CannaVerde Completes Acquisition of Colombian Cannabis Producer

Vancouver, British Columbia--(Newsfile Corp. - January 22, 2019) - CannaVerde Pharma Inc. ("CannaVerde" or "the Company"), a privately held Canadian company, is pleased to announce that, further to its press release issued on December 20, 2018, the Company has completed its acquisition of Green Health Colombia S.A.S ("Green Health").

"The Green Health acquisition marks what we anticipate will be the first of several accretive transactions as the Company continues to execute on its current expansion strategy," commented CannaVerde's CEO Michael Nistorescu. "We are excited to work with the Green Health team and to have laid the foundation for CannaVerde's presence in Colombia."

"After considering multiple offers, we believe that CannaVerde's vision closely aligns with our business strategy. We are excited to partner with a like-minded group of individuals as we begin the next chapter of our company in Colombia," commented Eduardo Mayorga, CEO of Green Health.

Green Health is currently licensed for the cultivation, production, manufacture and exportation of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis on seven hectares of land located in the department of Santander, Colombia. Green Health has completed the construction of a 10,580 square foot greenhouse and intends to increase its production space to approximately 400,000 square feet. Grading the land has commenced and construction of the first additional 60,000 square foot greenhouse will begin within the next four weeks. The Company anticipates completion of this greenhouse in the next two and a half months.

Green Health has begun cultivation of four CBD strains in its current greenhouse for the purposes of completing the Colombian Agricultural Institute's (ICA) agronomic evaluation test and anticipates beginning CBD commercial cultivation in the third quarter of 2019.

Additionally, Green Health has applied for a quota for 55 varieties of THC cannabis plants and will begin cultivating select varieties upon receipt of this quota. In anticipation of completing the agronomic evaluation test, Green Health has also applied for a commercial THC quota and expects to begin commercial cultivation in the fourth quarter of 2019.

For more information please contact:

Michael Nistorescu
Phone: 1 (416) 882-9006

Forward-Looking Information Statement

This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.