BGP ACQUISITION CORP. REPORTS FOURTH QUARTER AND YEAR ENDED 2021 FINANCIAL RESULTS AND PROVIDES ANNUAL UPDATE

VANCOUVER, BC, April 4, 2022 /CNW/ - BGP Acquisition Corp. (NEO: BGP.U) (NEO: BGP.WT.U) (OTCQX: BGPPF) (OTCQX: BGPAF) (the "Corporation") is reporting its financial results as of December 31, 2021 and for the year ended December 31, 2021. The Corporation's audited annual financial statements along with its management discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed by shareholders and interested parties under the Corporation's profile on SEDAR at www.sedar.com.

Annual Update

Since the completion of the Corporation's initial public offering on February 4, 2021, management has focused its search on a target business with significant long-term value for the Corporation's shareholders. As a result, the Corporation has had – and continues to have – discussions with various parties regarding a qualifying transaction, but has not finalized definitive agreements in respect of a qualifying transaction and will disclose details regarding any potential transaction if and when it is legally required or otherwise appropriate to do so. The Corporation will continue pursuing the completion of a qualifying transaction prior to the deadline of August 4, 2022 (or November 4, 2022 if the Corporation has executed a letter of intent, agreement in principle or definitive agreement for a qualifying transaction prior to August 4, 2022 but has not yet completed the qualifying transaction), unless that date is extended, with shareholder approval. The Corporation's management team is confident in its ability to identify, evaluate, and execute an attractive qualifying transaction by continuing to leverage the Corporation's network to source a wide spectrum of meaningful investment opportunities. As experienced cannabis investors, management feels the opportunity set within the cannabis sector is strong and given recent price compression combined with strong growth rates and business execution, the sector should provide investors with meaningful upside in the near future. While the Corporation will continue to search for target businesses with a focus on the cannabis and related health and wellness industries, the Corporation is not limited to a particular industry or geographic region for purposes of completing its qualifying transaction. The Corporation remains committed to delivering value its shareholders and management looks forward to providing appropriate updates in the future.

About BGP Acquisition Corp.

BGP Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, a qualifying transaction within a specified period of time. For more information regarding the Corporation's business purpose and qualifying transaction targets, see the Corporation's most recent annual information form, financial statements, management's discussion & analysis and other continuous disclosure documents periodically filed on SEDAR.

Forward-Looking Statements

This press release may contain forward looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the risk that a qualifying transaction may not be completed by the Corporation's qualifying transaction deadline and the potential failure to obtain an extension of the qualifying transaction deadline if sought by the Corporation, and the failure to satisfy the conditions to the consummation of any proposed qualifying transaction, the impact of the COVID-19 pandemic and the factors discussed under "Risk Factors" in the Corporation's final prospectus dated January 28, 2021. The Corporation does not undertake any obligation to update such forward looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE BGP Acquisition Corp.

BGP Acquisition Corp., Don Jennings, Chief Financial Officer, President and Corporate Secretary, [email protected], 415-237-1747