BZAM COMPLETES SALE OF MAPLE RIDGE FACILITY

Rhea-AI Summary

BZAM completes sale of Maple Ridge facility for $3.8M, reducing debt and applying $1.8M to credit facility.

Positive

• Sale of facility reduces debt and strengthens financial position

Negative

• None.

VANCOUVER, BC and TORONTO, Sept. 29, 2023 /PRNewswire/ - BZAM Ltd. (the "Company" or "BZAM") (CSE: BZAM) (OTC: BZAMF), a leading Canadian cannabis producer, is pleased to announce that further to its September 19, 2023 news release, the Company has now completed the sale of its Maple Ridge, BC facility (the "Transaction"). Per the sale agreement between the Company and an arms-length party, total gross proceeds received from the Transaction were $3,800,000. In keeping with Company's plan to reduce debt, fifty percent of the total net proceeds from the Transaction, after commission and costs, amounting to $1,845,842, has been applied to the term portion of Company's credit facility. The remaining proceeds will be held in cash.

About BZAM Ltd.

BZAM Ltd. (CSE: BZAM) (US‐OTC: BZAMF) is a leading Canadian cannabis producer with a focus on branded consumer goods, innovation, quality, consistency, integrity and transparency. The BZAM family includes core brands BZAM™, TGOD™, ness™, Highly Dutch Organic™, TABLE TOP™, and partner brands Dunn Cannabis, FRESH and Wyld. BZAM operates facilities in BC, Alberta, Ontario and Quebec, as well as a retail store in Regina, Saskatchewan.

BZAM's common shares and certain warrants issued under the indentures dated June 12, 2020, October 23, 2020 and December 10, 2020 currently trade on the Canadian Securities Exchange (the "CSE") under the symbol "BZAM", "BZAM.WR", "BZAM.WA", and "BZAM.WB" respectively. BZAM's common shares trade in the U.S. on the OTCQX under the symbol "BZAMF". For more information on BZAM Ltd., please visit www.bzam.com.

Neither the CSE nor the CSE's Regulation Services Provider (as that term is defined in the policies of CSE) accept responsibility for the adequacy or accuracy of this release. 

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SOURCE BZAM LTD.