NewLeaf Brands Provides an Update to its Shareholders on Recent Corporate Developments and Shares a Positive Outlook - Seite 2

Not yet content with the stature of its cannabis and CBD business, NewLeaf Brands had signed a definitive agreement dated May 5th, 2020 with Trellis Holdings Oregon, LLC ("Trellis") to acquire 37.5% of the issued and outstanding share capital of Trellis Holdings Oregon Op LLC ("Trellis") from David Joshua Bartch and Benjamin Martch (the "Vendors") by way of a share exchange (the "Transaction"), as was previously announced on February 6th, 2020. Trellis holds various licenses with the OLCC in the state of Oregon and operates in both the medical and recreational cannabis markets, maintaining an 11-acre recreational cultivation property in Southern Oregon and operating a medical and recreational cannabis dispensary in Portland, Oregon. Trellis has also recently applied for an additional license to increase its outdoor canopy cultivation capabilities by 40,000 sq. ft. while its greenhouse space was granted an additional 10,000 sq. ft. Overall, the Company expects to issue additional tantalizing updates on Trellis in the near future.

Subsequently, on May 11th and 12th, 2020, NewLeaf Brands appointed Damon Michaels to the position of Chief Operations Officer (COO) and Robert Roscow to the position of Chief Science Officer (CSO), respectively. Prior to Ebbu's USD $429 MM acquisition by Canopy Growth, Mr. Michaels managed Ebbu's day-to-day operations, including oversight of production, R&D, HR, compliance, supply chain, marketing and business development while also providing guidance for strategic business practices and strategy. Robert Roscow, on the  other hand, was involved in running the world's first cannabis genomic editing lab, focused on cannabinoid yield improvements, filing patents, establishing a cannabis tissue culture lab, and support of drug development team with statistical analysis and experimental design for Ebbu's proprietary formulations. Since Mr. Michaels appointment, he has been incredibly active in the Company, utilizing his vast network of relationships and bringing his operational knowledge to the team while Mr. Roscow has spearheaded NewLeaf Brands' biotech strategy through various partnerships and relationships that the Company expects to announce extremely soon, and which will put the Company drastically ahead of its competitors.