Mr. Marcel LeBlanc reports

FIORE CANNABIS PROVIDES CORPORATE UPDATE

Fiore Cannabis Ltd. today provided a corporate update for shareholders.

A creditor secured by a deed of trust against the company's assets has appointed a trustee to initiate foreclosure proceedings on the assets. The creditor has given Fiore a notice of default and made a declaration to sell such assets to satisfy its obligations.

The company's efforts to close previously announced financings have not been successful. This includes the $1.5-million secured convertible note offering originally announced on May 11, 2022, and the $30-million term sheet financing announced May 16, 2022. Both financings did not complete the due diligence phase.

Due to insufficient financing, the operating licences for Fiore's cannabis cultivation facility in Las Vegas, Nev., have not been renewed at this time. The company has been granted until Sept. 27, 2022, to satisfy this obligation.

Fiore has entered into a letter of intent to sell its California cannabis dispensary for $500,000 (U.S.) dependent on completing due diligence. Creditor approval would be negotiated prior to any final sale.

Fiore's second quarter 2022 financial results with the financial statements and corresponding management's discussion and analysis for the quarter ended June 30, 2022, are now available on the company's SEDAR profile.

The company continues to explore financing options at this time in order to secure the funds needed to refinance the cannabis cultivation facility in Las Vegas, clean up the balance sheet and retire outstanding debts.

About Fiore Cannabis Ltd. and its Unified Global subsidiary

Fiore Cannabis intends to become a vertically integrated Canadian-American multistate operator by acquiring and consolidating cannabis operations in select mature cannabis markets. The Fiore and Unified Global combination has cultivation, production and retail offerings in the key North American legal jurisdictions of Nevada and California and plans to roll in assets from Colorado, Oregon and Alberta. Fiore is led by an experienced team with significant cannabis operating expertise from the United States and Canada.

We seek Safe Harbor.