Mr. Jay Wilgar reports

UP CANNABIS ANNOUNCES MEMORANDUM OF UNDERSTANDING WITH BRITISH COLUMBIA LIQUOR DISTRIBUTION BRANCH (BCLDB)

Newstrike Resources Ltd.'s wholly owned subsidiary, Up Cannabis Inc., has signed a memorandum of understanding with the British Columbia Liquor Distribution Branch (BCLDB) that will see a variety of Up Cannabis product sold through a BCLDB-approved strategic retail partners and locations.

"This agreement is yet another significant achievement for Newstrike and a critical step in our strategy to position Up Cannabis as the preferred Canadian adult-use brand," said Jay Wilgar, chief executive officer of Newstrike and Up Cannabis. "British Columbia is a very important market for Up Cannabis, and we are proud to supply the BCLDB with quality cannabis that will drive our sales and revenue."

Up Cannabis is one of only 31 licensed producers that have met the BCLDB's requirements for supply of adult-use cannabis upon legalization. The agreement is conditional upon the federal and provincial governments adopting the necessary regulatory framework.

About Newstrike Resources Ltd.

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. 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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