Xebra provides an update on the issuance of Mexican cannabis permits and announces administrative changes

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Vancouver, British ColumbiaAnd January 26, 2023 /PRNewswire/ — Xebra Brands Ltd. (“Xebra”) (CSE: XBRA) (OTCQB: XBRAF) (FSE: 9YC), a cannabis company, provides an update on the issuance of Mexican cannabis licenses and announces management changes.

A Mexican court has granted the Mexican Health Regulatory Agency (the Mexican equivalent of the Food and Drug Administration) ( “coffeepress”) Another extension of a week Feb 6^y To fulfill the mandate of the Supreme Court to grant Xebra cannabis licenses. Xebra was provided with copies of COFEPRIS’ application for extension to the court; The documents point to the cooperation of senior officials and clearly indicate COFEPRIS’ genuine efforts to comply with the Supreme Court for granting cannabis permits to Xebra.

As Xebra has pointed out in previous press releases, cannabis licenses have no legal precedent in MexicoHowever, approximate timing guidance cannot be relied upon, and additional delays can be reasonably expected. The Xebra Mexico licenses will apply specifically to cannabis that contains low levels of THC (less than 1%) and, therefore, in practice, to the cultivation and processing of hemp and the manufacture and sale of primarily CBD products, and certain uses of cannabis flower. Opportunities in the plastic hemp industries have also been identified.

In addition, Xebra announces board and management changes. Robert Justra He resigned as Chairman and Director in order to focus on his mining projects. Mr. Justra will continue to be an advisor to Xebra. Mr. Giustra is the founder of Xebra Brands; Under his leadership, Xebra obtained a final injunction from the Mexican Supreme Court and created trademarks and trademarks unique to Xebra. Over the past year, Giustra has transitioned a new CEO, and has overseen the Canadian launch of Xebra’s highly successful THC and CBN Vicious Citrus lemonade. Andrew YaoChief Financial Officer, and Daniela Freitasthe company secretary also resigned with Mr. Justra to focus on the mining sector; Rodrigo GallardoPresident of Xebra, was appointed Chief Financial Officer and Company Secretary on an interim basis.

Jay Garnett

Executive Director

Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are not historical facts may be considered forward-looking statements, including, but not limited to, statements regarding Xebra Brands Ltd.’s expectations. in relation to its ability to successfully implement its business plan or business model; its ability to provide economic, environmental, social benefits or any benefits of any kind in the communities in which it operates or may operate in the future; Its ability to be a first mover in a country, or to obtain or hold government licences, permits or permits in general, or in particular in MexicoAnd Canada, or elsewhere, including the cannabis authorizations from the Mexican Health Regulatory Agency (COFEPRIS) and the timing of such authorizations or licenses; its ability to successfully apply for and obtain trademarks and other intellectual property in any jurisdiction; cost competitiveness; Its ability to market, grow, grow, or process hemp or cannabis MexicoAnd Canada, or elsewhere and related plans and timing; its ability to manufacture, market, or sell cannabis-infused beverages, wellness products, or other products in MexicoAnd Canadaplans and related claims, including market interest and availability; its ability to create health products that have a therapeutic effect or benefit; plans for future growth and direction of the business; financial projections including projected revenue, gross earnings, and EBITDA (a non-GAAP financial measure); Plans to increase the volume of produce, capacity of existing facilities, and supplies from growers and outside contractors; the expected growth of the cannabis industry in general; Management’s overall expectations, beliefs, and assumptions, including manufacturing costs, production activity, and market potential in Mexico or any jurisdiction; events or developments that XEBRA anticipates will occur in the future; General economic conditions and other risk factors described in the Company’s prospectus dated September 30, 2021. All statements, other than statements of historical fact, are forward-looking information and statements. The words “goal,” “believe,” “expect,” “expect,” “contemplate,” “goal,” “intend,” “continue,” “plan,” “budget,” “estimate,” “may,” specify The word “will” and similar expressions provide forward-looking information and statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, although considered reasonable by XEBRA as of the dates of such statements, are inherently subject to important competitive and economic uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, XEBRA’s inability to generate sufficient revenue or raise sufficient funds to carry out its business plan; changes in government legislation, taxation, controls and regulations, and political or economic developments in various countries; risks associated with farming and farming activities in general, including bad weather, access to seed supplies, poor crop yields, and corruption; comply with the import and export laws of various countries; large fluctuations in cannabis prices and transportation costs; the risks of obtaining the necessary licenses and permits; the inability to identify, negotiate, and complete a potential acquisition for any reason; the ability to retain key personnel; relying on third parties for services and supplies; non-performance by contractual counterparties; general economic conditions, the continued growth in global demand for cannabis products, and the continued increase in jurisdictions that legalize the use of cannabis; and timely receipt of regulatory approval of licensing applications. In addition, there is no guarantee that Xebra: will be a low-cost product or exporter; obtain a dominant market position in any jurisdiction; It has products that will be unique. The foregoing list is not exhaustive and XEBRA undertakes no obligation to update or revise any of the foregoing except as required by law. Many of these uncertainties and contingencies could affect XEBRA’s actual performance and cause its actual performance to differ materially from what is expressed or implied by any forward-looking statements made by or on behalf of XEBRA. Readers are cautioned that forward-looking statements are not guarantees of future performance and readers should not place undue reliance on such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those set forth in such statements.

SOURCE Xebra Brands Ltd.