EuroLife Brands Provides Corporate Update to European Strategy

- Analyzing Additional Growth Opportunities for 2020 -

Toronto, Ontario--(Newsfile Corp. - December 31, 2019) -  EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTC Pink: EURPF) ("EuroLife" or the "Company"), a leading global markets cannabis brand empowering the medical, adult-use and CPG cannabis industry, is pleased to announce progress towards the company's roadmap of creating a vertically integrated enterprise operating in the hemp, CBD and wellness space within the EU and related countries. Through sustained strategic deployment of capital and unification of synergistic assets EuroLife aims to become amongst the largest cultivators of hemp in Europe.

"We are making great progress toward our goal of becoming a vertically integrated cannabis company operating in the hemp, CBD and health & wellness sectors," said Shawn Moniz, CEO of EuroLife. "Today we announce additional CBD food products and report on how far the Company has come in the past six months. Industry reports continue to indicate the European medical and adult-use cannabis markets are significant with the German market leading the pack. We wish our supporters all the best in the new year and look forward to continuing our business development efforts in Europe."

Management is pleased to report that negotiations to finalize a binding letter of intent (LOI) to acquire a 20% interest in a state-of-the-art industrial hemp cultivation operation located near Dresden, Germany, continue as planned. As per the terms of the LOI, the operation consists of a robust portfolio of assets including prime agricultural land, cultivation equipment, post production facilities, and inventory making it one of EuroLife's key assets and one of the largest fully operational outdoor hemp cultivation projects in Europe. Upon finalizing the definitive purchase agreement for the interest in the Dresden hemp operations, which is expected to be finalized in Q1 2020, the partners aim to maximize the value of the approximately 110,000 kilograms of existing hemp biomass that is currently on hand.

EuroLife shall utilize its network of industry contacts and distribution touch-points in order to unlock additional synergy and value for the Dresden hemp operation in order to broaden the potential sales channels for its roster of current and future product offerings. Building on recent announcements with AgraFlora Organics International Ltd., Champignon Brands Inc., and Yield Growth Corp., the management team is assessing a number of ancillary product streams for which the current and future harvest cycle inventory may be utilized. In addition to standard CBD extraction for use in varying consumable products, investigation into high value end-points such 'eco-friendly' sustainable paper and plastic packaging alternatives, fiber and textiles, and animal feed are possible product lines to capture additional margin.

EuroLife Products Lines

HANF SWISS premium hemp cigarettes - EuroLife is developing its own exclusive hemp cigarette brand for which the Company will initially focus distribution efforts in the European marketplace.

Mushroom Infused Coffees - EuroLife has exclusive rights to distribute Yield Growth Corp.'s (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) line of mushroom infused coffee mixes in Germany, Switzerland, and the United Kingdom.

Vitality Superteas - EuroLife has exclusive rights to distribute Champignon Brands Inc.'s ("Champignon") portfolio of mushroom-derived CPG offerings including their flagship brand, Vitality Superteas for the jurisdictions of Germany, Switzerland, and the United Kingdom.

Education Learning Modules - EuroLife curating custom, evidence-based cannabis content and associated learning modules to be deployed across EuroLife's physician-sanctioned German cannabis education platform, with AgraFlora Organics (CSE: AGRA) (FSE: PU31) (OTC Pink: AGFAF).

It is the intention of EuroLife to distribute hemp derived CBD and innovative health & wellness products throughout various bricks-and-mortar outlets in Europe, alongside its own CBD consumer package goods e-commerce marketplace once fully operational.

European Cannabis Markets

EuroLife is working to integrate the various partner products into the EuroLife e-commerce platform along with potential distribution in select brick and mortar retail locations throughout the EU and UK. Boasting a population of over 700 Million citizens, with over 500 Million in the EU alone, the European opportunity afforded within the hemp and cannabidiol marketplace is substantial. Management is of the opinion that as the cannabis industry matures and normalization takes hold, those organizations equipped with low cost production combined with tactical downstream high margin capability will prevail.

Furthermore, the importance of health & wellness is becoming a reality to populations around the globe and the market the opportunity is staggering. It is suggested that the CBD products market could account for over 0.15% of the health & wellness market value by 2028. According to the latest research by the Global Wellness Institute, the worldwide wellness market grew 12.9% from $3.72 trillion in 2017 to $4.2 trillion in 2018. The European CBD market alone is projected to be worth at least €1.5 billion by 2023.

Market specific information also indicate a significant market opportunity. In a recently published report on cannabis, Prohibition Partners predict the number of medical cannabis patients in Germany will rise to 1 million by 2024, the total medical cannabis market value growing to 7.5 billion euros by 2028, and adult-use consumption increasing to 16 billion euros in size by 2028. A key driver of the cannabis market in Germany is the country's is the German health care system. The public health care system is a champion for legalized medical cannabis and covers up to 5 ounces of cannabis medication per medical user per month including cannabis flower, oils, and pharmaceutical products. (Sativex, Nabilone and Dronabinol).

EuroLife has also entered a definitive agreement with 9385-4594 Quebec Inc. to acquire the global rights (75+ jurisdictions) to a portfolio of CBD based food products including hot sauce, olive oils and related products. In consideration for the global rights of the CBD food products the Company will issue $340,000 of EuroLife common shares at a price of $0.06, representing a premium to market price of 33%. The agreement is expected to be finalized in early January 2020.

The definitive agreement for premium CBD food products adds to a growing portfolio of hemp and CBD products with underlying production assets focused on the European Union (EU), the United Kingdom (UK) and related countries.

About EuroLife Brands Inc.

EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTC Pink: EURPF) is a leading global markets cannabis brand empowering the medical, recreational and CPG cannabis industry worldwide through a data-driven CBD marketplace supported by exclusive and unbiased physician-backed cannabis education and detailed consumer analytics.

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Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on

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