Mr. Jeff Swainson reports

SIMPLY SOLVENTLESS PROVIDES Q1 2024 REVENUE, ADJUSTED EBITDA AND NET INCOME GUIDANCE INCLUDING RECORD PROJECTED QUARTERLY REVENUE AND NET INCOME

Simply Solventless Concentrates Ltd. has provided first quarter 2024 gross revenue, EBITDA (earnings before interest, taxes, depreciation and amortization) and net income guidance, including record projected quarterly gross revenue and net income.

Q1 2024 guidance

Based on estimated January and February gross revenue generated, plus purchase orders received that are expected to be delivered during March, 2024, Simply Solventless projects record quarterly gross revenue during Q1 2024 of approximately $3.1-million (Q1 2023 -- $1,789,562), representing a growth rate of 73 per cent. Simply Solventless also projects Q1 2024 adjusted EBITDA of approximately $500,000 (Q1 2023 -- $318,978), a growth rate of 56 per cent, and record quarterly Q1 2024 net income of approximately $310,000 (Q1 2023 -- $44,491), a growth rate of 597 per cent.

This record projected quarterly gross revenue and net income is primarily attributable to the organic growth of Simply Solventless's brands Astrolab and Frootyhooty, and Simply Solventless's acquisition of Lamplighter in January, 2024.

Simply Solventless received its Health Canada licences on June 30, 2022. In the 20 subsequent months, Simply Solventless's revenue has grown from $203,034 in Q2 2022 to a projected $3.1-million in Q1 2024, representing an increase of approximately 1,427 per cent.

Simply Solventless has no debt and approximately 50.5 million common shares outstanding (basic), of which approximately 30 per cent are held by insiders. Of Simply Solventless's outstanding common shares, approximately 17 million (34 per cent) are escrowed pursuant to TSX Venture Exchange policies. Further details with respect to Simply Solventless's escrowed securities can be found in Simply Solventless's filing statement dated Oct. 31, 2023, which is available on Simply Solventless's SEDAR+ profile.

Jeff Swainson, president and chief executive officer of Simply Solventless, stated: "Our team continues to execute on our ambitious business plan focused on profitable organic revenue growth and opportunistic acquisitions, which is reflected in our strong revenue growth since we obtained our licences. We are striving for record SSC quarterly revenue in Q1 2024, but more importantly, we project net income to be 10 per cent of gross revenue."

About Simply Solventless Concentrates Ltd.

Simply Solventless is a public company incorporated under the Business Corporations Act (Alberta). Simply Solventless's mission is to provide pure, potent, terpene-rich ready-to-consume cannabis products to discerning cannabis consumers.

We seek Safe Harbor.