BevCanna Advances to Final Stage of Health Canada Standard Processing Licence

VANCOUVER, British Columbia–(BUSINESS WIRE)–Emerging leader in infused cannabis beverages, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (“BevCanna” or the “Company”) is pleased to announce today that its application for a Standard Processing Licence has advanced to the final stages of the in depth review with Health Canada.

BevCanna and Health Canada are in closing discussions. The Company submitted its formal responses to Health Canada’s Request for More Information (RMI) on December 8, 2020, and has received confirmation from the Health Canada Assigned Reviewer that no additional RMIs are anticipated.

The Licence is now expected to advance to Health Canada’s Management Review Board for final sign-off and for the Licence to be issued imminently. Once granted, BevCanna will be fully authorized to begin production of cannabis-infused products at its industry leading high-capacity beverage manufacturing facility and will begin production for its white-label clients and commercialization of its in-house brands through licensed Canadian retailers in the first quarter.

“Receipt of our Standard Processing Licence is an important milestone for our Canadian production and distribution strategy, and we are confident that we’ll achieve this any day now,” said Marcello Leone, CEO of BevCanna. “Our ability to produce and distribute high-quality cannabis-infused beverages, for both our in-house brands and our white-label clients, is paramount to our strategy of evolving into an an all-encompassing health and wellness products company, and we’re excited to take this next step.”

The receipt of the Company’s Standard Processing Licence and the January 2021 close of BevCanna’s landmark acquisition of Naturo Group Investments Inc. constitute the additional two pillars of BevCanna’s four-prong international strategy, along with their recently acquired Pure Therapy e-commerce platform, and their agreement with Keef Brands in the U.S. and Canada. BevCanna will now assume the unique position of being the only fully licensed, in-house and white-label beverage manufacturing company that distributes both conventional and cannabis-based beverage and wellness products through global, multi-channel distribution networks of traditional and cannabis sales channels.

About BevCanna Enterprises Inc.

BevCanna Enterprises Inc. (CSE:BEV, OTCQB:BVNNF, FSE:7BC) develops and manufactures cannabinoid–infused beverages and consumer products for in–house brands and white label clients. With decades of experience creating, branding and distributing iconic brands that have resonated with consumers on a global scale, the team demonstrates an expertise unmatched in the emerging cannabis beverage category. Based in British Columbia, Canada, BevCanna owns the exclusive rights to a pristine spring water aquifer, access to a world–class 40,000–square–foot, HACCP certified manufacturing facility, with a current bottling capacity of up to 210M bottles per annum. BevCanna also recently acquired US natural health and wellness e-commerce platform Pure Therapy. BevCanna’s vision is to be a global leader in infused innovations.

On behalf of the Board of Directors:

John Campbell, Chief Financial Officer and Chief Strategy Officer

Director, BevCanna Enterprises Inc.

Forward-Looking Information

This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including the statements regarding: its application for a Standard Processing Licence, including the anticipated receipt and timing thereof; that once the licence is granted, BevCanna will be fully authorized to begin production of cannabis-infused products at its industry leading high-capacity beverage manufacturing facility and will begin production for its white-label clients and commercialization of its in-house brands through licensed Canadian retailers in the first quarter; the anticipated January 2021 close of BevCanna’s landmark acquisition of Naturo Group Investments Inc.; and other statements regarding the business plans of the Company.

Forward-looking statements are based on certain assumptions regarding the issuances of licenses by Health Canada to the Company under the Cannabis Act; future positive legislative, tax and regulatory developments with respect to cannabis; a continued high regulatory barrier entry for cannabis-infused beverages; successful and timely commercialization of the company’s products; successful and timely negotiation of various agreements; the closing of the Company’s previously announced acquisition of Naturo Group Investments Inc.; and expectations with respect to the future growth of recreational cannabis products. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. The assumptions of the Company, although considered reasonable by it at the time of preparation, may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, the Company not being issued licences by Health Canada; that the parties may not be able to satisfy the conditions to closing of the acquisition of Naturo, including approval by the shareholders of one or both parties, as applicable; risks associated with general economic conditions; risks associated with climate and agriculture; changes in consumer preferences; adverse industry events; future legislative, tax and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the inability to implement business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further 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. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of the Company which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. 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, except as required by law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

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