Mr. Robert Eadie reports

SWEET POISON ANNOUNCES RESULTS OF ANNUAL GENERAL MEETING AND PROVIDES CORPORATE UPDATE

At Sweet Poison Spirits Inc.'s recent annual general meeting held on Nov. 8, 2023, 99.9 per cent of shareholders present at the meeting re-elected all directors nominated by management, namely Robert Eadie, Gary Arca, Tanya Lutzke and Gina Pala.

Shareholders also approved all other matters presented at the meeting, including the appointment of Davidson & Company LLP, chartered professional accountants, as auditor of Sweet Poison.

Subsequent to the meeting, the board of directors appointed Mr. Eadie as president and chief executive officer, and Mr. Arca as chief financial officer and secretary.

Other matters

Effective Nov. 14, 2023, the product distribution agreement entered into with Sweet Poison Spirits, Sde RLde CV and Sweet Poison Spirits LLC (SPSMex and SPSUSA), and the share purchase option agreement with the shareholders of SPSMex and SPSUSA (collectively, the agreements) have been terminated.

As a result of the termination of the agreements, 2.75 million shares have been returned to treasury and the following matters have been approved by the board of the company.

Consolidation: The company's outstanding common shares will be consolidated on the basis of one new share for four existing shares. Currently, the company's authorized share capital is an unlimited number of common shares without par value, of which 27,873,451 shares are issued and outstanding, with a further 6,247,500 shares reserved for issuance upon the exercise of outstanding warrants. Upon completion of the consolidation, there will be approximately 6,968,363 common shares issued and outstanding, subject to any shares being issued upon exercise of warrants prior to the effective date of the consolidation and subject to adjustment for fractional shares. The consolidation is subject to approval by the Canadian Securities Exchange. A subsequent news release will be issued prior to the date of implementing the consolidation.

The company will not be undergoing a name change in conjunction with the consolidation.