Bluma Wellness Inc. Announces Continuance

Toronto, Ontario--(Newsfile Corp. - May 25, 2020) - Bluma Wellness Inc. (TSXV: GSX.H) ("Bluma" or the "Company") is pleased to announce that further to its press release of April 15, 2020, and in connection with the proposed reverse takeover transaction (the "RTO") with CannCure Investments Inc. ("CannCure"), the Company filed articles of continuance (the "Continuance") to continue the Company out of the federal jurisdiction and into the provincial jurisdiction of British Columbia. The Continuance became effective at the close of business on May 22, 2020.

RTO Update

On May 22, 2020, CannCure shareholders held a special meeting where they approved the amalgamation of CannCure with a wholly-owned subsidiary of the Company to effect the RTO. Approval of CannCure shareholders was a condition to the closing of the RTO.

The Company also announces that CannCure and ECD, Inc., operating as "Northern Emeralds" have mutually terminated the proposed acquisition of Northern Emeralds, after the parties failed to come to an agreement on a definitive purchase agreement for the proposed transaction. If and upon the completion of the RTO, Bluma intends to remain focused on building, scaling, and operating in the State of Florida and will continue to examine and evaluate strategic expansion opportunities.

Further updates on the progress of the RTO will be provided in subsequent news releases of the Company. Closing of the RTO remains subject to a number of conditions including the receipt of all necessary shareholder and regulatory approvals including the approval of the Canadian Securities Exchange for the listing of the Company's common shares and approval of the Florida Office of Medical Marijuana Use. There can be no assurances that the RTO will be completed as proposed or at all.

For additional information on Bluma Wellness Inc.

For more information, please contact Bluma at mgalloro@aloefinance.com.

On Behalf of the Board of Directors of Bluma Wellness Inc.
Michael Galloro
Director

Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable securities laws including statements regarding the RTO, expectations on whether the RTO will be consummated and Bluma's strategic plans. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative if these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may", or "will" happen, or by discussions of strategy. Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While Bluma considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the respective companies' control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, but are not limited to: the receipt of all required corporate, shareholder, stock exchange and applicable government regulatory approvals; any unexpected interruptions to the business of CannCure or the Company due to the COVID-19 pandemic; the inherent risks in investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and Bluma does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

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