Thrive Provides Updates on Ongoing Operations & Steps Up Safety Precautions in Response to COVID-19

TORONTO, April 28, 2020 (GLOBE NEWSWIRE) --

Thrive Opens State-of-the-Art Extraction & Processing Facility

Thrive Cannabis is pleased to announce the opening of its new extraction and processing facilities in Simcoe, Ontario, paving the way to an entire portfolio of Live Resin and other high-terpene extracts across multiple brands, and sourced from its frozen stockpile of outdoor-grown cannabis.

Live Resin is a concentrate made from fresh cannabis that results in robust and complex terpene profiles which enhance product aromas and flavours and stimulates the entourage effect in combination with cannabinoids. Thrive expects its extraction lab will create products with almost double the terpene content and other desirable compounds versus the extraction systems that dominate the industry today, which use dried flower as its primary input.

"Our extraction techniques will be superior to the CO2 and ethanol systems most licensed producers use today to make relatively generic and tasteless vape cartridges and other concentrates," said Mr. Hoover. "We look forward to producing a higher level of quality concentrates and deliver a complete sensory experience to the discerning consumer by launching products bursting with natural terpenes, which will also complement their already-strong cannabinoid content."

Thrive is expected to hit stores by mid-year 2020, primarily in the form of Live Resin vape cartridges, and dab concentrates under its recreational cannabis brand aimed at enthusiasts. Thrive will also introduce a line of fast-acting sublingual cannabis strips, with precise doses of THC and CBD, under a separate health and wellness brand, also expected to roll out in mid-2020.

Thrive Appoints New Chairman of the Board

Thrive Cannabis is pleased to announce the appointment of Mr. Barry Katzman to Chairman of the Board of Directors.

"The addition of Barry to our board brings another layer of executional acumen and experience in the sector. We welcome his expertise to the team and look forward to his guidance and contributions to our growth," said Mr. Hoover.

Mr. Katzman is an accomplished senior executive and entrepreneur with a strong background in both the alcohol and cannabis sectors that included leadership positions at Molson, as well as ownership roles at six different wineries including Creekside and Stoney Ridge Estates, prior to establishing Tidal Health Solutions, a Maritime-based cannabis company. Mr. Katzman has been recognized on numerous occasions with awards for business development and philanthropic efforts in the Niagara region. He holds a business degree from Western University and an MBA from Niagara University in New York.

"At Thrive, I have witnessed a team that leads the entire industry in passion and cannabis knowledge and is downright fanatical about the quality of their cultivation and formulations. This unique combination of skill and commitment has been missing in the Canadian market, which has stunted many producers and slowed the elimination of the illicit market, and I am honoured to be part of the team whose mission is to close that gap. I am also extremely pleased to be joining a top calibre and active Board of Directors pledged to enhancing shareholder returns and committed to assisting our talented executives as they roll out industry-leading high-quality concentrates and AAAA flower for true cannabis enthusiasts across Canada," said Mr. Katzman.

Thrive Donates PPE to Local Health Authorities Due to COVID-19

With cannabis deemed an essential service, Thrive will keep its production facility operating to service the market with high quality cannabis products. "Maintaining the safety of our staff remains the highest priority. With the help of our team, consultants, and board of directors, Thrive has taken steps to ensure a safe and sanitized workplace by putting in place and practicing a higher standard of safety protocols beyond Health Canada recommendations," said Geoff Hoover, Thrive CEO.

While most of the team has been encouraged to work remotely and do their part in limiting unnecessary exposure, a minimal crew has been permitted to continue to operate the facility practicing safe distancing with elevated sanitary precautions.

Thrive has also donated a portion of their PPE supply to local health authorities. In addition, Thrive will continue to ration its own use of PPE to the bare minimum in an effort to reduce demand on an already over-taxed supply chain.

"We are determined to do what we can to help healthcare workers in our local Southern Ontario communities of Haldimand and Norfolk counties. As a business that also uses PPE, we're very happy to make donations of masks and other equipment to do our part in the fight against COVID-19."

    -       Geoff Hoover, Thrive CEO

About Thrive Cannabis:

Thrive Cannabis is a privately held, vertically integrated cultivator and processor of premium and ultra-premium craft cannabis and cannabis concentrates, founded in 2018, with production facilities in Simcoe, Ontario. Thrive holds production, sales, and outdoor cultivation licenses from Health Canada. Thrive Cannabis is currently developing premium products for the Canadian recreational market that will commence distribution in 2020. To learn more, visit us at thrivecannabis.ca

Geoff Hoover, CEO - Thrive Cannabis
Email: ghoover@thrivecannabis.ca

For Thrive Investor Relations Inquiries, please contact:

Waylon Iserhoff, SVP, Finance - Thrive Cannabis
Email: WIserhoff@thrivecannabis.ca

For Thrive Media & PR Inquiries, please contact:
Media Relations
Email: PR@thrivecannabis.ca

CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Thrive Cannabis is not a reporting issuer (or the equivalent thereof) in any jurisdiction, is not listed on any stock exchange, and may never become a reporting issuer or listed on any stock exchange, therefore, any securities issued by Thrive Cannabis will be subject to an indefinite hold period which may never expire.

This News Release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

This News Release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking information, including, without limitation, statements relating to Thrive Cannabis': (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis' business strategy and its ability to bring its products to commercial production; and (v) the ability to reduce production and energy costs through economies of scale.

Forward-looking information is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Thrive Cannabis be materially different from those expressed or implied by such forward-looking information, including without limitation: (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) continued growth of the cannabis market; (iv) the effectiveness and popularity of Thrive Cannabis.

Readers are cautioned not to place undue reliance on the above forward-looking information, or any statements related thereto, which should not be construed as exhaustive and speak only as of the date of this News Release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking information is expressly qualified in its entirety by this cautionary statement.