Planting Hope Announces Financial Transactions Resulting in a Combined US$2.45M (C$3.27M) Benefit to the Company

Not for distribution to U.S. news wire services or dissemination in the United States.

• The Company announces a private placement of convertible debentures totaling up to US$900,000 (C$1.2M) and a bridge loan in the amount of US$332,000 (C$443,000).
• Planting Hope has settled a total of US$1.25M (C$1.67M) in debt, including US$243,000 and C$7,500 in account payables, C$6,000 in interest from a convertible debenture, and the significant reduction of a US$1M (C$1.333M) note payable with Betterer Foods related to the RightRice acquisition (based on post-closing working capital adjustments)

CHICAGO, IL and VANCOUVER, BC / ACCESSWIRE / July 20, 2023 / The Planting Hope Company Inc. (TSXV:MYLK)(OTCQB:MYLKF)(FRA:J94) ("Planting Hope" or the "Company"), a plant-based food and beverage company focused on producing the world's most nutritious and planet-friendly products, is pleased to announce two separate financing transactions and an improvement to the Company's balance sheet through a debt settlement, conversion of an outstanding debenture and most importantly the negotiation of a substantial reduction to an outstanding note payable.

"Planting Hope continues to demonstrate growth and strength in our business as we execute our plan to scale our brands rapidly in Foodservice and turn the corner on profitability as Company," said Julia Stamberger, Co-founder and CEO, Planting Hope. "Although limited liquidity in the Canadian capital markets has challenged small cap companies this year, new investors are learning about the Company and joining our shareholder base from North America and internationally. We are pleased to have negotiated and arranged a substantial reduction to our current liabilities as detailed below."

Private Placement of Convertible Debentures
The Company announces a non-brokered private placement (the "Private Placement") of unsecured, non-transferable 10% convertible debentures ("Convertible Debentures") having an aggregate principal amount of up to US$900,000 (C$1.2M).

A Convertible Debenture holder (a "Holder") may, at its option, convert all or a portion of the aggregate principal of their Convertible Debenture at any time prior to the Maturity Date (as defined below) into units ("Units") at a conversion price of C$0.42 per Unit (the "Conversion Price"). Each Unit will be comprised of one subordinate voting share of the Company (a "Share") and one non-transferable warrant (a "Warrant"). Each Warrant will be exercisable by the Holder to purchase one Share at an exercise price of C$0.50 at any time prior to the Maturity Date.