Mr. Mark Aiken reports

CHRISTINA LAKE CANNABIS ANNOUNCES INTENTION TO AMEND DEBENTURES

Christina Lake Cannabis Corp. has initiated the process to amend the terms of an aggregate of $960,000 principal amount of convertible debenture of the company issued on Sept. 7, 2022, and Oct. 14, 2022. Further details of the terms of the debentures can be found in the press release of the company dated Sept. 7, 2022, and Oct. 18, 2022.

The debentures issued on Sept. 7, 2022, and Oct. 14, 2022, mature on 36 months from the issue date. In connection with the amendment, the company is proposing to extend the original maturity date by one year. The interest rate on the debentures will remain unchanged. Additionally, the company proposes that the repayment of the debentures will be made on a quarterly basis beginning on Dec. 7, 2025 (for the debentures issued in September, 2022), such that the debentures shall be fully repaid by the new maturity date. The company will seek approval of the holders of debentures to amend such debentures. The company is not in default under any of the debentures, and is proposing such amendments as part of a strategic financial optimization initiative designed to better align debt service obligations with the company's operational cash flow cycles and recent significant expansion achievements.

The amendments remain subject to the approval of the holders and the approval of the Canadian Securities Exchange. The company expects to finalize the amendments prior to the original maturity date.

About Christina Lake Cannabis Corp.

Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act with a standard cultivation licence and corresponding processing amendment from Health Canada as well as a research and development licence. Christina Lake Cannabis's facilities consist 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, and a 342-acre property, which includes approximately 100 acres of licensed outdoor grow space, greenhouses and a dry room. Christina Lake Cannabis also owns a 99-acre plot of land adjoining its principal site. Christina Lake focuses its production on creating high-quality outdoor flower, extracts and distillate for its business-to-business client base.

We seek Safe Harbor.