New Leaf Ventures Finalizes Willies Reserve Exclusive Licensing Rights for Washington State

VANCOUVER, British Columbia, September 8, 2021 - PRESS RELEASE - New Leaf Ventures Inc., a management and investment organization dedicated to evaluating, investing and accelerating advanced stage operations in the North American Cannabis sector, wishes to advise that its wholly-owned subsidiary, New Leaf USA, Inc., is pleased to announce it has entered into an exclusive Washington State commercial packaging, licensing and distribution agreement with Long Play Inc., a Colorado Corporation and licensors of renowned cannabis brand "WILLIE'S RESERVE."

The agreement, which was previously introduced in a news release on June 29, was executed and came into effect Aug. 31. The licensing encompasses exclusive rights to source, manufacture, distribute and market Willie's Reserve and Harvest products in Washington State. The agreement includes several USPTO registered trademarks and licensed products including,

Willie's Reserve 2-Pack (Double Barrel) Ready Roll Joints (.5G)Willie's Reserve Single Pack Ready Roll Joints (1G)Willie's Reserve Core 5 pack joints (tins)Willie's Reserve (Core) 1/8 Ounce Flower JarWillie's Reserve (Core) 1/4 Ounce Flower JarWillie's Reserve (Harvest) 5 pack joints (tins)Willie's Reserve (Harvest) 1/8 Ounce RYO PouchWillie's Reserve (Harvest) 1/4 Ounce RYO PouchWillie's Reserve (Harvest) + (Core) 1G Flower Mylar

New Leaf Services, LLC, a Washington limited liability company, on behalf of itself and its direct wholly-owned subsidiaries and any sublicensees (collectively the "Licensee"), has entered into an exclusive, nontransferable license to use the Licensed Property in connection with the processing, production, distribution and sale of the Licensed Products in the State of Washington, and which License may sublicense to New Leaf Enterprises, Inc., (NLE) as bound by the same terms and conditions under this agreement as Licensee.

In concordance with standard commercial agreements regarding the use of trademarks, packaging, permits and intellectual property, NLE will be responsible for acquiring all cannabis source materials, including dried flower and other products containing cannabis, and upon receipt of a purchase order, will source the necessary Cannabis Materials and undertake production and distribution of the Licensed Products within Washington State. Full details of the agreement are subject to commercial protection and are withheld for proprietary reasons.

Co-founded by renowned singer-songwriter and cannabis pioneer Willie Nelson in 2015, the Willies Reserve brand has become widely recognized for its commitment to celebrating what is possible when enthusiasts and experts join forces to collaborate. The brand embraces the natural diversity of the plant, the range of cultivation methods, and the spectrum of effects cannabis creates.

Boris Gorodnitsky, New Leaf USA president & New Leaf Ventures Inc. director comments, "This is an exciting announcement for the entire New Leaf team today. We have worked hard to secure this agreement, and we intend to maximize the relationship to ensure our mutual success in Washington and hopefully beyond. This agreement is the result of an intelligent and considered business-focused approach to growth. Everything we have done since our initial public listing has been aimed at delivering results. Incremental growth, smart investments, and partnerships are shifting the New Leaf brand family into high gear. We are delighted to be working with the team at Willie's Reserve and look forward to growing our footprint throughout the marketplace."

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