Coho Announces the Opening of Purebread's 7th Location at the Vancouver International Airport

Vancouver, British Columbia--(Newsfile Corp. - June 30, 2023) - Coho Collective Kitchens Inc. (TSXV: COHO) ("Coho" or the "Company"), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, is excited to announce the opening of the 7^th location of Purebread. Bakery Inc. ("Purebread") at the Vancouver International Airport ("YVR").

Previously, on May 29, 2023, Coho announced the execution of a purchase agreement among Coho, Purebread, and Purebread's shareholders, pursuant to which Coho, through a wholly owned subsidiary, would acquire all of the issued and outstanding securities of Purebread (the "Transaction"). The Transaction is expected to close on or before July 31, 2023.

This expansion marks a significant milestone in Purebread's growth. Located in the international terminal at YVR, Purebread's newest location replaces the previous Starbucks location, positioning Purebread ideally to attract guests from all around the world. With average daily foot traffic at YVR from over 70,000 visitors, Coho believes the newest location's potential for success is high.

The YVR location is projected to generate an additional $3.5 million in revenue per year for Purebread, representing a 35% increase in annual income. In its first two weeks of operations, the location has already surpassed financial expectations and is delivering exceptional products and service to the airport's global customers.

YVR partnered with Purebread for a marketing campaign for the launch:

• Instagram video
• Daily Hive post

"Our mission from day one remains the same - to bake delicious treats that bring a smile to people's faces," said Mark Lamming, co-founder and owner of Purebread. "From sharing baked goods at a small stand at the Whistler Christmas Market to now serving the millions of passengers who travel through Canada's second busiest airport, this new storefront is an incredible opportunity for our local bakery. We look forward to continuing to create smiles through our sophisticated yet homemade treats at YVR and our six other locations, from Whistler to Vancouver."

Andrew Barnes, CEO of Coho Collective Kitchens, adds, "It exemplifies the tremendous growth potential of Purebread and its ability to connect with a global audience. We are thrilled for the Purebread team and their unwavering commitment to quality and customer service."

About Coho

Coho is a growth stage, community-driven, commercial real estate, and food technology company that provides private and shared kitchen and production space to food companies from start-ups to restaurant groups seeking turnkey solutions and business services. Each of the Company's customers, called "Members", are revenue generating companies that have signed a membership agreement with Coho for an agreed upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry creating a market for delivery-only and/or virtual restaurant concepts. For more information about how Coho is growing and innovating in the commissary space, visit https://www.cohocommissary.com.

Contacts

Andrew Barnes, Chief Executive Officer
andrew@cohocommissary.com
(778) 877-6513

Investor Relations
invest@cohocommissary.com
(604) 243-7355

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Cautionary Statements Regarding Forward-Looking Information

Any "financial outlook" or "future oriented financial information" in this press release, as defined by applicable securities legislation, including (but not limited to) future revenues of Coho or Purebread, the future revenue of Purebread's location at the Vancouver International Airport, and the combined profitability of Coho and Purebread following the Transaction has been approved by management of Coho. Readers are cautioned that any such financial outlook or future oriented financial information contained herein is provided for the purpose of providing information about management's current expectations and plans relating to the future. Coho and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, Coho's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future activities or results.

This press release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation, our statements related to the closing of the Transaction; the impact of the Transaction on the Company's business and its growth plans; the costs savings and synergies anticipated from the Transaction, the success of Purebread's YVR location; and the Company's growth and acquisition plans in general.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance.

Coho's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of Coho's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Transaction, including: that Coho will not be able to complete the Transaction on the terms announced, within the anticipated timeline, or at all; that the actual impact of the Transaction on Coho's business and growth strategy will not be as currently anticipated; that Coho's other assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; that the parties may not obtain all required consents or approvals for the Transaction (including the approval of the TSXV); risks inherent in the ghost-kitchen, retail bakery, or coffeehouse sectors in general; that future results may vary from historical results; and competition in the markets where Coho operates. Except as required by securities law, Coho does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

All financial figures are approximate and in Canadian dollars, unless otherwise noted.

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