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Christina Lake Cannabis Announces Stock Option and Restricted Share Unit Grants

Friday, August 30, 2024 4:50 PM PDT

(via TheNewswire)

VANCOUVER, British Columbia, August 30, 2024 – TheNewswire – Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) The Company has announced that it has granted incentive stock options to officers, employees of the Company to purchase an aggregate of 910,000 common shares under the Company’s Stock Option Plan. Each option is exercisable at a price of $0.05 per common share, expires five years from the date of grant and vest twelve months from the date of grant.

The Company also has also granted restricted share unit grants, pursuant to the Company’s Restricted Share Unit Plan totaling 4,550,000 to eligible participants.

The Company would also like to announce that it has changed its year-end to February 28 from November 30th. CLC’s transition year will be the fifteen-month period ending February 28, 2025. The new financial year will be the 12-month period ending February 28, 2026. This will better align with its crop and business cycles, and additionally better line up with the audit process given the significant demand the Issuer has observed in recent years for audit services for issuers that have a year-end of November 30th.

About Christina Lake Cannabis Corp.

Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act with a standard cultivation license and corresponding processing amendment from Health Canada as well as a research and development license. Christina Lake Cannabis’ facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. Christina Lake Cannabis also owns a 99-acre plot of land adjoining its principal site. CLC focuses its production on creating high quality extracts and distillate for its B2B client base with proprietary strains specifically developed for outdoor cultivation to enhance extraction quality.

On behalf of Christina Lake Cannabis:

“Mark Aiken” Mark Aiken, CEO

For more information about CLC, please visit: www.christinalakecannabis.com

Jennifer Smith Investor Relations and Media Inquiries [email protected] 902-229-7265

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on http://www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.