Mr. Bernie Yeung reports

ATLAS GLOBAL BRANDS ANNOUNCES FILING OF FIRST QUARTER 2023 INTERIM FINANCIAL STATEMENTS

Atlas Global Brands Inc. has filed its unaudited interim condensed consolidated financial statements, and related management's discussion and analysis, and certifications for the three-month period ended June 30, 2023 (the first interim filings).

As more particularly set out in the news release filed on Aug. 9, 2023, on Aug. 8, 2023, the Ontario Securities Commission (OSC), the company's principal regulator, issued a failure-to-file cease trade order (FFCTO), following the company's failure to file its audited annual consolidated financial statements, and related management's discussion and analysis, and certifications for the financial year ended March 31, 2023 (collectively, the required annual filings). Since the FFCTO, the company had also failed to file the interim financial statements, related management's discussion and analysis, and certifications for the three months ended June 30, 2023, Sept. 30, 2023, and Dec. 31, 2023 (collectively, the required interim filings).

The required annual filings were filed on April 9, 2024, and with the filing of the first interim filings completed today, the company will focus its efforts on completing the balance of the required interim filings and ultimately applying for a full revocation of the FFCTO.

"Filing the company's audited statements for the 15-month period ended March 31, 2023, and these unaudited interim financial statements for the period ended June 30, 2023, are significant milestones in the company's progress towards completing its outstanding continuous disclosure obligations. The finance team will now focus on completing the remaining two interim financial reports so that we may apply to the OSC for a full revocation of the FFCTO in May. In the meantime, we have been executing on our strategy to increase gross revenue in higher-margin jurisdictions and optimizing our cost structure. These financial results for the three months ended June 30, 2023, reflect two key building blocks of that strategy: the acquisition of GreenSeal and the closure of our facility in Gunn, Alta.," said Bernie Yeung, the company's chief executive officer.

Copies of the documents comprising the first interim filings are available under the company's profile on SEDAR+.

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 eight countries: Australia, Canada, Denmark, Germany, Israel, Norway, Spain and the United Kingdom. In addition to a differentiated product mix, Atlas Global operates two licensed cannabis facilities, one of which has European Union good manufacturing practices, and three medical pharmacies in Israel.

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