Mr. Andrew Barnes reports

COHO COLLECTIVE KITCHENS PARTNERS WITH HAPPY BELLY FOOD GROUP TO PROPEL GROWTH STRATEGY

Coho Collective Kitchens Inc. has signed a strategic consulting agreement with Next Level Partners, a division of Happy Belly Food Group Inc. This collaboration marks a significant milestone in Coho's pursuit of a robust growth strategy for both the Coho and Purebread businesses.

Next Level Partners brings unparalleled industry expertise and a record of success in retail to the table. This partnership will bring fresh perspectives, innovative strategies and a wealth of knowledge to Coho. As the culinary landscape continues to evolve, this collaboration positions Coho for strategic growth and market expansion.

Happy Belly, through its Next Level Partners division, has proven success in building brands and guiding companies through national expansion initiatives, including being the team behind Burger's Priest and Fresh, which sold to Recipe in 2021. This partnership underscores Coho's commitment to accelerating its growth trajectory and solidifying its position as an industry leader.

"We are thrilled to join forces with Happy Belly. Their wealth of experience in the retail sector and successful national expansion strategies align seamlessly with our vision for Coho and Purebread," said Andrew Barnes, chief executive officer at Coho Collective Kitchens.

"We believe that the synergy between Coho and Happy Belly is a recipe for success. Together, we will navigate the challenges of the industry and capitalize on the numerous opportunities that lie ahead," commented Sean Black, chief investment officer of Happy Belly.

About Next Level Partners

Through growth modelling and operational excellence, Next Level's services guide businesses to focus on operational improvement to accelerate revenue and reduce costs. Next Level's experienced operational knowledge will help leaders navigate the moments that matter most in their companies' journeys toward success. Services will hone in on brands key business drivers to help shape management's objectives, goals and strategies. Next Level Partners guides and supports management to set the foundation for growth. The company specialize its services to offer brands the guidance they need to achieve their goals. The name of the division speaks to exactly how they will operate, as true partners.

The team's past success has been rooted in building brands from the ground level. Next Level's team has personally overseen the growth and launch of over 400 restaurants across North America through several brands categories, with successful exits each time.

About Happy Belly Food Group Inc.

Happy Belly Food Group is a leading consolidator of emerging food brands.

Annual grant of options and restricted shares units (RSUs)

Coho's board of directors has authorized the annual grant of an aggregate of 1,125,000 restricted share units to directors, officers and consultants, effective Dec. 7, 2023. The RSUs will vest in equal amounts over three years, with the first vesting commencing on the first anniversary of grant. Once vested, each RSU represents the right to receive one common share of the company or the equivalent cash value, or a combination thereof, at the discretion of the board of directors.

In addition, Coho's board has also authorized the annual grant of an aggregate of 1,992,500 stock options to directors, officers, employees and consultants, effective Dec. 7, 2023. Each option is exercisable for one common share of the company, at an exercise price of 17 cents, for a period of five years from the date of grant. The stock options will vest in equal amounts over four years, with the first vesting commencing on the first anniversary of grant.

The 1,125,000 RSUs and 1,992,500 options will be granted pursuant and subject to the terms of Coho's omnibus equity incentive plan, the applicable grant agreement and the requirements of the TSX Venture Exchange.

About Coho Collective Kitchens Inc.

Coho is a growing player in commercial real estate and food technology, operating fast casual restaurants and shared-kitchen facilities. As Canada's largest shared-kitchen company, Coho is expanding its presence and services. Through combined efforts, Coho and Purebread strive to positively impact the communities in which they operate.

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