Calgary, Alberta--(Newsfile Corp. - September 21, 2026) - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to announce a series of milestones and events that collectively chart the path towards exiting its previously announced restructuring ("Restructuring") between October 31, 2026, and November 30, 2026. These milestones and events include the approval (and pending receipt) of $1.0 million of government rebates ("Rebates"), the settlement of $0.6 million of vendor take-back debt ("VTB") for $0.1 million (a reduction of $0.5 million), continued strong retrofit cultivation results at Humble Grow Co. ("Humble") equating to an increase in yield of 75%, the revocation of the previously announced Management Cease Trade Order ("MCTO"), and the extension of the previously announced Restructuring stay of proceedings to November 30, 2026. SSC also provides updates regarding the previously announced non-brokered private placement of up to 20,000,000 units of SSC ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $1.0 million (the "Financing"), and the settlement of portions of SSC's convertible debentures ("Debentures") and promissory notes ("Notes") for Units.

Jeff Swainson, President & CEO of SSC, stated: "We are reaching an important inflection point as we will now proceed to close the various transactions that will ultimately result in SSC emerging from the Restructuring, which was undertaken to fundamentally improve and strengthen our business for the long-term. We expect that upon exit we will have reduced debt by approximately $20.0 million and achieved total estimated annual cost reductions of up to $7.1 million, while increasing dried flower yields at Humble by 75% on core cultivars. While there is still work to complete, throughout this process our team has demonstrated extraordinary resilience, and I want to thank every SSC team member for their commitment, determination and hard work in getting us to this point. On behalf of the entire team, I also want to thank our stakeholders for the support and confidence they have shown in SSC, as their willingness to work alongside us allowed SSC to preserve value, protect the strength of our assets and brands, and position SSC to emerge with a stronger foundation and a clear path forward."

Planned CCAA Exit Date

With the Rebates approved, SSC will proceed to close the various transactions that will result in SSC exiting the Restructuring, including the Financing and Debt Settlements (both as defined below), and the previously announced court approved Restructuring transactions (see CCAA Proceedings and Restructuring). It is estimated that SSC will exit the Restructuring between October 31, 2026 and November 30, 2026.

$1.0 Million of Rebates Approved

On September 15, 2026, SSC received approval for Rebates totalling approximately $1.0 million in relation to the previously announced Humble retrofit. The proceeds from these Rebates are expected to be received in late September or early October 2026.

VTB Settlement

SSC's $0.6 million VTB has been settled for $0.1 million in accounts payable, reducing debt by $0.5 million.

Humble Retrofit Yields

Phase 1 of the Humble retrofit was comprised of the installation of new LED lights ("Phase 1"). On core cultivars, Phase 1 whole dried flower yields continue to track at approximately 75% higher than trailing 6-month pre-Phase 1 yields. This Phase 1 improvement equates to approximately 275-300kg per month of additional saleable flower. Phase 2 of the retrofit, which is comprised of the implementation of new genetics and optimization of environmental control systems ("Phase 2"), is underway, with commercial production having been commenced on six new cultivars with the ability to deliver high yield, potency, and terpene content. While still subject to proof of concept, SSC is encouraged by the potential of Phase 2 to further increase yields at nominal capital expense.

MCTO Revoked

The previously announced MCTO under National Policy 12-203 issued on May 5, 2026 by the Alberta Securities Commission, SSC's principal regulator, has been revoked following the filing of the continuous disclosure documents that gave rise to the default. The MCTO dictated that management of SSC must not trade in securities of SSC. The MCTO did not affect the ability of other shareholders of SSC to trade in securities of SSC.

CCAA Stay of Proceedings

The stay of proceedings related to the previously announced restructuring (see CCAA Proceedings and Restructuring) has been extended from September 30, 2026 to November 30, 2026. This provides for additional time for SSC to close all of the related transactions, if required.

$0.05 Unit Financing

The previously announced $0.05 Unit Financing is proceeding, with $0.5-$0.7 million of commitments received to date. SSC believes that the Financing will ultimately be fully subscribed. SSC expects insider participation in the Financing of approximately $0.2 million to $0.3 million.

Each Unit is comprised of one common share of SSC and one common share purchase warrant of SSC (a "Warrant"), with each Warrant being exercisable for one common share of SSC at a price of $0.10 per share for a period of two years from the issuance date. The expiry date of the Warrants is subject to acceleration if the volume-weighted average trading price of the common shares of SSC on the TSX Venture Exchange exceeds $0.18 for at least five consecutive trading days. All securities issued under the Financing and Debt Settlements (as defined below) will be subject to a hold period expiring four months and one day from the date of issuance. No finder's fees are payable in connection with the Financing.

SSC expects to use the net proceeds of the Financing for Restructuring professional fees, Humble pre-CCAA taxes, payment of certain accounts payable, and general working capital. SSC expects to close the Financing between October 31, 2026, and November 30, 2026.

Debentures and Notes Update

The previously announced settlement of up to $3.0 million Debentures and up to $1.6 million of Notes of SSC in Units at a price of $0.05 per Unit (the "Debt Settlements") including the repricing of the conversion price of the Debentures and the exercise price of the associated warrants, as described in SSC's news release dated July 28, 2026 (the "Debenture Amendment"), has been extended to an expected closing date of between October 31, 2026 and November 30, 2026 to align with the timing discussed above. As of the date hereof, SSC has received elections to convert to Units an aggregate principal amount of $2.2 million of Debentures, and agreements finalized or in draft to convert to Units an estimated $1.5 million of Notes. The deadline to elect to convert Debentures was July 31, 2026.

Closing of the Financing, Debt Settlements and Debenture Amendment are subject to the approval of the TSX Venture Exchange.

Participation in the Financing and the Debt Settlements by insiders of SSC constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 of the TSX Venture Exchange. SSC intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) thereof, on the basis that the fair market value of the insider participation does not exceed 25% of SSC's market capitalization, as determined in accordance with MI 61-101.

Further details of the Financing, Debt Settlements and Debenture Amendment are available in SSC's news release dated July 28, 2026.

About Simply Solventless Concentrates Ltd.

SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready-to-consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.

Notice on Forward-Looking Information

All amounts in this news release are unaudited. See note 1 "Nature of operations and going concern" in unaudited Q2 2026 financial statements.

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected", "approximately" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the completion and timing of the Restructuring, the Financing, the Debt Settlements and the Debenture Amendment, including the expectation that they will close on or before October 31, 2026 (or, if delayed, within the extended stay period ending November 30, 2026), the receipt of the approval of the TSX Venture Exchange, SSC's ability to close the related transactions within the extended stay period, the conversion of the Debentures and Notes into Units and the finalization of the remaining commitments and elections, the settlement of the VTB, the use of proceeds of the Financing, the anticipated reduction of SSC's debt (including the anticipated reduction of SSC's debt by approximately $20.0 million upon exit from the Restructuring, the anticipated achievement of total estimated annual cost reductions of up to $7.1 million and the anticipated consolidation from four facilities to two), the approval and expected receipt and timing of the Rebates, the Humble retrofit (including the continuation of the Phase 1 yield improvements and the implementation, timing and results of Phase 2), the expected increases in cultivation yields, potency and terpene content and the anticipated incremental cash flow therefrom, the planned timing of SSC's exit from the Restructuring (anticipated on or around October 31, 2026 and in any event on or before November 30, 2026), the expected participation of insiders in the Financing, and the anticipated closing of the Financing. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the receipt and timing of the Rebate proceeds, the completion, timing and results of the Humble retrofit (including the achievement of projected cultivation yields, potency, terpene content and incremental cash flow and the successful proof of concept for Phase 2), the timing of SSC's exit from the Restructuring, the completion of the Financing and the Debt Settlements, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca, including its most recent annual information form. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. There can be no assurance that the Restructuring will be completed prior to October 31, 2026, within the extended stay period ending November 30, 2026, or at all.

The forward-looking statements contained in this news release are made as of the date of this news release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

Future-Oriented Financial Information

This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") within the meaning of applicable securities laws, including with respect to the approximately $1.0 million of Rebates and the expected timing of receipt of the proceeds thereof, the expected increase of approximately 275-300kg per month of additional saleable flower from the Phase 1 Humble retrofit and any incremental cash flow therefrom, the anticipated reduction of SSC's debt by approximately $20.0 million upon exit from the Restructuring, the anticipated total estimated annual cost reductions of up to $7.1 million, projected cultivation yields, potency and terpene content, and the use of proceeds of the Financing. The FOFI, including the underlying assumptions, has been approved by management of SSC as of the date of this news release and is provided to give readers information about management's current expectations; it may not be appropriate for other purposes. FOFI is based on assumptions that management believes are reasonable as of the date hereof, is subject to the risks, assumptions and qualifications described herein and in SSC's filings on SEDAR+ at www.sedarplus.ca, and is qualified in its entirety by the cautionary statements herein. References to incremental cash flow and cultivation yields, potency and terpene content are internal management estimates and measurements, are not measures under IFRS, are unaudited and, in the case of Phase 2, remain subject to proof of concept; actual results may differ materially. SSC does not undertake any obligation to update FOFI except as required by applicable securities laws.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from such registration requirements.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Not for distribution to U.S. news wire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315128