Mr. Edoardo Mattei reports

RED WHITE & BLOOM EXTENDS OUTSIDE DATE OF ALEAFIA TRANSACTION AS IT AWAITS REGULATORY APPROVAL

Red White & Bloom Brands Inc. has provided an update on matters relating to Aleafia Health Inc.

Following receipt of the approval and reverse vesting order from the Ontario Superior Court of Justice (Commercial List) on Oct. 31, 2023, Red White & Bloom has continued to work with Aleafia Health and certain of Aleafia Health's subsidiaries to implement the transactions contemplated by the previously announced stalking horse asset purchase and share subscription agreement, as amended and restated on Oct. 24, 2023 (the amended stalking horse agreement), among Red White & Bloom, Aleafia Health, and certain of Aleafia Health's subsidiaries.

Red White & Bloom remains committed to completing the transactions as soon as possible. At this time, the only unsatisfied material closing condition known to Red White & Bloom is the receipt of change of control regulatory approval from Health Canada. Red White & Bloom has been advised by Aleafia Health that it has received correspondence from Health Canada indicating that the approval process is progressing well and that there are no further comments or questions to be addressed by Aleafia Health on the change of control application submitted to Health Canada at this time. Health Canada has also acknowledged the priority associated with the aforementioned approval.

Given the noted condition, the parties have mutually agreed to extend the outside date in the amended stalking horse agreement from Dec. 15, 2023, to Jan. 19, 2024. Red White & Bloom is hopeful to receive Health Canada's approval sooner so that completion of the transactions can take place well in advance of the new outside date. Red White & Bloom remains prepared to close the transaction in short order once regulatory approval on the change of control is received from Health Canada.

About Red White & Bloom Brands Inc.

Red White & Bloom is a multistate cannabis operator and house of premium brands in the United States legal cannabis sector. Red White & Bloom is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Massachusetts, Missouri, Michigan and Ohio. The company has also successfully introduced select Platinum brand of cannabis products into the Canadian provincial cannabis markets by way of an asset-light partnership with Aleafia Health.