Ms. Allison Radford reports

RUM REPORTS FINANCIAL RESULTS FOR QUARTER ENDED MARCH 31, 2023

Rocky Mountain Liquor Inc. has released its financial results for the quarter ended March 31, 2023.

Management's focus remains on providing customers with an exceptional in-store experience. The Company is continually evaluating its marketing plans to ensure that the strategies are generating and maintaining brand awareness and brand engagement as well as driving customer traffic to our stores. Management will continue focusing on improving category management through standardization of store layouts, pricing strategies and a strong promotional focus.

Margins are higher at 22.8% in 2023 compared to 22.4% in 2022 as management has been focusing on its marketing, pricing and promotional strategies by using competitive pricing strategies to support profitable growth. The Great Canadian Liquor brand is strategically focused on providing and exceptional customer experience while maintaining competitive pricing.

In the last 12 months ending March 31, 2023, the Company reduced debt by $1,011,999, improving the balance sheet position and helping offset interest costs due to increases in the prime rate. The company remains dedicated to reducing debt and related interest costs, while identifying opportunities for increasing shareholder value.

The Company sold an underperforming store in Q4 2022, reducing the number of stores in operation in Q1 2023 to 25 from 26 in Q1 2022. In addition, restrictions were in place at the beginning of Q1 2022 to on-site liquor consumption establishments resulting in a positive effect on retail liquor sales during that quarter. Consumer spending on retail liquor was further impacted due to a rapid increase in interest rates beginning June 2022. This increase to interest rates reduced disposable income and limited growth in consumer spending. As a result of these factors, sales of existing stores for the three months ended March 31, 2023, were 1% lower than sales during the same period in 2022, however average sales per store increased 1% to $335,289 in 2023 over 2022, $332,436.

Detailed information in the form of the Company's interim consolidated financial statements and Management Discussion and Analysis are available under the Company's profile on SEDAR and also on the Company's website. After accessing the website, please choose the "Investor Relations" tab to view Quarterly Reports.

About Rocky Mountain

Rocky Mountain owns 100% of Andersons Liquor Inc. ("Andersons"), headquartered in Edmonton, Alberta, which now owns and operates 25 private liquor stores in that province, up from 18 stores since the Common Shares began trading in December 2008. It is listed on the TSX Venture Exchange (TSX-V:RUM).

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