Mr. Kevin Wilson reports

LEEF BRANDS SIGNS PURCHASE AGREEMENT AND ENTERS ESCROW FOR ITS INTENTION TO ACQUIRE 1,900 ACRE RANCH IN SANTA BARBARA COUNTY FOR THE PURPOSE OF CANNABIS CULTIVATION

Leef Brands Inc. has entered escrow on the property related to its earlier announced $7.0-million (U.S.) financing and transaction Salisbury Canyon Ranch LLC. This announcement follows the initial press release on June 1, 2023, concerning the sale of a 60-per-cent interest of its wholly owned cultivation and real estate assets in Santa Barbara, Calif.

Micah Anderson, chief executive officer of Leef Brands, stated: "Signing the purchase agreement and entering escrow on this property represents a significant step forward in our strategic plan to improve upon Leef Brands' already successful large-scale manufacturing company. It brings us one step closer to realizing our vision of developing one of the largest biomass cultivation sites in California, allowing us to enhance our supply chain, improve upon our product quality and consistency, and ultimately bring a better offering to our customers."

"Leef Brands has been a leader in scaled manufacturing in California since the inception of proposition 64 over seven years ago," commented Emily Heitman, chief operating officer. "One of the issues we commonly see in California is the prolific use of pesticides on surrounding non-cannabis crops leading to crop damage or crop failure on licensed cannabis material throughout the state. This ranch is uniquely positioned geographically to ensure mitigation from these types of common crop failures we see on the market."

About Leef Brands Inc. (formerly Icanic Brands Company Inc.)

Leef Brands is a leading California-based extraction and manufacturing cannabis company. Leef is owned and managed by some of the best legacy operators in the industry and is one of California's largest and most sophisticated cannabis companies. The company's platform consists of an integrated supply chain, state-of-the-art manufacturing and a robust bulk concentrate portfolio that powers some of the largest brands in California.

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