Mr. Graham Simmonds reports

OSOYOOS CLOSES NON-BROKERED PRIVATE PLACEMENT

Osoyoos Cannabis Inc. has closed its previously announced non-brokered private placement of up to 20 million units of the company at a price of five cents per unit for gross proceeds of up to $1-million.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant of the company. Each full warrant will entitle the holder to acquire one additional common share for a period of 24 months from the date of issuance at a price of 15 cents per common share. Furthermore, the company will have the right to accelerate the expiry date to be 30 days following written notice to the holders if, during the term of the warrants, the common shares close at or above 20 cents per common share on each trading day for a period of 10 consecutive trading days on the Canadian Securities Exchange. Proceeds from the private placement are expected to be used for general working capital needs.

On July 31, 2020, the company closed a third tranche of the private placement and issued 10,208,340 units of the company at a price of five cents per unit for gross proceeds of $510,417. As of the date hereof, the company has issued an aggregate of 20,208,340 units pursuant to the private placement for total gross proceeds of $1,010,417.

All common shares and warrants sold under the private placement will be subject to a statutory four-month-and-one-day hold period.

About Osoyoos Cannabis Inc.

Osoyoos Cannabis has a joint venture agreement with a private, vertically integrated licensed producer under the Cannabis Act (Canada) to offer contract tolling extraction services to third party businesses. Additionally, the company recently acquired 1196691 B.C. Ltd. (doing business as PCAI Pharma) and its wholly owned subsidiary, AI Pharmaceuticals Jamaica Ltd., a private corporation incorporated and operating under the laws of Jamaica. The business of AI Pharmaceuticals involves science, research, treatment, data mining and artificial intelligence, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi, and other psychedelic formulations and their related medicinal global intellectual property protection.

We seek Safe Harbor.