VANCOUVER, BC: Modern Meat Inc., (CSE: MEAT) (Modern Meat) or (the Company) an award-winning plant-based food manufacturer, announced today the completion of its acquisition of two Victoria's Health & Organic Bar retail locations in Vancouver, BC., now branded as Modern Health and Wellness Bar.

For 18 years, Victoria's Health & Organic Bar has earned its reputation in the health and Good For You community and has developed a strong and loyal following. Last year's gross sales from all locations, including the third store in North Vancouver, BC, totaled approximately $4.3 million, focusing only on health-related products.

This is a significant step forward as we advance the Modern lifestyle brand and further supports our goal of making plant-based nutrition more accessible, said Tara Haddad, CEO of Modern Meat. Over the past two months we have been working through some extensive renovations and permitting to rebrand the stores with a focus on offering unique plant-based products. Our team is ready to drive new growth opportunities that are fully aligned with consumers' preferences for nutritious plant-based alternatives that taste great, are sustainable and good for the environment.

Consumers today are looking for foods and beverages made with real ingredients that are trusted, familiar and authentic. Modern Health and Wellness Bar supports a lifestyle and culture for those looking for healthier options and will be a hub for all things plant- based. Stores will focus on vegan products and supplements as well as a wide offering of premade and grab-and-go plant-based meals.

These two brick and mortar retail locations will help create brand awareness within our local community. Expanding our portfolio to tap into the huge gap in the plant-based health and supplement space is important to our growth and will ultimately drive value for our shareholders, explained Tara.

In connection with the transaction, Modern Meat issued 350,000 shares at a deemed price of $4.00 per share to the shareholders of 1257189 B.C. Ltd. (the Holding Company). In return Modern Meat acquired 100%of the Holding Company. The Holding Company owns two locations of Victoria's Health & Organic Bar. Furthermore, by acquiring the Holding Company, Modern Meat has an option for five years to buy the remaining store for a cash purchase of $3 million dollars. Modern Meat also issued 26,250 common shares as a finder's fee for the transaction.

Modern Meat Closes Acquisition of Two Retail Locations

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