Mr. Jay Wilgar reports

UP CANNABIS ANNOUNCES DEFINITIVE SUPPLY AGREEMENT WITHA ALBERTA GAMING, LIQUOR & CANNABIS COMMISSION (AGLC)

Newstrike Brands Ltd.'s wholly owned subsidiary, Up Cannabis Inc., has entered into a definitive supply agreement with the Alberta Gaming, Liquor & Cannabis Commission (AGLC) that will see a variety of Up Cannabis products sold via AGLC-approved strategic retail partners and locations, and through the AGLC website.

"This deal is another significant achievement for Newstrike and a critical step in our strategy to position Up Cannabis as a premier adult-use brand," said Jay Wilgar, chief executive officer of Newstrike and Up Cannabis. "With the AGLC overseeing distribution to the anticipated 250 private brick and mortar retail stores expected to open within the first year of legalization and the AGLC on-line store, this partnership represents a significant opportunity to develop our presence in Western Canada, ultimately driving sales and revenue."

Canadian provinces and territories will determine both how and where cannabis will be sold, with the majority distributing cannabis exclusively through provincially owned and operated corporations. As such, supply agreements with the provincial boards are integral to Newstrike's business strategy. Alberta's adult-use cannabis market is estimated to be worth as much as $1-billion annually.

The supply agreement is conditional upon the federal and provincial governments adopting the necessary regulatory framework.

About Newstrike Resources Ltd. and Up Cannabis

Newstrike is the parent company of Up Cannabis, a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Up Cannabis is in turn the parent company of Up Cannabis Niagara Inc. Newstrike, through Up Cannabis and together with select strategic partners, including Canada's iconic musicians The Tragically Hip, is developing a diverse network of high-quality cannabis brands.

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