(via TheNewswire)

TO R ON T O, Ontar i o - March 9, 20 2 0 - TheNewswire - Bi o me Grow In c . ( " Biom e " or the " Compan y ") (CSE: BIO) (Fran k furt: 6O T A) (OTCQB: B I OI F ) is an n ouncin g , in l i ght of c u rrent market d y nami c s, c h ang e s to a number of its prev i ously an n ou n ced init i atives, strat e gic inv e stments, and propo s ed re l at i onship s , including Red S an d s Craft Cannab i s, We e d VR, i ts bu s ine s s relati o n s hip with CBD Ac r e s , its partner s hip with St. Fra n c i s Xa v ier Uni v er s it y , the e x pa n s i on of its Hig h land Grow fa c i l it y , and its inv e stments in Ba c k Home and Great La k es Cannab i s.

"The c a nnabis market has c h an g ed s i gn i fi c antly o v er the pa s t y e ar, and we re c ognize that our init i al c a pita l -intensive strategy no lon g er makes s e n s e in this en v ironment , " s h ared Khurram Malik, CEO of Biome G r ow, " a s a res u lt, we have had to make difficu l t de c i s ions in order to move the bu s iness in a different dire c ti o n. We are w o rking c l o s ely with sta k eholders and creditors as Biome is stra d dled with s i gn i ficant liab i l i ties and obl i gations in c on n e c tion with th e se pro j e c ts."

Red Sands

Red San d s Craft Cannab i s C o mpany In c . (" Red Sand s ") is a who l ly owned s u b s idiary of the

Compan y . It was incorporated on Octo b er 19, 20 1 8, un d er the laws of Prince Edward Island

(" P.E.I . "), and was init i ally c o n c ei v ed as be i ng a v e hic l e to serv i ce the local and tourist market in P.E.I. with loc a l l y produc e d and regiona l ly grown c a nn a bis produ c ts. The Compa n y has ele c ted not to purs u e the Red S an d s init i ativ e . No s i gn i fi c ant write downs are e x pe c ted as the bu s ine s s had not begun execution on its proposed extraction fa c ilit y .

Weed VR

The Comp a ny a c qu i red We e d Virt u al Reta i l In c . ( " Weed VR " ) on J u ne 11, 20 1 8. We e d VR was c o n c eiv e d as a mult i -platf o rm v i rtu a l c a ta l og system de s igned to ed u c a te, en g age and inform c o n s umer canna b is purchas e s. Given c u rrent market c o nd i ti o n s , the Company has de c ided not to further pursue these ob j e c ti v es. The Comp a ny e x pe c ts to write down th i s as s et to z e ro in its Year End ( " YE ") f i na n c i al stat e ment s .

CBD Acres

On Fe b ruary 12, 2019, the Company entered into a memorand u m of understanding (" MOU ") wi t h CBD Acr e s Manuf a cturer In c . ( " CBD Acres "), to prov i de the Company with prefer e ntial a c cess to c a nn a bidiol ( " CBD ") c o n c entrat e . The Comp a ny and CBD Acr e s ha v e mutua l ly agreed to terminate the MOU. Biome do e s not plan to purs u e phys i cia n -led medi c al c a nna b is an d /or c a nn a bino i d c l inics re l ated thereto at th i s time. In ad d it i on, all previou s ly an n ou n c e d internati o nal op p or t un i ties i n wh i ch Biome h a d plann e d to mark e t med i c a l CBD are no long e r b e ing pursue d .

Partnership with St. Fr an c is X a vier Univ e rsity

On Decem b er 5, 20 1 7, the Compa n y entered into a partnership with St. Fra n c i s Xa v ier Uni v er s ity

(" StFX ") in r e s pe c t of a mult i -dis p ensary thr e e y e ar c o l l ab o rat i on to c o nd u ct a range of c a nn a bi s - ba s ed re s earch initiatives. Giv e n c u rrent market c o nd i ti o ns and c a pital con s tra i nt s , the Company has de c ided not to purs u e any re s earc h -ba s ed init i atives at th i s time, and is terminat i ng its partnership with S t FX.

Expansion o f Highland Grow Faci l ity

Hig h land G r ow In c . ( " H i ghl a nd Gr ow ") is a w h olly owned s u b s idiary of the C o m p any ba s ed in Ant i go n i s h, Nova Sc o tia that is l i cens e d to cultiv a t e , proce s s, and sell c a nn a bis un d er the Cannab i s Act (Can a da ) . Biome had prev i ou s ly ann o un c ed an intenti o n to e x pa n d the Nova Sc o tia fa c i l ity, but as a re s ult of c u rrent m a rket real i ti e s, it has de c ided not to c o mplete that e x pa n s i on. Con s eq u entl y , the Company has made an early repa y ment of $1 mil l ion of the $3 mil l ion de b t fi n an c ing announ c ed in November 20 1 9, whi c h was he l d in tru s t and earmar k ed s p e c if i cally for th i s e x pansion. The remai n ing l oan pr i n c ipal is now $ 2 .03 mil l ion.

Strategic R eviews of B ack Home and Great L a kes Cannabis

Biome has two who l ly owned s u b s idiar i es that are late stage ap p l i cants un d er the Cannab i s Act (Can a da ) , w hich ha v e not y e t be e n granted l i cens e s un d er s u ch Act: The Ba c k Home Medi c al Cannab i s Corp o rat i on ( " Back Hom e ") and Great La k es Cannabis C o mpany In c . (" Great La k e s "). Giv e n c u rrent market dynami c s, and the inve s tment ne e ded to c o mplete the fa c il i ties re l at i ng to these l i cense appl i c a tion s , the Company is undert a k i ng a s trat e gic re v iew of th e se inve s tment s .

With re s pe c t to Ba c k Home, the Compa n y is explori n g v a rious options in a c o llaborati v e manner with its stakeho l ders. In the inter i m, the C o mpany has el i minated un d eruti l i z ed posit i ons and redep l o y ed the ba l an c e towards Highland Grow init i at i ves within Newfound l and and Labra d o r .

With re s pect to Great L ak e s, the Company has halted all con s tru c ti o n at the Great Lakes faci l it y ; redu c ed its he a d c ou n t to z e r o ; and e x pe c ts to in c ur a s i gn i fi c ant write down on the Great La k es a s s e ts in its YE fi n an c ial stat e ment s .

About Biome

Biome, through its wholl y -owned subsidiary, Hig h land Grow, is licensed to c u ltiv a t e , process, and sell c a nnabi s .

Investor Relation s : investors@biomegrow.com

Forward-looking Statements

This news release c o ntains forwar d - looking statements and forward - loo k ing information within the meaning of applic a ble secu r ities laws. These statements relate to future events or future performanc e . All statements

other than statements of historic a l fact may be forwar d - looking statements or information. Generally,

forward-looking statements and information may be identified by the u s e of forwar d -loo k ing terminology such as "plan s ", " e xp e c ts" or "does not e x pect", "proposed", "is e x pected", "budg e ts " , "scheduled", "estimates", "forecasts", "intends " , "anticipates" or "does not a n ticipate", or "b e lieves", or variations of such words and phrases, or by the u s e of words or phrases which sta t e that c e rtain a c tions, e v ents or results may, c o uld, would, or might o c cur or be ac h ieved. Such forwar d -looking statements and information reflect management's c u rrent beliefs and are ba s ed on assumptions made by and information c ur r ently a v ailable to Biome. The s e forwar d -loo k ing statements are subject to risks and uncertainties that may c a use a c tual results to differ materially from those ex p ressed or implied in the forwar d -loo k ing statements, including c h anges to legi s lation; c h anges in c a nnabis research or the gen e ral publi c 's per c eption of cannabis; crop failure; labour disputes; increases in labour and/or con s truction costs; ri s ing energy costs; an inability to access financing as needed; a n d general e c onomic downturn. Readers are further cautioned n o t to p lace undue reliance on forwar d -loo k ing statements as there can be no assurance that the plan s , intentions or e x pe c tations upon which they are placed will occur. Such information, although c o nsidered reasonable by management at the time of preparatio n , may prove to be incorrect and a c tual results may differ materially from those anticipated. The forwar d -looking statements s p eak only as of the date on which they are made, and Biome, or any of its s u bsidiaries undertakes no obligation to upd a te or re v ise any forwar d -looking statements whether as a re s ult of new information, future ev e nts or otherwis e , except as requir e d by law. The forward-loo k ing statements c o ntained in this news release are expressly qualified by this cautionary statement.

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