Mr. Bernie Yeung reports

ATLAS GLOBAL BRANDS ANNOUNCES DELAY IN ANNUAL AND INTERIM FILINGS FOLLOWING COMPLEX REVERSE TAKEOVER, ACQUISITIONS AND CORPORATE RESTRUCTURING

Atlas Global Brands Inc. anticipates a delay in the filing of its audited annual consolidated financial statements, related management's discussion and analysis, and certifications for the financial year ended March 31, 2023, within the specified timelines under applicable Canadian securities laws. As a result, the company has made an application to the Ontario Securities Commission, as principal regulator, under National Policy 12-203 (Management Cease Trade Orders) requesting a management cease trade order in respect of the anticipated late filing of the required annual filings.

The delay in filing the required annual filings is primarily the result of the complexity associated with the accounting (including in particular the tax provision) of the tripartite and multijurisdictional reverse takeover of the company completed on Dec. 30, 2022.

Also contributing to this delay is that since completing the transaction, the company has begun to execute on its overall growth strategy by entering into seven binding agreements for the acquisition of a controlling interest in a trading house and six additional pharmacies in Israel and, as announced on May 1, 2023, completed the acquisition of GreenSeal Cannabis Company Ltd. and GreenSeal Nursery Ltd., a licensed producer and nursery in Stratford, Ont. Further, in an effort to simultaneously achieve cost reductions and production efficiencies, as announced on June 2, 2023, and June 27, 2023, the company made the decision to wind down operations at its facility in Gunn, Alta., liquidate the assets of its Alberta subsidiaries under the Bankruptcy and Insolvency Act (Canada), and transition such operations to its facilities in Ontario.

As a consequence of the delay in filing the required annual filings, the company also anticipates a delay in the filing of its interim financial report, related management's discussion and analysis, and certifications for the interim period ended June 30, 2023, and due Aug. 29, 2023. The requested MCTO also applies to the late filing of the required interim filings.

Management is working diligently to complete the required annual filings on or prior to Sept. 29, 2023, and the required interim filings on or prior to Oct. 27, 2023.

The MCTO will restrict trading in and all acquisitions of the securities of the company by the chief executive officer and the chief financial officer of the company until such time as the required filings are filed and the MCTO is no longer in effect. During the MCTO, the general investing public will continue to be able to trade in the company's listed common shares.

Until the company completes the required filings, the company will comply with the alternative information guidelines set out in NP 12-203 for issuers which have failed to comply with a specified continuous disclosure requirement within the timelines prescribed by applicable Canadian securities laws. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release so long as the required filings have not been filed.

About Atlas Global Brands Inc.

Atlas Global is a global cannabis company operating in Canada and Israel with expertise across the cannabis value chain, including cultivation, manufacturing, marketing and distribution. Atlas Global currently distributes to seven countries: Australia, Canada, Denmark, Germany, Israel, Norway and the United Kingdom. In addition to a differentiated product mix, Atlas Global operates two licensed cannabis facilities: (1) a European good manufacturing practice facility in Chatham, Ont.; and (2) a good agricultural and collection practice and IMC-GAP facility in Stratford, Ont. Atlas Global also has a majority interest in three medical pharmacies in Israel and has entered into binding agreements for the acquisition of a majority interest in a trading house and six additional medical cannabis pharmacies in Israel.

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