Emerging Nevada marketplace is this company’s initial focus following acquisition

Nevada’s cannabis market is worth USD$580 million in its first year of legal recreational use

Following its American Cannabis Cultivators (ACC) acquisition, Citation Growth Corp. is focused on organic production, genetics and distribution in Nevada

Organic production is a crucial differentiator for Citation Growth Corp., Nevada’s only triple-certified organic cannabis producer

Nevada’s cannabis market hit USD$639 million in sales in its most recent fiscal year, which is a 20 per cent jump from USD$530 million over the same period last year. The key difference is that 2019 was the state’s first full year where recreational cannabis use was legal. So, with more than 60 million tourists visiting Nevada each year, the potential for growth is momentous.

Over the last few years, Canada and several U.S. states have legalized recreational cannabis, however, the resulting rush of companies into the nascent marketplace has generated volatile results for early investors. This has prompted some analysts to recommend looking at the industry through a new lens and consider cannabis as a long-term investment with the potential to pay off over time as companies mature, and especially as cannabis use eats into alcohol and pharmaceutical sales.

Entering the cannabis market as a triple-threat contender 

With a lucrative market and endless opportunities, Canada’s Citation Growth Corp. (CSE: CGRO, OTCQX: CGOTF) hopes to stake an early but lasting claim with an integrated, multi-state seed-to-sale operation focused on cultivating quality, certified-organic product lines.

Producing triple-certified organic cannabis makes us the only facility in the country with this designation. It allows the consumer to feel comfortable with the product they are purchasing while being confident it sets high standards for quality and safety.”

Howard Misle, CEO, Citation Growth Corp.

The company completed the acquisition of American Cannabis Cultivators in August this year, bringing it a rich collection of genetic strains and new CEO, Howard Misle’s 16-year track cultivation record. Plus, Citation also inherited a substantial foothold in Nevada’s tremendous marketplace with licenses for up to 569,600-sq.-ft. of cultivation, making the company one of the largest licensed footprint holders in a state that has a current moratorium on licenses.

Establishing strong operations in a state popular with year-round tourists will set the company up for financial stability and will thus allow growth into other marketplaces where it already holds cultivation and distribution licenses. Citation’s president, Rahim Mohamed, notes, “Last year, approximately 62 million tourists entered the state of Nevada, predominantly in the city of Las Vegas. That is nearly double the population of Canada moving through one city in one year.”

Mohamed explains that the company has an established cultivation facility in Pahrump, about 50 minutes outside of Vegas, and has just completed construction of a production facility closer to the city located in North Las Vegas in Oct. 2019. Facilities in North Las Vegas each have three organic certifications: EnvirOrganic Farm Certification, Certified Kind and Clean Green Certified. These organic certifications are also underway in Pahrump.

Setting a new standard for organic production 

Citation’s certifications make the company the only triple-certified organic cannabis producer in the state, a key differentiator with health-conscious cannabis consumers.

“Producing triple-certified organic cannabis makes us the only facility in the country with this designation,” adds CEO, Howard Misle. “It allows the consumer to feel comfortable with the product they are purchasing while being confident it sets high standards for quality and safety.”

The promise to produce premium cannabis for consumers comes at an important time when other cannabis producers have faced backlash over tainted products hitting the market without being detected. Canopy Growth Corp and OrganiGram Holdings have both faced the consequences of selling tainted products to consumers back in 2017.

Despite the negativity hitting the press around cannabis, Citation is setting a new standard for its quality control measures in every jurisdiction that it operates in. The company cultivates specific genetics using state-of-the-art processes and grows its product in small batches in living soil. Growing cannabis in smaller batches in controlled environments allows Citation to maintain quality and minimize losses caused by any issues, which has dogged some producers in this new industry. Additionally, the company cures its end product instead of adhering to the more typical dehydration method.

Citation’s cannabis products will hit the shelves quickly after cultivation, satisfying increasing consumer demand with a fresh product. The company also has six brands to offer consumers: Blunt Box, Gardens of WeEden, Superior, Fiore triple-certified, Diamante Labs and PureCloud 9.

Citation cultivates every three days in Pahrump and every seven days in North Las Vegas, and all of its cannabis is pre-sold, meaning the company is not storing any of its cultivated cannabis for long periods of time, allowing for maximum freshness

“Our goal is not to be a mass producer of cannabis, but rather a supplier of quality cannabis,” Misle explains. “We really want to be known for our premium quality. There are going to be growing pains in any new industry. However, we’re learning from the mistakes of others, which has taught us to do some things differently.”

Growth, licenses and hope for CBD 

Citation has cultivation facilities in California, Washington State and British Columbia, Canada at various stages of development, all with the same goal of becoming certified organic producers. Citation also has fully operational extraction and production facilities in North Las Vegas at their Apex campus.

The company is developing two cultivation sites in British Columbia — one in Celista in the North Shuswap area with the potential for ten 10,000-sq.-ft. buildings, of which two 10,000-sq.-ft. buildings are near completion and the other, a 100-acre joint venture in Chase already approved for 486,000-sq.-ft. of cultivation.

In Washington State, the company has 13.8 acres of cannabis-zoned property, and in California’s Desert Hot Springs, Citation has two cultivation and production centers in the works. Both facilities in Washington and California will be further developed once the sites in British Columbia have been completed.

While cultivating its organic strains is the immediate priority, moving from a wholesale provider to a larger retail footprint is next.

“For us to be really profitable we have to be a seed-to-sale integrated company, so having a dispensary is on the top of our priority list,” Mohamed explains.

The company has seven retail licenses in Nevada that it could develop into dispensaries in the future and is looking at potentially purchasing some existing dispensaries as well. Selling directly into the retail market would potentially double their current $1-million monthly revenues in the state, with many organic products selling for about USD$3,000-$3,200/pound wholesale and climbing up to USD$8,300 retail.

In the future, Citation plans on expanding sales into additional marketplaces by white labelling their products and bringing other producers’ products into their stores. Interestingly, they are also tracking the emerging marketplace for CBD oil, a cannabis extract that has shown potential for numerous things. 

“We eventually hope to get into CBD,” Misle says. “It is on our radar and we are working on that as we speak.”

An extremely talented and knowledgeable team leads Citation. Misle, alone, has been involved in the cannabis sector since 2003 and played an integral role in the Nevada cultivation scene since legalization.

The company also boasts president and director, Rahim Mohamed, who’s 23-year international career in the private and public sector has propped him up to be instrumental in closing multiple mergers and acquisitions; and positioning Citation as one of the largest licensed footprint holders in the state of Nevada.

For investors learning about the company — based on its projections, Citation expects its total revenues in Nevada to hit over $350-million annually, upon completion of the entire build-out in both Pahrump and North Las Vegas. The company is on the rise, and it’s strategically making its way through the evolving cannabis sector.

With Citation’s brand portfolio, its flagship facilities in Nevada already generating revenue, paired with the company’s organic methodology and more, it is evident that Citation’s trajectory to become a leading powerhouse is on the horizon.

To learn more about Citation Growth Corp, see their website here.

For further information, contact Citation at 1-877-438-5448 — Extension 718.

This story was provided by Market One Media Group for commercial purposes.

Article Link

Kelowna, British Columbia–(Newsfile Corp. – November 6, 2019) – Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) (“Citation” or the “Company“), a licensed cannabis cultivator and producer, is pleased to announce that Mr. Alnoor Nathoo has joined the Company’s board of directors. Mr. Nathoo brings with him a wealth of public and private company experience. Mr. Nathoo is principal of a privately held hotel development company which over the past two decades has developed and sold over 10 hotels across Canada. Prior to that, Mr. Nathoo was an investment advisor with Global Securities Corporation. Mr. Nathoo currently sits on the board of Softlab9 Software Solutions Inc.

To make room on the board for Mr. Nathoo, Mr. Raman Gill has resigned from the board of directors. The Company would like to thank Mr. Gill for his services and contributions to the Company.

Rahim Mohamed, Director & President of Citation commented, “We are very pleased to welcome Mr. Nathoo to the board of Citation. Mr. Nathoo was instrumental in funding ACC Enterprises privately and continued to support Citation since the closing of the merger with ACC. I look forward to working with Mr. Nathoo as we continue to focus on the high growth Nevada cannabis market through our cultivation and extraction assets in Pahrump and Las Vegas.” 

About Citation Growth Corp.

Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.

For Further Information:

Rahim Mohamed, President
RM@citationgrowth.com
1-877-438-5448 Extension 718

Paul Searle, Corporate Communications
1-877-438-5448 Extension 714
psearle@citationgrowth.com

www.citationgrowth.com

Stock Exchanges:

Citation trades in Canada, under the ticker symbol “CGRO” on the CSE, and in the U.S., under the ticker symbol “CGOTF” on the OTCQX Best Market (the “OTCQX”). The Company also trades on other recognized platforms in Europe including Frankfurt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.

Neither the CSE nor its Regulation Services Provider, nor the OTCQX has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements:

This news release contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate”, “become”, “objective”, “may”, “will”, “might”, “should”, “could”, “can”, “intend”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, “project”, “continue”, or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements may also include, among other things, statements about the Company’s: future business strategy; operations and growth strategies; expectations of obtaining licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated cash needs and estimates regarding capital requirements and the need for additional financing; ability to raise future financing; completion of all proposed site phases; the ability to expand into other states; expectations of operational efficiencies; total processing capacity; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing products; future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and anticipated trends and challenges in the markets in which the Company may operate.

Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: business, economic and capital market conditions; the ability to manage the Company’s operating expenses, which may adversely affect the Company’s financial condition; the Company’s ability to remain competitive; regulatory uncertainties; market conditions and the demand and pricing for our products; exchange rate fluctuations; security threats; the Company’s relationships with its customers, distributors and business partners; the Company’s ability to attract, retain and motivate qualified personnel; industry competition; the impact of technology changes on the Company’s products and industry; the Company’s ability to successfully maintain and enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of litigation that could materially and adversely affect our business; the Company’s ability to manage its working capital; and the Company’s dependence on key personnel. The Company is not a positive cash flow company and it may not actually achieve its plans, projections, or expectations (the Company has a history of losses).

Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.

Kelowna, British Columbia–(Newsfile Corp. – October 30, 2019) – Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) (“Citation” or the “Company“), a licensed cannabis cultivator and producer, announces that it has completed a non-brokered private placement (the “Private Placement”) of 3,615,000 units at $0.30 per unit for gross proceeds of $1,084,500. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable into one common share at an exercise price of $0.60 per share for a period of two years expiring October 30, 2021. The warrants are subject to an accelerated expiry date if the trading price of the Company’s common shares closes at or above $1.00 per share for a period of ten consecutive trading days.

The proceeds from the Private Placement will be used for general working capital purposes.

All securities issued under the Private Placement are subject to a four month hold period expiring March 1, 2020.

Participation of insiders of the Company in the Private Placement constitutes a related party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Since the Company’s shares trade only on the CSE, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101.

About Citation Growth Corp.

Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.

For Further Information:

Rahim Mohamed, President 1-877-438-5448 Extension 718 RM@citationgrowth.com

Paul Searle, Corporate Communications 1-877-438-5448 Extension 714 psearle@citationgrowth.com

www.citationgrowth.com

Stock Exchanges:

Citation trades in Canada, under the ticker symbol “CGRO” on the CSE, and in the U.S., under the ticker symbol “CGOTF” on the OTCQX Best Market (the “OTCQX”). The Company also trades on other

recognized platforms in Europe including Frankfurt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.

Neither the CSE nor its Regulation Services Provider, nor the OTCQX has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements:

This news release contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate”, “become”, “objective”, “may”, “will”, “might”, “should”, “could”, “can”, “intend”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, “project”, “continue”, or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements may also include, among other things, statements about the Company’s: future business strategy; operations and growth strategies; expectations of obtaining licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated cash needs and estimates regarding capital requirements and the need for additional financing; ability to raise future financing; completion of all proposed site phases; the ability to expand into other states; expectations of operational efficiencies; total processing capacity; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing products; future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and anticipated trends and challenges in the markets in which the Company may operate.

Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: business, economic and capital market conditions; the ability to manage the Company’s operating expenses, which may adversely affect the Company’s financial condition; the Company’s ability to remain competitive; regulatory uncertainties; market conditions and the demand and pricing for our products; exchange rate fluctuations; security threats; the Company’s relationships with its customers, distributors and business partners; the Company’s ability to attract, retain and motivate qualified personnel; industry competition; the impact of technology changes on the Company’s products and industry; the Company’s ability to successfully maintain and enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of litigation that could materially and adversely affect our business; the Company’s ability to manage its working capital; and the Company’s dependence on key personnel. The Company is not a positive cash flow company and it may not actually achieve its plans, projections, or expectations (the Company has a history of losses).

Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.

Not an Offer or Solicitation:

This press release is not an offer of the Company’s securities for sale in the U.S. The securities may not be offered or sold in the U.S. absent registration or an available exemption from the registration requirements

of the U.S. Securities Act and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the U.S. The Company’s securities have not been and will not be registered under the U.S. Securities Act.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

Kelowna, British Columbia–(Newsfile Corp. – October 30, 2019) – Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) (“Citation” or the “Company“), a licensed cannabis cultivator and producer, is pleased to announce that the Company has received approval from the debenture holders for the amendment (the “Amendment”) of the terms of the 10% unsecured convertible debentures (the “Debentures”) as previously announced in its news release dated October 28, 2019.

The following Amendments were approved by the Debenture holders holding over 74.94% of the aggregate outstanding principal amount of the Debentures:

1. The maturity date will be extended from October 23, 2019 to October 23, 2020;

2. All accrued and unpaid interest will be paid in common shares of the Company at market price on the date of issuance;

3. The conversion price will be reduced from $0.80 to $0.70 per unit subject to accelerated maturity if the trading price of the Company’s common shares closes at or above $1.05 per share for ten consecutive trading days;

4. The warrant exercise price will be reduced from $2.00 to $1.25 per share for a period of eighteen months expiring October 23, 2021, subject to acceleration if the trading price of the Company’s common shares closes at or above $1.88 per share for ten consecutive trading days; and

5. Howard Misle, CEO, agreed to personally pay the Debenture holders an additional $260,612 or 10% of the principal amount outstanding in shares when he receives his performance bonus shares.

All other terms of the Debentures remain the same.

In connection with the Amendment, the Company issued 635,642 common shares to settle accrued interests of $260,613 at a deemed price of $0.41 per share. The shares are subject to a four month plus 1 day hold period expiring February 29, 2020.

About Citation Growth Corp.

Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.

For Further Information:

Rahim Mohamed,
President RM@citationgrowth.com
1-877-438-5448 Extension 718

Paul Searle, Corporate Communications
1-877-438-5448 Extension 714
psearle@citationgrowth.com
www.citationgrowth.com

Stock Exchanges:

Citation trades in Canada, under the ticker symbol “CGRO” on the CSE, and in the U.S., under the ticker symbol “CGOTF” on the OTCQX Best Market (the “OTCQX”). The Company also trades on other recognized platforms in Europe including Frankfurt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.

Neither the CSE nor its Regulation Services Provider, nor the OTCQX has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements:

This news release contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate”, “become”, “objective”, “may”, “will”, “might”, “should”, “could”, “can”, “intend”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, “project”, “continue”, or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements may also include, among other things, statements about the Company’s: future business strategy; operations and growth strategies; expectations of obtaining licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated cash needs and estimates regarding capital requirements and the need for additional financing; ability to raise future financing; completion of all proposed site phases; the ability to expand into other states; expectations of operational efficiencies; total processing capacity; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing products; future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and anticipated trends and challenges in the markets in which the Company may operate.

Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: business, economic and capital market conditions; the ability to manage the Company’s operating expenses, which may adversely affect the Company’s financial condition; the Company’s ability to remain competitive; regulatory uncertainties; market conditions and the demand and pricing for our products; exchange rate fluctuations; security threats; the Company’s relationships with its customers, distributors and business partners; the Company’s ability to attract, retain and motivate qualified personnel; industry competition; the impact of technology changes on the Company’s products and industry; the Company’s ability to successfully maintain and enforce its

intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of litigation that could materially and adversely affect our business; the Company’s ability to manage its working capital; and the Company’s dependence on key personnel. The Company is nota positive cash flow company and it may not actually achieve its plans, projections, or expectations (the Company has a history of losses).

Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.

Not an Offer or Solicitation:

This press release is not an offer of the Company’s securities for sale in the U.S. The securities may not be offered or sold in the U.S. absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the U.S. The Company’s securities have not been and will not be registered under the U.S. Securities Act.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

Below is our recent interview with Rahim Mohamed, President and Director of Citation Growth Corp:

Q: Could you provide our readers with a brief introduction to Citation Growth Corp?

A: Citation Growth Corp (CSE: CGRO; OTCQX: CGOTF) is a publicly traded company that focuses on cannabis cultivation and processing across various jurisdictions in North America. Citation has facilities and operations in Las Vegas and Pahrump, Nevada with licenses to build up to 569,600 square feet. We have a dispensary in Desert Hot Springs, along with licenses and properties in California and Washington. Our Canadian operations are in British Columbia with facilities being built in Celista. Citation is focussed on providing premium organic cannabis to consumers from all our facilities and we are the only company in the State of Nevada that has Triple-Certified Organic product.

Citation has five well established brands in Nevada (Fiore, Blunt Box, Gardens of WeEden and Superior) and we recently announced our new brand: Diamante Labs, a high-end extract product line, made with the company’s Fiore Triple-Certified Organic flower. This ultra premium brand will include Diamonds (high TCHa crystalline formations with fractionated terpene “sauce” added), live resin, sugar waxes and live resin vape pens. We are committed to cultivating and processing organic cannabis and using our extraction facility to provide premium products for consumers, all while staying dedicated to environmentally conscious methods of operation. More information about our brands can be found on our website at http://citationgrowth.com/brands/.

Q: What makes you stand out from your competition?

A: Citation is focussed on building a strong foundation which we see as cultivating and producing the best quality organic cannabis consumers can buy. We thrive on creating the Best Quality products as well as products that are Healthier for consumption by making Citation’s products free of any chemicals, herbicides, pesticides and fertilizers. Citation is the only company in the state of Nevada that is Triple-Certified Organic. The Triple Organic Certification consists of three separate certifications that have been issued to Citation by nationally recognized organic standard boards. These include: EnvirOrganic Farm Certification, Certified Kind, and Clean Green Certifications, which all verify that our cannabis is organic and produced following the most stringent industry standards.

Our Las Vegas crops are continually inspected, tested and sampled to verify that Citation is consistently upholding all requirements to hold these prestigious triple organic certifications. Our organic growing methods and top of the line genetics combined with our use of the most naturally occurring hydrocarbons in our extraction process makes our product some of the cleanest on the market. Citation Growth is focussed on setting a new standard for quality, cost and margin in all our operations and is already generating revenue.

Q: What is the biggest challenge you’ve faced in your business and how did you overcome it?

A: The cannabis sector is in its infancy and a new industry in general, so most cannabis companies are facing challenges. The entire industry itself is still growing and overcoming challenges, each company feels the effects of this.

For Citation, the biggest challenge was creating a brand that consumers recognized as premium organic cannabis with superior quality. Becoming a recognized brand takes time and we have been committed to showing consumers that we are dedicated to consistently cultivating and producing the best quality cannabis that consumers can buy. With the vape crisis and lung illnesses spreading rapidly, consumers are becoming more cognisant of the cannabis products they purchase. Consumers have started to learn more about organic cannabis, its production methods and its benefits. As a result of this, demand for Citation’s organic cannabis brands is steadily increasing, for all our products including our flower, extracts, and vape pens. Citation’s organic cannabis brands can now be found in 47 of 60 dispensaries in Nevada and our brands are becoming synonymous with premium quality organic cannabis.

Q: What are your plans for the future?

A: Presently, we are converting our current Pahrump facility to be certified organic and we plan to build out another 40,000 square feet of cultivation in Pahrump. Over time Citation will build out the entire 569,600 square feet in Nevada, but this will occur in various phases. In relation to our production facility in Nevada, we plan to eventually white label our products which allows us to maximize the use of our production facilities, increase revenue, raise awareness of our premium quality organic products, all while creating sustainability.

With Nevada operations up-and-running, Citation plans to get the Canadian facilities complete and operational in Celista, British Columbia, which will be a major milestone. Lastly, the company also plans to acquire or receive our own dispensary license in Las Vegas to be fully integrated from seed to sale and we will eventually strive to get into CBD production.

Q: What reasons would someone invest in Citation Growth Corp?

A: Citation has tremendous assets and upside potential but most importantly, the company’s revenue has started climbing. We have focussed on building a strong foundation of cultivation by consistently growing premium quality organic cannabis. By doing this it has allowed us to make sure that the mainstay of the company, cannabis, is reliable and thus able to generate consistent revenue. Our brands and our cost of production will help support and drive company sustainability and take this company and hopefully the entire cannabis sector to new levels. For those wanting any additional information please visit our website at http://citationgrowth.com/.

Link to Article

Kelowna, British Columbia–(Newsfile Corp. – October 28, 2019) – Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) (“Citation” or the “Company”), a licensed cannabis cultivator and producer, announces that management of the Company and the debenture holders represented by Tim Johnson of Vernon, British Columbia, worked diligently over the last week to reach an agreement to amend the terms of the Convertible Debentures in the principal amount of $2.6 million which matured on October 23, 2019 (the “Debentures”). The Debentures are unsecured, bear interest at 10% per annum and are convertible into units of the Company at a price of $0.80 per unit. Each unit consists of one common share and one warrant exercisable at $2.00 per share until October 23, 2019.

The parties agreed to amend the Debentures on the following terms:

  1. The maturity date will be extended from October 23, 2019 to October 23, 2020;
  2. All accrued and unpaid interest will be paid in common shares of the Company at market price on the date of issuance. Such shares will be subject to a four month
  3. plus 1 day hold period; The conversion price will be reduced from $0.80 to $0.70 per unit subject to accelerated maturity if the Company’s common shares trade above $1.05 per share for ten consecutive trading days;
  4. The warrant exercise price will be reduced from $2.00 to $1.25 per share for a period of eighteen months expiring April 23, 2021, subject to acceleration if the Company’s common shares trade above $1.88 per share for ten consecutive trading days; and
  5. As an act of good faith, Howard Misle, CEO, agreed to personally pay the Debenture holders $260,000 or 10% of the principal amount outstanding in shares when he receives his performance bonus shares.

All other terms of the Debentures remain the same.

Pursuant to the terms of the Debentures, the amendment is subject to the Company receiving written consents of at least 66.67% of the Debenture holders.

Howard Misle, CEO, stated, “I would like to thank Mr. Johnson for his time and cooperation this past week and our Debenture holders for their continued support. Our ability to come to terms resulted in a positive outcome for the Company and I look forward to conducting more business with Mr. Johnson and his associates in the future.”

Tim Johnson, Debenture holder, commented, “Mr. Misle invited me and my wife to tour both the Pahrump and Apex growing facilities in Nevada last week. We were very impressed by the motivated staff members, the clean and well organized growing operations and the level of progress they have achieved. The real hidden gem in this deal is the hard driving task master, Howard Misle. We left our meeting with him feeling even more confident in our vested position.”

Rahim Mohamed added, “Management of Citation is extremely pleased with the overall outcome and we now can all go back to focusing on building the Company and increasing shareholder value.”

About Citation Growth Corp.

Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.

Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.

For Further Information:

Rahim Mohamed, President
RM@citationgrowth.com
1-877-438-5448 Extension 718

Paul Searle, Corporate Communications
1-877-438-5448 Extension 714
psearle@citationgrowth.com

www.citationgrowth.com

Stock Exchanges:

Citation trades in Canada, under the ticker symbol “CGRO” on the CSE, and in the U.S., under the ticker symbol “CGOTF” on the OTCQX Best Market (the “OTCQX”). The Company also trades on other recognized platforms in Europe including Frankfurt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.

Neither the CSE nor its Regulation Services Provider, nor the OTCQX has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements:

This news release contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate”, “become”, “objective”, “may”, “will”, “might”, “should”, “could”, “can”, “intend”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, “project”, “continue”, or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements may also include, among other things, statements about the Company’s: future business strategy; operations and growth strategies; expectations of obtaining licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated cash needs and estimates regarding capital requirements and the need for additional financing; ability to raise future financing; completion of all proposed site phases; the ability to expand into other states; expectations of operational efficiencies; total processing capacity; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing products; future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and anticipated trends and challenges in the markets in which the Company may operate.

Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: business, economic and capital market conditions; the ability to manage the Company’s operating expenses, which may adversely affect the Company’s financial condition; the Company’s ability to remain competitive; regulatory uncertainties; market conditions and the demand and pricing for our products; exchange rate fluctuations; security threats; the Company’s relationships with its customers, distributors and business partners; the Company’s ability to attract, retain and motivate qualified personnel; industry competition; the impact of technology changes on the Company’s products and industry; the Company’s ability to successfully maintain and enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of litigation that could materially and adversely affect our business; the Company’s ability to manage its working capital; and the Company’s dependence on key personnel. The Company is not a positive cash flow company and it may not actually achieve its plans, projections, or expectations (the Company has a history of losses).

Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.

Not an Offer or Solicitation:

This press release is not an offer of the Company’s securities for sale in the U.S. The securities may not be offered or sold in the U.S. absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the U.S. The Company’s securities have not been and will not be registered under the U.S.

Securities Act.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

Las Vegas, Nevada – (Newsfile Corp. – October 23, 2019) – Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) (“Citation” or the “Company”), a licensed cannabis cultivator and producer, announces the completion of its production facility and will focus on obtaining Organic Certification for its Pahrump facility. The new production facility is fully staffed and trained. All equipment has successfully been installed and tested and is in full working order. The Company anticipates deliveries of both their DIAMANTE and SUPERIOR product lines to dispensaries within the next 21 days. Citation is now in a position where they can upcycle its trim, popcorn and flower, and achieve 2x to 3x revenue from converting into high-end extracts. Howard Misle, CEO of Citation commented, “Pahrump organic certification is underway. We have taken great strides in converting this facility into a Certified-Organic facility for several months now. With increasing concerns around the inhalation of chemicals, Citation found it necessary to stay ahead of the curve and switch completely to organic to provide our buyers and consumers with the BEST QUALITY products with no chemicals, herbicides and/or pesticides.”

The Pahrump facility is now ready for inspection to become certified. Citation’s North Las Vegas facility remains the only Nevada facility to be triple organic certified, giving the Company the opportunity to realize higher margins on its products.

Our North Las Vegas triple organic certified facility is approximately 10,000 square feet in size. Once certified, Pahrump will give Citation another 26,500 square feet of certified organic cultivation space in Nevada. Adding Pahrump’s potential licensed footprint to Las Vegas’ potential licensed capacity makes Citation one of the largest licensed footprint holders in the state of Nevada with 569,600 square feet of cultivation and processing, once all phases are built out and the sites are fully operational. About Citation Growth Corp.

Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.

For Further Information: Rahim Mohamed, President RM@citationgrowth.com 1-877-438-5448 Extension 718 Paul Searle, Corporate Communications 1-877-438-5448 Extension 714 psearle@citygatecap.com www.citationgrowth.com Stock Exchanges:

Citation trades in Canada, under the ticker symbol “CGRO” on the CSE, and in the U.S., under the ticker symbol “CGOTF” on the OTCQX Best Market (the “OTCQX”). The Company also trades on other recognized platforms in Europe including Frankfurt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin. Neither the CSE nor its Regulation Services Provider, nor the OTCQX has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements: This news release contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate”, “become”, “objective”, “may”, “will”, “might”, “should”, “could”, “can”, “intend”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, “project”, “continue”, or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements may also include, among other things, statements about the Company’s: future business strategy; operations and growth strategies; expectations of obtaining licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated cash needs and estimates regarding capital requirements and the need for additional financing; ability to raise future financing; completion of all proposed site phases; the ability to expand into other states; expectations of operational efficiencies; total processing capacity; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing products;

future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and anticipated trends and challenges in the markets in which the Company may operate. Such forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: business, economic and capital market conditions; the ability to manage the Company’s operating expenses, which may adversely affect the Company’s financial condition; the Company’s ability to remain competitive; regulatory uncertainties; market conditions and the demand and pricing for our products; exchange rate fluctuations; security threats; the Company’s relationships with its customers, distributors and business partners; the Company’s ability to attract, retain and motivate qualified personnel; industry competition; the impact of technology changes on the Company’s products and industry; the Company’s ability to successfully maintain and enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of litigation that could materially and adversely affect our business; the Company’s ability to manage its working capital; and the Company’s dependence on key personnel. The Company is not a positive cash flow company and it may not actually achieve its plans, projections, or expectations (the Company has a history of losses).

Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

KELOWNA, BRITISH COLUMBIA – September 23, 2019 – Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) (“Citation” or the “Company“), a licensed cannabis cultivator and producer, is pleased to report on its significant operational ramp up since completing the merger with ACC Group of Companies (the “Merger”).

Since the Merger with ACC on August 2, 2019, the Company produced an additional 89,250 grams of flower in August, of which 39,916 grams were sold to dispensaries for US$139,706 at an average price of US$3.50 per gram. Additionally, ACC’s inventory was sold to the Company’s wholly owned subsidiary, Marapharm Las Vegas LLC (“Marapharm”), for US$366,832 which will be further processed into cannabis oils at the Company’s Eco Nevada production facility. The Company expects to generate an additional 30% from the sale of these Cannabis extracts. For the months of July and August, Marapharm generated gross revenue of approximately US$220,500 from the sale of Cannabis flower. The Company’s dispensary in California, Green Leaf Wellness LLC, recorded gross revenue of approximately US$231,000 for July and August and gross margin of approximately 23%.

At Pahrump 1, Citation has now brought the facility to up to 67% of its total potential output of 275,000 grams per month. The Company expects to see 100% output out of the facility by the first quarter of 2020 before it begins its expansion in Pahrump with its Pahrump 2 and Pahrump 3 facilities. As previously announced, upon full build out, the Company’s Pahrump operations will have a total output of 6,000 kilograms per year across 50,000 square feet of grow. As previously disclosed, Pahrump 1 is a 26,500 square foot facility. Pahrump 2 and 3 represent an additional 15,000 square feet and 8,500 square feet, respectively. Citation also has an LOI on fourth Pahrump facility adjacent to its current footprint which will add an additional 12,500 square feet. The Company also has additional room to build out an additional 225,000 square feet of premium indoor cultivation on its 100% owned Pahrump land holdings.

In August, Citation is pleased to report that its branded products including Blunt Box

The management team is currently reviewing multiple opportunities for non-dilutive financing from various sources, and would welcome any other funds to offer proposals to finance the build out of Pahrump 2, 3 and 4 to more than double our current cultivation footprint.

Management is also currently evaluating all of its assets to determine which core assets to focus on and which to divest in order to utilize capital in the most effective way possible to create shareholder value in the shortest timeframe.

expanding sales channels.

, Garden of Weeden,

Superior, and FIORE are now being sold in 42 dispensaries in Nevada representing a 70% penetration of the Nevada market. The Company expects to see continued growth of its branded products through its

In Nevada, the Company is also optimizing its delivery/distribution business as it looks to continue its

value-based approach in this region.

Update on Celista, Chase and Lynden Assets

The Company is pleased to report that it is in the final stages of Health Canada approval for its Celista asset. The Company is currently in the process of constructing the first of ten buildings, totaling 100,000 square feet of cultivation and processing space at this project.

The Company has decided to begin to divest its non-core assets in Lynden and Magna Bay as it further focuses on its US, cash flowing assets. The Company plans on completing this asset divestiture program by the end of 2019.

For additional information on Howard, the team and the projects that Citation is currently developing please visit our website and view our presentation at http://citationgrowth.com/.

About Citation Growth Corp.

Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.

For Further Information:

Howard Misle, CEO

hmisle@citationgrowth.com

1 (775)727-4386

Rahim Mohamed, President

RM@citationgrowth.com

(403) 605-9429

Paul Searle – Corporate Communications

IR@citationgrowth.com searlep3@gmail.com
1 (604) 602-9629

www.citationgrowth.com

Stock Exchanges:

Citation trades in Canada, under the ticker symbol “CGRO” on the CSE, and in the U.S., under the ticker symbol “CGOTF” on the OTCQX Best Market (the “QTCQX“). The Company also trades on other recognized platforms in Europe including Frankfurt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.

Neither the CSE nor its Regulation Services Provider, nor the OTCQX® has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX® accepts responsibility for the adequacy or accuracy of this release.

Marijuana Industry Involvement:

The Company owns marijuana licenses in California and Nevada. Marijuana is legal in each state; however, marijuana remains illegal under United States federal law and the approach to enforcement of U.S. federal law against marijuana is subject to change. Shareholders and investors need to be aware that federal enforcement actions could adversely affect their investments and that the Company’s ability to support continuing U.S.-based operations and its access private and public capital could be materially adversely affected.

The Company’s business is conducted in a manner consistent with state law and is in compliance with applicable state licensing requirements in the U.S. The Company has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with U.S. federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the U.S.

Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of cannabis under the Cannabis Act (Canada), readers are cautioned that in the U.S., cannabis is largely regulated at the state level. To the knowledge of the Company, there are to date a total of 33 states, plus the District of Columbia, that have legalized cannabis in some form. Notwithstanding the permissive regulatory environment of medical cannabis at the state level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis- related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under the U.S. federal law, nor will it provide a defense to any U.S. federal proceeding, which may be brought against the Company. Any such proceedings brought against the Company may materially adversely affect its operations and financial performance in the U.S. market.

Currently, listings of Canadian companies on the CSE will remain in good standing as long as they provide the disclosure that is required by the applicable Canadian securities regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.

Forward-Looking Statements:

This news release contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate”, “objective”, “may”, “will”, “might”, “should”, “could”, “can”, “intend”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, “project”, “continue”, or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements may also include, among other things, statements about the Company’s: ability to reinvest profits generated from its operations; future business strategy; realization of the anticipated benefits of the Transaction; expectations of obtaining licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated cash needs and estimates regarding capital requirements and the need for additional financing; total processing capacity; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing products; future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and anticipated trends and challenges in the markets in which the Company may operate.

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 the demand for our products; anticipated costs and ability to achieve goals; the Company’s ability to complete any contemplated transactions; historical prices of cannabis; and that there will be no regulation or law that will prevent the Company or ACC from operating its businesses; the state of the economy in general and capital markets in particular; present and future business strategies; the environment in which the Company will operate in the future; the estimated size of the cannabis market; and other factors, many of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Given these risks, uncertainties and assumptions, the reader should not place undue reliance on these forward-looking statements.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: accuracy of information provided by management of ACC to the Company regarding its management estimated future capital expenditure costs, revenue, and timeframe for the completion of its Pahrump, Nevada facility; business, economic and capital market conditions; the ability to manage the Company’s operating expenses, which may adversely affect the Company’s financial condition; the Company’s ability to remain competitive; regulatory uncertainties; market conditions and the demand and pricing for our products; exchange rate fluctuations; the risk of difficulties in the integration of the Company and ACC; security threats; the Company’s relationships with its customers, distributors and business partners; the Company’s ability to attract, retain and motivate qualified personnel; industry competition; the impact of technology changes on the Company’s products and industry; the Company’s ability to successfully maintain and enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of litigation that could materially and adversely affect our business; the Company’s ability to manage its working capital; and the Company’s dependence on key personnel. The Company is not a positive cash flow company and it may not actually achieve its plans, projections, or expectations (the Company and ACC have a history of losses).

Important factors that could cause actual results to differ materially from the Company’s expectations include, consumer sentiment towards the Company’s products and cannabis generally; risks related to the Company and ACC’s ability to maintain its licenses issued by governments in good standing; uncertainty with respect to the Company and ACC’s ability to grow, store and sell cannabis; risks related to the costs required to meet the obligations related to regulatory compliance; risks related to the extensive control and regulations inherent in the industry in which the Company and ACC operate; risks related to governmental regulations, including those relating to taxes and other levies; risks related an early stage business and a business involving an agricultural product and a regulated consumer product; risks related to building brand awareness in a new industry and market; risks relating to restrictions on sales and marketing activities imposed by governments; risks inherent in the agricultural business; risks relating to energy costs; risks relating to product liability claims, regulatory action and litigation; risks relating to recall or return of products; and risks relating to insurance coverage; global economic climate; equipment and building failures; increase in operating costs; decrease in the price of cannabis; security threats; government regulations; loss of key employees and consultants; additional funding requirements; volatility in the securities of the Company; changes in laws; technology failures; failure to obtain permits and licenses; anticipated and unanticipated costs; competition; risks associated with the substantial obligations of being a public company; and failure of counterparties to perform their contractual obligations. This list is not exhaustive of the factors that may affect the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements.

Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to the reader or any person resulting from the use of the information in this news release by the reader or its representatives or for omissions from the information in this news release.

The securities of the Company are considered highly speculative due to the nature of the Company and ACC’s businesses.

All information in this news release concerning ACC has been provided for inclusion herein by ACC. Although the Company has no knowledge that would indicate that any information contained herein concerning ACC is untrue or incomplete, the Company assumes no responsibility for the accuracy or completeness of any such information.

Accordingly, readers should not place undue reliance on forward-looking statements. Financial amounts are in United States Dollars, unless otherwise specified.

Not an Offer or Solicitation:

This press release is not an offer of the Company’s securities for sale in the U.S. The securities may not be offered or sold in the U.S. absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the U.S. The Company’s securities have not been and will not be registered under the U.S. Securities Act.

 KELOWNA, BRITISH COLUMBIA – August 6, 2019 – Citation Growth Corp. (formerly, Liht Cannabis Corp.) (CSE: CGRO) (OTCQX: CGOTF) (“Citation” or the “Company“), a licensed cannabis cultivator and producer, is pleased to announce that, further to the Company’s press release dated July 24, 2019, on August 2, 2019 it closed the previously announced transaction (the “Transaction“) to acquire the ACC Group of Companies (“ACC“), a Nevada-based group of companies licensed for cannabis cultivation and well-known for its award-winning cannabis cultivars. The Company believes the integration of ACC into Citation’s existing cultivation and extraction infrastructure will support its continuing corporate growth strategy to become a leading multi-state operator of cannabis assets across the United States (“U.S.“) and Canada, as applicable legislation and regulations may permit. 

 Rahim Mohamed, the newly appointed President of Citation commented, “The acquisition of ACC provides the fuel required to accelerate Citation’s movement to large-scale cannabis cultivation and production. Pairing complimentary cultivation and seed genetics assets provided by ACC with Citation’s Nevada production facility and advanced propagation techniques gives the Company the resources necessary to rapidly expand throughout the legal cannabis market in the State of Nevada and beyond.” 

Citation anticipates that the acquisition of ACC, pursuant to the closing of the Transaction (“Closing“), will: 

  • create one of the largest license holders for cultivation in the State of Nevada, with an estimated consolidated licensed footprint for the combined entity of up to 569,600 ft2, including up to 16,000 ft2 in processing space for cannabis concentrates and edibles, assuming the successful completion of all proposed site phases. The Company estimates capital expenditure requirement for the combined entity of approximately US$90MM, which the Company anticipates will be made available through a combination of equity and non-dilutive debt financings, as well as from the reinvestment of profits generated from the Company’s operations; 
  • significantly enhance Citation’s Nevada operations by combining the Company’s comprehensive experience in organic cultivation techniques with ACC’s award-winning seed genetics program, fostering a new, premium cannabis powerhouse in the State of Nevada, and any such other jurisdictions it may enter, as regulations and legislation may permit; 
  • provide the opportunity to build upon ACC’s successful CY2018 unaudited financial performance, where it achieved revenue of approximately US$7.9MM, gross margin of approximately 57%, and adjusted EBITDA of approximately US$1.0MM; 
  • provide Citation with an approximate (ACC management-estimated) annualized US$114MM in additional forward-looking revenue, at an (ACC management-estimated) annualized EBITDA margin of approximately 25%, assuming the completion of all proposed phases and maximum 
  • operational efficiencies being realized, with an estimated capital expenditure requirement of approximately US$50MM; and 
  • enhance the Company’s suite of portfolio products with the addition of three (3) new, established brands within the State of Nevada, including BluntBox, Garden of Weeden, and Superior, to complement Citation’s established FIORE cannabis flower brand. 

Shares issuable upon the exercise of the Amended Warrants) issued to management of ACC pursuant to the Transaction are subject to three (3) year escrow provisions (“Escrow“) substantially similar to those that are required for an emerging issuer under National Policy 46- 201 Escrow for Initial Public Offerings. All other Common Shares, including any Common Shares issued in exchange for outstanding convertible securities in the acquired ACC entity, are subject to resale restrictions under the Securities Act (British Columbia) which do not allow for any resale or transfer until the date that is four (4) months and one (1) day following Closing, as well as application restrictions under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“). 

Grant of Performance and Retention Bonus Shares 

Citation also announces that the Company’s Board of Directors approved the grant of Common Shares pursuant to a performance bonus (“Performance Bonus Shares“) to certain directors, officers and employees of the Company that shall vest upon the achievement of certain performance milestones as well as the grant of Common Shares as a retention bonus (“Retention Bonus Shares” and collectively with the Performance Bonus Shares, the “Bonus Shares“) to certain key employees. An aggregate of 3,150,000 Bonus Shares were issued by the Company. The Bonus Shares will vest on the date that is four months from the date of issue. 

Issuance of Shares in Lieu of Cash 

The Board of Directors also approved the issuance of an aggregate of 1,100,000 Common Shares in lieu of cash to certain consultants for services rendered in connection with the development of the Company’s 

property located in Celista, British Columbia. The Common Shares issued in lieu of cash are subject to a four month and one day hold in accordance with applicable securities laws. 

About Citation Growth Corp. 

Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide. 

About the ACC Group of Companies 

The ACC Group of Companies is a group of privately held companies that have held indoor cannabis cultivation licenses in the State of Nevada since 2014. Primarily located in Pahrump, Nevada, ACC prides itself on its expansive collection of premium cannabis cultivars and its innovative seed genetics program. 

For Further Information: 

Rahim Mohamed, President 

RM@citationgrowth.com (403) 605-9429 

Paul Searle, Corporate Communications 

(604) 602-9629 

psearle@citygatecap.com 

www.citationgrowth.com 

Stock Exchanges: 

Citation trades in Canada, under the ticker symbol “CGRO” on the CSE, and in the U.S., under the ticker symbol “LIHTD” on the OTCQX Best Market (the “QTCQX“). The Company also trades on other recognized platforms in Europe including Frankfurt, Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin. 

Neither the CSE nor its Regulation Services Provider, nor the OTCQX has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release. 

Marijuana Industry Involvement: 

The Company owns marijuana licenses in California and Nevada. Marijuana is legal in each state; however, marijuana remains illegal under United States federal law and the approach to enforcement of U.S. federal law against marijuana is subject to change. Shareholders and investors need to be aware that federal enforcement actions could adversely affect their investments and that the Company’s ability to support continuing U.S.-based operations and its access private and public capital could be materially adversely affected. 

The Company’s business is conducted in a manner consistent with state law and is in compliance with applicable state licensing requirements in the U.S. The Company has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for 

compliance with U.S. federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the U.S. 

Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of cannabis under the Cannabis Act (Canada), readers are cautioned that in the U.S., cannabis is largely regulated at the state level. To the knowledge of the Company, there are to date a total of 33 states, plus the District of Columbia, that have legalized cannabis in some form. Notwithstanding the permissive regulatory environment of medical cannabis at the state level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under the U.S. federal law, nor will it provide a defense to any U.S. federal proceeding, which may be brought against the Company. Any such proceedings brought against the Company may materially adversely affect its operations and financial performance in the U.S. market. 

Currently, listings of Canadian companies on the CSE will remain in good standing as long as they provide the disclosure that is required by the applicable Canadian securities regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate. 

Forward-Looking Statements: 

This news release contains forward-looking statements that relate to our current expectations and views of future events. These statements relate to future events or future performance. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate”, “become”, “objective”, “may”, “will”, “might”, “should”, “could”, “can”, “intend”, “expect”, “believe”, “estimate”, “predict”, “potential”, “plan”, “is designed to”, “project”, “continue”, or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements may also include, among other things, statements about the Company’s: ability to reinvest profits generated from its operations; future business strategy; realization of the anticipated benefits of the Transaction; expectations of obtaining licenses and permits; expectations regarding expenses, sales and operations; future customer concentration; anticipated cash needs and estimates regarding capital requirements and the need for additional financing; ability to raise future financing; completion of all proposed site phases; the ability to expand into other states; expectations of operational efficiencies; total processing capacity; the ability to anticipate the future needs of customers; plans for future products and enhancements of existing products; future growth strategy and growth rate; future intellectual property; regulatory approvals and other matters; and anticipated trends and challenges in the markets in which the Company may operate. 

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 the demand for our products; anticipated costs and ability to achieve goals; the Company’s ability to complete any contemplated transactions; historical prices of cannabis; and that there will be no regulation or law that will prevent the Company or ACC from operating its businesses; the state of the economy in general and capital markets in particular; present and future business strategies; the environment in which the Company will operate in the future; the estimated size of the cannabis market; and other factors, many of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Although the Company believes that the assumptions underlying 

these statements are reasonable, they may prove to be incorrect. Given these risks, uncertainties and assumptions, the reader should not place undue reliance on these forward-looking statements. 

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: accuracy of information provided by management of ACC to the Company regarding its management estimated future capital expenditure costs, revenue, unaudited financials, and timeframe for the completion of its Pahrump, Nevada facility; business, economic and capital market conditions; the ability to manage the Company’s operating expenses, which may adversely affect the Company’s financial condition; the Company’s ability to remain competitive; regulatory uncertainties; market conditions and the demand and pricing for our products; exchange rate fluctuations; the risk of difficulties in the integration of the Company and ACC; security threats; the Company’s relationships with its customers, distributors and business partners; the Company’s ability to attract, retain and motivate qualified personnel; industry competition; the impact of technology changes on the Company’s products and industry; the Company’s ability to successfully maintain and enforce its intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of litigation that could materially and adversely affect our business; the Company’s ability to manage its working capital; and the Company’s dependence on key personnel. The Company is not a positive cash flow company and it may not actually achieve its plans, projections, or expectations (the Company and ACC have a history of losses). 

Important factors that could cause actual results to differ materially from the Company’s expectations include, consumer sentiment towards the Company’s products and cannabis generally; risks related to the Company and ACC’s ability to maintain its licenses issued by governments in good standing; uncertainty with respect to the Company and ACC’s ability to grow, store and sell cannabis; risks related to the costs required to meet the obligations related to regulatory compliance; risks related to the extensive control and regulations inherent in the industry in which the Company and ACC operate; risks related to governmental regulations, including those relating to taxes and other levies; risks related an early stage business and a business involving an agricultural product and a regulated consumer product; risks related to building brand awareness in a new industry and market; risks relating to restrictions on sales and marketing activities imposed by governments; risks inherent in the agricultural business; risks relating to energy costs; risks relating to product liability claims, regulatory action and litigation; risks relating to recall or return of products; and risks relating to insurance coverage; global economic climate; equipment and building failures; increase in operating costs; decrease in the price of cannabis; security threats; government regulations; loss of key employees and consultants; additional funding requirements; volatility in the securities of the Company; changes in laws; technology failures; failure to obtain permits and licenses; anticipated and unanticipated costs; competition; risks associated with the substantial obligations of being a public company; and failure of counterparties to perform their contractual obligations. This list is not exhaustive of the factors that may affect the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. 

Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to the reader or any person resulting from the use of the information in this news release by the reader or its representatives or for omissions from the information in this news release. 

To the extent any forward-looking information in this press release constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated product sales of the Company and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above under the heading “Forward- Looking Statements”. 

“EBITDA” (earnings before interest, tax, depreciation and amortization) and “adjusted EBITDA” (net income or loss before income taxes or recovery, depreciation and amortization, interest expense, interest income, share-based payments, fair value adjustments on biological assets and inventory, impairments, transaction and acquisition costs, unrealized gains or losses in fair value of derivatives, share of income or loss from investments in associates and joint ventures and gain or loss on other investments) do not have any standardized meaning as prescribed by International Financial Reporting Standards (“IFRS“) as issued by the International Accounting Standards Board, and, therefore, are considered non-GAAP measures and may not be comparable to similar measures presented by other issuers. The Company believes the non- GAAP measure of “EBITDA” and “adjusted EBITDA”, combined with IFRS measures, such as revenue and net loss, are useful measures to its shareholders as management relies on such measures to provide insight into future operations. Readers are cautioned, however, that “EBITDA” and “adjusted EBITDA” should not be construed as an alternative to financial measures determined in accordance with GAAP or IFRS as an indicator of the Company’s financial performance. Readers are also advised that while the Company realizes certain revenue through long-term service arrangements with its client brands, current state regulatory restrictions and U.S. federal restrictions may prevent the Company from consolidating the financial results of such brands. 

The securities of the Company are considered highly speculative due to the nature of the Company and ACC’s businesses. 

All information in this news release concerning ACC has been provided for inclusion herein by ACC. Although the Company has no knowledge that would indicate that any information contained herein concerning ACC is untrue or incomplete, the Company assumes no responsibility for the accuracy or completeness of any such information. 

Accordingly, readers should not place undue reliance on forward-looking statements. Financial amounts are in United States Dollars, unless otherwise specified. 

Not an Offer or Solicitation: 

This press release is not an offer of the Company’s securities for sale in the U.S. The securities may not be offered or sold in the U.S. absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the U.S. The Company’s securities have not been and will not be registered under the U.S. Securities Act.