Atlas Global Brands Provides Corporate Update and Outlines Growth Strategy

• Strong execution since going public on the Canadian Securities Exchange (the “CSE”) in January 2023
• Atlas launches D*gg Lbs brand in collaboration with Snoop Dogg, first SKUs ready for OCS summer product call
• Solidifying integrated value chain with Canadian cultivation facilities and Israeli acquisitions
• Streamlining operations and leveraging existing value chain capabilities
• Atlas will host an investor webinar on June 22 at 8 AM PT/ 11 AM ET

CHATHAM, ONTARIO and TEL-AVIV, ISRAEL, June 07, 2023 (GLOBE NEWSWIRE) — Atlas Global Brands Inc. (“Atlas Global”, “Atlas” or the “Company”) (CSE: ATL), a cannabis company with expertise across the value chain, is pleased to provide an update on the Company’s recent milestones, business integration activities and global growth catalysts. Atlas will also host a webinar on June 22, 2023, to provide an overview of the Company and its strategic objectives ahead. Investors can register to attend here. A recording of the webinar will be made available on Atlas’ investor relations website.

Sales, Marketing and International Shipments

For the summer 2023 product call with the Ontario Cannabis Store (“OCS”) Atlas is excited to launch new products under its D*gg Lbs brand, in collaboration with Snoop Dogg. The Company entered into an exclusive licensing agreement with Snoop Dogg in March 2023 to launch new brands globally in legalized cannabis markets. All D*gg Lbs products are curated by Snoop Dogg himself, with the aim to deliver premium products in all cannabis categories. Atlas will launch the following products this summer through the OCS:

• Lodi Dodi OG 3.5g flower
• Cryptic Chronic 3.5g flower
• Cryptic Blueberry 1g Distillate Infused Blunt
• Juicy OooWee 2 x 0.5g Distillate Infused Pre-rolls
• Lodi Dodi OG 1g Blunt
• Cryptic Chronic 2 x 0.5g Blunts
• Cryptic Blueberry AIO 1g Vape
• Juicy OooWee AIO 1g Vape

Atlas expects to deliver its first shipment of D*gg Lbs products to Israel from its facility in Chatham, Ontario in late June 2023, shipping three new flower SKUs. The shipment to Israel will also include Atlas’ Vertical flower brand, for a total expected shipment of close to 400 kg in product.

Vertical Integration in Israel

Atlas has a strong foothold in Israel with controlling interests in 3 pharmacies and definitive agreements to acquire controlling interests in 6 additional pharmacies in core markets in Israel, which combined will be a total of 9 pharmacies. The acquisitions of the pharmacies are expected to close subject to receipt of all necessary approvals and the satisfaction of all other customary conditions to closing. Additionally, Atlas has a definitive agreement to acquire an Israeli Trading House, located in Tel Aviv, which will be leveraged as an export distributor. Atlas intends to utilize its Trading House to hold an inventory of quality products which will be sold to all Israel-based pharmacies in the country to bring patient focused products to market. For efficiency and costs savings, the Trading House will supply Atlas’ pharmacies in Israel, strengthening Atlas’ globally owned supply chain.

Business Integration Activities

Since going public five months ago through reverse takeover of two Canadian cannabis companies and the acquisition of four Israel-based companies, Atlas’ management team prioritized streamlining operations to align with the Company’s overall international growth strategy and to enhance cost efficiency. As part of these efforts, all packaging activities have been relocated to the Company’s facility in Chatham, Ontario, enabling centralized manufacturing and maximizing production capabilities. Atlas’ facility in Chatham, Ontario now serves as the Canadian hub for the processing of domestic and EU GMP flower and oils for international markets.

Atlas completed the acquisition of GreenSeal Cannabis Company, Ltd. and GreenSeal Nursery Ltd. on April 28, 2023, a GACP & CUMCS certified indoor grow facility located in Stratford, Ontario. This facility produces 3,500 kg of flower for the domestic and international markets and will expand Atlas’ genetic pipeline for new flower cultivars and shape product innovation through its nursey program.

In close proximity to Atlas’ EU-GMP facility in Chatham, Ontario, GreenSeal will help Atlas meet the growing demand for high-quality flower in key markets such as Israel, Australia, Germany, and others.

Atlas’ two Ontario facilities increase national distribution with 18 new SKUs entered into the OCS and other provincial markets as listings permit during the Company’s fiscal 2024 year.

Key Areas of Focus

As part of its business integration strategy, Atlas will maintain its focus on streamlining operations, international growth and strengthening its balance sheet. Atlas’ go-forward business strategy is as follows:

1. International growth by leveraging its EU-GMP certified facility in Chatham, Ontario and GACP & CUMCS certified facility in Stratford, Ontario for export.
2. Integrated value chain expansion in Israel through the acquisition of a Trading House and pharmacies to expand its vast assortment of quality demanded products for medical cannabis patients.
3. Streamline Canadian operations to support global scale-up. Utilization of two facilities in Ontario to build brands and develop innovation to scale exports of flower and other categories into international medical markets.

“The unveiling of these summer product launches – domestically and globally – marks a pivotal moment for our team and our shareholders, especially in collaboration with Snoop Dogg. Our vision is to establish Atlas as a leader in the global cannabis industry. Within a short timeframe, we have pursued five strategic acquisitions, one of which has already been successfully finalized while the others await regulatory approvals. We firmly believe these strategic initiatives will yield significant value for Atlas’ shareholders,” said Bernie Yeung, CEO of Atlas Global.

Investor Webinar

On June 22, 2023, Atlas’ CEO Bernie Yeung and CFO, Jason Cervi will host a webinar to provide an investor update at 8 AM PT/ 11 AM ET. Register here.

Management Change

Effective June 2, 2023, Jeff Gossain, Chief Operating Officer, is no longer engaged with the Company.

About Atlas Global Brands

Atlas Global is a global cannabis company operating in Canada and Israel with expertise across the cannabis value chain, including cultivation, manufacturing, marketing, distribution, and pharmacy. Atlas currently distributes to eight countries: Australia, Canada, Denmark, Germany, Israel, Norway, Spain, and the United Kingdom. In addition to a differentiated product mix, Atlas operates two licensed cannabis facilities – one with EU-GMP, has a majority interest in 3 medical pharmacies in Israel and has entered into binding agreements for the acquisition of a majority interest in a Trading House and 6 additional medical cannabis pharmacies in Israel.

Learn more by visiting: www.atlasglobalbrands.com

Contacts

Bernie Yeung
Chief Executive Officer
1-844-415-6961
invest@atlasglobalbrands.com

Alyssa Barry
Media and Investor Relations
1-833-947-5227
invest@atlasglobalbrands.com

Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking information in this news release is based upon assumptions that are subject to significant risks and uncertainties, including assumptions that (or regarding): the contemplated product launches will proceed as planned and on the expected timeline; there will be no material interruptions in the production, shipment or distribution of Atlas’ products; that all inputs into the Atlas’ products will be available on a timely basis; all licenses and regulatory approvals can be obtained for shipments of (or in respect of) Atlas Global’s products in a timely manner; there is sustainable demand for Atlas Global’s products in the domestic and international markets in which it distributes its products; Atlas will benefit from synergies related to its acquisitions; the pending acquisitions will proceed as contemplated, and the transactions contemplated thereby will be completed in accordance with their terms; the general regulatory environment in which the Company operates; foreign exchange rates; financial, market and political conditions impacting the industry and markets in which the Company operates; the impact of competition on the Company’s overall growth strategy.

The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information, including that: product launches could be delayed by any number of factors, including, but not limited to, supply chain disruptions, delays in production, product recalls, shipping delays, unfavourable market conditions, Atlas’ inability to obtain required regulatory approvals and economic, financial and political events or instability; Atlas’ production capacity may be materially less than expected; the financial, market, regulatory and political environment in which Atlas operates could change in a way that negatively affects Atlas’ operations; Atlas’ completed acquisitions will not be accretive to Atlas’ overall growth strategy; one or more conditions to complete by the pending acquisition will not be satisfied and one or more of the pending acquisitions could be terminated.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information.

The forward‐looking statements set forth herein concerning the Company reflect management’s expectations as at the date of this news release and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.