Liberty Leaf Operations Update and COVID-19 Response

Subsidiary Just Kush Initiates First Crop of Plants

VANCOUVER, April 21, 2020 /CNW/ - Liberty Leaf Holdings Ltd. LIB HN ("Liberty Leaf" or the "Company") announced today that its subsidiary, Just Kush Enterprises Ltd. ("Just Kush"), a federally-licensed producer of cannabis, has initiated its first crop of plants.

It is anticipated that the facility will be ramped up to full capacity with the staggered initiation of production of an additional 3 lots of plants within the coming months.

The first crop is a potent, Kush dominant hybrid strain (>20% THC) that the Company plans to market under Just Kush's branding.

"We evaluated quite a few cultivars before we settled on this one for our first crops," said Robert Jackman, Quality Assurance Person for Just Kush.  

"I am confident that we possess the cultivation expertise to bring our B.C craft cannabis product to the consumer," said William Rascan, CEO of Liberty Leaf. "From our market research and discussions with provincial cannabis distribution representatives, there is strong demand for BC craft products, grown in small batches and cured to perfection."

Corporate Update

As of the date of this press release, Liberty Leaf has taken steps to adjust to current market conditions and to the COVID-19 pandemic.

"We are focussed on running lean," says Mr. Rascan. "We have no long-term nor convertible debt obligations, we are cutting costs wherever possible, and have reduced compensation to our Board of Directors by 50 per cent."

Rascan notes that Liberty Leaf has fielded enquiries from third-party groups interested in working with Just Kush to produce and sell Cannabis 2.0 products – second round legalization products - such as edibles, oils and other extracts.

"In addition to a cultivation license, Just Kush also has a processing license which is of interest to established food and beverage companies that are exploring ways to enter the cannabis edibles market. We feel these talks have the potential to leverage the Just Kush facility and potentially help expand the pipeline of future products," Rascan says.

Liberty Leaf and COVID-19

Liberty Leaf is closely monitoring the latest developments regarding the pandemic and continues to follow federal, provincial, municipal and public health authority guidelines for social distancing and other measures to slow the spread of the virus. Those steps include working remotely when possible, ensuring that a safe distance from others and frequent hand washing. The Company wants everyone connected to Liberty Leaf and Just Kush to stay safe and healthy.

About Just Kush Enterprises Ltd.

Just Kush has received its Standard Cultivation, Standard Processing and Sale for Medical Purposes Licenses from Health Canada, and has a production facility situated on 13 acres in Okanagan Falls, B.C. The company is focussed on cultivation of AAAA premium, small batch, terpene-rich Kush dominant cultivars cured to perfection.

About Liberty Leaf Holdings Ltd.

Liberty Leaf Holdings Ltd. is a Canadian-based, public company whose focus is to build and support a diversified portfolio of cannabis-sector businesses, including cultivation, processing and value-added cannabis products within this dynamic and fast-growing sector.

On Behalf of the Board

Will Rascan, President & CEO
Liberty Leaf Holdings Ltd.

Phone: 778-819-0244
Toll Free: 1-833-LIB-LEAF (542-5323)

Twitter: @LibertyLeafCSE
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Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Liberty Leaf's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this document include statements concerning Liberty Leaf's intent to ramp up capacity, cultivate a kush strain of cannabis, market Just Kush branded products,  strong demand for B.C craft products, potential to leverage the Just Kush facility, and all other statements that are not statements of historical fact. 

Although Liberty Leaf believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments involving cannabis; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the cannabis industry in Canada and generally; the demand for cannabis and cannabis related products, the ability of Liberty Leaf to implement its business strategies; competition; the ability of Liberty Leaf to obtain and retain all applicable licences under the Cannabis Act and other assumptions, risks and uncertainties.

 The forward-looking information contained in this news release represents the expectations of the company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

SOURCE Liberty Leaf Holdings