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Zenabis Provides Operations Update for September 2019

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Vlad Poptamas

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Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company“) is pleased to provide an update on its recent facility construction and licensing activities and recent cannabis production results.

Highlights:

  • With respect to production results:

    • Cultivation output in September 2019 was 2,089 kg of dried cannabis, with production at Zenabis Atholville outperforming its revised design capacity by 21.8% (the Performance Ratio1).

    • Cultivation output of 2,089 kg of dried cannabis was 21.2% greater than Zenabis’ revised forecast output (as updated on August 6, 2019) of 1,731 kg of dried cannabis.

  • Zenabis submitted a license amendment application for Zenabis Langley’s existing cultivation license on September 27, 2019 to include additional growing areas totaling 101,300 sq. ft. for Zenabis Langley – Part 2AZenabis’ licensed annual production capacity is expected to increase by 39,400 kg to 96,400 kg once this license amendment is approved by Health Canada.

  • Zenabis continues to focus on construction and licensing of Zenabis Langley. Zenabis has revised its construction timelines at Zenabis Langley to split Zenabis Langley – Part 2B into two phases (Zenabis Langley – Part 2B and Zenabis Langley – Part 2C) in order to preserve cashflow given current market conditions and reduce ramp-up risk, among other reasons detailed below. Zenabis expects to submit a license amendment for Part 2B in November 2019 (14,800 kg of licensed annual production capacity). Zenabis expects to submit a license amendment for Part 2C in February 2020 (32,000 kg of licensed annual production capacity) to the extent this is justified by market demand at economic prices. Zenabis’ total annual cultivation capacity is expected to increase to 143,200 kg of dried cannabis on completion of licensing at Zenabis Langley early in the second quarter of 2020.

Andrew Grieve, Chief Executive Officer of Zenabis, stated, “We continued to see strong cultivation results in September, with output exceeding our forecast of 1,731 kg by 21.8%. Our Performance Ratio decreased month over month as a result of the significant number of harvests from newly licensed rooms in the month (five of the 10 harvests). The Performance Ratio for newly licensed rooms harvested in September was 14.2% while the Performance Ratio for rooms that had previously been operated was 30.0%. Although the variety of cultivation approaches and rapid scale-up at Zenabis Atholville continues to cause room by room variance, steady-state yields for each cultivar are expected in the near-term, with general steady-state operations expected at Zenabis Atholville by the end of 2019.

“Since our last update, we increased our licensed annual cultivation capacity to 57,000 kg and submitted a licence application that is expected to increase our licensed annual production capacity by 69%, from 57,000 kg to 96,400 kg,” continued Andrew Grieve, Chief Executive Office of Zenabis. “While the timeline revision for Zenabis Langley will delay achieving full design capacity at the facility, we expect to have 96,400 kg of capacity licensed and operational by the end of 2019 with approval of the Zenabis Langley – Part 2A amendment. By early in the first quarter of 2020, we expect to have 111,200 kg of capacity licensed and operational with the approval of the Zenabis Langley – Part 2B amendment.”

_________________________

1

To better reflect the actual performance of its facilities, the Company reports a Performance Ratio, calculated as follows: after each harvest, Zenabis calculates the dry weight cannabis output for each room (the “Total Output”), taking into account the amount of days in production through a combination of: (1) the amount of flower room days used (including turnaround time) for that room; and (2) the amount of flower-room equivalent days required from other flower rooms in support of that harvest (together the “Effective Flower Room Equivalent Days”). Zenabis then divides the Total Output by the Effective Flower Room Equivalent Days in order to produce the “Effective Yield Per Day” for each room, and then divides the Effective Yield Per Day by the Design Capacity Yield Per Day for each room in order to determine actual performance versus the Design Capacity Yield Per Day (this ratio being the “Performance Ratio”). Zenabis believes that the Performance Ratio will provide investors with the best measure of actual cultivation performance versus Zenabis’ published design capacity. Zenabis intends to update and publish updated design capacities for each of its facilities when a facility has harvested from all its flower rooms (with the update at that time reflecting the most recent performance from each flower room) and again, if required due to significantly different results, when a facility achieves consistent monthly performance at a level that is different from its published Design Capacity.  Zenabis revised its design capacity at Zenabis Atholville upwards by 35% (equal to Zenabis Atholville’s Performance Ratio for the three months ended June 30, 2019) from 34,300 kg per annum to 46,300 kg per annum. Zenabis no longer reports outperformance relative to original design capacity (the kg/day figure utilized to derive the 34,300 kg design capacity).

Cannabis Production Summary

In September 2019, Zenabis realized a total harvest weight of 2,089 kg of dried cannabis.

The amount harvested at Zenabis Atholville for the three months ending September 30, 2019 exceeded the revised design capacity of the flower rooms by an average of 25.7%, compared to 23.2% in the three-month period from June 2019 through August 2019. A month-to-month comparison of actual harvests compared with harvest forecast based on revised design capacity between January 2019 and September 2019 for Zenabis Atholville is provided in the table below.

Revised Design Capacity

Performance at Zenabis

Atholville

Jan

2019

Feb

 2019

Mar

 2019

Apr

2019

May

2019

June

2019

July

2019

Aug

2019

Sept

2019

Total

Actual Harvest Weight (kg)

474

480

518

809

908

756

1,238

1,912

2,089

9,184

Revised Design Capacity

Harvest Weight (kg)2

467

643

539

796

895

716

1,097

1,357

1,715

8,225

Difference (kg)

7

(163)

(21)

13

13

40

141

555

374

959

Difference (%) – Revised

“Performance Ratio”

1.5%

(25.3%)

(3.9%)

1.6%

1.5%

5.6%

12.9%

40.9%

21.8%

11.7%

2

The Revised Design Capacity Harvest Weight is based on the “design capacity” yield that Zenabis has disclosed to date.  This figure was derived by converting the actual square footage of flower room space and the forecast canopy for each specific flower room into a kilograms per room per day figure based on Zenabis’ historical yield data at the Zenabis Atholville facility based on the yield performance in the three months ending June 2019 for revised design capacity. The Revised Design Capacity Harvest Weight in the table above is the harvest weight that would have resulted if the Design Capacity Yield Per Day for a room was multiplied by the Effective Flower Room Equivalent Days, as defined under “Performance Ratio”. Zenabis has revised its design capacity at Zenabis Atholville upwards by 35% (equal to Zenabis Atholville’s Performance Ratio for the three months ended June 30, 2019) from 34,300 kg per annum to 46,300 kg per annum. Zenabis no longer reports outperformance relative to original design capacity (the kg/day figure utilized to derive the 34,300 kg original design capacity for Zenabis Atholville)

In September 2019, Zenabis completed 10 harvests at Zenabis Atholville. The average Performance Ratio for these harvests was 21.8% relative to the revised design capacity. In September 2019, Zenabis did not complete any harvests at Zenabis Stellarton or Zenabis Langley.

2019 Harvest Forecast – Zenabis Atholville, Zenabis Stellarton and Zenabis Langley Site A – Part 1

For its existing licensed facilities of Zenabis Atholville, Zenabis Stellarton and Zenabis Langley Site A – Part 1, Zenabis expects to produce approximately 16,7335 kg of dried cannabis from October 2019 through January 2020. Zenabis continues to expect to complete its first harvest from Zenabis Langley in November. Zenabis’ forecast harvest output in November includes 1,650 kg from Zenabis Langley. The following table sets out Zenabis’ estimated aggregate monthly harvests for Zenabis Atholville, Zenabis Stellarton and Zenabis Langley Site A – Part 1 for the remainder of 2019 and January of 2020.

July

2019

Aug

2019

Sept

2019

Oct

2019

Nov

2019

Dec

2019

Jan

2020

Total

Forecast (kg)3

1,212

1,579

1,731

3,758

5,199

4,200

3,576

21,255

Actual (kg)

1,238

1,996

2,089

5,323

3 

This forward-looking estimate of future harvest results is based on the following material assumptions: (1) Zenabis Stellarton and Zenabis Langley Site A – Part 1 operate at their published design capacity on a room by room basis for the cultivation space that is licensed and in cultivation at the forward-looking periods noted; (2) Atholville rooms operate based on the current flower schedule and at revised design capacity (a 35% increase relative to original design capacity); and (3) Cultivation commencement at Zenabis Langley Site A – Part 1 in September 2019.   

Zenabis intends to provide a monthly cultivation forecast for Zenabis Langley Site A – Part 2A and Zenabis Langley Site A – Part 2B upon receipt of all cultivation license amendments for these phases.

Cannabis Post-Harvesting and Packaging Discussion

The timeline from harvest to the point at which Zenabis completes a sale of that product ranges from a minimum of three weeks (in the case of a bulk sale to a licensed producer) to more than eight weeks (in the case of soft gel capsules which involve external extraction, processing, filling, packaging and shipment). Zenabis recognizes the revenue from completion of such sales in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

In August 2019, Zenabis replaced its original packaging equipment (for bud jar filling) at Zenabis Atholville with new packaging equipment intended to achieve output of 30,000 units per day (equivalent to more than 90,000 grams per day at current average volumes per jar). During September 2019, the new packaging equipment was not able to achieve its expected output. Instead average output in September was 6,276 units per day, resulting in completed bud filling of only 517 kg (this excludes pre-roll packaging and bulk packaging). As a result, Zenabis was not able to package, ship and sell all of its product cultivated in August and September that had been destined for provincial counterparties, causing a delay in achieving the Company’s expected revenues. With focused troubleshooting, Zenabis has now achieved primary packaging output of 11,643 units per day, on average, during the 14 days ending October 20, 2019, with a maximum of 22,416 units per day. In addition, Zenabis has moved the original packaging equipment at Zenabis Atholville to Zenabis Stellarton and is in the process of ramping-up packaging at Zenabis Stellarton (bud filling commenced October 10, 2019 and pre-roll packaging commenced September 11, 2019). Zenabis expects that, as of November 2019, the Company will have surplus packaging capacity, and that there will be no further delays in the Company’s ability to package, ship and sell all of the product cultivated at Zenabis Atholville.

Currently, indicative demand from provincial counterparties exceeds forecast supply of both packaged flower and packaged pre-rolls for October 2019 through January of 2020 without further reductions in price. Indicative demand does not necessarily translate into actual demand, as the planning process with provincial counterparties may not result in firm volume indications until two weeks prior to a shipment, with purchase orders at times being finalized within days of shipments. As ramp-up of Zenabis’ facilities and the facilities of competitors occurs, Zenabis expects continued pressure on wholesale pricing to be applied by provincial counterparties.

In September, Zenabis packaged 650 kg of bulk product and shipped 190 kg, with the remainder held over for shipment to bulk counterparties in October to meet prepaid supply agreement commitments. Zenabis packaged 732 kg of flower and pre-rolls for provincial counterparties in September and shipped 462 kg. Zenabis also shipped 174 litres of oil products in September.

Construction and Facility Update

Zenabis Atholville

Now that construction is substantially complete4 at Zenabis Atholville, Zenabis is focused on operational improvements to reduce operating costs (increasing packaging automation, for example), improve post-harvest processing, increase yield, and improve packaging throughput.

Zenabis Langley

The first phase of Zenabis Langley (Zenabis Langley – Part 1) is licensed and operational. Since Zenabis’ August operations update was released, Zenabis has reached substantial completion of Part 2A4 and submitted a cultivation license amendment for this phase.

Zenabis remains focused on converting the remaining portion of Zenabis Langley but has revised its conversion plan for these phases to split Zenabis Langley – Part 2B into two phases (Zenabis Langley – Part 2B and Zenabis Langley – Part 2C). Zenabis has made this revision for the following reasons:

  • Focus on Cashflow Generation. By revising the timeline for the submission of Zenabis Langley’s final two flower rooms (Zenabis Langley – Part 2C), Zenabis expects to be able to reduce cashflow outflows for capital expenditure as Zenabis works to generate positive cashflow from operations.

  • Staggering Operational Ramp-Up. Further staggering the operational ramp-up at Zenabis Langley is expected to reduce the inherent issues that come with ramping up a facility of this size. As is illustrated by the packaging discussion above (regarding ramp-up at Zenabis Atholville), ramp-up challenges are possible in this industry. While Zenabis is focused on ramping up its facilities in a manner where any commercially possible action is taken to mitigate ramp-up risk, Zenabis believes that staggering the ramp-up at Zenabis Langley is in the best interest of the Company.

  • Defer Budget Overages. Zenabis recently identified that it expects to spend the entirety of its estimated amount remaining at Zenabis Langley (as forecast in Zenabis’ MD&A for the period ending June 30, 2019 at $13,700,000) upon completion of Part 2B. As a result, Zenabis expects capital expenditure amounts remaining to spend relating to Part 2C to be budget overages (estimated to be $4,000,000). This overage was driven by increases in equipment costs relating to HVAC equipment and automated tray tables. Zenabis has made the decision to defer this overage expenditure to a time when it can be funded by operating cashflow as opposed to cash on hand.

Zenabis expects this timeline revision to have the following impact on the cumulative capacity submitted for licensing at Zenabis Langley:

Month

Cumulative Capacity

Submitted for Licensing

(Original Timeline)

Cumulative Capacity

Submitted for Licensing

(Revised Timeline)

Difference

October 2019

49,300 kg

49,300 kg

November 2019

96,100 kg

64,100 kg

(32,000 kg)

December 2019

96,100 kg

64,100 kg

(32,000 kg)

January 2020

96,100 kg

64,100 kg

(32,000 kg)

February 2020

96,100 kg

96,100 kg

A summary of construction status by phase is provided below:

Phase

Design Capacity

Description

Part 1

9,900 kg

– Licensed and operational

Part 2A

39,400 kg

– Consists of 101,300 sq. ft. of flower room space (two flower rooms)

– Substantially complete

– License amendment submitted in September 2019

Part 2B

14,800 kg

– Consists of 38,000 sq. ft. of flower room space (one flower room)

– HVAC, flooring and shade screen installation is ongoing

– Security equipment and lighting installation is substantially complete

Part 2C

32,000 kg

– Consists of 82,200 sq. ft. of flower room space (two flower rooms) and

122,300 sq. ft. of other operational spaces (includes drying rooms,

packaging rooms, mother space and vegetation space)

– HVAC, flooring and shade screen installation is ongoing

– Security equipment and lighting installation is substantially complete

_________________________

4 

Zenabis defines substantial completion as the ability to undertake (subject to licensing) all production activities within the design capacity of the facility.

Zenabis Stellarton

On September 6, 2019, Zenabis received a cannabis processing license for Zenabis Stellarton. Zenabis commenced pre-roll production at Zenabis Stellarton during the week of September 9, 2019. Zenabis’ current pre-roll production capacity at Zenabis Stellarton is estimated at ~600 kg of pre-rolls per month. Zenabis intends to achieve output of 1,200 kg of pre-rolls per month at Zenabis Stellarton by November 2019, subject to market demand for pre-rolls.

In addition, as noted above, Zenabis has installed at Zenabis Stellarton the packaging equipment (for bud jar filling) previously used at Zenabis Atholville. Following completion of the ramp-up of this equipment, combined with the new packaging equipment in operation at Zenabis Atholville, Zenabis expects to have excess packaging capacity.

Zenabis Delta

Zenabis is currently in the process of constructing extraction and post-processing capacity, a product development lab, a formulation design lab, and a full ISO certified analytical testing lab at Zenabis Delta. This construction project is expected to be complete in the first half of 2020.

Licensing Update

Zenabis is currently in the process of various licensing applications for Zenabis Delta, Zenabis Langley, Zenabis Stellarton and the Zen Craft Grow program as outlined in the table below:

License Submission

Submission Month

Annual Design Capacity

Zenabis Delta – Analytical Testing

May 2019

N/A

Zen Craft Grow – Grower 1

July 2019

350 kg

Zenabis Langley – Part 2A

September 2019

39,400 kg

Zenabis Stellarton – Sales License

October 20195

N/A

Zenabis Langley – Part 2B

November 20195

14,800 kg

Zenabis Langley – Part 2C

February 20205

32,000 kg

5

Expected submission timeline subject to receipt of prior license or license amendment for each facility

Zenabis is currently using Zenabis Pitt Meadows, Zenabis Aldergrove and Zenabis Langley for the Company’s propagation and floral business, as well as hemp cultivation activities. All hemp cultivation at Zenabis Aldergrove that uses greenhouse space is currently not being used by the propagation and floral business, and thus will not have a negative impact on Zenabis’ propagation and floral business. Hemp cultivation will neither interfere with the planned cannabis cultivation activities at Zenabis Langley, nor will it reduce the cannabis cultivation design capacity of Zenabis Langley.

 

SOURCE Zenabis Global Inc.

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City View Green Holdings Inc. Provides Update on Its 1st Quarter Filings

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Toronto, Ontario–(Newsfile Corp. – July 3, 2020) – City View Green Holdings Inc. (CSE: CVGR) (OTCQB: CVGRF) (“City View” or the “Company“), trading through the facilities of the Canadian Securities Exchange (“CSE“) under the symbol “CVGR” and on the OTCQB® under the symbol “CVGRF” – Following its press releases of April 28, 2020, and May 28, 2020, the Company is providing a further update on the status of filing of its first-quarter consolidated interim financial statements, accompanying management’s discussion and analysis, and related CEO and CFO certificates for the three month period ended March 31, 2020 (collectively, the “First-Quarter Filings“).

On March 18, 2020, the Canadian Securities Administrators announced that they would provide issuers with a 45-day filing extension for filings required on or before June 1, 2020, as a result of COVID-19 pandemic. As such, the Ontario Securities Commission has enacted Ontario Instrument 51-502 – Temporary Exemption from Certain Corporate Finance Requirements dated March 23, 2020 (“OI 51-502“). In its April 28 and May 28, 2020 press releases, the Company announced its reliance on the exemption with respect to extending the deadline of filing its First Quarter Filings, which are required to be filed by June 1, 2020 under sections 4.3 and 4.4 of National Instrument 51-102 – Continuous Disclosure Obligations. The Company is continuing to work diligently and currently expects to have the First-Quarter Filings filed on or prior to the extended filing deadline of July 16, 2020.

As required by OI 51-502, and similar Instruments and Orders enacted in British Columbia and Alberta, the Company discloses the following:

  • Until such time as the Company has filed the First-Quarter Filings, members of management and other insiders are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

  • The Company confirms that there have been no material business developments, other than those announced through news releases, since June 15, 2020, when the Company filed its audited financial statements for the fiscal year ended December 31, 2019.

About City View

City View Green is a leading cannabis-infused food company focused on the development of food brands, extraction and distribution. Upon the anticipated receipt of its Cannabis Act processing and sales licences (“Cannabis Licences“), City View will incorporate cannabis-infused food production and extraction at its Brantford, Ontario facility. Once operational, it is our expectation that City View will produce high quality cannabis-infused food, oils, distillates, and water-soluble products for the food and beverage markets. In addition, City View owns a 19.9% stake in Budd Hutt Inc. (“Budd Hutt“), a retail-focused cannabis company with access to cannabis cultivation and production licences in Alberta and other retail opportunities across Canada. Through its relationship with Budd Hutt, the Company anticipates securing shelf space, product placement, and distribution opportunities for City View’s products. For more information visit www.cityviewgreen.ca.

For further information contact:
City View Green Holdings Inc.
Rob Fia, CEO & President
Email: rob@cityviewgreen.ca

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements which are not composed of historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, availability and costs of financing needed in the future, changes in equity markets, delays in the development of projects, and ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company’s business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59129

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Red Light Holland Names Medical and Scientific Division

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Toronto, Ontario–(Newsfile Corp. – July 3, 2020) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (“Red Light Holland” or the “Company“), an Ontario-based corporation positioning itself to engage in the production, growth and sale of a premium brand of magic truffles to the legal, recreational market within the Netherlands, is pleased to announce the naming and establishment of its medical and scientific division, “Scarlette Lillie Science and Innovation.” The establishment of Scarlette Lillie Science and Innovation marks an early move by Red Light Holland, to position itself to expand its business into the medical psychedelics market in the future, at such time as market and regulatory conditions present a viable business opportunity.

“While we are focusing on the recreational truffles market in the Netherlands, we are also keen on the medical market, in which we see tremendous future opportunities for Red Light Holland to help make a larger, positive change in the world,” said Todd Shapiro, the Company’s Chief Executive Officer and Director. “Scarlette Lillie Science and Innovation is named after Scarlette, my nine-month old daughter, and Lillie, the daughter of the Company’s President, Hans Derix. And so this is indeed a very proud day for both the Company, and for Hans and myself. As fathers, we want to see a better future for both of them, and for your family’s as well. We firmly believe we need more research and development into psilocybin and its potential benefits. We absolutely look forward to being an official part of that process,” added Mr. Shapiro.

Scarlette Lillie Science and Innovation is expected to be funded by a portion of Red Light Holland’s available funds from time to time, and once operational, is expected to allow Red Light Holland to initiate and expedite various science, innovation and research activities focused on, among other things, exploring the potential medical and health benefits of psilocybin and whole fungi-medicine.

Dr. Joseph Geraci, Advisor of Red Light Holland and Chief Executive Officer of Netramark Corp., added: “I’m pleased to help advise and work closely with Scarlette Lillie Science and Innovation. This division aligns tremendously well with the over two decades of efforts that I’ve personally and professionally made within neuroscience, psychiatry and important research and data collection. I believe that working with psilocybin can have an impact in helping with mood disorders and beyond. I look forward to being a part of this synergistic mission to prove these theories out, and I’m also excited to introduce my contacts from the science and medical fields to our team of visionaries.”

About Red Light Holland Corp.

The Company is an Ontario-based corporation positioning itself to engage in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal, recreational market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.

For additional information on the Company:

Todd Shapiro
Chairman and Chief Executive Officer
Tel: 647-204-7129
Email: todd@redlighttruffles.com
Website: https://redlighttruffles.com/

Forward-Looking Statements

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

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that (i) the Company will be able to execute on its business plan and/or enter into the medical psychedelics market as proposed, (ii) the Company will receive one or multiple licenses, permits, and authorizations from time to time necessary to execute on its business plan and/or enter into the medical psychedelics market, (iii) the Company’s financial condition and development plans do not change as a result of unforeseen events, (iv) there will continue to be a demand, and market opportunity, for the Company’s product offerings, (v) the Company will be able to establish, preserve and develop its brand, and (iv) the Company will be successful in attracting and retaining required personnel), although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59094

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Tree of Knowledge International Corp. Provides Bi-Weekly Default Status Report

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Toronto, Ontario–(Newsfile Corp. – July 2, 2020) –  Tree of Knowledge International Corp. (CSE: TOKI) (the “Company” or “TOKI“) is providing a bi-weekly default status report (the “Default Status Report“) in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) and further to the Company’s press release dated June 19, 2020.

On June 1, 2020, the Company announced (the “Default Announcement“) that, for the reasons disclosed in the Default Announcement, the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2019 (the “Annual Filings“) would not be completed by the prescribed filing deadline.

As a result of these delays and as further disclosed in the Company’s press releases, the Company proactively applied to its principal regulator, the Ontario Securities Commission (“OSC“), for a management cease trade order (“MCTO“), and the OSC granted the MCTO to the Company. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Annual Filings have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The Company’s board of directors and its management confirms that they are working expeditiously to meet the Company’s filing obligations and expect to file the Annual Filings on or about July 15, 2020.

As required by the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement and any subsequent press release disclosure there have not been any changes to the information set out in the Default Announcement that would reasonably be expected to be material to an investor nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, there is no additional material information concerning the affairs of the Company that has not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.

Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. To the extent applicable, the Company is scheduled to file its next default status report in two weeks from the date hereof.

For further information please visit: www.tokicorp.com

Or contact: Tree of Knowledge International Corp.

Ashley Villarruel, (647) 607-9044), ashley@tokicorp.com

About Tree of Knowledge

TOKI is a public company that delivers pathways to innovative, science-based health and wellness solutions. The Company is a leader in pain management, spanning from seed to patient. Built upon an extensive network of scientific and medical research, TOK is an advanced leader in the development, processing, and distribution of focused products and treatments for pain relief. Tree of Knowledge spans the globe with its multidisciplinary pain clinics, research partners, consumer CBD products, and education and advocacy programs – all working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59090

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