NOVA NET LEASE REIT ANNOUNCES NEW CHIEF EXECUTIVE OFFICER

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TORONTO, May 16, 2022 /CNW/ - Nova Net Lease REIT (the "REIT") (CSE: NNL.U) (OTCQB: NNLRF), a Canadian-US cross-border real estate investment trust focused on specialty agricultural assets in the United States, announced today the appointment of Tyson Macdonald as its new President and Chief Executive Officer, effective immediately. Mr. Macdonald will be responsible for all operations, acquisitions, leasing, financing and capital markets activities of the REIT, replacing Richard Michaeloff who is stepping down for personal reasons.

Mr. Macdonald most recently served as the Chief Financial Officer for Cloud Cannabis ("Cloud"), a Detroit-based, vertically integrated cultivator, manufacturer and retailer, with rapidly growing licensed cannabis operations throughout the state of Michigan. In just the past two years, Mr. Macdonald has helped oversee the opening of nine retail stores and prepared an additional five for opening later in 2022. Cloud's retail strategy has focused on securing attractive locations in limited license Metro Detroit markets, favoring quality, high performing retail versus overall store count. Mr. Macdonald also helped manage the launch of Cloud's manufacturing operations with distribution into over half of Michigan's market, acquisition and integration of Cloud's state of the art cultivation facility in Kalamazoo, and the development of the close partnership with California operator Wonderbrett, which has brought award winning genetics and the highest quality products to Cloud's retail stores and the overall Michigan market.

Cloud is the REIT's largest unitholder (on a fully-converted basis) and occupies the REIT's Kalamazoo property. Mr. Macdonald holds a degree in mathematics from the College of the Holy Cross  and has worked extensively in acquisitions, corporate development and as an executive and strategic advisor for public and private companies in various industries including hedge funds, financial services, technology and licensed cannabis operations. Mr. Macdonald has resigned his current positions, including as CFO of Cloud, and will be assisting with the transition of his previous responsibilities.

Nova Chairman, Steve Dawson, said "We are thrilled to have an experienced executive and strategist of the caliber of Tyson Macdonald stepping up to lead this company. The opportunities in this property sector are enormous, but they are complex and can be difficult to monetize. Tyson's outstanding vision, experience, leadership skills and relationships are exactly what Nova needs. We are excited about the immediate changes he will bring and the long-term value he will create for Unitholders."

Mr. Macdonald commented, "I have known and worked with members of the Nova management team and board for many years, and believe we have the right mix of talent and drive to capitalize on the opportunities before us. My former colleagues at Cloud and others in the industry have expressed a strong interest in helping to promote our success as we access capital and pursue high quality acquisition opportunities. Nova has been working to assemble an impressive pipeline of potential targets, and I am thrilled to be working with this team and this board to execute on our strategy."

Mr. Michaeloff will temporarily remain on the Board of trustees of the REIT to assist with the transition.

Caution Regarding Forward-Looking Statements

This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REIT regarding future events, including statements concerning the REIT's future success. In some cases, forward-looking statements can be identified by terms such as "may", "will", "could", "occur", "expect", "anticipate", "believe", "intend", "estimate", "target", "project", "predict", "forecast", "continue", or the negative thereof or other similar expressions concerning matters that are not historical facts.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any result expressed or implied by such forward-looking statements, including the risks beyond the control of the REIT and those included in the REIT's annual information form dated May 3, 2022, under the heading "Risk Factors".

Although forward-looking statements contained in this press release are based upon what management of the REIT believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The REIT undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.

The reader is cautioned not to place undue reliance on forward-looking statements.

SOURCE Nova Net Lease REIT

Stacy Riffe, Chief Financial Officer, Nova Net Lease REIT, Tel: [phone]