Jamieson Wellness Inc. Closes Previously Announced Partnership with DCP Capital

Leading international private equity firm to help accelerate brand growth in China

TORONTO, May 16, 2023 (GLOBE NEWSWIRE) -- Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX:JWEL) announced today that it has closed its previously announced agreement to partner with DCP Capital (“DCP”) pursuant to which DCP has contributed $47.4 million ($35 million in USD) in capital in exchange for a 33% interest in the Company’s Chinese operations. In conjunction with this investment, DCP has also completed its previously announced subscription for approximately $101.6 million ($75 million in USD) of preferred shares of the Company and warrants to purchase 2,527,121 common shares of the Company at an exercise price of $40.19. This represents a 10% premium to the 20-day volume weighted average common share price as of the signing of the subscription agreement on February 23, 2023.

This partnership with DCP is another significant step forward in the Company’s growth plans in its fastest growing market. Earlier this month, the Company announced its acquisition of the operating assets of its previous distribution partner in China, providing it full control of the value chain and the ability to directly connect with Chinese consumers. DCP will support this new owned operations model by leveraging its deep experience and knowledge of the Chinese market to expedite growth.

“DCP has decades of experience building international brands in China,” said Mike Pilato, President and CEO of Jamieson Wellness. “We have already established the Jamieson brand at an impressive base position in this market and believe that with DCP’s partnership, it is perfectly positioned for accelerated growth. DCP’s partnership will support our expanding infrastructure and marketing plans for the Chinese market, as well as the overall growth aspirations of Jamieson Wellness, globally.

We could not ask for a better partner to join us on this journey. We look forward to leveraging the expertise that DCP brings to the table and are excited to work together to realize our opportunities in the world’s second largest VMS market.”

“We know that the Jamieson brand fits the key purchase attributes of the Chinese consumer, making it a natural candidate for growth,” said Hwan Chung, Managing Director of DCP. “We have a long track record of building successful international brands in China, and strong operational expertise in this complex market. We believe our skill set perfectly complements Jamieson’s capabilities and will be instrumental in helping the Company reach the Chinese consumer under the new operating model.”