Vancouver, British Columbia – TheNewswire - December 23, 2024 – Pursuant to the early warning requirements of applicable Canadian securities laws, Mervin Boychuk reports that on December 20, 2024, Boychuk Holdings Inc. (“Boychuk Holdings”), of which Mr. Boychuk is a director and the sole shareholder, acquired ownership and direction or control over 13,303,030 common shares ("Common Shares") of Christina Lake Cannabis Corp. (the "Company"), at a deemed price of $0.033 per Common Share, in connection with a private placement offering by the Company (the "Offering").

Immediately prior to the closing of the Offering, Mr. Boychuk, had ownership and direction or control over 3,420,485 Common Shares which represented 1.82% of the 187,785,808, then outstanding Common Shares of the Company on a non-diluted basis. Mr. Boychuk also had ownership and direction or control over certain options, restricted share units, warrants, convertible debentures and notes at a range of exercise prices between $0.05 and $0.20, which if converted would entitle the holder to acquire up to an additional 11,083,333 Common Shares, or 5.57% of the Common Shares on a partially diluted basis. As a result of the Offering, Boychuk Holdings has acquired ownership and direction or control over 16,723,515 Common Shares representing 7.42% of the 225,315,354 outstanding Common Shares of the Company on a non-diluted basis. Additionally, if Mr. Boychuk and his affiliates were to exercise all of the outstanding option, restricted share units, debentures, notes and options, he would own an aggregate of 11.76% of the Common Shares of the Company, on a partially diluted basis.

The Inc, acquired the Common Shares in connection with the Offering and were acquired for investment purposes. Mr. Boychuk has a long-term view of the investment and does not intend at this time to acquire in the market any additional common shares of Company, or dispose of any of the Common Shares or shares acquired on exercise of any of the outstanding convertible securities, but may in the future increase or decrease his shareholding in Company depending on market conditions, whether in the open market, by privately negotiated agreement or otherwise.

Mr. Boychuk address is located at 33, 1st Street, NW Medicine Hat, AB T1A 6G9, Canada. The Company's head office is located at 1890 – 1075 West Georgia Street, Vancouver, BC, V6E 3C9. A copy of the early warning report to which this news release relates can be obtained from Mr. Boychuk at 403-928-4700 or via email at: Mervin.boychuk@gmail.com. or on the Company’s SEDAR+ profile at www.sedarplus.ca.