Mr. George Robinson reports

RAVENQUEST ANNOUNCES LATE FILING OF FINANCIAL STATEMENTS AND MANAGEMENT CEASE TRADE ORDER

Ravenquest Biomed Inc. will not file its annual financial statements for the fiscal year ended Oct. 31, 2019, and related documents by the deadline of Feb. 28, 2020, as required by applicable Canadian securities laws.

In connection with the company's inability to file the annual financial statements on time, the company has applied for and been granted a management cease trade order under National Policy 12-203, Management Cease Trade Orders.

The company is applying for a management cease trade order as a result of its recent change of auditor and the required time involved in transferring documents and information in order to complete the audit of the annual financial statements. The company expects to file the annual financial statements as soon as they are available but in any event no later than March 31, 2020, and will issue a news release once the annual financial statements have been filed.

Until the company files the annual financial statements, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the company to issue biweekly default status reports, in the form of news releases, for so long as the annual financial statements have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's common shares listed on the TSX Venture Exchange. However, the company's chief executive officer and chief financial officer will not be able to trade in the company's shares, nor will the company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the company except in accordance with legally binding obligations to do so existing as of March 2, 2020. The company is not currently subject to any insolvency proceedings. If the company provides any information to any of its creditors during the period in which it is in default of filing the annual financial statements, the company confirms that it will also file material change reports on SEDAR containing such information.

About Ravenquest Biomed Inc.

Ravenquest is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services and consulting, and specialized research and development. Ravenquest is a licensed producer with facilities located in Markham, Ont., and Edmonton, Alta.

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