Mr. Darcy Bomford reports

TRUE LEAF REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS

True Leaf Brands Inc. has released its operating and financial results for the first quarter ended June 30, 2019.

Q1 2020 and recent highlights:

• Reported revenues from global sales totalling $414,657 (Canadian);
• Received nearly $1-million (Canadian) in proceeds through a successful warrant exercise;
• Former Mars Petcare executive Kevin Cole joined True Leaf as president of True Leaf Pet;
• Signed first CBD (cannabidiol) supply agreement with Atalo Holdings;
• Expanded European distribution through agreements with OSCAR Pet Foods in the United Kingdom and with Pocurull in Spain and Portugal;
• Announced a corporate name change to True Leaf Brands;
• Signed a memorandum of understanding with international pet care distributor Eagle Vet, launching True Leaf's expansion into the Asian market;
• Former Petco executive Allen Fujimoto joined True Leaf as senior vice-president, operations;
• Signed a supply and purchase agreement with top on-line cannabis marketplace Namaste Technologies to expand its direct-to-consumer distribution network;
• Launched its CBD supplements for dogs at SuperZoo 2019, scheduled to roll out on Sept. 30, 2019, to pet retail stores in several U.S. jurisdictions and on-line.

"During Q1 2020, we completed a number of strategic initiatives, including transitioning to our rebranded True Leaf product line and filling two key executive roles in management and operations," said Darcy Bomford, founder and chief executive officer of True Leaf. "These efforts supported our growing team and the launch of an expanded range of pet health products with a broader 'plant-based' focus."

Mr. Bomford continued, "With these projects completed, our team is focused on driving sales growth of True Leaf's rebranded product lines and of the shipment of our new CBD pet products, set to hit store shelves in the U.S. in late September."

      SELECTED QUARTERLY RESULTS OF OPERATIONS 
  (in Canadian dollars, unless otherwise indicated)
 
                                    Three months ended 
                                         June 30, 2019 

Revenues                                   $   414,657 
Total operating expenditures                (2,214,825) 
Total comprehensive (loss) for period       (1,997,651) 
Basic and diluted (loss) per share         $     (0.02) 

For further information, please refer to the company's management discussion and analysis for the first quarter of fiscal 2020, published on the company's website.

About True Leaf Brands Inc.

True Leaf is a leading global cannabis and hemp wellness brand for pets.

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