Mr. John Kueber reports

NEVIS BRANDS REPORTS FINANCIAL RESULTS FOR Q1 2024

Nevis Brands Inc. has released its financial results for the first fiscal quarter ended Feb. 29, 2024.

For the quarter, Nevis generated $380,729 in revenue and cost of goods sold of $137,223 for a gross profit of $242,835. Net loss for the quarter was $82,117. When excluding interest, depreciation and amortization, the loss was $20,535.

Management commentary

John Kueber, chief executive officer of Nevis Brands, commented: "We are pleased to start our fiscal 2024 by remaining close to our Q4 2023 revenues and continuing to build our market footprint. While some initial revenues from California and Nevada were included in Q1, our revenue gains were offset by a change in licensee in Oregon, which reduced our licence revenues in that territory to almost zero. We also experienced some seasonally lower orders in several of our existing territories over the holiday season.

"Oregon is now operational as of Feb. 29 and will contribute to revenues again in Q2 2024. We also incurred higher-than-normal administrative and marketing costs relating to our 2023 audit and payments related to our listing on the U.S. OTC market. Having completed that process, we believe we will have reduced in expense in Q2.

"Looking forward to Q2, we believe we will have increased revenues, which will include revenue streams from Oregon and early revenues from our launch in Missouri in late April. Our California retail footprint continues to develop. We also look forward to announcing additional products for our existing markets."

About Nevis Brands Inc.

Nevis innovates and develops cannabis products that have been consumed by millions of consumers across Washington, Oregon, California, Colorado, Arizona, Nevada and Ohio with agreements to expand to Michigan and Missouri. Led by the flagship brand Major, Nevis partners with leading cannabis product manufacturers and distributors to enhance their product offerings.

Nevis Brands is publicly traded on the Canadian Securities Exchange (CSE) under the symbol NEVI, the OTCQB under the symbol PSCBF and the Frankfurt Stock Exchange under the symbol 8DZ.

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