Mr. John Campbell reports

BEVCANNA ANNOUNCES CLOSING OF FIRST TRANCHE OF PROMISSORY NOTE FINANCING

Further to its previously disclosed news release dated Jan. 22, 2024, Bevcanna Enterprises Inc.'s wholly owned subsidiary, Naturo Group Enterprises Inc., has closed the first tranche of its private placement financing of secured promissory notes for gross proceeds of $250,000. Each note matures 12 months from the closing date and bears interest of 15 per cent per annum, which interest was paid on closing and deducted from the gross proceeds of the notes. The notes are secured against all of Naturo's present and after-acquired personal property, excluding Naturo's intellectual property.

The company intends to use the net proceeds from the note offering for outstanding payables and general working capital purposes. No finder's fees were paid in connection with the closing of the first tranche of the note offering. The company intends to close one or more additional tranches of the note offering.

None of the securities issuable in the note offering have been, or will be, registered under the United States Securities Act of 1933, as amended, and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be unlawful.

The company also announces that it filed for voluntary bankruptcy of its wholly owned subsidiary, Bevcanna Operating Corp., on Jan. 26, 2024, which currently has no assets. This strategic move aligns with the company's continuing optimization efforts.

About Bevcanna Enterprises Inc.

Bevcanna Enterprises is a diversified lifestyle and wellness consumer packaged goods company. Bevcanna develops and manufactures a range of alkaline, mineralized and cannabinoid beverages and supplements for both in-house brands and white-label clients.

Based in British Columbia, Canada, Bevcanna owns a pristine alkaline spring water aquifer and a high-capacity 40,000-square-foot Health Canada and HACCP certified flexible manufacturing facility in Osoyoos, B.C. The company's extensive distribution network includes traditional and regulated retail distribution and on-line through its market-leading brands.

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