TORONTO, Aug. 6, 2020 /CNW/ - Beleave Inc. (CSE:BE) (OTC: BLEVF) ("Beleave" or the "Company") announced today that the Company, together with its affiliated entities,  Beleave Kannabis Corp., Seven Oaks Inc., 9334416 Canada Inc. O/A Medi-Green and My-Grow, Beleave Kannabis Abbotsford Inc. and Beleave Kannabis Chilliwack Inc. (collectively, the "Beleave Group"), and in consultation with Grant Thornton Limited (the "Monitor"), has completed the primary milestone within its Stalking Horse Sale Process.

On June 17, 2020, the Company, in conjunction with the Monitor, commenced the court-approved Stalking Horse Sale Process where Phase 1 Bids were due by July 17, 2020.  The Stalking Horse Sale Process targeted 46 potential buyers where additional buyers were added during the process as a result of public advertisement of the sale process.  The Stalking Horse Sale Process included access to a confidential information memorandum, access to Company management, site tours, and access to a secure data room containing key information to allow potential buyers to conduct due diligence in anticipation of submitting a qualified Phase 1 Bid.  At the Phase 1 Bid deadline, no qualified Phase 1 Bids were received resulting in the Stalking Horse Purchaser being selected as the successful purchaser of substantially all of the Company's assets and operations.

The consideration to be paid by the Stalking Horse Purchaser, in combination with the value of certain assets which are not being acquired by the Stalking Horse Purchaser, is expected to provide a financial recovery to the Beleave Group's creditors however it appears unlikely at this time that there will be any residual value to Beleave's shareholders.

A transaction with the Stalking Horse Purchaser will allow for continued operations of the various Beleave Group operations, as well as employment opportunities.  The Company is currently working towards seeking the requisite approvals from the court and regulators to allow for a successful transaction.

About Beleave Inc.

Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully licenced to cultivate and sell medical and recreational cannabis and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.

Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other novel cannabis delivery methods for 2020. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.

Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.

For more information regarding the Company's CCAA Proceedings and the Stalking Horse Sale Process

Copies of the Company's CCAA materials and information regarding the Stalking Horse Sale Process is available on the Monitor's website at www.grantthornton.ca/beleave

Additional enquiries for the Monitor may be directed to:

Grant Thornton Limited
In its capacity as proposed Court-appointed Monitor of the Beleave Group.

SOURCE Beleave Inc.

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