Thrive Fulfills Its First Purchase Orders from the Ontario Cannabis Store

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Company completes pivot from white-label wholesaler to branded producer of premium consumer cannabis products, including Greybeard Live Resin Terp Slush and Live Resin Vape SKUs

TORONTO, SEPTEMBER 29, 2020 (BUSINESS WIRE)

Thrive Cannabis, a licensed producer of premium craft cannabis concentrates and dried flower, is pleased to announce the fulfillment of its first two purchase orders from the Ontario Cannabis Store (“OCS”). Thousands of units of the Company’s Greybeard Live Resin Terp Slush dabs were shipped to the OCS, as were a comparable number of units of Greybeard Live Resin Vape products. Both of Greybeard’s Terp Slush SKUs and Greybeard Live Resin Vape cartridges have already shipped to retailers across Ontario and are now available for purchase at www.ocs.ca. To ensure the highest standards of quality and in keeping with the Greybeard philosophy of small-batch, craft production of elevated cannabis products, Greybeard Live Resin will be an Ontario exclusive for the short term, with the company scaling operations to expand its distribution to other provinces later this year.

Live Resin is prized by cannabis enthusiasts for its extremely high terpene and full-spectrum cannabinoid content. Greybeard Live Resin products start with Thrive’s fresh, sun-grown outdoor cannabis, flash-frozen at harvest to capture a full-spectrum of cannabinoids and terpene levels while at their peak, and then extracted under low heat and pressure using Thrive’s proprietary hydrocarbon process. Unlike many competing brands, Greybeard Live Resin products do not contain distillates or additives, and derive all their flavour, aroma and effects from the plant alone.

“When it comes to concentrates, the first wave of consumers will need no help at all – they are people who are already enthusiastic about the category, they have the equipment and the know-how, and we will champion this consumer all day long,” says Sung Kang, SVP of Marketing at Thrive. “But the bigger opportunity will be the less-experienced consumer who has renewed their interest in cannabis with the opening of the legal market. I believe there is a very large and untapped population of people who will enjoy our Live Resin Terp Slush and Vape products, but just need a little help getting started. That’s why we are focusing our marketing efforts on helping retailers build the category at the store level.”

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

For more information about Greybeard visit www.greybeardcannabis.com.

For Thrive Investor Relations Inquiries, please contact:

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

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.

FOR MEDIA & PR INQUIRIES
Please Contact: Media Relations