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Bluma Wellness Inc. Provides End-of-Month Operations Update and Financial Highlights for November 2020

Bluma Wellness Subsidiary One Plant Florida Maintained its Number Two (2) Position in Ounces of Flower Sold per Retail Dispensary

One Plant Florida to Open Seventh Retail Dispensary and Delivery Hub in Fern Park, Florida on December 22, 2020

Sales of Dried Medical Cannabis Flower Increased 22% Month over Month from October 2020

Bluma Wellness Inc. (the “Company” or “Bluma Wellness“) (CSE:BWEL) is pleased to provide its patients and investors with an end-of-month sales and operations report for the month ended November 30, 2020. These financial results have not been reviewed or audited by the Company’s auditors.

Financial Highlights, November 2020

Bluma Wellness is pleased to provide the following sales and financial highlights from the month of November 2020:

  • Gross Revenue1: $2,414,915
  • Revenues less cost of sales before fair value adjustments: $912,000 or 52% of net revenue
  • Gross Price Per Pound2: $6,322.36
  • Ounces of Dried Medical Cannabis Flower Sold: 5947.79 oz
  • Milligrams (mg) of tetrahydrocannabinol (THC) Sold: 4,864,275 mg

During the month of November, One Plant Florida, the Company’s wholly-owned, licensed operating subsidiary, increased its total ounces of dried medical cannabis flower sold by 22% from its sales in the month of October. One Plant Florida averaged sales of 991 ounces of dried medical cannabis flower per retail dispensary, and 810,713 mg of distillate/oil sold per retail dispensary in the month of November. Those sales positioned One Plant Florida second in ounces of dried medical cannabis flower sold per retail dispensary when compared against all other Medical Marijuana Treatment Centers (“MMTCs“) in Florida, and ninth in mg of THC sold per retail dispensary when compared against all MMTCs in Florida, in each case according to published data from the Florida Office of Medical Marijuana Use (“OMMU“).

THC Sold (mg)/average oz sold per retail dispensary compared to competitors, November 20203

  • Trulieve: 1,498 oz of dried medical cannabis flower / 4,017,672 mg of THC sold per dispensary, number one in average ounces of medical cannabis flower sold per dispensary
  • One Plant Florida: 991oz of dried medical cannabis flower / 810,713 mg of THC sold per dispensary, number two in average ounces of medical cannabis flower sold per dispensary
  • GrowHealthy: 860oz of dried medical cannabis flower / 1,788,036 mg of THC sold per dispensary, number three in average ounces of medical cannabis flower sold per dispensary
  • GTI: 674oz of dried medical cannabis flower / 921,743 mg of THC sold per dispensary, number four in average ounces of medical cannabis flower sold per dispensary
  • AltMed Florida (MuV): 545oz of dried medical cannabis flower / 2,112,962 mg of THC sold per dispensary, number five in average ounces of medical cannabis flower sold per dispensary
  • Harvest: 514oz of dried medical cannabis flower / 744,278 mg of THC sold per dispensary, number six in average ounces of medical cannabis flower sold per dispensary
  • Surterra Wellness: 374oz of dried medical cannabis flower / 1,447,759 mg of THC sold per dispensary, number seven in average ounces of medical cannabis flower sold per dispensary
  • Curaleaf: 368oz of dried medical cannabis flower / 1,790,861 mg of THC sold per dispensary, number eight in average ounces of medical cannabis flower sold per dispensary

Looking Ahead (Fall/Winter 2020-2021)

Bluma Wellness is pleased to announce that One Plant Florida intends to open its seventh retail dispensary and delivery hub location in the State of Florida, in Fern Park (Orlando), on or before December 23, 2020, pending the receipt of all required municipal and regulatory approvals, including from the OMMU.

Additionally, the Company intends to open One Plant Florida’s eighth retail dispensary and delivery hub location in Florida in North Miami on or before January 18, 2021, pending receipt of all municipal and regulatory approvals, including from the OMMU. The Company further intends to open additional One Plant Florida retail dispensary and delivery hub locations in Bonita Springs (Naples), Florida in early February 2021, and in Tallahassee, Florida in late February 2021, in each case subject to the receipt of all required municipal and regulatory approvals, including from the OMMU.

“Bluma Wellness looks forward to capping an incredible year of growth in 2020 with the planned opening of One Plant Florida’s seventh retail dispensary and delivery hub, in Fern Park, before the end of the year,” said Brady Cobb, Chief Executive Officer of Bluma Wellness. “One Plant Florida remains in the top three among Florida MMTCs in volume of medical cannabis flower sold per retail dispensary in Florida. We’ve made the strategic decision to slow the overall pace of our new dispensary openings so we can analyze both the output from our brand new cultivation facilities in Indiantown, as well as sales across our existing retail dispensary locations, with the end goal of achieving the most voluminous and profitable retail dispensaries and delivery hub locations in the state.”

“I’d also like to thank the entire team at Bluma Wellness and One Plant Florida and all of our patients for helping to make 2020 such an incredible year for our company,” added Cobb. “From our families to yours, we wish you Happy Holidays and a Happy New Year.”

Bluma Wellness opened One Plant Florida’s sixth retail dispensary location and delivery hub in the State of Florida, located in Avon Park, on October 19, 2020. The retail dispensary and delivery hub is centrally located at 299 U.S. Highway 27 S, Avon Park, FL 33825, allowing One Plant Florida to serve qualified patients in Highlands County and throughout Central Florida. Qualified patients can learn more about One Plant Florida’s retail dispensary locations by visiting www.oneplant.us.

About Bluma Wellness Inc.

Bluma Wellness Inc. owns and operates a vertically-integrated, licensed medical cannabis company in the State of Florida doing business as “One Plant Florida.” One Plant Florida cultivates, processes, dispenses and retails medical cannabis to qualified patients in the State of Florida through multiple retail dispensaries and an innovative next-day door-to-door e-commerce home delivery service, thereby offering convenient access for its customers and meeting the demands of an evolving retail landscape. Bluma Wellness plans to continue expanding its cultivation and distribution operations as the Florida market grows and may enter into other US states where the production, distribution and use of cannabis is permitted under state law.

Additional Information

The Company’s securities have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws including information relating to the planned opening of additional One Plant Florida retail dispensaries and delivery hubs in Florida and the Company’s strategic business plans. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements due to a variety of known and unknown risks and uncertainties including, without limitation: risks relating to cannabis being illegal under US federal law and risks of US federal enforcement actions related to cannabis activities; the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; negative changes in the political environment or in the regulation of medical cannabis in the state of Florida; the risk of any disruptions to the Company’s business and operations as a result of the COVID-19 pandemic; negative shifts in public opinion and perception of the cannabis industry and cannabis consumption; increasing competition in the industry; risks of product liability and other safety-related liability as a result of usage of the Company’s cannabis products; the Company’s limited operating history with no assurance of profitability; the ability of the Company to access future financing if needed or on terms acceptable to the Company; the risk of defaulting on its existing debt; risk of shortages of or price increases in key inputs, suppliers and skilled labor; the risks inherent in running agricultural operations such as pests and crop failure; loss of licenses; reliance on key personnel; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks and risk of litigation.

The forward-looking information in this press release are made as of the date of this release. The Company does not undertake any obligation to update forward-looking information except as required by applicable securities laws.


1 IFRS

2 Gross Price per Pound is calculated as total revenue divided by total pounds of dried medical cannabis flower sold.

3https://knowthefactsmmj.com/about/weekly-updates/

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