Ms. Jennifer Smith reports

CHRISTINA LAKE CANNABIS PROVIDES BI-WEEKLY UPDATE ON STATUS OF MCTO

Christina Lake Cannabis Corp. is providing an update with respect to the expected timeline for filing its audited financial statements for the fiscal year ended Nov. 30, 2023, the related management's discussion and analysis, and certificates of its chief executive officer and chief financial officer, and its previously announced management cease trade order issued by the company's principal regulator, the B.C. Securities Commission, on April 3, 2024. As previously announced, pursuant to the MCTO, the CEO and CFO of the company may not trade in securities of the company until such time as the company files the required documents and the BCSC revokes the MCTO. The MCTO does not affect the ability of other shareholders of the company to trade in securities of the company.

Pursuant to the provisions of the alternative information guidelines specified in National Policy 12-203 (Management Cease Trade Orders), the company confirms that, as of the date of this news release: (a) there have been no material changes to the information contained in the default announcement issued on April 3, 2024, that would reasonably be expected to be material to an investor; (b) there have been no failures by the company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (d) there is no other material information concerning the affairs of the company that has not been generally disclosed.

The company confirms, as of the date of this news release, that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the company that has not been disclosed. The company expects to file the annual filings as soon as they are available. At this time, the company anticipates completion no later than May 31, 2024.

The MCTO will stay in effect until the annual filings are completed, and the company will continue to issue biweekly default status reports as required.

About Christina Lake Cannabis Corp.

Christina Lake is a licensed producer of cannabis under the Cannabis Act. It has secured a standard cultivation licence and corresponding processing amendment from Health Canada (March, 2020, and August, 2020, respectively) as well as a research and development licence (early 2020). Christina Lake's facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. Christina Lake also owns a 99-acre plot of land adjoining its principal site. Christina Lake focuses its production on creating high-quality extracts and distillate for its business-to-business client base with proprietary strains specifically developed for outdoor cultivation to enhance extraction quality.

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