Kiaro Opens New Cannabis Retail Store In Ontario

The Locations in Kelowna, BC and Napanee, ON Mark the 17^th store opening under the Kiaro and Hemisphere brand

VANCOUVER, BC, March 1, 2022 /CNW/ - Kiaro Holdings Corp. ("Kiaro" or the "Company") (TSXV: KO) (OTC: KIARF), a national omni-channel cannabis retailer and wholesale distributor, is pleased to announce the opening of it's new store located at 89 Jim Kimmett Boulevard in Napanee, Ontario (the "Napanee Store"). With the addition of the recently announced Kelowna Store and now the Napanee Store, the Company now has a retail footprint of 17 locations under the Kiaro and Hemisphere banners across Canada, which accompany its wholesale distribution business in Saskatchewan and multi-jurisdictional e-commerce business.

This marks Kiaro's ninth store opening in Ontario. The Napanee Store is located amidst a large population of students and residents. The location is approximately 45 kilometres from Kingston, Ontario. The hours of operations are Sundays through Wednesdays from 10:00 AM to 9:00 PM, and on Thursdays through Saturdays from 10:00 AM to 10:00 PM.      

Chief Executive Officer Daniel Petrov stated, "Kiaro is excited to have the latest acquisitions from Q4 2021 fully operationalized. We feel both locations will have significant growth as they are in densely populated areas with high demand for adult recreational cannabis use." Petrov continued, "Our location selection is specially designed to convert and attract customers into the legal cannabis market. Cannabis culture and community is entrenched in every aspect of our business.  Kiaro will always offer a wide breadth of product and elevate the customer experience but also ensure we are executing on prime real estate for consumer accessibility and long-term business execution."   

Pursuant to this announcement, the Company has received approval from the TSX Venture Exchange to amend the exercise price in respect of an aggregate of 2,762,500 incentive stock options of the Company (the "Options") from between $0.20 and $0.30 to $0.10. The new exercise price in respect of the Options represents a premium of 50% over the closing price of the common shares of the Company on February 28^th, 2022. All Options are held by employees and other non-insiders of the Company.

About Kiaro Holdings Corp.

Based in Vancouver, British Columbia, Kiaro is an independent, omnichannel cannabis retailer and distributor. Through existing storefronts across British Columbia, Saskatchewan, and Ontario, and with the completion of the recent acquisition of Hemisphere Cannabis from Aegis Brands, Kiaro has 17 stores in operation. This is in addition to its wholesale distribution division servicing Saskatchewan, and eCommerce sites in Canada, the US and Australia. Kiaro is driven to introduce new and experienced consumers to a lifelong exploration of cannabis. With more than 70 years of collective retail and wholesale focused experience, Kiaro's leadership team has a proven track record of executing on acquisitions and financings, and moreover growing brands across North America. The Company plans to continue its growth trajectory through its consumer-centric retail, eCommerce, and wholesale distribution segments over the coming years.

For more information about the Company, including the most recent analyst report, please visit investors.kiaro.com.

On behalf of Kiaro Holdings Corp.

"Daniel Petrov" 
Daniel Petrov, Chief Executive Officer

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

Forward-Looking Information

This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Kiaro, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the use of proceeds of the Offering, overall growth of the Canadian cannabis market and retail opportunities, the award of new operating permits and licenses in various jurisdictions, the future trading price of the Common Shares, and the timing and amount of any dispositions of the Common Shares. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Kiaro's control. These risks, uncertainties and assumptions include, but are not limited to, those described in filing statement of the Company dated September 29, 2020, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Furthermore, any forward looking information with respect to future expansion plans is subject to the qualification that management of Kiaro may decide, and the assumptions that any construction or conversion would not be cost prohibitive, required permits will be obtained and the labour, materials and equipment necessary to complete such construction or conversion will be available. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Kiaro does not intend, nor undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

SOURCE Kiaro Holdings Corp.

For investor-related inquiries: Investor Relations, [email protected], 1-888-623-2420