July 28, 2022 – TheNewswire - Vancouver, B.C. – Luff Enterprises Ltd., (CSE:LUFF) (CNSX:LUFF.CN) (“LUFF” or the “Company”) is pleased to provide a further update on its previously announced agreement to acquire the National Green Biomed group of companies (“NG Biomed”). On July 21, 2022 Luff announced its plan to acquire, largely for share consideration, NG Biomed, a licensed producer of cannabis products for both the recreational and medical consumer markets.  

Luff announces that NG Biomed’s wholly owned subsidiary, Rosebud Productions Inc., has received final approval from Health Canada to authorize the activity of sale of cannabis extracts, edible cannabis, and cannabis topical products to provincially and territorially authorized retailers and holders of a licence for sale for medical purposes.

This approval was the final step in NG Biomed’s licence approval process, and will allow for a complete product offering for clients. It will also facilitate more streamlined procurement and fulfilment operations when medical sales are initiated..

Luff’s CEO, Philip Campbell, remarked, “The sales licence approval for extracts is the culmination of months of hard work and determination by the team at National Green Biomed, with a relentless focus on quality and consistency. With our new sales platform for medical products in Canada ramping up, this approval paves the way for Luff to expand the products that we are bringing to market, in addition to our proposed best-in-class craft flower menu.”

The acquisition of NG Biomed remains subject to approval from NG Biomed’s shareholders, approval from the Canadian Securities Exchange, if needed, and completion of customary closing conditions.

ABOUT LUFF ENTERPRISES LTD.

LUFF is a hemp and wellness company, focused on providing premium quality, innovative products across the United States through its online store.  Committed to plant-based science, LUFF produces and sources a suite of thoughtfully designed products to benefit a wide range of user needs.

Currently, the Company focuses on identifying unique products and formulations leveraging cannabinoids to empower people to realize the full potential of everyday life.  LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.

FOR FURTHER INFORMATION:

Philip Campbell, CEO and Director

Email: IR@luffbrands.com

Telephone: 250-419-7665

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

Certain statements in this news release, including statements or information containing terminology such as “anticipate”, “believe”, “intend”, “expect”, “estimate”, “may”, “could”, “will”, and similar expressions constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events, or developments that the Company or a third party expect or anticipate will or may occur in the future, including the Company’s future growth, results of operations, performance, and business prospects and opportunities are forward-looking statements. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company. These statements require the Company to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. Actual results and developments may differ materially from the anticipated results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond the Company’s control.  These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable. Examples of forward-looking statements in this news release and the key assumptions and risk factors involved in such statements include, but are not limited to, closing the pending acquisition of NG Biomed and expanding the Company’s business into Canada. The completion of the NG Biomed acquisition is subject to, among other things, approval from NG Biomed’s shareholders, approval from the Canadian Securities Exchange, if needed, and completion of customary closing conditions. The successful execution of the Company’s expansion initiatives is also subject to a number of risks and uncertainties, including industry competition and future customer demand for the Company’s products, among others.

Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on Luff. These forward-looking statements are made as of the date of this news release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.

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