World Health Organization.
• David Pappo, Advisor – David is the Chairman of the Israeli Association of Pharmacists and Head Pharmacist at Tlalim Pharmacy, one of the Cambrosia Acquisitions.
• Iftach Seri, Advisor – Iftach has 20 years of senior management experience in the pharmaceutical industry. Iftach was previously the Head of API Division of Sun Pharma (NYSE, turnover > £ 3 billion), CEO of Wavelength Pharmaceuticals Ltd., a developer and manufacturer of active pharmaceutical ingredients, with exports to over 20 countries and CEO of the second largest pharmacy chain in Israel.

Completion of RTO Transaction, Share Consolidation and Name Change

The RTO Transaction was structured as a three-cornered amalgamation and share exchange, pursuant to which (i) Subco 1 , a wholly-owned subsidiary of the Company and AtlasBiotech, amalgamated (the “Atlas Amalgamation”) to form a newly amalgamated company (“Atlas Amalco”); (ii) Subco 2 , a wholly-owned subsidiary of the Company and AgMedica, amalgamated (the “AgMedica Amalgamation”) to form a newly amalgamated company (“AgMedica Amalco”); and (iii) the Company acquired all of the issued and outstanding securities of Cambrosia pursuant to a share exchange with the holders thereof (the “Cambrosia Share Exchange”).

Prior to the completion of the Atlas Amalgamation, the AgMedica Amalgamation and the Cambrosia Share Exchange, the common shares in the capital of Silver Phoenix (the “SPR Shares”) were consolidated on a 2.44139 to 1 basis resulting in 3,445,380 SPR Shares outstanding post consolidation.

Pursuant to the Atlas Amalgamation, former holders of common shares of Atlas Biotech received an aggregate of 38,550,838 post-consolidation shares of the Company on a pro-rata basis and Atlas Amalco became a wholly owned subsidiary of the Company. Pursuant to the AgMedica Amalgamation, former holders of common shares of AgMedica received an aggregate of 38,550,870 post-consolidation shares of the Company, on a pro rata basis and AgMedica Amalco became a wholly owned subsidiary of the Company. Pursuant to the Cambrosia Share Exchange, the former holders of ordinary shares of Cambrosia received an aggregate of 62,282,313 post-consolidation shares of the Company together with options to acquire an additional 2,621,027 post-consolidation common shares of the Company and Cambrosia became a wholly owned subsidiary of the Company.

Concurrently, the shareholders of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd., exchanged their shares of those entities with Cambrosia for an aggregate of 8,237,380 post-consolidation shares of the Company, and became wholly owned subsidiaries of Cambrosia, and indirect subsidiaries of the Company.

Following completion of each of the Atlas Amalgamation, the AgMedica Amalgamation, the Cambrosia Share Exchange and Cambrosia Acquisitions, the Company became the parent and the sole shareholder of Atlas Amalco, AgMedica Amalco, Cambrosia and is the indirect sole shareholder of the Cambrosia Acquisitions and thus will indirectly carry on the business of AtlasBiotech, AgMedica, Cambrosia and the Cambrosia Acquisitions under the new name “Atlas Global Brands Inc.”

As a result of the completion of the Transaction, former holders of Silver Phoenix now hold approximately 2% of the issued and outstanding common shares of Atlas Global, former shareholders of Atlas Biotech now hold approximately 25% of the issued and outstanding common shares of Atlas Global, former shareholders of AgMedica now hold approximately 25% of the issued and outstanding common shares of Atlas Global, former shareholders of Cambrosia together with the vendors of the Cambrosia Acquisitions now hold 70,519,693 post-consolidation common shares of Atlas Global, representing approximately 48% of the issued and outstanding common shares of Atlas Global, in each case, based on an aggregate of 151,066,781 common shares currently issued and outstanding.

Escrow and Lock-Up

Due to certain contractual lock-up agreements between former Cambrosia shareholders, former Atlas Biotech shareholders and former AgMedica shareholders, an aggregate of 63,641,117 common shares are locked up from trading and will be gradually released from lock-up over a period of 36 months from the listing of the common shares on the CSE, and another 82,908,208 common shares of Atlas Global are subject to escrow pursuant to the policies of the CSE, also to be released over a period of 36 months from the listing of the common shares on the CSE.

In addition, all of the common shares issued to the former shareholders of Cambrosia and the vendors of the Cambrosia Acquisitions are subject to a hold period of 4 months and one day, from the date of issue.

For full details of the lock-up and escrow arrangements, please see the Listing Statement.

Required Early Warning Report Disclosure

Following completion of the Transaction, Tamir Gedo and S.H.R. Group respectively, holds the following securities of Atlas Global:

Pursuant to the Transaction, Tamir Gedo a founder and director of Cambrosia acquired beneficial ownership and control over 27,883,263 Atlas Global Shares at a deemed issue price of $1.00 per share, in exchange for Mr. Gedo’s ordinary shares in the capital of Cambrosia. Mr. Gedo’s common shares of Atlas Global represent approximately 18% of the issued and outstanding common shares of Atlas Global. Prior to completion of the Transaction, Mr. Gedo did not hold any securities of Silver Phoenix (predecessor to Atlas Global).

Pursuant to the terms of the Amalgamation and Share Exchange Agreement, Cambrosia was entitled to nominate 5 persons to the board of directors of Atlas Global, one of whom was Mr. Gedo. Also, pursuant to the Amalgamation and Share Exchange Agreement, until all applicable regulatory approvals are obtained, those nominees, including Mr. Gedo were appointed to the Advisory Board of Atlas Global. Further, in accordance with the terms of a representation agreement to be entered into, these members of the advisory board will be granted shadow representation on the board of directors of Atlas Global, until the initial nomination rights have been fully exercised.

An early warning report will be filed by Mr. Gedo in respect of Atlas Global with applicable Canadian securities regulatory authorities. To obtain copies of the early warning report filed by Mr. Gedo please contact Mr. Gedo as indicated below. A copy of the early warning report filed by Mr. Gedo will be available on SEDAR (www.sedar.com) under the issuer profile of Atlas Global. For more information or to obtain a copy of the early warning report, please contact: Dr. Tamir Gedo tel: +972 54 4271014.

Pursuant to the Concurrent Cambrosia Financing, S.H.R. Group, acquired beneficial ownership and control over 27,883,263 Atlas Global Shares at a deemed issue price of $1.00 per shares, representing approximately 18% of the issued and outstanding common shares of Atlas Global. Prior to completion of the Transaction, S.H.R. Group did not hold any securities of Silver Phoenix (predecessor to Atlas Global).

Pursuant to the terms and conditions of an investor rights agreement dated as of December 30, 2022 between Atlas Global and S.H.R. Group (the “Investor Rights Agreement”), S.H.R. Group has the right to subscribe for common shares of Atlas Global or any security convertible, exchangeable or exercisable for or into common shares of Atlas Global or other equity securities of the Company, that the Company may sell or issue, from time to time for cash proceeds pursuant to a public offering, private placement or otherwise (other than issuances to any director, officer, employee or consultant of the Company in such capacity for the primary purpose of soliciting or retaining their services and pursuant to the terms of the Company’s long term incentive plan, or otherwise as agreed in writing by the S.H.R. Group) in order to maintain S.H.R. Group’s pro rata percentage ownership of Atlas Global.

An early warning report will be filed by S.H.R.Group in respect of Atlas Global with applicable Canadian securities regulatory authorities. To obtain copies of the early warning report filed by SHR Group please contact SHR Group as indicated below. A copy of the early warning report filed by SHR Group will be available on SEDAR (www.sedar.com) under the issuer profile of Atlas Global. For more information or to obtain a copy of the early warning report, please contact: S.H.R. Group c/o Avi Elkayam +972 3 576 9217.

Change in Principal Regulator

As a result of the completion of the Transaction, the Company has changed its “principal regulator” for the purposes of Multilateral Instrument 11-102 – Passport System from the securities regulatory authority in British Columbia to the securities regulatory authority in Ontario.

About Atlas Global

Atlas Global is a global cannabis company operating in Canada and Israel with expertise across the cannabis value chain: cultivation, manufacturing, scalability, marketing, distribution and pharmacy. Atlas currently serves eight countries: Australia, Canada, Denmark, Germany, Israel, Norway, Spain, and the United Kingdom. In addition to a differentiated product mix, geographic dispersion of brands demonstrates additional diversification. Atlas currently operates two fully accredited and licensed cannabis facilities, including one EU-GMP facility.

Additional Information

Sheldon Croome
Interim CEO
780-784-5920
[email protected]

Alyssa Barry
Media Relations
1-833-947-5227
[email protected]

Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate, among other things, to: Information contained in forward‐looking statements, including the anticipated benefits of the Transaction and were derived, in part, from making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, current information available to the management of the Company, as well as other considerations that are believed to be appropriate in the circumstances. The Company considers its assumptions to be reasonable based on information currently available but cautions the reader that their assumptions regarding future events, many of which are beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its business.

For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements made in this news release concerning the Company, see the risk factors outlined in the Filing Statement, which is available electronically on SEDAR (www.sedar.com) under the Company’s issuer profile. The forward‐looking statements set forth herein concerning the Company reflect management’s expectations as at the date of this news release and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

KINGSVILLE, Ontario – December 1, 2022 – Greenway Greenhouse Cannabis Corporation (CSE:GWAY) (OTCQB: GWAYF) (“Greenway Greenhouse” or the “Company”) a cultivator of high-quality greenhouse cannabis for the Canadian market, is pleased to announce that it has been approved to commence trading of its common shares on the OTCQB^® Venture Market (“OTCQB”), beginning today, December 1, 2022, under the ticker symbol GWAYF.

“We are please to offer investors yet another avenue for trading our shares, one that will increase awareness around our company to U.S based investors. The OTCQB^® Venture Market is one of the most respected and professional marketplaces in the world, and Greenway is pleased to be a part of it,” said Jamie D’Alimonte, CEO of Greenway. “Trading on the OTCQB^® will lead to enhanced liquidity and visibility in these shifting and dynamic global capital markets.”

“GWAYF being listed on the OTCQB^® Venture Market is an important milestone for Greenway, as this helps grow our U.S investor base and will help enlighten American investors to both our company and story,” said Darren Peddle, CFO of Greenway. “At its core, we believe this will provide improved liquidity, which should enhance shareholder value.”

The Company’s common shares will continue to trade on the Canadian Securities Exchange (“CSE”) under the symbol GWAY.

Investors can find real-time quotes and market information for the Company at:

GWAYF – Greenway Greenhouse Cannabis Corporation | Quote | OTC Markets

About Greenway

Greenway Greenhouse Cannabis Corporation is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in Kingsville, Ontario, and leverages its agriculture and cannabis expertise in its aspiration to be a leading cannabis cultivator in Canada. More information can be found on Greenway.ca and updates can be followed on Instagram, Twitter, Facebook, and LinkedIn.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Subscribe to the OTC Markets RSS Feed

The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Contact Information

Investor Contact

Sam Nehmetallah

Greenway Greenhouse Cannabis Corporation

[email protected]

1-519-819-5145

Company Contact

Darren Peddle, Director and CFO

Greenway Greenhouse Cannabis Corporation

[email protected]

1-519-712-0311

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that constitute forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding the Offering and the intended use of proceeds thereof, and the Company’s beliefs, plans, expectations, future, strategy, objectives, goals and targets, the development of future operations, and orientations regarding the future as of the date of this news release. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “aim”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.

Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements, and includes those risks described in the Company’s final prospectus dated September 3, 2021, a copy of which is available under the Company’s profile at www.sedar.com. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.

• Former Amazon financial operations excellence leader and leading e-commerce platform strategist to assist Flora with financial discipline and reporting
• Garayev brings 25 years of financial leadership experience at Amazon, Boeing, BP and RPK Capital, and will focus on Flora’s global growth initiatives

FORT LAUDERDALE, Fla. & TORONTO, July 11, 2022–(BUSINESS WIRE)–Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today the appointment of Elshad Garayev to serve as Flora’s Chief Financial Officer, effective on the business day following the date on which the Company files its mid-year financial results with the Securities and Exchange Commission. Until such time, Mr. Garayev will serve as Vice President of Finance and will work closely with Lee Leiderman, Flora’s current CFO, to ensure a smooth transition. Mr. Leiderman will then move into an advisory role with Flora in order to focus on his health and his family.

Garayev brings over 25 years of experience in finance supporting successful organizations through the development and implementation of accounting and reporting policies as well as building high-performance finance teams. Prior to joining the Flora team, Garayev served in a variety of financial leadership roles at companies such as Amazon, Boeing BP and RPK Capital, managing a diverse array of initiatives at various companies including reporting, accounting, investments, private equity, international operations, mergers and acquisitions, energy services, and manufacturing.

“I am very excited to join Flora and to become its Chief Financial Officer. As one of the largest cultivators licensed by the federal government of Colombia, their robust portfolio of brands and the future of research in the space, Flora presents a truly amazing opportunity to lead the global cannabis supply chain,” said Garayev. “Through financial discipline, transparency and industry-leading reporting practices, I believe Flora will lead the way for the next generation of cannabis companies.”

As CFO, Garayev will focus on financial controls and governance, management of cash position to optimize the utilization of resources across the organization and continued evolution of systems and processes as Flora moves towards quarterly financial reporting. Garayev will also play a critical role in assisting in the execution of Flora’s strategy to drive profitable growth and enhance shareholder value.

“Mr. Garayev is a deeply talented and experienced individual, and I am thrilled to welcome him to the Flora team at this exciting time in the Company’s evolution. As Flora seeks to establish itself as a global leader in cannabis, adding someone of his caliber will further strengthen our position,” Flora’s Chairman and CEO Luis Merchan said. “On behalf of both our executive leadership team and our Board of Directors, I want to personally thank Mr. Leiderman for his commitment and service to Flora through an incredible growth phase for the company. He has played an important role in setting the foundation for our future success and we look forward to continuing to work with him in his new capacity.”

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the most extensive outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands, and life sciences divisions. Visit www.floragrowth.com or follow @floragrowthcorp on social media for more information.

Forward-Looking Statements

This press release contains ‘‘forward-looking statements,’’ as defined by federal securities laws. Forward-looking statements reflect Flora’s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in Flora’s Annual Report on Form 20-F filed with the SEC on May 9, 2022, as such factors may be updated from time to time in Flora’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Flora’s filings with the SEC. While forward-looking statements reflect Flora’s good faith beliefs, they are not guarantees of future performance. Flora disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Flora (or to third parties making the forward-looking statements).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220711005288/en/

Contacts

Investor Relations:
James Williams
[email protected]

Public Relations:
Cassandra Dowell
+1 (858) 221-8001
[email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

The Second Cultivation and Production Facility in Vineland Adds Approximately 270,000 Square Feet of Cultivation and Production Capacity and Will Triple Available Canopy in Phase One

Recent Approvals Also Allow for Use of Post-Harvest Automation Equipment to More Efficiently Meet the Growing Adult Use and Medical Demand

NEW YORK–(BUSINESS WIRE)– Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest and most experienced cultivators, manufacturers and providers of cannabis products in the U.S., announced today it has started operations in its new, approximately 270,000-square-foot cultivation and production facility in New Jersey, begun using post-harvest automation equipment, and expanded its adult use shopping hours at both of its Cannabist locations in Deptford and Vineland to the maximum number of hours allotted by the New Jersey Cannabis Regulatory Commission (CRC).

The Company received approval from the New Jersey CRC to commence operations at its second cultivation and production facility on May 25, 2022, along with the approval to begin using post-harvest automation equipment. The introduction of this equipment will reduce the “harvest to shelf” time for products, making it easier to meet the rapidly-growing patient and customer demand.

“After ten years of navigating the ever-evolving cannabis industry in various markets, we have so many lessons learned and have been able to bring those to bear in how we approach New Jersey, knowing how it will serve as a model for those east coast states transitioning to adult use in the near term. We are proud of how we managed to scale alongside the demand in the last month and are thrilled to be able to serve more patients, customers, and wholesale partners with our newest cultivation facility and equipment,” said Nicholas Vita, CEO, Columbia Care. “As always, we owe a debt of gratitude to the CRC as well as local officials and our communities for their support in our efforts to make New Jersey one of the strongest cannabis markets in the world and a beacon for the industry.”

Both Cannabist locations began adult use sales on April 21 as one of the first seven operators to receive initial approval in the state and have continued to expand their hours. Each dispensary will continue to have medical-only hours, along with medical-only parking spots, pick-up lines and dedicated phone lines to ensure that patient access remains unaffected. Adult use customers will now find an even broader range of edibles, flowers, pre-rolls and vapes as more products are approved through the state’s third-party testing requirement. The menus also include an expanding brand selection, including Columbia Care brands Seed & Strain and Triple Seven, with more planned, pending regulatory approval.

In addition to the new 270,000-square-foot cultivation, manufacturing and processing facility, the Company also operates a 50,000-square-foot facility, also located in Vineland. The Company has a third retail location in development in New Jersey, which is expected to open later in 2022.

For more information on Cannabist locations, hours and menu availability in New Jersey, visit gocannabist.com/newjersey. For more information on Columbia Care, visit col-care.com.

About Columbia Care

Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 18 U.S. jurisdictions and the EU. Columbia Care operates 131 facilities including 99 dispensaries and 32 cultivation and manufacturing facilities, including those under development. Columbia Care is one of the original multi-state providers of medical cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, gLeaf, Classix, Press, Amber and Platinum Label CBD. For more information on Columbia Care, please visit www.col-care.com.

Caution Concerning Forward-Looking Statements

This press release contains certain statements that constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to the Company’s ability to execute on retail, wholesale, brand and product initiatives in New Jersey. These forward-looking statements or information, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. These risks, uncertainties and other factors include, among others, favorable operating and economic conditions; obtaining and maintaining all required licenses and permits; favorable production levels and sustainable costs from the Company’s operations; and the level of demand for cannabis products, including the Company’s products sold by third parties. In addition, securityholders should review the risk factors discussed under “Risk Factors” in Columbia Care’s Form 10 dated May 9, 2022, filed with the applicable securities regulatory authorities and described from time to time in documents filed by the Company with Canadian and U.S. securities regulatory authorities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220607005379/en/

Investor Contact
Lee Ann Evans
Capital Markets
[email protected]

Media Contact
Lindsay Wilson
Communications
+1.978.662.2038
[email protected]

Source: Columbia Care Inc.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

KINGSVILLE, ON, April 27, 2022 /CNW/ – Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (“Greenway Greenhouse” or the “Company”) is pleased to announce the initiation of expansion of their cultivation facility, termed “GW1”. This expansion will increase the cultivation facilities flowering space from 41,750 ft2 to approximately 167,000 ft2, as well as increasing the processing space to 22,000 ft2.

“We are pleased to be able to announce that work has commenced on our expansion of our cultivation and flowering facility, GW1,” said Carl Mastronardi, President of Greenway Greenhouse. “This expansion is paramount to Greenway, as it will increase our growing capacity to 24,000 KG a year. We have taken the methodical approach to expanding, making sure we don’t put the cart before the horse.”

“From the start, we had growth in mind. With experience scaling greenhouse cultivation companies to hundreds of acres, the team at Greenway Greenhouse has been waiting to demonstrate to the industry how a cultivator can scale sustainably and responsibly,” said Jamie D’Alimonte, Chief Executive Officer of Greenway Greenhouse. “With our current facilities, and the access we have to future acreage at a low retrofit cost, Greenway Greenhouse can supply Canadians from coast to coast to coast.”

“Since we got licensed, we have been able to move most of what we have grown,” said Darren Peddle, Chief Financial Officer of Greenway Greenhouse. “We have run into issues a few times of having customers looking to buy, and we were in between crop cycles. With the expansion completed, our customers will have access to fresh product more readily, meaning our customers will need to wait less time between new batches becoming available.”

After signing on all of the major contractors, Greenway Greenhouse is still expecting to be able to deliver the expansion on time and on budget, with the expanded areas beginning operation in Q1 2023.ⁱ

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.

About Greenway

Greenway Greenhouse Cannabis Corporation is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in Kingsville, Ontario, and leverages its agriculture and cannabis expertise in its aspiration to be a leading cannabis cultivator in Canada. More information can be found on Greenway.ca and updates can be followed on Instagram, Twitter, Facebook, and LinkedIn.

The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that constitute forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding the Offering and the intended use of proceeds thereof, and the Company’s beliefs, plans, expectations, future, strategy, objectives, goals and targets, the development of future operations, and orientations regarding the future as of the date of this news release. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “aim”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.

Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements, and includes those risks described in the Company’s final prospectus dated September 3, 2021, a copy of which is available under the Company’s profile at www.sedar.com. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.

SOURCE Greenway Greenhouse Cannabis Corporation

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

onsolidated revenue grew 84% to $58.1 million in the fourth quarter and 65% to $188.9 million for the full year

Full year gross margin increased to 51%

Achieved positive Adjusted EBITDA through fiscal 2021, an improvement of $54.1 million over 2020

Secured $150 million credit facility to accelerate optimized strategy

NEW YORK, March 10, 2022 (GLOBE NEWSWIRE) — Acreage Holdings, Inc. (“Acreage”) (CSE:ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF), a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S., today reported its financial results for the fourth quarter and full year ended December 31, 2021 (“Q4 2021”).

Fourth Quarter 2021 Financial Highlights

• Consolidated revenue was $58.1 million for Q4 2021, an increase of 84% year-over-year and 21% sequentially.
• Gross margin increased to 48% in Q4 2021 from 46% in Q4 2020.
• Adjusted EBITDA* was $8.5 million in Q4 2021, compared to a loss of $(3.5) million in Q4 2020. Adjusted EBITDA* as a percentage of consolidated revenue was 14.6% for the fourth quarter of 2021.

Full Year 2021 Financial Highlights

• Full year consolidated revenue increased 65% to $188.9 million in 2021 compared to $114.5 million in full year 2020.
• Full year gross margin increased to 51% in 2021 compared to 43% in full year 2020.
• Full year adjusted EBITDA* was $24.6 million in 2021, a $54.1 million improvement compared to a loss of $(29.5) million in full year 2020. Adjusted EBITDA* as a percentage of consolidated revenue was 13.0% for the full year 2021.

Fourth Quarter 2021 Operational Highlights

• Expanded the Company’s strategic footprint with the acquisition of market-leading operations in the state of Ohio, including a 70,000 sq. foot cultivation and processing facility and five operating retail stores.
• Increased cultivation capacity output nearly fourfold at the Egg Harbor facility in New Jersey to support the Company’s own retail network and the rapidly growing wholesale market ahead of the launch of adult-use sales.
• Secured a $150 million long-term debt agreement (“Credit Facility”) on attractive terms to repay existing debt, and fund working capital and future capital projects.

Management Commentary

“Throughout 2021 we focused on transforming our business and I am thrilled with the immense progress and success we achieved,” said Peter Caldini, CEO of Acreage. “Our positive results throughout 2021 were the culmination of our focused efforts to drive profitability, strengthen our balance sheet, and accelerate our growth in our core markets. We have accomplished many key priorities in a short period and are well-positioned to build on this momentum throughout 2022.”

Mr. Caldini continued, “Acreage made significant improvements in profitability during 2021, achieving its first quarter of positive EBITDA and then continuing the trajectory of positive EBITDA each subsequent quarter. In addition to the profitability improvements, Acreage strengthened its balance sheet through the sale of operations in Florida, repaid near-term debt obligations, and secured a $150 million credit facility. Lastly, Acreage accelerated growth in our core markets with the opening of a new retail location in New Jersey, the completion of cultivation expansion projects in Pennsylvania, Illinois, and New Jersey, the opening of an edibles kitchen in Massachusetts, and the acquisition of high-quality operations in California, Maine, and Ohio.”

Mr. Caldini concluded, “Over these last twelve months, we have built a solid foundation on which to scale our business in 2022. We will have a full year of operations in Ohio, California, and Maine, and we are very well established in New Jersey, New York, and Connecticut, which have pending adult-use sales that should drive significant growth in 2022 and beyond. 2021 was a great year for Acreage and we have set the stage to extend this success with the right footprint, operations, and team to continue to grow our business and further drive value for our shareholders.”

Q4 2021 Financial Summary

(in thousands)

Total revenue for Q4 2021 was $58.1 million, an increase of $26.6 million or 84% compared to Q4 2020. The year-over-year growth was primarily driven by the acquisitions of Ohio, California, and Maine operations over the past 12 months, the additional revenue available from the completion of expansions at several of our cultivation facilities, coupled with increased demand and production across various states. This revenue growth was somewhat offset by revenue declines due to divestitures and declines within our operations that are being held for sale. Additionally, total revenue for Q4 2021 improved sequentially by $9.9 million or 21% compared to the third quarter of 2021.

Total gross profit for Q4 2021 was $27.6 million, an increase of $13.1 million or 90% compared to Q4 2020. Growth in revenue and efficiencies achieved at Acreage’s production facilities drove the increase in gross profit. Total gross margin increased to 48% in Q4 2021 compared to 46% in the fourth quarter of 2020.

Total operating expenses for Q4 2021 increased by $13.1 million, or 26% to $63.2 million, from Q4 2020. Excluding equity-based compensation expenses, losses and write-downs, impairments, and depreciation and amortization expenses, all of which are non-cash in nature, total operating expenses for Q4 2021 decreased $0.4 million or 2.0% compared to the corresponding period of fiscal 2020. The rate of increase in operating expenditures was significantly lower than the rate of increase in revenues and is due to Acreage’s expanded operations through growth and acquisitions.

Consolidated EBITDA* for the fourth quarter of 2021 was a loss of $(32.9) million, which was an improvement compared to a consolidated EBITDA* loss of $(36.7) million in the previous year’s comparable period. Adjusted EBITDA* for the fourth quarter of 2021 was $8.5 million, which was a significant improvement compared to Adjusted EBITDA* loss of $(3.5) million in the fourth quarter of 2020 and a sequential improvement from Adjusted EBITDA* of $6.5 million in the third quarter of 2021. Adjusted EBITDA from core operations*, which excludes markets where Acreage has entered into definitive agreements to exit and start-up ventures such as beverages and CBD, was $9.8 million, indicating the Company’s core markets are still being negatively impacted by its non-core operations.

Net loss attributable to Acreage for Q4 2021 was $(40.4) million, compared to $(36.9) million in the fourth quarter of 2020. Revenue growth, gross margin improvements, operating expense reductions, and net gains on disposal of assets all contributed to the net income improvements and were offset by increases in depreciation and amortization expenses and interest charges.

Balance Sheet and Liquidity

Acreage ended the year with $44.3 million in cash and cash equivalents and restricted cash. During Q4 2021, the Company secured a $150 million Credit Facility with a syndicate of lenders. Under the terms of the Credit Facility, $100 million was available for immediate use and a further $50 million is available in future periods under a committed accordion option once certain, predetermined milestones are achieved. Acreage intends to use the proceeds of the Credit Facility to fund expansion initiatives, repay existing debt, and provide additional working capital. As of December 31, 2021, $75 million was drawn under this facility. The remaining current availability under this facility of $25 million, together with cash and cash equivalents and restricted cash on hand of $44.3 million, provides funding of $69.3 million until December 31, 2022, at which time the Company expects the $50 million committed accordion to also be available.

Earnings Call

Management will host a conference call on Friday, March 11, 2022, at 10:00 a.m. ET to discuss the results in detail.

The webcast will be archived and can be accessed via Acreage’s website at investors.acreageholdings.com.

About Acreage Holdings, Inc.

Acreage is a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., including the company’s national retail store ‎brand, The Botanist. With its principal address in New York City, Acreage’s wide range of national and regionally available cannabis products include the award-winning The Botanist brand, the premium brand Superflux in Illinois, Massachusetts, and Ohio, the Tweed brand, the Prime medical brand in Pennsylvania, the Innocent brand in Illinois, and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing, and sale of CBD products throughout the U.S. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. Learn more at www.acreageholdings.com and follow us on Twitter, LinkedIn, Instagram, and Facebook.

Forward Looking Statements

This news release and each of the documents referred to herein contains “forward-looking information” and ‎‎“forward-looking statements” within the meaning of applicable Canadian and United States securities legislation, ‎respectively. All statements, other than statements of historical fact, included herein are forward-looking ‎information, including, for greater certainty, statements regarding the Amended Arrangement, including the likelihood of completion thereof, the ‎occurrence or waiver of the Triggering Event, the satisfaction or waiver of the closing conditions set out in the Arrangement Agreement and other statements with respect to the proposed transactions with Canopy Growth. ‎Often, but not always, forward-looking statements and information can be identified by the use of words such as ‎‎“plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, ‎or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, ‎‎‎“would”, “might” or “will” be taken, occur or be achieved. ‎

Forward-looking statements or information involve known and unknown risks, uncertainties, and other ‎factors which may cause the actual results, performance or achievements of Acreage or its ‎subsidiaries to be materially different from any future results, performance or achievements expressed or ‎implied by the forward-looking statements or information contained in this news release. Risks, uncertainties and other factors involved with forward-looking ‎information could cause actual events, results, performance, prospects and opportunities to differ ‎materially from those expressed or implied by such forward-looking information, including, but not ‎limited to financing and liquidity risks, and the risks disclosed in the Company’s Annual Report on Form 10-K for the year ended ‎December 31, 2020, ‎dated March 25, 2021 and the Company’s other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with ‎Canadian securities regulators ‎and available on the issuer profile of Acreage on SEDAR at www.sedar.com. Although Acreage has attempted to identify ‎important factors that could cause actual results to differ materially from those contained in forward-looking ‎information, there may be other factors that cause results not to be as anticipated, estimated or intended. ‎

Although Acreage believes that the ‎assumptions and factors used in preparing the forward-looking information or forward-looking ‎statements in this news release are reasonable, undue reliance should not be placed on such information ‎and no assurance can be given that such events will occur in the disclosed time frames or at all. The ‎forward-looking information and forward-looking statements included in this news release are made as of ‎the date of this news release and Acreage does not undertake any obligation to publicly update such ‎forward-looking information or forward-looking statements to reflect new information, subsequent events ‎or otherwise unless required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept ‎responsibility for the adequacy or accuracy of the content of this news release.‎

For more information, contact:

Steve Goertz
Chief Financial Officer
[email protected]

Courtney Van Alstyne
MATTIO Communications
[email protected]

US GAAP FINANCIAL HIGHLIGHTS (UNAUDITED)

⁽¹⁾ Includes a revision to correct net loss per share attributable to Acreage Holdings, Inc. and weighted average shares outstanding related to Q4’20 and FY’20.

*NON-GAAP MEASURES, RECONCILIATION AND DISCUSSION (UNAUDITED)

This release includes Adjusted EBITDA, which is a non-GAAP performance measure that we use to supplement our results presented in accordance with U.S. GAAP. The Company uses Adjusted EBITDA to evaluate its actual operating performance and for planning and forecasting future periods. The Company believes that the adjusted results presented provide relevant and useful information for investors because they clarify the Company’s actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with U.S. GAAP, they should not be considered in isolation of, or as a substitute for, net loss or our other reported results of operations as reported under U.S. GAAP as indicators of our performance, and they may not be comparable to similarly named measures from other companies.

The Company defines Adjusted EBITDA as net income before interest, income taxes and, depreciation and amortization and excluding the following: (i) income from investments, net (the majority of the Company’s investment income relates to remeasurement to fair value of previously-held interests in connection with our roll-up of affiliates, and the Company expects income from investments to be a non-recurring item as its legacy investment holdings diminish), (ii) equity-based compensation expense, (iii) non-cash impairment losses, (iv) transaction costs and (v) other non-recurring expenses (other expenses and income not expected to recur).

⁽¹⁾ Adjusting items have been reduced by the respective non-controlling interest percentage for the period.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

VANCOUVER, BC, Jan. 27, 2022 /CNW/ – THC BioMed Intl Ltd. (“THC BioMed” or the “Company“) announces that it has been granted a licence by an overseas government to cultivate cannabis for medical and scientific use.

We are in advanced discussions with the host government to conduct Scientific Research with Cannabis. We intend to conduct scientific research and development on whether Cannabidiol (“CBD“) and other compounds from the cannabis plant have the potential to prevent or inhibit SARS-CoV-2 infection.

We are interested in researching and studying cannabis compounds and their potential effects on SARS-CoV-2 infection. Since March 2020, we have been looking into the possibilities and challenges of carrying out an R&D program in relation to cannabis and SARS-CoV-2. Other scientific research regarding cannabis is also of interest to us. We have made inquiries with different governments regarding licences to conduct cannabis research and development. We are currently in advanced talks with the host government and received, on January 19, 2022, a licence for the production of cannabis for medical and scientific use.

We are now seeking amendments or clarification on our new licence regarding whether additional permission is required for the conduct of our planned scientific testing. There is no guarantee that the research and development we intend to conduct will be allowed under the current licence or that a further licence for research and development, if needed, will be granted to us.

We are intrigued by the following recent studies discussed in various publications:

• published by the U.S. National Institutes of Health, published on PubMed.gov on January 10, 2022 at https://pubmed.ncbi.nlm.nih.gov/35007072/;
• published by researchers affiliated with Oregon State University in the Journal of Natural Products on January 10, 2022 and featured in an article in Forbes.com on January 11, 2022 at https://www.forbes.com/sites/ajherrington/2022/01/11/study-finds-cannabis-compounds-prevent-infection-by-covid-19-virus/?sh=5bbc658c1753;
• “Effect of cannabidiol on apoptosis and cellular interferon and interferon-stimulated gene responses to the SARS-CoV-2 genes ORF8, ORF10 and M protein,” co-authored by Duncan, Fernandes, John Zewen Chan, Chia Chun Joey Hung and Michelle Tomczewski and published by BioRxiv.org at https://www.biorxiv.org/content/10.1101/2022.01.11.475901v1 and featured in an article by the University of Waterloo on January 12, 2022, on uwaterloo.ca at https://uwaterloo.ca/news/media/cbd-might-help-prime-cells-against-covid; and,
• a study from the University of Chicago, published on January 20, 2022, by UChicagoMedicine at https://www.uchicagomedicine.org/forefront/research-and-discoveries-articles/researchers-recommend-clinical-trials-for-cbd.

These studies show that CBD might help prime cells against COVID. Further testing and peer review are required and we intend to be leaders in that effort.

The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain Covid-19 (or SARS-2 Coronavirus) at this time.

About THC

THC BioMed is one of Canada’s oldest active licensed cannabis companies. It was first licensed to deal with cannabis in 2013 under a Health Canada Section 56 exemption under the Controlled Drugs and Substances Act and has been a Licensed Producer under the current regime since 2016. Its product focus is on high-quality, high-potency beverages and edibles.

THC BioMed is a Cannabis Act Licensed Producer of medical and recreational cannabis. It is licensed to cultivate and sell dried, extract, edible and topical cannabis. The Company is on the leading edge of scientific research and the development of products and services in the medical and recreational cannabis industry. Management believes THC BioMed is well-positioned to be in the forefront of this industry.

Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of THC BioMed.  Forward-looking information is based on certain key expectations and assumptions made by the management of THC BioMed.  In some cases, you can identify forward-looking statements using words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions.  Forward-looking statements in this release include that (a) the Company will be a leader in the scientific testing, R&D and peer review effort, (b) the Company will conduct research and development under its new licence, (c) that a further licence for research and development, if needed, will be granted, and (d) the Company well-positioned to be in the forefront of this industry. Forward-looking statements in this release are made as of the date of this press release and include that THC BioMed will be on the forefront of this rapidly growing industry. Although THC BioMed believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because THC BioMed can give no assurance that they will prove to be correct. THC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

SOURCE THC BioMed

For further information: President and CEO: John Miller, THC Biomed Intl Ltd., T: 1-844-THCMEDS, E: [email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

VANCOUVER, BC, Jan. 6, 2022 /CNW/ – Xebra Brands Ltd. (“Xebra”) (CSE: XBRA) (OTC: XBRAF) (FSE: 9YC), a cannabis company, is pleased to announce that it has commenced formal cannabis cultivation in the Netherlands, including THC varietals.

As 1 of only 5 companies to be selected by the Dutch government to participate in trial medicinal cannabis cultivation, Xebra is endeavoring to be awarded 1 of 2 licenses, with a contract for up to 6 years, providing for revenues of up to US$79 million (€70.5 million), to co-supply all pharma-grade cannabis to be sold in the Netherlands.

Cultivation in the Netherlands is conducted in Xebra’s indoor facility. Xebra’s specific genetic varieties are characterized by high production, compact flowers of excellent quality and fine tasting terpene profiles, with a growth cycle of 12-16 weeks.

Xebra’s Director of Operations in the Netherlands, Harry von Duijne, is an experienced cannabis horticulture expert with more than two decades of practicing horticulture. He had a leading role at Bedrocan NL® from 2014 and 2017, where he was responsible for managing every aspect of operations of a state-of-the-art cannabis facility, from construction through cultivation and processing, quality management, and GMP certification. Bedrocan® produces medicinal-grade cannabis under contract for the Dutch Ministry of Health as the only licensed producer in the Netherlands, and for many years was the only licenced producer in all of Europe.

ON BEHALF OF THE BOARD:

Rodrigo Gallardo
President

For more information contact:

+1 (604) 418-6560
[email protected]

Certain information contained in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are not statements of historical fact may be deemed to be forward-looking statements, these include, without limitation, statements regarding Xebra Brands Ltd.’s (the “Company”) expectations in respect of: the Mexican Federal Circuit Court enforcing the Mexican Supreme Court’s final decision granting the Company’s wholly owned subsidiary an injunction (the “Injunction”), receipt of all authorizations relating to the Injunction, the Company obtaining a first mover advantage in connection with the Injunction, other companies cultivating or commercializing cannabis in Mexico and the timing and processes thereof, the possibility that the majority of North American industrial scale cannabis production activity occurring in Mexico, or expectations related to Xebra’s operations; the legalization of cannabis and its derivatives in Mexico; the potential for increased industry wide cannabis production in Mexico and the timing thereof; exportation of cannabis products from Mexico; its ability to successfully execute its business plan or business model; its ability to provide economic, environmental, social, or any benefits of any type, in the communities it operates in or may operate it in the future; its ability to be a first mover in a country, or to obtain or retain government licenses, permits or authorizations in general, or specifically in Mexico, Colombia, Canada, the Netherlands, or elsewhere; its ability to successfully apply for and obtain trademarks and other intellectual property in any jurisdiction; its ability to be cost competitive; its ability to cultivate, grow, or process hemp or cannabis in Mexico, Colombia, Canada, the Netherlands, or elsewhere and related plans; financial, operational, or any other term relating to the Company’s participation in the Dutch trial medicinal cannabis cultivation; its ability to manufacture cannabis beverages, wellness products, or other products; its ability to commercialize or sell cannabis beverages, wellness products, or other products, in Mexico, Colombia, Canada, the Netherlands, or elsewhere; its ability to commercialize or to sell Vicious Citrus Lemonade in 2022 or at any time, in any jurisdiction; its ability to commercialize or to sell Elements wellness products in any jurisdiction at any time; its ability to create wellness products that have a therapeutic effect or benefit; plans for future growth and the direction of the business; financial projections including expected revenues, gross profits, and EBITDA (which is a non-GAAP financial measure); plans to increase product volumes, the capacity of existing facilities, supplies from third party growers and contractors; expected growth of the cannabis industry generally; management’s expectations, beliefs and assumptions; events or developments that Xebra expects to take place in the future; general economic conditions; and other risk factors described in the prospectus of the Company dated September 30, 2021. All statements, other than statements of historical facts, are forward-looking information and statements. The words “aim”, “believe”, “expect”, “anticipate”, “contemplate”, “target”, “intends”, “continue”, “plans”, “budget”, “estimate”, “may”, “will”, and similar expressions identify forward-looking information and statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Xebra as of the dates of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, the inability of Xebra to generate sufficient revenues or to raise sufficient funds to carry out its business plan; changes in government legislation, taxation, controls, regulations and political or economic developments in various countries; risks associated with agriculture and cultivation activities generally, including inclement weather, access to supply of seeds, poor crop yields, and spoilage; compliance with import and export laws of various countries; significant fluctuations in cannabis prices and transportation costs; the risk of obtaining necessary licenses and permits; inability to identify, negotiate and complete a potential acquisition for any reason; the ability to retain key employees; dependence on third parties for services and supplies; non-performance by contractual counter-parties; general economic conditions; the continued growth in global demand for cannabis products and the continued increase in jurisdictions legalizing cannabis; and the timely receipt of regulatory approval for license applications. The foregoing list is not exhaustive and Xebra undertakes no obligation to update or revise any of the foregoing except as required by law. Many of these uncertainties and contingencies could affect Xebra’s actual performance and cause its actual performance to differ materially from what has been expressed or implied in any forward-looking statements made by, or on behalf of, Xebra. Readers are cautioned that forward-looking statements are not guarantees of future performance and readers should not place undue reliance on such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those set out in such statements.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.