Mr. Andrew Barnes reports

COHO COLLECTIVE KITCHENS INC. ANNOUNCES EIGHTH AND NINTH LOCATIONS, ALONG WITH CLOSING OF PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT

Coho Collective Kitchens Inc. has opened two new facilities in Vancouver, B.C. Located at 1623 Pandora St. and 901 East Hastings St., the new locations will operate as Coho Pandora and Coho Hastings, respectively.

Coho Pandora, a 19,932-square-foot facility, offers space for over 20 businesses to operate from, including ghost kitchens, caterers and consumer packaged goods (CPG) companies. It will also act as a research and development hub for restaurants. Located in East Vancouver's high-demand manufacturing district, it gives Coho members and businesses a central location to operate from, with access to a diverse selection of potential customers. Coho is proud to announce that this location was 100 per cent presold and at opening is operating at full capacity.

Coho Hastings, a 3,896-square-foot facility, offers space for specialized CPG manufacturers to scale and expand their businesses, while also allowing Coho to solidify its place as a leading shared kitchen space provider in Canada.

Andrew Barnes, chief executive officer of Coho, said: "I am proud and excited to announce the opening of two new Coho locations. It shows the continued growth and expansion of our company, and reaffirms our commitment to providing exceptional products and services to our valued members. This expansion will allow us to empower more entrepreneurs and food businesses throughout Western Canada, while driving additional value for shareholders."

Closing of previously announced private placement

Coho is also pleased to announce that, further to the news release dated May 9, 2023, the company has completed its previously announced non-brokered private placement for gross proceeds of $1.65-million.

The offering was a non-brokered private placement of 1,650 convertible debentures of the company, at a price of $1,000 per convertible debenture, for gross proceeds of $1.65-million. There were no finder, broker or agent fees payable by the company in connection with the offering.

The convertible debentures bear interest at a rate of 8 per cent per annum, calculated and payable semi-annually in arrears, with the first payment beginning on June 30, 2023. The convertible debentures will mature on March 31, 2026. The principal amount of each convertible debenture will be convertible into common shares of the company at a price of 15 cents per common share at the option of the holder thereof (at any time prior to the close of business on the maturity date).

At the election of the company, all interest accrued on the convertible debentures may be payable in cash or, subject to approval by the TSX Venture Exchange, common shares issued at the market price (as such term is defined in the policies of the TSX-V) of the common shares at the time of any such settlement.

The proceeds received by the company from the offering are intended to be used for advancement of the company's facilities, mergers and acquisitions, and general corporate activities. In accordance with applicable Canadian securities laws and the policies of the TSX-V, the convertible debentures and any common shares issued in connection therewith may not be sold, transferred, hypothecated or otherwise traded through the facilities of the TSX-V (or otherwise) until four months and one day from the date hereof.

Acquisition of convertible debentures by Wevers Holdings Ltd.

Wevers Holdings, a holding company controlled by Bryan Wevers, was the sole participant in the offering.

Prior to the acquisition of convertible debentures, Wevers Holdings and Mr. Wevers held a total of 5,766,500 common shares of the company. Of these common shares, 5.1 million common shares are held by Wevers Holdings (a company which Mr. Wevers owns and controls). A total of 666,500 common shares are also held directly by Mr. Wevers, and Mr. Wevers also holds 25,000 common share purchase options personally.

Prior to the acquisition of the convertible debentures, the non-dilutive shareholdings of the acquirors represented approximately 6.84 per cent of the issued and outstanding common shares of the company and 6.87 per cent on a partially diluted basis (that is, assuming full exercise of the 25,000 stock options held by Mr. Wevers and no other issuances of common shares by the company).

Following the acquisition of 1650 convertible debentures on May 24, 2023, the acquirors hold approximately 17.62 per cent of the issued and outstanding shares of the company on a partially diluted basis (that is, assuming full exercise of Mr. Wevers's stock options and the convertible debentures into 11 million common shares and no other issuances of common shares by the company), triggering the requirement to file an early warning report.

The company has been advised that Wevers Holdings acquired these convertible debentures for investment purposes (as disclosed in an early warning report to be filed on SEDAR). These investments will be reviewed on a continuing basis by the acquirors, and such holdings may be increased or decreased in the future. The acquirors may in the future acquire or dispose of securities of the company through the market, privately or otherwise as circumstances or market conditions warrant, and in compliance with applicable securities regulatory requirements.

For inquiries or to obtain a copy of the related early warning report required under applicable Canadian securities legislation, a copy of which will also been filed on Coho's profile on SEDAR, please contact: Mr. Barnes at andrew@cohocommissary.com or 778-877-6513.

About Coho Collective Kitchens Inc.

Coho is a growth-stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies from start-ups to restaurant groups seeking turnkey solutions and business services. Each of the company's customers, called members, is a revenue-generating company that has signed a membership agreement with Coho for an agreed-upon term. The concept falls in line with a rapidly growing trend in the food delivery industry, creating a market for delivery-only and/or virtual restaurant concepts.

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