Mr. Mike Stier reports

NEW LEAF VENTURES SIGNS LOI TO ACQUIRE HIGH PROFILE

New Leaf Ventures Inc. has entered into a non-binding letter of intent to acquire High Profile Holdings Corp., a retail-focused private British Columbia cannabis company.

High Profile offers premium cultivated products and an elevated retail presence with its store-within-a-store activations. High Profile brings pre-existing relationships with both seasoned retailers and government regulatory bodies. These strategic partnerships offer product listings in retail chains across Canada. These relationships will assist New Leaf in ensuring that High Profile's rare and curated strains are successfully marketed and sold in top-performing markets in Canada.

"We are excited to have entered into this LOI with New Leaf Ventures to be able to bring the long-term strategic vision of High Profile to life. This partnership will see High Profile's highly sought-after genetic library enter the legal market in Canada. We are looking forward to the enhanced operational synergies and long-term growth this partnership will provide," states Dean Medwid, president of High Profile.

"We are thrilled to announce the signing of this LOI with High Profile. The team behind High Profile has a history of operational success and we look forward to adding their skill set to the team here at New Leaf. We believe that the proposed acquisition of High Profile not only opens another avenue for revenue but an additional platform to showcase our established brands and IP. Their well-established distribution network is the first step and an important piece in the company's strategic expansion plan," stated Mike Stier, president, chief executive officer and director.

As mentioned in the previous news release, the U.S. trading symbol has changed from NLVVF to NLVVD on a temporary basis and will revert back to NLVVF on approximately Oct. 7, 2022. There will be no impact on the trading of the common shares during this time. The acquisition is subject to a number of conditions, including customary due diligence and the execution of a definitive agreement. The company will provide updates in due course, as conditions are met.

About New Leaf Ventures Inc.

New Leaf Ventures is developing a cannabis-sector-based scalable concept of focused financing and applied management to achieve earnings growth through targeted investment. The company's flagship enterprise is New Leaf USA and its subsidiaries, which provide licences, real property, intellectual property and equipment for lease, certain administrative services and other ancillary services to a Washington-based Tier 3 processor focused on processing, packaging and distributing cannabis and cannabis-related products.

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