An anonymous director reports

AVANT BRANDS ANNOUNCES 30:1 SHARE CONSOLIDATION

Avant Brands Inc. will consolidate its outstanding common shares on the basis of one new common share for every 30 existing common shares. In accordance with the articles of the company, the consolidation has been approved by the board of directors of the company and shareholder approval is not required. The effective date for the consolidation is Friday, Aug. 30, 2024.

As of the date of this news release, the company has 316,342,373 common shares issued and outstanding. Following completion of the consolidation, the company is expected to have approximately 10,544,745 common shares issued and outstanding, subject to rounding.

No fractional postconsolidation common shares will be issued as a result of the consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional share as a result of the consolidation shall be rounded up to the next higher whole number if the fraction is 0.5 or greater and rounded down to the next lower whole number if the fraction is less than 0.5.

Registered shareholders of the company holding their shares in certificate form will receive a letter of transmittal from the company's transfer agent with instructions for exchanging their preconsolidation shares for postconsolidation shares. Registered shareholders of the company holding their shares in DRS advice form will receive their postconsolidation shares automatically within three business days after the effective date with no requirement to complete the letter of transmittal. Shareholders who hold their common shares through a broker or other intermediary will not need to complete a letter of transmittal.

The company's outstanding warrants, options and other convertible securities will be adjusted on the same basis as the consolidation with respect to the underlying common shares exercisable pursuant to the warrants, options and other convertible securities, with proportionate adjustments being made to applicable exercise or conversion prices, as applicable.

The consolidation is subject to obtaining all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. It is expected the common shares will commence trading on the TSX on a consolidated basis at the opening of trading on the effective date under the new ISIN CA05353D2023 and new Cusip 05353D202.

About Avant Brands Inc.

Avant is an innovative, market-leading premium cannabis company. Avant has multiple operational production facilities across Canada, which produce high-quality, handcrafted cannabis products based on unique and exceptional cultivars.

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