Mr. Dale McClanaghan reports

LOTUS RECEIVES NOTICE OF CLAIM

Lotus Ventures Inc. has received a notice of claim from 5008679 Ontario Ltd., owned by a former director of the company, for approximately $1.15-million. The company expects to respond to the claim within three weeks, and will attempt to negotiate a suitable arrangement with the claimant and other creditors.

The company's management and board will continue to focus on maintaining continuing operations as the top priority as the company evaluates various financing options. It fully recognizes the high performance and dedication of the operation and production team in Armstrong. Lotus Ventures looks forward to getting through this difficult time and returning to and exceeding the level of profitability it had during the years ended Aug. 31, 2020, and 2021.

About Lotus Ventures Inc.

Lotus Ventures is a British Columbia-based, award-winning licensed cannabis producer and owner of the Lotus Cannabis Co. brand. Lotus Ventures grows popular strains like the Keylime Kush, which is available on-line and at retail locations across British Columbia and Ontario.

Lotus Ventures is listed on the Canadian Securities Exchange (J), on the OTC Markets (LTTSF) and on the Frankfurt Stock Exchange (LV9).

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