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MINNEAPOLIS, May 5, 2020 /PRNewswire/ — Vireo Bloom International, Inc. (“Vireo” or the “Company”) (CNSX: VREO, OTCQX: VREOF), the science-focused multi-state cannabis aggregation with alive operations in alone medical-only markets and licenses in 10 states and the commonwealth of Puerto Rico, today appear the Aggregation will be relying on the accepted adjustment of the British Columbia Balance Commission (the “BCSC”) fabricated beneath BC Instrument 51-515 advantaged “Temporary Absolution from Certain Corporate Finance Requirements” (“BCSC Instrument 51-515”), anachronous March 23, 2020, to adjourn the filing of its anniversary banking statements and accompanying management’s altercation and assay for the banking year concluded December 31, 2019 (together, the “Annual Filings”) and the acting banking statements and accompanying management’s altercation and assay for the three months concluded March 31, 2020 (together, the “Interim Filings”).



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In acknowledgment to the COVID-19 pandemic, the BCSC and added balance authoritative authorities in Canada acquire accepted accommodating absolute exemptions acceptance issuers an added 45-day to complete their authoritative filings that were contrarily due during the aeon from March 23, 2020 to June 1, 2020. The Aggregation will be relying on the acting absolution pursuant to BCSC Instrument 51-515 in account of the afterward filing requirements:



In addition, the Aggregation additionally intends to await on the acting absolution to extend the date by which it must, beneath applicative balance laws, accelerate an anniversary appeal form, as adapted by Area 4.6(1) of NI 51-102 and bear anniversary or acting banking statements and management’s altercation and analysis, including the Anniversary Filings and Acting Filings, as adapted by Sections 4.6(3) and (5) and Sections 5.6(1) and (3) of NI 51-102.



The Aggregation anon anticipates filing its Anniversary Filings on or afore May 16, 2020 and its Acting Filings on June 16, 2020.

Until the Aggregation has filed and appear the adapted Anniversary Filings and Acting Filings, associates of administration and added assembly are accountable to an cabal trading black-out action that reflects the principals in area 9 of National Action 11-207 Failure to Book Cease Trade Orders and Revocations in Multiple Jurisdictions. The Aggregation confirms that there acquire been no absolute business developments, added than as appear through account releases, back September 30, 2019, actuality the date of the aftermost acting banking letters that were filed. Copies of the Company’s account releases are accessible beneath the Company’s SEDAR contour at www.sedar.com.

About Vireo Bloom International, Inc.

Vireo Bloom International, Inc. is a physician-led cannabis aggregation focused on architecture long-term, acceptable amount by bringing the best of medicine, science, and engineering to the cannabis industry. With operations strategically amid in early-stage, limited-license medical markets, Vireo articles pharmaceutical-grade cannabis articles in environmentally-friendly greenhouses and distributes its articles through its growing arrangement of Green Goods™ retail dispensaries and hundreds of third-party locations. Its accepted amount medical markets of New York, Minnesota, Pennsylvania, Arizona, New Mexico, Maryland, Ohio and Rhode Island all acquire the abeyant to achieve adult-use amends in the abutting three to 24 months, and three added markets in Puerto Rico, Massachusetts and Nevada additionally acquire abeyant for commercialization. Combined with its teams’ focus on active accurate addition aural the industry and accepting allusive bookish property, Vireo believes it is able-bodied positioned to become a all-around bazaar baton in the cannabis industry. In aggregate, Vireo’s absolute authorization portfolio spans 11 accompaniment markets with a absolute addressable citizenry of over 80 actor patients. Today, eight of its 11 accompaniment markets are operational with 13 of its 32 absolute retail berth licenses accessible for business. For added advice about the company, amuse appointment www.vireohealth.com.

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Caution Regarding Cannabis Operations in the United States

Investors should agenda that there are cogent acknowledged restrictions and regulations that administer the cannabis industry in the United States. Cannabis charcoal a Schedule I biologic beneath the US Controlled Substances Act, authoritative it actionable beneath federal law in the United States to, amid added things, cultivate, administer or acquire cannabis in the United States. Banking affairs involving gain generated by, or advised to promote, cannabis-related business activities in the United States may anatomy the base for case beneath applicative US federal money bed-making legislation.

While the access to administration of such laws by the federal government in the United States has trended adjoin non-enforcement adjoin individuals and businesses that accede with medical or adult-use cannabis programs in states area such programs are legal, austere acquiescence with accompaniment laws with account to cannabis will neither acquit Vireo of accountability beneath U.S. federal law, nor will it accommodate a aegis to any federal proceeding which may be brought adjoin Vireo. The administration of federal laws in the United States is a cogent accident to the business of Vireo and any proceeding s brought adjoin Vireo thereunder may abnormally affect Vireo’s operations and banking performance.

COVID-19 Accident Factor

The Aggregation may be impacted by business interruptions consistent from pandemics and accessible bloom emergencies, including those accompanying to COVID-19. An beginning of communicable disease, a pandemic, or a agnate accessible bloom threat, such as the contempo beginning of COVID-19, or a abhorrence of any of the foregoing, could abnormally appulse the Aggregation by causing operating, manufacturing, accumulation chain, and activity development delays and disruptions, activity shortages, travel, and aircraft disruption and shutdowns (including as a aftereffect of government adjustment and blockage measures). It is alien whether and how the Aggregation may be afflicted if such a communicable persists for an continued aeon of time, including as a aftereffect of the abandonment of authoritative requirements or the accomplishing of emergency regulations to which the Aggregation is subject. Although the Aggregation has been accounted capital and/or has been acceptable to abide operating its accessories in the states in which it cultivates, processes, manufactures, and sells cannabis during the pendency of the COVID-19 pandemic, there is no affirmation that the Company’s operations will abide to be accounted capital and/or will abide to be acceptable to operate.  The Aggregation may acquire costs or delays apropos to such contest alfresco of its control, which could acquire a absolute adverse appulse on its business, operating results, banking action and the trading amount of the Company’s accessory voting shares.

Forward-Looking Information

This account absolution contains “forward-looking information” aural the acceptation of applicative Canadian balance legislation. To the admeasurement any advanced advice in this account absolution constitutes “financial outlooks” aural the acceptation of applicative Canadian balance laws, such advice is actuality provided as basic banking after-effects and the clairvoyant is cautioned that this advice may not be adapted for any added purpose and the clairvoyant should not abode disproportionate affirmation on such banking outlooks.

Forward-looking advice independent in this account absolution may be articular by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and added agnate expressions, and accommodate statements with account to the Anniversary Banking Statements, the Acting Banking Statements, the affirmation on BCSC Instrument 51-515 and COVID-19. Advanced advice absorb accepted and alien risks, uncertainties and added factors which may account the absolute results, achievement or achievements of the Aggregation or its subsidiaries to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by the advanced statements or advice independent in this account release. Banking outlooks, as with advanced advice generally, are, after limitation, based on the assumptions and accountable to assorted risks as set out herein. Our absolute banking position and after-effects of operations may alter materially from management’s accepted expectations and, as a result, our acquirement and banknote on duke may alter materially from the acquirement and banknote ethics provided in this account release. Advanced advice is based aloft a cardinal of estimates and assumptions of administration in ablaze of management’s acquaintance and acumen of trends, accepted altitude and accepted developments, as able-bodied as added factors accordant in the circumstances, including assumptions in account of the availability of BCSC Instrument 51-515, accepted and approaching bazaar altitude and the accepted and approaching authoritative environment.

Although the Aggregation believes that the expectations and assumptions on which such advanced advice is based are reasonable, disproportionate affirmation should not be placed on the advanced advice because the Aggregation can accord no affirmation that they will prove to be correct. Absolute after-effects and developments may alter materially from those advised by these statements. Advanced advice is accountable to a array of risks and uncertainties that could account absolute contest or after-effects to alter materially from those projected in the advanced information. Such risks and uncertainties include, but are not bound to COVID-19 accident agency included in this account absolution and the accident factors set out in the Company’s advertisement account anachronous March 19, 2019, filed with the Canadian balance regulators and accessible beneath the Company’s contour on SEDAR at www.sedar.com.

The statements in this account absolution are fabricated as of the date of this release. The Aggregation disclaims any absorbed or obligation to amend any advanced information, whether as a aftereffect of new information, approaching contest or after-effects or otherwise, added than as adapted by applicative balance laws.

The Canadian Balance Exchange (“CSE”) has not advised and does not acquire albatross for the capability of this account release. Neither the CSE nor its “regulation casework provider” (as that appellation is authentic in the behavior of the CSE) accepts albatross for the capability or accurateness of this release.

This account absolution does not aggregate an action to advertise or a address of an action to advertise any of the balance in the United States. The balance acquire not been and will not be registered beneath the United States Balance Act of 1933, as adapted (the “U.S. Balance Act”) or any accompaniment balance laws and may not be offered or awash aural the United States or to U.S. Persons unless registered beneath the U.S. Balance Act and applicative accompaniment balance laws or an absolution from such allotment is available.

Contact Information:

Investor InquiriesSam GibbonsVice President, Investor Relations[email protected] (612) 314-8995

Media InquiriesAlbe ZakesVice President, Corporate Communications[email protected](267) 221-4800  

SOURCE Vireo Bloom International, Inc.

www.vireohealth.com

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