Mr. Jay Garnett reports

XEBRA ANNOUNCES ISSUANCE OF MANAGEMENT CEASE TRADE ORDER

Xebra Brands Ltd. was not in a position to file its audited annual financial statements, management's discussion and analysis, and related officer certifications for the fiscal year ended Feb. 28, 2023, on or before the filing deadline of June 28, 2023, as required under applicable Canadian securities laws.

Xebra has been delayed in meeting the deadline for its annual filings due to recent management changes. As a result, the company applied for a management cease trade order under National Policy 12-203 (Management Cease Trade Orders). An MCTO has been granted by the company's principal regulator, the B.C. Securities Commission.

Xebra is working diligently with its auditor, Dale Matheson Carr-Hilton LaBonte LLP, and expects to have the audit of the annual filings completed no later than July 15, 2023. Xebra will issue a news release once the annual filings have been filed. Now that the management changes have concluded, Xebra does not expect to experience delays with future filings. Until Xebra files the annual filings, it will comply with the alternative information guidelines set out in NP 12-203 by issuing biweekly default status reports, in the form of news releases, for so long as the annual filings have not been filed.

About Xebra Brands Ltd.

Xebra is an international cannabis cultivation and product company, with global brands and intellectual property. Its focus includes beverages, wellness and leisure. Xebra is an absolute first mover in the Mexican cannabis sector with the first ever granted authorization to a corporation by the Cofepris. In Canada, Xebra retails its unique Vicious Citrus tetrahydrocannabinol/cannabinol lemonades.

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