Mr. Jeff Swainson reports

SIMPLY SOLVENTLESS ANNOUNCES 2023 ANNUAL RESULTS INCLUDING ELIMINATION OF ALL LONG-TERM DEBT, GROSS REVENUE OF $7.0 MILLION, ADJUSTED EBITDA OF $2.7 MILLION, AND NORMALIZED NET INCOME OF $1.9 MILLION

Simply Solventless Concentrates Ltd. has released its 2023 annual results. Selected financial, operational and transactional information is set out herein and should be read in conjunction with the company's Dec. 31, 2023, financial statements, and the related management's discussion and analysis, which are available for review on the company's SEDAR+ profile. Simply Solventless is also pleased to announce the appointment of Murray Brown to the position of vice-president of operations, and reiterates previously announced Q1 2024 guidance.

Jeff Swainson, president and chief executive officer of Simply Solventless, stated: "Two thousand twenty-three was a transformative year for SSC as our incredible team exceeded expectations across the board. Against a backdrop of continued industry headwinds, we eliminated all long-term debt, increased gross revenue by 149 per cent to approximately $7-million, increased normalized net income by 215 per cent to approximately $1.9-million, and strengthened our team significantly. Continued strong results are what matters to our team, and we now look to profitably expand our market share through continued organic growth and opportunistic acquisitions, capitalizing on the significant opportunities resulting from industry headwinds."

Two thousand twenty-three financial highlights:

• Dec. 31, 2023, working capital: $3,693,879;
• 2023 gross revenue: $6,973,401 (Dec. 31, 2022 -- $2,799,367), an increase of 149 per cent;
• 2023 net revenue: $6,191,646 (Dec. 31, 2022 -- $2,799,367), an increase of 121 per cent;
• 2023 gross margin: $3,497,279 (Dec. 31, 2022 -- $38,427), an increase of 9,001 per cent;
• 2023 gross margin: 57 per cent of net revenue (Dec. 31, 2022 -- 1.4 per cent), an increase of 3,971 per cent;
• 2023 EBITDA (earnings before interest, taxes, depreciation and amortization): $1,401,847 (Dec. 31, 2022 -- $1,191,950 loss), an increase of 218 per cent;
• 2023 adjusted EBITDA: $2,246,926 (Dec. 31, 2022 -- $1,143,343 loss), an increase of 297 per cent;
• 2023 net income: $1,040,316 (Dec. 31, 2022 -- $1,683,799 loss), an increase of 162 per cent;
• 2023 normalized net income: $1,885,395 (Dec. 31, 2022 -- $1,635,192 loss), an increase of 215 per cent.

Two thousand twenty-three operations and transaction highlights:

• Brands: Launched the popular brands Astrolab (May, 2023) and Frootyhooty (November, 2023);
• Facility sale leaseback: In June, 2023, Simply Solventless eliminated $7,047,169 of debt and liabilities through a sale leaseback transaction of its facility;
• Financings: In August, 2023, Simply Solventless raised $584,694 of equity at 20 cents/unit, each unit being composed of one common share and one common share purchase warrant, and converted $1,162,348 in convertible debentures to units at 17 cents/unit, eliminating all remaining long-term debt of Simply Solventless.
• Go-public transaction: On Dec. 18, 2023, Simply Solventless went public on the TSX Venture Exchange under the HASH ticker symbol through a reverse takeover transaction with Dash Capital Corp.

Appointment of vice-president of operations and option grant

Simply Solventless is also pleased to announce the appointment of Murray Brown as vice-president of operations of Simply Solventless. Mr. Brown is currently the production manager of Simply Solventless. Mr. Brown comes with four decades of experience at the executive level in cannabis, oil and gas services, and manufacturing. Prior to joining Simply Solventless, Mr. Brown served as vice-president of operations and chief financial officer for Custom Cannabis for a period of five years. In connection with Mr. Brown's appointment and a past executive appointment, Simply Solventless has granted an aggregate of 400,000 stock options under Simply Solventless's equity incentive plan at an exercise price of 20 cents per share and expiring on April 24, 2027. The option grants and appointment of Mr. Brown remains subject to the final approval of the TSX Venture Exchange.

Reiteration of Q1 2024 financial guidance

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 quarterly Q1 2024 net income of approximately $310,000 (Q1 2023 -- $44,491), a growth rate of 597 per cent.

Simply Solventless expects to issue its Q1 2024 results on or around May 9, 2024.

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.