Mr. Steve Gormley reports

RADIKO CEO PUBLISHES OPEN LETTER TO SHAREHOLDERS

Radiko Holdings Corp.'s chief executive officer, Steve Gormley, has published an open letter to shareholders.

To our valued shareholders,

I hope you are staying safe and well. There has been quite a bit of progress since my last letter to shareholders in late May, and I wanted to take the opportunity to share these company updates and industry highlights as they relate to our business.

As with most businesses in this current environment, we strive to make course corrections to achieve efficient operations despite the challenges faced in this global pandemic. We are now in our second month of the BioNeva integration and happy to announce the completion of our first harvest. We are in the process of sending off our first bulk product sale. Likewise, under the company's operating agreement between DB3 and TerraPharma (the company that owns the Washoe facility), the planning for the first phase of the buildout, which includes processing at Washoe, is under way, with Radiko serving as the operator.

La Vida Verde (LVV) is preparing for the late-summer launch of Super Bars, a cannabis-infused protein bar. Bryce Berryessa and Julie Brooks also continue to drive sales across LVV's core offerings.

This week, our cannabidiol brand, baseline, was featured in beauty and lifestyle publication The Tease in the article "5 Calming Products to Add to Your Relaxation Routing," as well as a feature for immunity boost in Mind Body Green article "Liposomal Vitamin C: Why Doctors Recommend It For Immune Health." The brand has also completed a one-month digital initiative, Baseline Community Healing Series, a content series activated on social media featuring live-streaming classes with nationally renowned practitioners of restorative yoga and breathwork. This initiative was also important to the company, as it reflects Radiko's mission of helping people through natural solutions, especially during a stressful and uncertain time.

The company has also been in discussions with Renee Gagnon, Radiko Holdings' newest board member and founder/chief executive officer of Hollyweed North Cannabis Inc., about a potential 2021 collaboration in the psilocybin sector. These conversations are exploratory at this stage. Mr. Gagnon brings a great deal of expertise in the psilocybin space, and the company is exploring whether the space augments Radiko Holdings' mission. Again, any development in the psilocybin space would be down the road, after the company achieves its goals in its core cannabis business.

As we head into the middle of the third quarter of 2020, we are bullish on the cannabis sector's strong potential for recovery. Looking at a year-to-date stock price trend of the sector's leaders, many seem to be coming off their record lows. We are seeing new records set in Q2. According to the latest data from BDSA, cannabis sales across five markets (California, Oregon, Arizona, Colorado and Nevada) totalled $735.4-million in May, 2020, up 14 per cent from April's $644.9-million: "May, 2020, marked a high point in sales for California's regulated cannabis market, setting a new single-month record with $290.1-million in sales and representing 15-per-cent growth, both from the trailing month and compared to May, 2019. Despite difficulties presented by the COVID-19 pandemic, both price and volume increased in line with consumer demand across nearly all product categories. Year to date, sales in California have reached $1.3-billion, a 10-per-cent increase compared to the same period in 2019."

In my role as chief executive officer, my daily focus is to maximize shareholder value, and I am grateful that you are on this journey with us.

Sincerely,

Steve Gormley, chief executive officer of Radiko Holdings

About Radiko Holdings Corp.

Radiko Holdings is a cannabidiol and cannabis-focused brand portfolio leveraging the potential of the plant by offering best-of-breed products that naturally complement today's consumer lifestyles.

We seek Safe Harbor.