CordovaCann Corp. provided an update on its Star Buds Cannabis Co. retail operations in Canada.

Star Buds Cannabis Co. stores continue to grow nicely in 2023 despite a difficult environment for the retail cannabis industry. The Company's 11 retail stores continue to increase market share and expand margins due to strong cost controls, optimizing product assortment and always focusing on the customer.

The Star Buds Cannabis Co. chain generated revenues of $1.2 million in each of the past two months, nearing record monthly revenues for the retail platform. The average store in the network grew revenues 7.5% year-over-year in August and 8.9% year-over-yearin September.

The stores in Ontario grew revenues at an even faster pace, with revenues in these stores increasing an average of 16.8% year-over-year In August, 2 stores posted monthly revenue records, and in September, 1 store reached a monthly revenue record. Gross margin has remained strong throughout 2023, and the stores posted an aggregate gross margin of 26.4% in August and 26.3% in September. Cordova primarily provides services and investment capital to the retail, processing and production vertical markets of the cannabis industry.

This news release contains "forward-looking information" under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable Canadian securities laws, including statements with respect to the Company's planned business activities, the anticipated benefits of the opening of the store and the prospect of opening additional retail stores. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "plans", "ex expects", "budget", "scheduled", "estimates", "forecasts", "intends", "ant anticipates", "bel believes", or variations or comparable language of such words and phrases or statements that certain actions, events or results " may, "could", "would", " might" or " will be taken", "occur" or " be achieved" or the negative connotation thereof.

Forward-looking information is necessarily based upon a number of factors and assumptions that, if false, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including anticipated costs and ability to achieve business objectives and goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking information including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other attacks in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the Company's ability to retain key management and employees; intense competition and the Company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's public filings on EDGAR and SEDAR.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results, events or results not to be as anticipated, estimated or intended. The Company provides forward-looking information for other purposes.