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Irwin Naturals Inc
Symbol IWIN
Shares Issued 1,509,547
Close 2022-09-23 C$ 2.05
Recent Sedar Documents

Irwin Naturals to buy back up to 75,466 shares

2022-09-23 18:18 ET - News Release

Mr. Klee Irwin reports

COMPANY ANNOUNCES NORMAL COURSE ISSUER BID FOR SUBORDINATE VOTING SHARES OF THE CORPORATION

Irwin Naturals Inc. intends to commence a normal course issuer bid (NCIB), under which the company may purchase up to 75,466 of the company's subordinate voting shares (SVS or shares) over a 12-month period, representing approximately 5 per cent of its issued and outstanding SVS as of Sept. 26, 2022.

The company is pursuing an NCIB because it believes that, from time to time, the market price of its shares may not fully reflect the underlying value of the company's business and future prospects. Irwin believes that, at such times, the repurchase of its shares for cancellation represents an appropriate use of the company's financial resources and will enhance shareholder value. Chief executive officer Klee Irwin commented: "We are emerging to be the dominant player in the disruptive psychedelic mental health care sector. Our roll-up of ketamine clinics is picking up momentum. Management and the board believe that, as the market recovers and as the company continues to demonstrate profit growth, that shareholder value will be very positively impacted. As a result, we are taking advantage of the depressed stock market to buy back some of our stock."

NCIB

Canaccord Genuity Corp. has been appointed by the company to co-ordinate and facilitate its NCIB purchases. Purchases are expected to commence on Sept. 26, 2022, and will conclude on Sept. 26, 2023, or an earlier date in the event purchases under the NCIB have been completed or if the company feels it is appropriate. All shares purchased by the company under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange (CSE) and/or alternative trading systems at the market price of the shares at the time of acquisition. Shares will be purchased at the discretion of senior management of the company. The average daily trading volume of the shares on the CSE for the last six months is 1,644. Shares acquired by the company under the NCIB will be cancelled. During the last 12 months, the company has not purchased any shares under a normal course issuer bid through the facilities of the CSE.

About Irwin Naturals Inc.

Irwin Naturals has been a household name and best-in-class herbal supplement formulator since 1994. It is now leveraging its brand to enter into both the cannabis and psychedelic industries. On a mission to heal the world with plant medicine, Irwin has operated profitably for over 27 years (1). Irwin's growing portfolio of products is available in more than 100,000 retail doors across North America, where nearly 100 million people know the Irwin Naturals brand (2). In 2018, the company first leveraged its brand to expand into the cannabis industry by launching hemp-based cannabidiol products into the mass market. The company is now leveraging its famous halo of brand trust with an objective to become one of the first household name brands to offer THC-(tetrahydrocannabinol)-based products and psychedelic mental health treatment. Irwin Naturals became a publicly traded company on the Canadian Securities Exchange (CSE) in August, 2021. The company's shares began to be traded on the OTCQB Venture Market in November, 2021. More information on the company's stock can be found via Bloomberg as well as the Wall Street Journal.

(1) Under several corporate structures, Mr. Irwin has operated the Irwin brand profitably since 1994, as measured by EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for extraordinary costs.

(2) Consumer brand recognition information is based on a formal company survey with a sample size of 500 randomly selected adults.

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