Hollister Biosciences Inc. Announces strategic initiatives including a planned rebrand, executive and board updates

CANNANNEW REPORT

Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the “Company“, “Hollister Cannabis Co.” or “Hollister“) is pleased to announce a series of operational and strategic updates to create shareholder value, enhance; governance, operations and market positioning while preparing the Company for the next phase of its growth. Background In November 2019, the Company completed its initial public offering and listed its shares on the Canadian Securities Exchange.  At the time of the offering, Hollister was pre-revenue; its business plan was focused on the California market, it was an ambitious start-up in an emerging industry. The Company launched with administration and management primarily consisting of third party providers to enable focus on the rapid advancement of its operational and financial objectives while keeping costs in line with capitalization and profitability goals. In March 2020, the Company completed its acquisition of Labtronix, Inc. d/b/a Venom Extracts (“Venom Extracts“) which transformed the Company into a multi-state operator and substantially enhanced its revenue, capabilities and reach. Hollister has since transformed from its pre-revenue position in late 2019 into a profitable multi-state cannabis operator. The Company has garnered a leadership position and deep penetration in a high growth limited market. The Company is among the leaders in operational efficiency, return on invested capital and has built a platform designed to scale. Most recently, the company announced revenue guidance for 2021, a Brand Campus to enhance its presence and profitability in Arizona, and two new members to the Board of Directors (the “Board“) as catalysts to lead the next phase of growth. The Company has a strong balance sheet with approximately US$12 million in working capital and no long term debt. In advance of the upcoming annual general and special meeting of shareholders (the “AGM“), the Company has made a number of strategic enhancements to align governance, leadership, operations, management and infrastructure with its refocused strategy. The refocused corporate…

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