Westleaf Announces Appointment of New Board Director

Cody Church brings extensive financial and capital markets experience to the team 

CALGARY, July 4, 2019 /PRNewswire/ - Westleaf Inc. (TSX-V:WL)(OTCQB:WSLFF) ("Westleaf" or the "Company") is pleased to announce the appointment of Cody Church to the Board of Directors of the Company.

Mr. Church joins Westleaf after a successful career in finance in New York and Calgary. Most recently, Mr. Church was the co-founder and senior managing director of TriWest Capital Partners, one of the largest general buyout funds in Western Canada and one of the leading private equity groups in the country.

"Cody brings a vast knowledge of the financial markets, both from a private equity and public company position, and a far-reaching network within the financial community in Canada and the US," said Stephen Mason, Founder and Executive Chairman of Westleaf. "Cody's experience complements an already deep talent pool within Westleaf and we are excited to have him join our board."

Mr. Church began his career with CS First Boston in 1993 and worked in the area of acquisitions and divestitures, high yield bonds, IPOs and re-financings. He then went on to work in private equity with EXOR America establishing a solid reputation for financing, structuring and deal flow, before returning home to Calgary to start TriWest in 1997. TriWest raised $1.3 billion of committed equity capital through five managed funds and generated exceptional returns across all five funds. Mr. Church retired from TriWest in 2018 and founded Clear North Capital where he serves as President and CEO.

Mr. Church is a graduate of Harvard University receiving a Bachelor of Economics, and is an active member of the community, having served on the board of the Calgary Stampede Foundation, the Alberta Children's Wish Board, and the Calgary Parks Foundation among others. He was also named one of Canada's Top 40 under 40 and is a guest lecturer at the University of Calgary's faculty of Corporate Finance.

In connection with the appointment, Westleaf has granted 90,909 restricted share units ("RSUs") to Mr. Church in accordance with its Restricted Share Unit Award Plan dated May 29, 2018. 84,745 RSUs were also granted to Mr. John Radostits in connection with his previous appointment.  The RSUs will be granted as of the date of this news release, are valued at $0.55 per unit and will vest in a series of four equal tranches over 12 months following the date hereof. 

Mr. Church joins fellow directors: Chairman Stephen Mason, CEO Scott Hurd, Delbert Wapass, John Radostits and independent members Robb McNaughton and Kareen Stangherlin.

About Westleaf Inc.

Westleaf is a vertically integrated cannabis company focused on innovative retail experiences and engaging cannabis brands as well as cultivation, production and extraction of cannabis products. Westleaf is rolling out a national retail footprint for its cannabis retail concept Prairie Records. Westleaf also has two significant production facilities - Thunderchild Cultivation in Battleford, Saskatchewan, which is scheduled for completion in 2019 and The Plant extraction, processing and product formulation facility in Calgary, Alberta, where construction was recently completed. Commencement of production at both facilities remains subject to receipt of an operating license from Health Canada. For more information, please visit www.westleaf.com or www.prairierecords.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Cautionary Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. This news release, forward-looking statements relate, among other things, to the development of retail cannabis stores, the construction of Westleaf's production facilities and the timing for completion of the same, commencement of production at Westleaf's production facilities, timing of required regulatory approvals, and the business and operations of the Westleaf. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to the ability to obtain or maintain licences to retail cannabis products; review of Westleaf's production facilities by Health Canada and receipt of licences from Health Canada in respect thereof; future legislative and regulatory developments involving cannabis, including the passing of regulations regarding derivative cannabis products; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; general business, economic, competitive, political and social uncertainties; the satisfaction of conditions precedent under Westleaf's credit facilities; timing and completion of construction of Westleaf's production facilities and retail locations; and the delay or failure to receive board, ATB Financial or regulatory approvals, including any approvals of the TSX Venture Exchange, as applicable. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Westleaf assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

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SOURCE Westleaf Inc.