CordovaCann Corp. (CSE: CDVA) (OTCQB: LVRLF) ('Cordova' or the 'Company'), a cannabis-focused consumer products company, announced today that the Company has entered into a letter of intent (the 'LOI') to purchase a majority stake of 2734158 Ontario Inc. ('273'), an arm's length Ontario-based cannabis retail venture (the 'Transaction').

The Transaction will enable Cordova to quickly open five recreational cannabis stores in Ontario under the Starbuds brand, and gives the Company the right to apply to open a total of 75 stores in the province over the next year and a half.

Pursuant to the terms of the LOI, Cordova has agreed to invest a total of seven hundred twentythree thousand dollars (CDN $723,000) in 273 in exchange for 50.1% of 273. The stores will be operated by 273 under the Starbuds brand name, and the Company will leverage its recently closed assets of Starbuds International Inc. ('Starbuds') to provide 273 with retail store designs and layouts, standard operating procedures, staff training, financing resources and systems support. Furthermore, 273 has granted Cordova a right of first refusal on any future sale of primary or secondary shares in 273. The Transaction is subject to prior approval from the Alcohol and Gaming Commission of Ontario and compliance with all applicable laws, rules and regulations. 273 is an Ontario-based cannabis venture that has secured a cannabis retail operating license from the Alcohol and Gaming Commission of Ontario (the 'License'). This License allows 273 to apply to open up to 75 retail stores in the province of Ontario. 273 has applied for five retail store authorization licenses, all of which have successfully passed through their public notice periods. 273 will manage the operations, buildout, and regulatory approvals of all Ontario stores, including the three locations in Barrie, and the remaining two located in Bradford and Alliston. It is expected that all five of these locations will be opened in the next few months, and that 273 can open many more stores in Ontario under the Starbuds brand over the next few years. Chris Jones, President of 273, commented 'we are confident in the proven Starbuds brand name, and look forward to expanding our Ontario footprint, generating substantial shareholder value, as well as ensuring that consumers in our province have exceptional retail experiences.' 'We are excited about the opportunity to expand our portfolio of retail locations in Canada under the Starbuds brand, and Ontario is a very attractive market given that it is in the early stages of rolling out cannabis stores,' stated Taz Turner, Chairman and CEO of Cordova. 'We anticipate that the first five stores will generate cash flow quickly, and we look forward to opening many more locations in Ontario in the future.'

About CordovaCann Corp.

CordovaCann Corp. is a Canadian-domiciled company focused on building a leading, diversified cannabis products business across multiple jurisdictions including Canada and the United States. Cordova primarily provides services and investment capital to the processing and production vertical markets of the cannabis industry.

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Tel: (917) 843-2169

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