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THIS PRESS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTIO
--->N MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW
Citation Growth Corp. Announces Executive Management Changes and Postponement of AGM
KELOWNA, BRITISH COLUMBIA - January 13, 2020 - Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) ("Citation" or the "Comp
--->any"), a licensed cannabis cultivator and producer, announces today that Howard Misle has resigned as Chief Executive Of
--->ficer and a Board Member effective January 13, 2020. The Board of Directors has already begun interviewing prospective C
--->EO candidates and expects to make an announcement shortly. In the interim, Mr. Rahim Mohamed will be the interim CEO.
The Company is also pleased to announce that it has appointed Mr. Kevin Cornish as its Chief Financial Officer effective
Mr. Cornish has roots all over Eastern Canada, spending most of his life in Halifax Nova Scotia where he completed his e
--->ducation at Saint Mary's University. He has worked in the service, hospitality, construction and cannabis industries ove
--->r the course of his career. His expertise is focused in leadership, performance management, company growth and finance.
--->He has experience sitting on the boards of both not for profit and for profit companies, volunteered with child developm
--->ent groups and is an advocate for mental health. Mr. Cornish has helped start up and mature companies grow in current an
--->d new markets. In 2018 he joined the cannabis industry due to having seen many people he knows positively affected by TH
--->C and CBD. Taking part in Canada's history, Mr. Cornish was part of a Cannabis company that brought recreational Cannabi
--->s to Alberta and Canada. Mr. Cornish enjoys the many challenges that come with working in this industry leading up to le
--->galization, post legalization and cannabis 2.0. With over 15 years of leadership experience in operations and finance, M
--->r. Cornish continues to grow along with this industry both personally and professionally.
Due to this change in management, the company has deemed it necessary to postpone its AGM scheduled for January 24, 2020
---> in Las Vegas Nevada to allow for an updated Management Information Circular to be filed and circulated to shareholders.
---> Once a new date and location has been scheduled, management will issue out a News Release.
"We, the management and board, apologize for any inconvenience this may have caused any shareholders who may have alrea
--->dy booked flights and hotels. We will be diligent and begin placing a new CEO as soon as possible" quoted Rahim Mohamed,
---> President and Interim CEO.
About Citation Growth Corp.
Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis spac
--->e since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary l
--->ocations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.
For Further Information:
Rahim Mohamed, President
1-877-438-5448 Extension 718
Paul Searle, Corporate Communications
1-877-438-5448 Extension 714
Citation trades in Canada, under the ticker symbol "CGRO" on the CSE, and in the U.S., under the ticker symbol "CGOTF" o
--->n the OTCQX Best Market (the "QTCQX"). The Company also trades on other recognized platforms in Europe including Frankfu
--->rt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.
Neither the CSE nor its Regulation Services Provider, nor the OTCQXtrademark has approved nor disapproved the contents o
--->f this press release. Neither the CSE, nor the OTCQXtrademark accepts responsibility for the adequacy or accuracy of thi
Marijuana Industry Involvement:
The Company owns marijuana licenses in California and Nevada. Marijuana is legal in each state; however, marijuana remai
--->ns illegal under United States federal law and the approach to enforcement of U.S. federal law against marijuana is subj
--->ect to change. Shareholders and investors need to be aware that federal enforcement actions could adversely affect their
---> investments and that the Company's ability to support continuing U.S.-based operations and its access private and publi
--->c capital could be materially adversely affected.
The Company's business is conducted in a manner consistent with state law and is in compliance with applicable state lic
--->ensing requirements in the U.S. The Company has internal compliance procedures in place and has compliance focused attor
--->neys engaged in jurisdictions to monitor changes in laws for compliance with U.S. federal and state law on an ongoing ba
--->sis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the U.S.
Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of
---> cannabis under the Cannabis Act (Canada), readers are cautioned that in the U.S., cannabis is largely regulated at the
--->state level. To the knowledge of the Company, there are to date a total of 33 states, plus the District of Columbia, tha
--->t have legalized cannabis in some form. Notwithstanding the permissive regulatory environment of medical cannabis at the
---> state level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the
--->U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation,
--->possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with r
--->espect to cannabis will neither absolve the Company of liability under the U.S. federal law, nor will it provide a defen
--->se to any U.S. federal proceeding, which may be brought against the Company. Any such proceedings brought against the Co
--->mpany may materially adversely affect its operations and financial performance in the U.S. market.
Currently, listings of Canadian companies on the CSE will remain in good standing as long as they provide the disclosure
---> that is required by the applicable Canadian securities regulators and complying with applicable licensing requirements
--->and the regulatory framework enacted by the applicable state in which they operate.
This news release contains forward-looking statements that relate to our current expectations and views of future events
--->. These statements relate to future events or future performance. Statements which are not purely historical are forward
--->-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding t
--->he future including words or phrases such as "anticipate", "objective", "may", "will", "might", "should", "could", "can"
--->, "intend", "expect", "believe", "estimate", "predict", "potential", "plan", "is designed to", "project", "continue", or
---> similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements m
--->ay also include, among other things, statements about the Company's: ability to reinvest profits generated from its oper
--->ations; future business strategy; realization of the anticipated benefits of the Transaction; expectations of obtaining
--->licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated
--->cash needs and estimates regarding capital requirements and the need for additional financing; total processing capacity
--->; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing produc
--->ts; future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and an
--->ticipated trends and challenges in the markets in which the Company may operate.
Such statements and information are based on numerous assumptions regarding present and future business strategies and t
--->he environment in which the Company will operate in the future, including the demand for our products; anticipated costs
---> and ability to achieve goals; the Company's ability to complete any contemplated transactions; historical prices of can
--->nabis; and that there will be no regulation or law that will prevent the Company or ACC from operating its businesses; t
--->he state of the economy in general and capital markets in particular; present and future business strategies; the enviro
--->nment in which the Company will operate in the future; the estimated size of the cannabis market; and other factors, man
--->y of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the
--->management of the Company, they are inherently subject to significant business, economic, competitive and regulatory unc
--->ertainties and risks. Although the Company believes that the assumptions underlying these statements are reasonable, the
--->y may prove to be incorrect. Given these risks, uncertainties and assumptions, the reader should not place undue relianc
--->e on these forward-looking statements.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may ca
--->use the actual results to be materially different from those expressed or implied by such forward-looking statements, in
--->cluding but not limited to: accuracy of information provided by management of ACC to the Company regarding its managemen
--->t estimated future capital expenditure costs, revenue, and timeframe for the completion of its Pahrump, Nevada facility;
---> business, economic and capital market conditions; the ability to manage the Company's operating expenses, which may adv
--->ersely affect the Company's financial condition; the Company's ability to remain competitive; regulatory uncertainties;
--->market conditions and the demand and pricing for our products; exchange rate fluctuations; the risk of difficulties in t
--->he integration of the Company and ACC; security threats; the Company's relationships with its customers, distributors an
--->d business partners; the Company's ability to attract, retain and motivate qualified personnel; industry competition; th
--->e impact of technology changes on the Company's products and industry; the Company's ability to successfully maintain an
--->d enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property
--->rights; the impact of litigation that could materially and adversely affect our business; the Company's ability to manag
--->e its working capital; and the Company's dependence on key personnel. The Company is not a positive cash flow company an
--->d it may not actually achieve its plans, projections, or expectations (the Company and ACC have a history of losses).
Important factors that could cause actual results to differ materially from the Company's expectations include, consumer
---> sentiment towards the Company's products and cannabis generally; risks related to the Company and ACC's ability to main
--->tain its licenses issued by governments in good standing; uncertainty with respect to the Company and ACC's ability to g
--->row, store and sell cannabis; risks related to the costs required to meet the obligations related to regulatory complian
--->ce; risks related to the extensive control and regulations inherent in the industry in which the Company and ACC operate
--->; risks related to governmental regulations, including those relating to taxes and other levies; risks related an early
--->stage business and a business involving an agricultural product and a regulated consumer product; risks related to build
--->ing brand awareness in a new industry and market; risks relating to restrictions on sales and marketing activities impos
--->ed by governments; risks inherent in the agricultural business; risks relating to energy costs; risks relating to produc
--->t liability claims, regulatory action and litigation; risks relating to recall or return of products; and risks relating
---> to insurance coverage; global economic climate; equipment and building failures; increase in operating costs; decrease
--->in the price of cannabis; security threats; government regulations; loss of key employees and consultants; additional fu
--->nding requirements; volatility in the securities of the Company; changes in laws; technology failures; failure to obtain
---> permits and licenses; anticipated and unanticipated costs; competition; risks associated with the substantial obligatio
--->ns of being a public company; and failure of counterparties to perform their contractual obligations. This list is not e
--->xhaustive of the factors that may affect the forward-looking statements. Should one or more of these risks and uncertain
--->ties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those descri
--->bed in the forward-looking statements.
Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whet
--->her as a result of new information, future event or otherwise, after the date on which the statements are made or to ref
--->lect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation
--->or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release
--->. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or
---> otherwise, to the reader or any person resulting from the use of the information in this news release by the reader or
--->its representatives or for omissions from the information in this news release.
The securities of the Company are considered highly speculative due to the nature of the Company and ACC's businesses.
All information in this news release concerning ACC has been provided for inclusion herein by ACC. Although the Company
--->has no knowledge that would indicate that any information contained herein concerning ACC is untrue or incomplete, the C
--->ompany assumes no responsibility for the accuracy or completeness of any such information.
Accordingly, readers should not place undue reliance on forward-looking statements. Financial amounts are in United Stat
--->es Dollars, unless otherwise specified.
Not an Offer or Solicitation:
This press release is not an offer of the Company's securities for sale in the U.S. The securities may not be offered or
---> sold in the U.S. absent registration or an available exemption from the registration requirements of the U.S. Securitie
--->s Act and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the
--->U.S. The Company's securities have not been and will not be registered under the U.S. Securities Act.
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