Cann-Is Capital Corp. Receives Approval to Transition to New CPC Policy

TORONTO, May 4, 2021 /CNW/ - Cann-Is Capital Corp. ("Cann-Is" or the "Corporation") (TSXV: NIS.P) is pleased to announce that all matters submitted for approval as set out in detail in the Corporation's management information circular (the "Circular") dated April 1, 2021, were approved at the annual general and special meeting of shareholders (the "Meeting") held virtually on Tuesday, May 4, 2021. In particular, the following matters received shareholder approval:

(i)    The appointment of the Corporations auditors; and

(ii)   The election of the Corporation's directors.

In addition to the above, 100% of the disinterested shareholders of the Corporation who voted at the Meeting voted in favor of the following matters:

(i)    Re-approval of the Corporation's stock option plan;

(ii)   Removal of the potential consequences associated with the Corporation failing to complete a qualifying transaction within 24 months after its listing date in accordance with the changes to the TSX Venture Exchange Policy 2.4 (the "CPC Policy"); and

(iii)  Approving amendments to the Corporation's escrow agreements in accordance with the recent changes to the CPC Policy, including allowing the Corporation's escrowed securities to be subject to an 18-month escrow release schedule.

Please refer to the Corporation's Circular for further details with respect to the amendments in accordance with the CPC Policy.

ABOUT CANN-IS CAPITAL CORP.

The Corporation is a Capital Pool Company ("CPC"). It has not commenced commercial operations and has no assets other than the minimal amount of cash. Except as specifically contemplated in the New CPC Policy, as defined in the final prospectus, until the completion of the qualifying transaction, the Corporation will not carry on any business other than the identification and evaluation of assets or businesses with a view to completing a proposed qualifying transaction.

ADDITIONAL INFORMATION

Completion of the qualifying transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the qualifying transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the qualifying transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular, or filing statement to be prepared in connection with the qualifying transaction, any information release or received with respect to the qualifying transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the qualifying transaction and has neither approved nor disapproved the contents of this press release.

NEITHER THE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release does not constitute an offer to sell or solicitation of an offer to buy any securities in any jurisdiction.

SOURCE Cann-Is Capital Corp.

Cann-Is Captial Corp.: Jonathan Graff, Chief Executive Officer, Telephone: [phone], Email: [email protected]