HIGHLIGHTS FOR Q3 FY 2024

• Recently Added DehydraTECH Licensee, Multi-State Operator MariMed Inc., Continued to Roll Out DehydraTECH-Powered Product Initiatives in Q3
• Subsequent to the Quarter, an Exciting New DehydraTECH Licensee, Sweet Buzz By Drecisco, Is Launching New DehydraTECH-Powered Products in Illinois, the Result of Significant Business Development and R&D Efforts by Hill Commercialization Partner Dehydr8 During The Quarter
• Licensee 1906 Saw Strong Sales Results from Their Direct-To-Consumer “Drops” Product Line, Produced Using DehydraTECH And Sold Across A Majority of US States
• We Continued to Drive Marketplace Growth on Vin(Zero) Alcohol-Free Wine, Increasing Shipments to Retailers by 12% in Q3 vs Year Ago
• We Narrowed the Net Loss for the Nine-Month Period by 12% vs. Same Period Year Ago

Toronto, ON. — May 30, 2024 — Hill Incorporated, formerly Hill Street Beverage Company Inc. (TSXV: HILL) (“Hill” or the “Company“),  is pleased to announce that it has released its financial results for the three-and nine-month periods ended March 31, 2024 (“Q3 FY 2024”), which can be found at www.sedarplus.com. The progressive bioscience implementation company is dedicated to building pathways to better and healthier living by leveraging deep CPG expertise to commercialize leading-edge technologies, crafting superior cannabis solutions and non-alcoholic beverage products globally. The financial information summarized in this press release is based on data from Q3 FY2024. .

Recently Added DehydraTECH Licensee, Multi-State Operator MariMed Inc., Continued to Roll Out DehydraTECH-Powered Product Initiatives in Q3

As we announced on November 16, 2023, leading multi-state operator MariMed is now using the patented DehydraTECH biodelivery technology to power its next generation of cannabis edibles sold under several of its award-winning brands.

In Q2 FY2024, MariMed rolled out improved DehydraTECH-powered products in Massachusetts, Maryland, and Delaware. This quarter, following the commencement of operations in their Mt. Vernon, Illinois processing facility, MariMed began launch development activities for DehydraTECH-powered edibles in Illinois.

Today, the MariMed brands being powered by DehydraTECH include ‘Vibations™‘ all-natural, full-spectrum cannabis drink mix, which recently won first place in the beverages category of the High Times Cannabis Cup in Massachusetts, ‘K Fusion™‘ chewable tablets, and ‘InHouseTM‘ gummies. More information on MariMed’s brands can be found at MariMed Brands.

We anticipate that this major multi-state, multi-brand licensee will deliver strong incremental licensing revenues in 2024 as their launches reach full scale and expand across their state footprint.

Subsequent to the Quarter, an Exciting New DehydraTECH Licensee, Sweet Buzz By Drecisco, Is Launching New DehydraTECH-Powered Products in Illinois, the Result of Significant Business Development and R&D Efforts by Hill Commercialization Partner Dehydr8 During The Quarter

As mentioned in prior communications, the business development and launch preparation process for new licensees to develop new or reformulate existing products with DehydraTECH requires significant R&D work, often with new form factor product development, as well as operations planning for state-by-state manufacturing and launches. Major ongoing developmental efforts reached the launch stage in Q3, with an exciting new licensee and its new edibles products being launched in-market after Q3 end. We expect to be able to announce other important launches by new DehydraTECH licensees very soon.

 

SweetBuzz by Drecisco Farms

 

In Illinois in April, new DehydraTECH licensee Drecisco Farms has launched their new ‘”SweetBuzz” DehydraTECH-powered cannabis edibles products including:

• “Sweet Somethings” candy cups
• “Sweet Sparks” chocolatey candies, and
• “Sweet Empowder” dissolvable powder

Drecisco Farms is a social equity craft grow in Illinois, driven by the belief that delicious taste and a quality cannabis experience should be one and the same. Bringing their experience managing and leading a mainstream confectionary company, they are proud to bring their generational confectionary knowledge crafting the candies that consumers have known and loved to a craveable cannabis experience with their brand SweetBuzz.

Licensee 1906 Saw Strong Sales Results from Their Direct-To-Consumer “Drops” Product Line, Produced Using DehydraTECH And Sold Across A Majority of US States

1906 continued to see strong sales from their new direct-to-consumer (DTC) product line across a majority of US states, which offers hemp-derived Delta-9 THC micro-dose versions of their popular ‘Drops’ products, which are also produced using DehydraTECH. This DTC launch at the end of 2023 expanded access of 1906 Drops varieties to a much broader footprint of consumers, adding DTC distribution across approximately 40 states. This initiative adds to the dispensary availability in several legal adult-use states of the higher dose, marijuana-derived delta-9 THC 1906 Drops. 1906 has announced that they are streamlining the dispensary availability of the higher dose, marijuana-derived delta-9 THC 1906 Drops to Illinois, Massachusetts, Missouri, New Jersey, New York and Pennsylvania, exiting those products from the Michigan and Colorado markets. More information on 1906’s products can be found at https://1906.shop/.

The addition of MariMed, and Sweet Buzz By Drecisco Farms to our DehydraTECH licensee ecosystem represents continued expansion by Hill on the key factors driving the growth agenda of our DehydraTECH licensing business:

• new licensees – increasing our base of active licensees and brands;
• new states – new state launches expanding the geographic coverage for active licensees or brands;
• new product form factors – innovation to expand the number of DehydraTECH-powered consumer product forms and types in market to fill consumer needs and occasions; and
• deeper penetration of products across operations – driving deeper penetration of the breadth of product forms and brands across current and new states.

The following chart shows the significant advances we have made in the DehydraTECH licensing business, beginning from the December 2020 rights acquisition through the close of Q3 on March 31, 2024. These figures include a reduction in states of 1906 Drops in the dispensary (not DTC) channel but do not add the 40-state footprint of the direct-to-consumer business of 1906 Drops.

 

We Continued to Drive Marketplace Growth on Vin(Zero) Alcohol-Free Wine, Increasing Shipments to Retailers by 12% in Q3 vs Year Ago

As communicated, the new streamlined commercial model on our alcohol-free business creates a new and different cadence to the business, where dramatic quarter-to-quarter swings on the recognized revenues are planned based on inventory efficiencies and the timing of inventory arrivals. Therefore, the business must be looked at across longer time frames and through different operational lenses. As we adapt to the new cadence of supply shipments and recognized revenues, a key measure of the underlying business in this new model is our case depletions, which represents the shipment figures from our distributor to retailers. Our shipments from warehouses to retail customers increased by a strong 12% during the quarter over same quarter prior year, following 11% growth in Q2. Every month this quarter showed double-digit growth vs. year ago, indicating a strong baseline of growth from our merchandising programs and the new customer base we secured with Save-On-Foods.

About Hill Incorporated (TSXV: HILL)

Hill Incorporated is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights to use Lexaria Bioscience Corp’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverages business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.

For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.

If you wish to sign up for the Hill Incorporated mailing list, click HERE.

For more information, contact:

Craig Binkley, Chief Executive Officer

Email: craig@hillincorporated.com

Phone: 604-609-6154

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

BUSINESS HIGHLIGHTS FOR Q2 FY 2024

• We Continued to Expand the DehydraTECH Licensee Eco-System, As Leading Multi-State Operator MariMed Inc. Launched New DehydraTECH-Powered Products in Q2
• DehydraTECH Licensee 1906 Launched an Exciting New Direct-To-Consumer Product Line, Produced Using DehydraTECH, Across A Majority of US States During Q2, Adding to Their Existing Product Lines Already Sold in Licensed Dispensaries
• We Continued to Drive Marketplace Growth on Vin(Zero) Alcohol-Free Wine, Increasing Shipments to Retailers by 11% in Q2 vs. Year Ago and Adding the Largest Grocery Retailer in Western Canada – Save-On-Foods – to Our Base of Vin(Zero) Customers

FINANCIAL HIGHLIGHTS FOR Q2 FY 2024 AND THE SIX MONTHS ENDED DECEMBER 31, 2023

• We Delivered the Second-Highest Quarterly Gross Profit in Company History in Q2, Topping $500K For the Second Time
• We Narrowed the Net Loss for the Six-Month Period by 23% vs. Same Period Year Ago

Toronto, ON. — March 1, 2024 — Hill Incorporated, formerly Hill Street Beverage Company Inc. (TSXV: HILL) (OTCQB: HSEEF) (“Hill” or the “Company”), is pleased to announce that it has released its financial results for the three- and six-month periods ended December 31, 2023 (“Q2”), which can be found at www.sedarplus.com. The progressive bioscience implementation company is dedicated to building pathways to better and healthier living by leveraging deep CPG expertise to commercialize leading-edge technologies, crafting superior cannabis solutions and non-alcoholic beverage products globally. The financial information summarized in this press release is based on data from Q2 FY2024.

We Continued to Expand the DehydraTECH Licensee Eco-System, As Leading Multi-State Operator MariMed Inc. Launched New DehydraTECH-Powered Products in Q2

Intensive R&D, product and commercial manufacturing development led to our November 16, 2023 announcement that leading multi-state operator MariMed will use the patented DehydraTECH biodelivery technology to power the next generation of cannabis edibles sold under several of its award-winning brands.

MariMed has now rolled out improved DehydraTECH-powered products in Massachusetts, Maryland, and Delaware, with Illinois planned to launch in early 2024 as well. MariMed brands now powered by DehydraTECH include ‘Vibations™’ all-natural, full-spectrum cannabis drink mix, which recently won first place in the beverages category of the High Times Cannabis Cup in Massachusetts, ‘K Fusion™’ chewable tablets, and ‘InHouseTM’ gummies. More information on MariMed brands can be found at MariMed Brands.

We anticipate that this major new multi-state, multi-brand licensee will deliver strong incremental licensing revenues in 2024 as their launches reach full scale and expand across their state footprint.

The addition of MariMed to our DehydraTECH licensee ecosystem represents continued expansion by Hill on the key factors driving the growth agenda of our DehydraTECH licensing business:

1. new licensees – increasing our base of active licensees and brands;
2. new states – new state launches expanding the geographic coverage for active licensees or brands;
3. new product form factors – innovation to expand the number of DehydraTECH-powered consumer product forms and types in market to fill consumer needs and occasions; and
4. deeper penetration of products across operations – driving deeper penetration of the breadth of product forms and brands across current and new states.

The following chart shows the significant advances we have made in the DehydraTECH licensing business, beginning from the December 2020 rights acquisition through December 2023 at the close of Q2 FY 2024.

DehydraTECH Licensee 1906 Launched an Exciting New Direct-To-Consumer Product Line, Produced Using DehydraTECH, Across A Majority of US States During Q2, Adding to Their Existing Product Lines Already Sold in Licensed Dispensaries

1906 also launched an exciting new direct-to-consumer (DTC) product line across a majority of US states, offering hemp-derived Delta-9 THC micro-dose versions of their popular ‘Drops’ products, which are also produced using DehydraTECH. This DTC launch expanded access of 1906 Drops varieties to a much broader footprint of consumers, adding DTC distribution across approximately 36 states. This new initiative adds to the dispensary availability in several legal adult-use states of the higher dose, marijuana-derived delta-9 THC 1906 Drops. 1906 has announced that they will be streamlining the dispensary availability of the higher dose, marijuana-derived delta-9 THC 1906 Drops to Illinois, Massachusetts, Missouri, New Jersey, New York and Pennsylvania. More information on 1906’s products can be found at https://1906.shop/.

We Continued to Drive Marketplace Growth on Vin(Zero) Alcohol-Free Wine, Increasing Shipments to Retailers by 11% in Q2 vs. Year Ago and Adding the Largest Grocery Retailer in Western Canada – Save-On-Foods – to Our Base of Vin(Zero) Customers

As communicated, the new streamlined commercial model on our alcohol-free business creates a new and different cadence to the business, where dramatic quarter-to-quarter swings on the recognized revenues are planned based on inventory efficiencies. Therefore, the business must be looked at across longer time frames and through different operational lenses. As we adapt to the new cadence of supply shipments and recognized revenues, a key measure of the underlying business in this new model is our case depletions, which represents the shipment figures from our distributor to retailers. Our shipments from warehouses to retail customers increased by a strong 11% during the quarter vs. year ago, showing strength of support for the 2023 holiday period.

In addition, we secured a major new account during the period that added to the strong shipments to retail, adding Save-On-Foods to our customer base. Save-On-Foods is Western Canada’s largest grocery retailer, with a dynamic history dating back to 1915. Their Wholesale Division also services Choice Markets, Quality Foods, Georgia Main, AG Foods, Buy-Low Foods & Calgary Co-Op. In total, this placement provides new consumer access to Vin(Zero) through approximately 165 Save-On-Foods stores across British Columbia, Alberta, Saskatchewan, Manitoba and the Yukon Territory. We are excited about this new additional business and its impact in 2024, on top of our strong existing base of customers.

We Delivered the Second-Highest Quarterly Gross Profit in Company History, Topping $500K for the Second Time

Consolidated net revenue for Q2 was a very strong $982,773 – the third highest ever – and our Q2 gross profit of $537,218 was the second highest in history, trailing only the record Q2 year ago. The year ago quarter had extraordinarily high revenues for the Company due to significant inventory building on the alcohol-free wine business for the first winter of the new business model. Our subsequently improved forecasting and inventory efficiency planning, as we’ve executed the model, resulted in a less significant inventory build-up for this winter season; however, alcohol-free wine net revenue in Q2 was still a very strong $671,201.

We Narrowed the Net Loss for the Six-Month Period by 23% vs. Same Period Year Ago

As reported, gross profit of $537,218 was the second highest level reached in company history, trailing only the record year ago Q2. Yet, on a consolidated basis, gross profit declined 30% for the six-month period vs. year ago that included the record Q2. As discussed, the variance is due to the changes in alcohol-free wine inventory buildup and resulting recognized revenue between the two years. Despite this decline in consolidated revenue and gross profit for the six-month period, the significant cost reduction measures we have taken have resulted in the net loss for the period improving a full 23% vs. year ago, decreasing from $856,925 to $650,614.

For the Company’s full financial statements and a comprehensive Company update by way of its Management Discussion and Analysis, please visit the Company’s profile at www.sedarplus.com.

Company Returns to OTC Pink Markets

On or around March 1, 2024, the Company’s stock will return to the OTC Pink Market from the OTCQB Venture Market (“OTCQB”) where its shares are currently traded. In the past year since we listed on the OTCQB, we have observed that there is minimal trading volume on that marketplace of the Company’s common shares. As a result, we believe that the value in maintaining its OTCQB listing does not substantiate the cost. The ticker symbol will be unchanged and investors will still be able to purchase Hill common shares via its OTC Pink listing in the United States (under the symbol “HSEEF”) or under its TSX-V listing in Canada (under the symbol “HILL”).

About Hill Incorporated (TSXV: HILL) / (OTCQB: HSEEF)

Hill Incorporated is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights to use Lexaria Bioscience Corp’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverages business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.

For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.

If you wish to sign up for the Hill Incorporated mailing list, click HERE.

For more information, contact:
Craig Binkley, Chief Executive Officer
Email: craig@hillincorporated.com
Phone: 604-609-6154

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

• 21% Increase in DehydraTECH Licensing Revenues vs. Same Quarter Year Ago
• Added Major New DehydraTECH Licensing Deal with Leading Multi-State Operator MariMed Inc., the Result of Significant Product RD and Manufacturing Development Efforts in the Quarter
• 5% Growth in Vin(Zero) Alcohol-Free Wine Depletions (Case Sales from Distributor to Canadian Retailers) for the Fiscal Year to Date vs. Same Period Year Ago
• Secured Major New Vin(Zero) Retail Distribution, Adding the Largest Grocery Retailer in Western Canada – Save-On-Foods – to Our Base of Vin(Zero) Customers
• Narrowed Net Loss for the Period by Almost Half, Improving a Full 49% vs. Same Quarter Year Ago

Toronto, ON -TheNewswire -November 29, 2023 -Hill Incorporated, formerly Hill Street Beverage Company Inc.(TSXV:HILL) (OTC:HSEEF) (“Hill” or the “Company”), is pleased to announce that it has released its financial results for the three-month period ended September 30, 2023 (“Q1 2024”), which can be found atwww.sedarplus.com. The progressive bioscience implementation company is dedicated to building pathways to better and healthier living by leveraging deep CPG expertise to commercialize leading-edge technologies, crafting superior cannabis solutions and non-alcoholic beverage products globally. The financial information summarized in this press release is based on data from Q1 2024.

21% Increase in DehydraTECH Licensing Revenues vs. Same Quarter Year Ago

Our DehydraTECH licensing revenues (in USD) increased 21% in the quarter vs. year ago, as our strong ecosystem of licensees continued to drive sales in their existing state footprints and licensee 1906 expanded their DehydraTECH-powered ‘Drops’ products to New York.

Subsequent to the quarter end, 1906 also launched an exciting new direct-to-consumer (DTC) initiative across a majority of US states, offering hemp-derived Delta-9 THC micro-dose versions of their popular ‘Drops’ products,which are also produced using DehydraTECH. This DTC launch expanded access of 1906 Drops varieties to a much broader footprint of consumers, adding DTC distribution across approximately 36 states to the current dispensary availability of the higher dose, marijuana-derived delta-9 THC 1906 Drops in Colorado, Illinois, Massachusetts, Michigan, Missouri, New Jersey, New York, Oklahoma, and Pennsylvania.More information on 1906’s products can be found athttps://1906.shop/.

Added Major New DehydraTECH Licensing Deal with Leading Multi-State Operator MariMed Inc., the Result of Significant Product R&D and Manufacturing Development Efforts in the Quarter

The quarter was also a period of intensive R&D, product and commercial manufacturing development, culminating in the November 16, 2023announcementthat leading multi-state operator MariMed will use the patented DehydraTECH biodelivery technology to power the next generation of cannabis edibles sold under several of its award-winning brands.

Over the next few months, MariMed will roll out the improved DehydraTECH products, including‘Vibations™’all-natural, full-spectrum cannabis drink mix and ‘K Fusion™’ chewable tablets, inMassachusetts, Maryland, Illinois, and Delaware.

This new addition to our DehydraTECH licensee ecosystem represents continued expansion by Hill on the key factors driving the growth agenda of our DehydraTECH licensing business:

1. new licensees– increasing our base of active licensees and brands;
2. new states– new state launches expanding the geographic coverage for active licensees or brands;
3. new product form factors– innovation to expand the number of DehydraTECH-powered consumer product forms and types in marketto fill consumer needs and occasions; and
4. deeper penetration of products across operations– driving deeper penetration of the breadth of product forms and brands across current and new states.

The following chart shows the significant advances we have made year-over-year in the DehydraTECH licensing business, beginning from the December 2020 rights acquisition through December 2023 (expected).

5% Growth in Vin(Zero) Alcohol-Free Wine Depletions (Case Sales from Distributor to Canadian Retailers) for the Fiscal Year to Date vs. Same Period Year Ago

As outlined in earlier communications, we transformed our Vin(Zero) alcohol-free wine business model at the end of FY 2022, with major adjustments across all the key areas of production planning, shipping and logistics, warehousing, sales and retail distribution. These changes have led to several key positive financial impacts:

• shortened our order-to-cash cycle;
• reduced the level of working capital that we hold in finished goods inventory;
• reduced warehousing and transportation costs with streamlined distribution;
• Reduced the need for more expensive temperature-controlled containers for our products as our forecasting, operations planning, and inventory logistics models create a more efficient shipping cycle.

As also previously communicated, this new streamlined commercial model creates a new and different cadence to the business. More dramatic periodic swings in both our inventory order patterns and our recognized revenues are planned based on more efficient supply chain logistics, and the business results must be looked at differently across longer time frames. We now place inventory procurement orders less frequently, but more rapidly convert those orders to revenues on the P&L and cash on the balance sheet.

As we expected, there were no major shipment arrivals nor their resulting recognized revenues in this quarter, reflecting the continued new cadence of the business. Last year in the same quarter we did receive a replenishment shipment of one of our SKUs that was reflected in Q1 revenues, so our recognized revenues this year are down 95% in the quarter. However, we have already receivedshipment of a large order that will be reflected in revenues for the FY2024 Q2 period ending December 31, 2023.

As we adapt to the new cadence of shipments and revenues, a key measure of the underlying business in this new model is our case depletions, which are the sales figures from our distributor to retailers. Case depletions have increased 5% for the fiscal year to date, recovering well from the price increase we implemented last summer that eliminated one of our key merchandising programs at a major retailer. The increase in depletions shows the continued core growth of the business, demonstrating two important sales trends for this business:

1. New IWSR data shows no/low-alcohol consumption will increase by a third in 10 markets including Canada by 2026, spearheaded by the growth of no-alcohol products1; and
2. Vin(Zero) is the #1-selling brand of alcohol-free wine in the two largest grocery retailers in Canada.

Secured Major New Vin(Zero) Retail Distribution, Adding the Largest Grocery Retailer in Western Canada – Save-On-Foods – to Our Base of Vin(Zero) Customers

In addition to our core organic results in FY 2024 to date, we also secured a major new account in Q1, adding Save-On-Foods to our customer base. Save-On-Foods is Western Canada’s largest grocery retailer2, with a dynamic history dating back to 1915. Their Wholesale Division also servicesChoice Markets,Quality Foods,Georgia Main,AG Foods,Buy-Low Foods&Calgary Co-Op. In total, this placement provides new consumer access to Vin(Zero) through approximately 165 Save-On-Foods stores acrossBritish Columbia,Alberta,Saskatchewan,Manitoba and the Yukon Territory. We are excited about this new additional new business and its impact in future quarters, on top of our strong existing base of customers.

Narrowed Net Loss for the Period by Almost Half, Improving a Full 49% vs. Same Quarter Year Ago

On a consolidated basis, net revenue declined 36% for the quarter vs. year ago, due as noted to the differing timing of alcohol-free wine shipments and revenue timing patterns between the two years. Despite this decline, gross profit for the quarter declined only 8% vs. year ago, clearly demonstrating the positive impact of the more profitable DehydraTECH licensing business on gross profit. These revenue results, combined with the significant cost reduction measures we have taken have resulted in the net loss for the period improving a full 50% vs. year ago, decreasing from $645,871 to $327,938.

For the Company’s full financial statements and a comprehensive Company update by way of its Management Discussion and Analysis, please visit the Company’s profile atwww.sedarplus.com.

About Hill Incorporated (TSXV: HILL) / (OTCQB: HSEEF)

Hill Incorporated is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights touseLexaria Bioscience Corp’sground-breaking DehydraTECHpatent portfoliofor product development,licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverages business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.

For more information on our business activities visitwww.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go towww.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go towww.hillstreetbeverages.com.

If you wish to sign up for the Hill Incorporated mailing list, clickHERE.

For more information, contact:

Craig Binkley, Chief Executive Officer

Email:craig@hillincorporated.com

Phone: 604-609-6154

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

• In a multi-year deal, MariMed licenses DehydraTECH to power new and improved versions of products under their top-selling cannabis edibles brands ‘Vibations™’ hydrating drink mix and ‘K Fusion™’ chewable tablets, with additional brands and new products expected to follow.
• MariMed’s DehydraTECH-powered fast-acting products are expected to hit shelves in Massachusetts, Maryland, Illinois, and Delaware in the coming months.

Toronto,ON.— November 16, 2023 — Hill Incorporated, formerly Hill Street Beverage Company Inc. (TSXV:HILL) (OTCQB: HSEEF) (“Hill” or the “Company“), is pleased to announce that on November 3, 2023, its DehydraTECH commercialization partner Dehydr8, LLC (“Dehydr8”) executed a new definitive multi-year sublicensing deal with leading multi-state cannabis operator MariMed Inc. (“MariMed”), for an initial term ending June 30, 2026, with an option to renew for an additional 5 years.

MariMed will use the patented DehydraTECH biodelivery technology to power the next generation of cannabis edibles sold under several of its award-winning brands. These new and improved versions of MariMed products were precisely developed and tested to deliver better efficacy, speed of onset, consistency, and taste. Product innovation using DehydraTECH has also enabled MariMed to create products that meet a wider range of consumer needs and taste profiles.

Craig Binkley, CEO, comments: “We want to recognize the Dehydr8 team for their tireless efforts in completing the intensive R&D and product development efforts with the exceptional MariMed team, culminating in today’s announcement that DehydraTECH has been selected by another industry trailblazer committed to delivering the highest-quality and most effective cannabis products to consumers. Hill continues to work very closely with the Dehydr8 team to develop relationships and commercial manufacturing operations for DehydraTECH with companies and brands that are bringing proven CPG philosophies and practices to the cannabis market. I congratulate both partners for their commitment to quality and innovation and look forward to consumers getting the benefits of DehydraTECH product improvement in the strong MariMed brands that they love.”

Over the next few months, MariMed will roll out the improved DehydraTECH products, including ‘Vibations™’ all-natural, full-spectrum cannabis drink mix and ‘K Fusion™’ chewable tablets, in Massachusetts, Maryland, Illinois, and Delaware.

Today’s announcement represents continued expansion by Hill on the key factors driving the growth agenda of its DehydraTECH licensing business, as detailed in the Company’s October 24, 2023 Management’s Discussion & Analysis. The following chart shows the significant advances we have made year-over-year in the DehydraTECH licensing business, beginning from the December 2020 rights acquisition through December 2023 (expected).

 

 

About MariMed (CSE: MRMD) (OTCQX: MRMD)

MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies™, Nature’s Heritage™, InHouse™, Bubby’s Baked™, K Fusion™, Kalm Fusion™, and Vibations™, which are trademarks of MariMed Inc. For additional information, visit www.marimedinc.com.

About Hill Incorporated (TSXV: HILL) / (OTCQB: HSEEF)

Hill Incorporated is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights to use Lexaria Bioscience Corp’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverages business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.

For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.

If you wish to sign up for the Hill Incorporated mailing list, click HERE.

For more information, contact:
Craig Binkley, Chief Executive Officer
Email: craig@hillincorporated.com
Phone: 604-609-6154

MariMed Company Contact:
Howard Schacter, Chief Communications Officer
Email: info@marimedinc.com

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Highlights for the Year:

• DehydraTECH Licensing Revenues Nearly Tripled vs. Year Ago (as Adjusted*) as New Licensees and New Product Launches Continue to Hit the Market
• FY 2023 Consolidated Gross Profit Showed Strong Growth at +20% vs. Year Ago, Building on the +37% Gross Profit Gain for Full-Year FY 2022
• We Continued to Execute the Transformed Vin(Zero) Business Model
• Cash Flows from Operations Improved Significantly With a 59% Improvement
• Completed Our Balance Sheet Transformation, Delivering More Streamlined Financials and Eliminating Items Not Relevant for Our Focused Growth Agenda

Toronto, ON. — Oct 24, 2023 — Hill Incorporated, formerly Hill Street Beverage Company Inc. (TSXV: HILL) (OTCQB: HSEEF) (“Hill” or the “Company”), is pleased to announce today that it has released its audited financial results for the three-month period and year ended June 30, 2023 (“FY 2023”), which can be found at www.sedarplus.com. The progressive bioscience implementation company is dedicated to building pathways to better and healthier living by leveraging deep CPG expertise to commercialize leading-edge technologies, crafting superior cannabis solutions and non-alcoholic beverage products globally. The financial information summarized in this press release is based on audited data for FY 2023.

DehydraTECH Licensing Revenues Nearly Tripled vs. Year Ago (as Adjusted∗ ) as New Licensees and New Product Launches Continue to Hit the Market

The continued growth of our DehydraTECH licensing business is a function of four key factors:

1. new licensees – increasing our base of active licensees and brands;
2. new states – new state launches expanding the geographic coverage for active licensees or brands;
3. new product form factors – innovation to expand the number of DehydraTECH-powered consumer product forms and types in market to fill consumer needs and occasions; and
4. deeper penetration of products across operations – driving deeper penetration of the breadth of product forms and brands across current and new states.

Following is a summary of the significant advances we have made against these key factors since we acquired the exclusive global rights to the DehydraTECH technology for use with THC products at the end of 2020 until the close of FY 2023.

The thirteen states where we currently have active operating partners represent a total population of 150MM1 and an addressable market of approximately $25.6B USD in estimated 2023 cannabis sales2 . That footprint covers states generating over two-thirds of the addressable market of $31.8B USD in projected total U.S. cannabis sales for 2023³ .

The following chart shows the growth in DehydraTECH licensing revenues over the last 3 fiscal years:

*Licensing revenues have been adjusted to reflect bad debts recognized in subsequent periods related to the previous year’s revenue.

Craig Binkley, CEO, comments: “We continue to have success working with our ecosystem of DehydraTECH licensees and commercialization partners. We have expanded each of the key operating factors that drive growth in our licensing revenues, as we expand the portfolio and presence of DehydraTECH-powered consumer products. Following on strong advances in FY 2023, we are looking forward to the completion of extensive ongoing R&D and product development projects with LPs and MSOs that we anticipate will result in important new DehydraTECH licensees and their product launches in the coming months.”

We Continued to Execute the Transformed Vin(Zero) Business Model

As outlined in previous communications, we transformed our Vin(Zero) business model at the end of FY 2022, with major adjustments across all the key areas of production planning, shipping and logistics, warehousing, sales and retail distribution. These changes have led to several key positive financial impacts:

• shortened our order-to-cash cycle;
• reduced the level of working capital that we hold in finished goods inventory;
• reduced warehousing and transportation costs with streamlined distribution;
• Reduced the need for more expensive temperature-controlled containers for our products as our forecasting, operations planning, and inventory logistics models create a more efficient shipping cycle.

As also previously communicated, this new streamlined commercial model creates a new and different cadence to the business, where more dramatic periodic swings on the recognized revenues are planned, and the business must be looked at across longer time frames. We now place procurement orders less frequently, but more rapidly convert those orders to revenues on the P&L and cash on the balance sheet.

See below for an annual breakdown of key financial results on the alcohol-free beverage business.

Consolidated Gross Profit Showed Strong Growth at +20%, Building on the 37% Gain a Year Ago

While the results of the individual business units should be considered separately on a quarterly basis and over time, consolidated gross profit increased +20% for FY 2023, building on the full year FY 2022 growth of +37%. The growth in gross profit for this year shows the dramatic financial impact of the DehydraTECH business on the consolidated financials and gross profit margins, despite a revenue decline on the alcohol- free beverage business driven primarily by the ordering cadence of the new business model.

Cash Flows from Operations Improved Significantly With a 59% Improvement

During the year ended June 30, 2023, Hill had a significant 59% improvement in cash flows from operations, with negative cash flow of $718,195 compared to negative cash flow of $1,748,980 during the year ended June 30, 2022. This significant improvement over the previous year demonstrates that we are able to grow our consolidated gross profit without requiring commensurate cost increases and highlights the Company’s increased focus on overall cost and cash management.

We Have Completed Our Balance Sheet Transformation, Delivering More Streamlined Financials and Eliminating Items Not Relevant for Our Focused Growth Agenda

Significant advances have been made to improve the overall financial operating health of the Company, reducing both receivables and payables and also eliminating items that are not relevant for our more focused growth agenda. Hill is pleased to provide a snapshot of its streamlined balance sheet below, with corresponding notes. For the Company’s audited financial statements and a comprehensive Company update by way of its Management Discussion and Analysis, please visit the Company’s profile at www.sedarplus.com.

Note 1: The Company has reduced its year-over-year trade payables by 66% while maintaining consistent cash reserves.

Note 2: As of Oct 23, 2023, the Company has collected over 80% of its receivables that were outstanding as at June 30, 2023. The remaining 20% is expected to be collected by Nov 30, 2023.

Note 3: As part of the Company’s focused efforts on DehydraTECH expansion in the United States, Hill exited its lease of the Canadian Lucknow cannabis R&D facility in February 2023. This allowed the Company to eliminate under-utilized assets while allocating additional resources to drive additional growth in the US.

Matthew Jewell, CFO, comments: “FY 2023 was a transformational year, both in terms of showing, by way of tremendous operating and financial growth, the potential of our DehydraTECH licensing business and moving on from legacy initiatives and unprofitable business units. The Company’s objectives are now clear, with an executive team that is laser-focused on the key actions to drive the Company towards long term success.”

Shareholder Approval of Hill’s Amended Rolling Stock Option Plan and Amendments to its Restricted Share Unit Plan

Further to the Company’s press release on May 4, 2023, the Company wishes to confirm that at its Annual General and Special Meeting of Shareholders held on May 2, 2023, shareholders of the Company approved (i) the Company’s amended rolling 10% stock option plan; and (ii) certain amendments to the restricted share unit (“RSU”) plan of the Company, which included an increase of the fixed maximum number of RSUs that may be issued by the Company from 175,616 to 323,520 common shares (on a post- share consolidation basis).

In accordance with the TSX’s new policy 4.4 governing security-based compensation plans, certain amendments were made to both the stock option plan and the RSU plan to ensure that the plans met all regulatory requirements. The full text of both plans can be found in the Company’s most recent management information circular, a copy of which can be found on the Corporation’s SEDAR profile at www.sedarplus.ca.

About Hill Incorporated (TSXV: HILL) / (OTCQB: HSEEF)

Hill Incorporated is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading- edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights to use Lexaria Bioscience Corp’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverages business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.

For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.

If you wish to sign up for the Hill Incorporated mailing list, click HERE.

For more information:
Matthew Jewell, Chief Financial Officer
matthew@hillincorporated.com
604-609-6154

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

• DehydraTECH Licensing Revenues increases 5x vs. Year Ago and Hits Another Quarterly Record as New Licensees and New Launches Continue to Hit the Market     
• Year-to-Date Consolidated Gross Profit Continues to Show Strong Growth at +44% vs. Year Ago, Building on the +37% Gross Profit Growth for Full-Year FY 2022  
• Balance Sheet Transformation is Now Complete 

Toronto, ON – TheNewswire – May 31, 2023 – Hill Incorporated, formerly Hill Street Beverage Company Inc. (TSXV:HILL) (OTC:HSEEF) (“Hill” or the “Company“), a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally,  is pleased to announce that today it has released its financial results for the three-month and nine-month periods ended March 31, 2023 (“Q3 FY 2023”).  The financial information reported in this press release is based on unaudited, management-prepared financial statements for Q3 FY 2023.  

DehydraTECH Licensing Revenues Increases 5x vs. Year Ago and Hits Another Quarterly Record as New Licensees and New Launches Continue to Hit the Market

The Company continued to add states to its geographic footprint for DehydraTECH licensing as well as introducing new form factors to its portfolio of DehydraTECH-powered consumer products during the three-month period ended March 31, 2023.  The Company has now expanded its licensing to an operating footprint in the U.S. that covers thirteen states with a total population of 150MM1 and an addressable market of approximately $25.6B2 USD in estimated 2023 cannabis sales.  That footprint covers states generating over two-thirds of the addressable market of $31.8B USD in projected total U.S. cannabis sales for 20233.  

As a result, the Company is pleased to announce that it grew DehydraTECH licensing revenues by 442% in Q3 FY 2023 when compared to the same period last year and 28% versus the prior quarter.  

The following chart shows the growth in DehydraTECH licensing revenues over the past 6 quarters:

Year-to-Date Consolidated Gross Profit Continues to Show Strong Growth at +44% vs. Year Ago

While the results of the individual business units should be considered separately on a quarterly basis and over time, consolidated gross profit has increased +44% year to date vs. year ago, building on the full year FY 2022 growth of +37% compared to the prior period.

Balance Sheet Clean-Up is Complete

Significant advances have been made to improve the overall financial operating health of the Company. Hill is pleased to provide a snapshot of its simplified balance sheet below, with corresponding notes.  For the Company’s full financial statements and a comprehensive Company update by way of its Management Discussion and Analysis, please visit the Company’s profile at www.sedar.com.

Note 1:  Between December 1, 2022 and March 31, 2023, the Company has:

a) collected on all of its significant aged receivables;

b) completed an insider-supported private placement at $3.00 per unit ($0.04 adjusted for the 75:1 common share consolidation that occurred on May 30, 2023);

c) settled all of the Company’s significant aged payables; and

d) completed the sale of assets held for sale following the strategic pivot in 2022 to discontinue its (V)ia Regal line of cannabis-infused beverage, for net proceeds of $143,601 and a gain on the sale of $40,512.

Note 2: As of May 31, 2023, the Company has collected over 95% of its receivables that were outstanding as at March 31, 2023.

Note 3: As part of the Company’s focused efforts on DehydraTECH expansion in the United States, Hill exited its lease of the Canadian Lucknow cannabis R&D facility in February 2023.  This allowed the Company to eliminate certain overhead expenses while allocating additional resources to drive additional growth in the US.

As a result of these efforts, management expects that the Company currently has sufficient cash on hand to fund current operations for at least the next twelve months.

Matthew Jewell, CFO comments: “All of the successes discussed above are the direct result of the Hill executive team ensuring the Company is laser focused with clear objectives.  We are well capitalized and in a strong position to work towards achieving our growth potential.  I look forward to seeing where we can take it from here now that legacy items have been resolved and the team is fully onboarded and well positioned for continued success.”

The Company also confirms that effective May 30, 2023, its name change to Hill Incorporated and the consolidation of the Company’s shares on a 75-to-1 basis have been completed.

About Hill Incorporated (TSXV: HILL) / (OTCQB: HSEEF)

Hill Incorporated  is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights to use Lexaria Bioscience Corp’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverage business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.

For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.

If you wish to sign up for the Hill Incorporated mailing list, click HERE.

For more information:

Matthew Jewell, Chief Financial Officer       
matthew@hillstreetbevco.com

604-609-6154

 

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 US Census Bureau, https://www.census.gov/quickfacts/fact/table/US/PST045221

2 MJBiz Factbook 2023

3 MJBiz Factbook 2023   

Toronto, ON — TheNewswire – May 26, 2023 — Hill Street Beverage Company Inc. (TSXV:HILL) (OTC:HSEEF) (“Hill”, or the “Company”) is pleased to make the following announcements.

Name Change to Hill Incorporated

The Company announces that further to its May 4, 2023 press release, effective on or about Tuesday, May 30, 2023, the Company will change its name from Hill Street Beverage Company Inc. to Hill Incorporated. The Name Change serves to better reflect the Corporation’s evolution from an alcohol-free beverage company solely to a company holding a portfolio of bioscience-driven, technology-powered consumer solutions in the alcohol-free beverage and cannabis industries.

Share Consolidation

Further, the Company announces the consolidation of its common shares on the basis of 75 pre-consolidation shares for 1 post-consolidation share (the “Share Consolidation”).  The shares are expected to begin trading on a consolidated basis on the TSX Venture Exchange (“TSXV”) on Tuesday, May 30, 2023.  Following the completion of the Share Consolidation, there ‎are expected to be 3,244,378 post-consolidation shares outstanding.‎  Shareholder approval of the Share Consolidation was approved by shareholders on May 2, 2023.   The Share Consolidation is subject to final approval of the TSXV.

Company shareholders will receive 1 post-consolidation share for every 75 pre-consolidation shares held by them. No fractional shares will be issued as a result of the Share Consolidation. Fractional interests will be rounded to the nearest whole number of shares without any consideration payable therefor.

A new CUSIP number of 43147B109‎ replaces the old ‎CUSIP number of CA43147B1094. ‎The Company’s stock trading symbol will remain unchanged.

The Share Consolidation is being conducted on a “push-out” basis. Shareholders of the Company, with or ‎without a physical share certificate, do not need to take any action with respect to the Share Consolidation.  DRS statements for the post-consolidation shares will be mailed on or about June 2, 2023 and existing share certificates will be cancelled. ‎

With respect to the Company’s warrants issued in April 2021 with an expiration date of April 9, 2024, the new CUSIP number is 43147B117 and the new ISIN is CA43147B1177. No action is required by existing warrantholders as a new warrant confirmation will be sent out.

The Board of Directors of the Company has concluded that the Share Consolidation is in the best interests of Shareholders as it could lead to increased interest in the Company’s shares by a wider audience of potential investors, and may result in an increase in the trading volume and liquidity of its shares.

About Hill (TSXV: HILL) / (OTCQB: HSEEF)

Hill is a progressive innovation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally. We are pioneering the space where craft consumer products meet bioscience by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior consumer products. We are currently developing the platform for North American distribution around our rights to use Lexaria Bioscience Corp.’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B sales of cannabis ingredients.

For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.

If you wish to sign up for the Hill mailing list, click HERE.

For more information:       

Matthew Jewell, Chief Financial Officer       
matthew@hillstreetbevco.com

604-609-6154

 

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Toronto, ON. — May 4 2023 — Hill Street Beverage Company Inc. (TSXV: HILL) (OTCQB: HSEEF) (“Hill Street” or the “Company”), is pleased to announce the results of its Annual General and Special Meeting of Shareholders, held on May 2, 2023 (“AGM”).

Results of the AGM

All resolutions presented to the shareholders were voted overwhelming in favour by shareholders at the AGM.   

Each of the director nominees proposed by management for election were elected to the Board of Directors being Craig Binkley, Jack Fraser, Kevin Ruddle, Lori Senecal and Frank Vizcarra. 

At the meeting, shareholders also approved resolutions regarding the following matters:

• setting the number of directors for the ensuing year at five (5);

• re-appointment of MNP LLP, Chartered Professional Accountants, as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor’s compensation; 

• re-approval of the Company’s Stock Option Plan for the ensuing year; 

• approval of the Company’s amended Restricted Share Unit Plan;

• approval of the proposed name change of the Company from Hill Street Beverage Company Inc. to “Hill Incorporated”; and

• approval for the Board of Directors to proceed with the consolidation of the Company’s issued and outstanding common shares on the basis of up to 75 pre-consolidation common shares for each one post-consolidation common share.

The Board of Directors thanks all shareholders for their support of these changes.

Name Change

The change of the Company’s name to “Hill Incorporated” is still subject to the approval of the TSX Venture Exchange and the Company will issue a further press release once the timing of the proposed change is confirmed.

Share Consolidation

By a resolution of the Board of Directors of the Company passed on May 3, 2023, the directors have authorized the consolidation of the issued and outstanding common shares of the Company on a basis of 75 pre-consolidation common shares for each 1 post-consolidation common share (the “Share Consolidation“). The Company intends to implement the Share Consolidation as soon as practicable.  The Share Consolidation is subject to the acceptance of the TSX Venture Exchange. It is currently expected that the Company’s stock symbol will remain unchanged following the Share Consolidation.

The Board of Directors is proceeding with the Share Consolidation on the basis that it is in the best interests of shareholders as it could lead to increased interest in the Company’s shares by a wider audience of potential investors and may result in an increase in the trading volume and liquidity of its shares. 

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive innovation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally. We are pioneering the space where craft consumer products meet bioscience by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior consumer products. We are currently developing the platform for North American distribution around our rights to use Lexaria Bioscience Corp.’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B sales of cannabis ingredients.

For more information on our business activities visit www.hillincorporated.com or to check out Hill Street’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com

If you wish to sign up for the Hill Street mailing list, click HERE.

For more information:

Matthew Jewell, Chief Executive Officer
matthew@hillstreetbevco.com 

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Toronto, ON — TheNewswire — April 26, 2023 — Hill Street Beverage Company Inc. (TSXV:HILL) (OTC:HSEEF) (“Hill Street” or the “Company“), a progressive innovation company holding a unique portfolio of bioscience-driven, technology-powered consumer solutions that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally, is pleased to provide a letter from CEO, Craig Binkley with an update on the Company’s operations.

Dear Shareholders,

We would first like to thank all our shareholders for their support of Hill Street.  Our business has evolved and grown significantly as we have solidified the foundation for the Company’s future.  As a result, and as we announced last week, we believe that relaunching the Company as “Hill Incorporated” will serve to better reflect its evolution, from its pre-RTO roots as an alcohol-free beverage company to the expanded company that it is today, holding a portfolio of bioscience-driven, technology-powered consumer solutions and licensing rights in the alcohol-free beverage and cannabis industries. At Hill Incorporated, we will continue to build pathways to better and healthier living through our two business units – Hill Street Beverages and Hill Avenue Cannabis.

We have now begun the fourth quarter of FY 2023 and our Q3 results will be released at the end of May.  We also look forward to the Company’s Annual General and Special Meeting of Shareholders to be held next week on May 2, 2023 (“AGM”).  

After the formal business of the AGM, on May 2, 2023, at 2:00 pm ET, investors are invited to attend a Corporate Update Presentation, followed by a Q&A period which will be hosted by webinar.  Those interested in participating can join us by registering through the link here.  Shareholders properly in attendance at the AGM are welcome to stay for the presentation in-person.

In advance of that presentation, we wanted to take this opportunity to provide a general update on the business beyond what we shared in our latest financial results that were announced on March 1, 2023.

Hill Avenue Cannabis Continues to Advance New DehydraTECH Licensing Agreements, Form Factor Innovations, and Expansion of In-Market DehydraTECH Operations

Our Hill Avenue Cannabis business unit is the DehydraTECH technology licensing, product development and commercialization partner to progressive cannabis brands worldwide who are committed to bringing exceptional, best-in-class cannabis products to market.  Hill Avenue Cannabis also provides DehydraTECH-enabled business-to-business (B2B) solutions for cannabis extractors, ingredient suppliers and consumer packaged goods (CPG) manufacturers to produce fast-acting, consistent and premium THC products.

Growth of our DehydraTECH licensing business is a function of four key factors:

1. 1)new licensees – increasing our base of active licensees and brands; 
2. 2)new states – new state launches expanding the geographic coverage for active licensees and brands;  
3. 3)new product form factors – innovation to expand the number of DehydraTECH-powered consumer product forms and types in market; and  
4. 4)deeper penetration of products across operations – driving deeper penetration of the breadth of product forms and brands across current and new states. 

Below is a summary of the advances we have made against these key factors since we acquired the exclusive global rights to the DehydraTECH™ technology for use with THC products at the end of 2020.

Click Image To View Full Size

We have grown all the key metrics as we have expanded from 3 DehydraTECH-powered form factors and 4 states, to 8 product forms more deeply penetrated across 12 states

We have expanded our DehydraTECH product coverage from 1 active licensee with 3 form factors in 4 states, to 8 active licensees at the end of March 2023 with 8 unique product forms across 12 states.  As not all products are available across all of the states, we utilize a calculation of Product Penetration Depth to measure the broader availability of DehydraTECH-powered products in the US markets. As the chart shows, we have more than tripled this key measure from 7 to 23 and we continue to both innovate new product form factors and work to drive penetration of many of the form factors across more markets.

1906 has expanded from 4 to 10 states through March and Dehydr8 continues to drive new product innovation and to push forward on the DehydraTECH partner pipeline

1906, the company behind the #1 fast-acting edible 1906 Drops, has advanced from 4 states to 10 through our fiscal Q3, and its April launch of 1906 Beans into New York brings the total to 11 states. 1906 products can now be found in licensed dispensary partners in Arizona, Colorado, Illinois, Massachusetts, Michigan, Missouri, New Jersey, New York, Oklahoma, Ohio, and Pennsylvania.

Dehydr8, Hill Avenue’s R&D and commercialization partner in several key states, continues to operate its roster of DehydraTECH sub-licensees across Michigan, Oregon, Massachusetts and Illinois, to push forward on the pipeline of new DehydraTECH partner initiatives, and to drive advances in product form innovations.  Through Dehydr8, we have seen April launches of DehydraTECH-powered, THC-infused K-Cup coffee pods from Refine and hot cocoa beverage mixes from High TeHC in Michigan that will add to both our Product Forms Active and Product Penetration Depth metrics for Q4 FY23.  

New DehydraTECH licensing agreement signed with ArcataX in Humboldt County, California enables B2B DehydraTECH ingredient production for California cannabis LPs and brands

During the recently completed Q3, Hill Avenue also signed an important new DehydraTECH licensing agreement with ArcataX, an award-winning extractor, ingredient supplier and manufacturer of cannabis products located in the heart of historic Humboldt County, California.  

With this new licensing deal, ArcataX has been licensed to produce DehydraTECH-infused product ingredients for cannabis LPs and brands in California who want to create DehydraTECH-powered THC products.  By setting up a DehydraTECH ingredient provider in California, we have created a solution for California LPs and brands to integrate DehydraTECH into their production process without requiring an additional investment in capital equipment or production personnel.

We have assembled a top-notch DehydraTECH R&D, product formulation and development team to guide existing and prospective DehydraTECH licensees in the development of winning cannabis products

Not only does the licensing agreement with ArcataX provide a base of operations to build a DehydraTECH-powered B2B ingredient business in California – the largest cannabis market in the US – ArcataX also provides critical product R&D support and capability to the Hill Avenue Cannabis team as we continue to develop applications of our technology to deliver the true power of the cannabis plant and its extracted cannabinoids to people through premium CPG products.

ArcataX’s deep extraction and formulation expertise adds to the stellar group of science, product formulation and R&D capabilities we have built within the Hill Avenue Cannabis ecosystem, including DehydraTECH creator, Lexaria Bioscience Corp., Dehydr8’s science team, and Bevnology, a leading product development and commercialization consulting firm that we have engaged.  This collective group has extensive capabilities and experience working across a range of cannabis extracts, consumer products, form factors, and applications of DehydraTECH, to drive further product development and innovation with DehydraTECH licensees.

We have Launched a New DehydraTECH-THC Website to Further Support Prospective LPs and Brands

To support our continued business development efforts for our licensing business, last week we launched www.DehydraTECH-THC.com as our new DehydraTECH cannabis biodelivery technology site that has been designed primarily to provide information to B2B THC cannabis-infused product brands and manufacturers as we expand awareness and interest in our DehydraTECH technology within the cannabis industry.  This website holds important information about the advantages of DehydraTECH, the science behind it, and the product applications that it enables. At this website, we have also provided links to the website of DehydraTECH creator Lexaria Bioscience Corp. (www.lexariabioscience.com), where visitors can access even deeper support for the advantages of DehydraTECH.

Our US operating footprint at the close of FY23 Q3 now covers 12 states with a total population of 130.3M and expected cannabis sales of $24.7B for 20231.   With these 12 states, we now operate in states covering over ¾ of the expected total US cannabis sales in 2023.

Brightfield Group projects the total US cannabis market to reach $50.7B in 2028 from an expected $31.8B in 20232, so we are very pleased to be executing the expansion of our growth agenda in this rapidly growing market.

Hill Street Beverages’ New Model for its Alcohol-Free Wine Business Has Driven Revenues and Created a New Sales Cadence

As we have previously communicated, we implemented a significant streamlining of our Vin(Zero) alcohol-free wine operations within our Hill Street Beverages business unit. We made major adjustments across all the key areas of production planning, shipping and logistics, warehousing, sales and retail distribution, as we:

• shortened our order-to-cash cycle dramatically;  
• reduced the level of working capital that we will be holding in finished goods inventory; and  
• structured our forecasting, operations planning, and inventory logistics models to create a more efficient shipping cycle that will reduce the need for more expensive temperature-controlled containers for our products. 

This new business model has led to a new cadence on our quarterly sales revenues.  Our sales revenues to our distributor are now spread further apart with less frequent, but more significant volume per order, as we optimize the timing and efficiency of our supply chain by ordering customer inventory during the optimal seasons for minimizing transport costs.

After achieving record revenues in Q4 of FY 2022, Q1 FY 2023 revenues declined as we had expected and communicated.  Most recently, we reported in Q2 FY 2023 that we delivered another revenue record of $1,237,941 for the business. Accordingly, we anticipate our next quarter Q3 to again be a low revenue quarter on this business line with the new cadence.  However, we have already received an order in Q4 for replenishment of our distributor inventories, and we expect additional orders will be received to build inventory in anticipation of the ‘blackout’ period for shipments between fall 2023 to spring 2024.

New Hill Street Beverages Website Is Targeted Directly to Consumers

We have also renovated our legacy company website at the domain www.hillstreetbeverages.com to specifically provide a consumer-focused website for Vin(Zero) alcohol-free wines. The new design highlights our award-winning products, showcases how they are uniquely crafted through a proprietary de-alcoholization process, provides, and contains the platform for e-commerce sales.

Like the cannabis market, the alcohol-free wine market is enjoying a strong growth trend, expected to grow double digits annually as alcohol consumption is declining worldwide.  We have significant opportunities to expand our distribution in existing markets and we also believe that innovation in the alcohol-free beverage category can further accelerate our success in this market.  

The Financial Picture of the Company Continues to Improve

The Company grew consolidated net revenues by 46% for FY 2022 and 73% for the first six months of FY 2023 on the strength of both DehydraTECH licensing revenues and the impact of the new business model on Vin(Zero) sales.  

Further, we announced record breaking FY2023 Q2 financial results on March 1, 2023 which were driven by record quarterly revenues from each of our business units – DehydraTECH licensing and alcohol-free beverage business sales.

With this strong revenue growth trend and the capital we raised in our private placement financing in December 2022, we anticipate that we will have sufficient cash for at least 12 months under reasonably conservative assumptions.

We Continue to Advance Efforts to Build Awareness and Corporate Reputation

As announced last week, we are proposing a corporate name change following the upcoming AGM, from “Hill Street Beverage Company” to “Hill Incorporated”.  To support increased corporate reputation and investor relations efforts, the Company has launched www.Hillincorporated.com as our new website that will serve as our main corporate website.  Targeted primarily to investors and businesses, this website includes key information about the company, its business, news and press releases, as well as other important investor and disclosure documents.

To improve investor exposure to the Company’s stock, during this past quarter, we uplisted the Company’s stock to the OTCQB market, increasing our accessibility to the US markets and providing further liquidity for our shareholders.  In addition, receiving eligibility for electronic clearing and settlement through the Depository Trust Company in the US last month also improved accessibility by US investors and allowed strengthened trading of our stock in the capital markets.

Again, thank you for your support of Hill Street.  We believe that we have achieved significant results on the business and are poised for even greater successes as Hill Incorporated with both Hill Avenue Cannabis and Hill Street Beverages.  We look forward to sharing those with you as they come to fruition.

Sincerely,

Craig Binkley

Announcement of Equity Grants

The Company also announces today that the Board has approved the following equity grants to the directors, as Board compensation:

• 7,000,000 stock options to certain directors (the Options”), which will vest on June 30, 2023 and have an exercise price of $0.05 and an expiry date of 5 years; and  

• 1,000,792 restricted share units (the RSUs”) to a director, which will vest on June 30, 2023.   The number of RSUs granted was calculated based on a deemed value of $0.05 per RSU. 

The Options and RSUs will be granted subject to the terms of Company equity incentive plans and each vested Option and RSU will entitle the holder to acquire one common share of the Company, with the payment of the exercise price, as applicable.

Matthew Jewell, CFO comments: “I think it speaks volumes that the directors of the Company have agreed to accept equity compensation in lieu of cash Board fees, as they show their continued support of the Company in its goal of preserving its cash reserves to focus on Company growth and expansion.”

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive innovation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally. We are pioneering the space where craft consumer products meet bioscience by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior consumer products. We are currently developing the platform for North American distribution around our rights to use Lexaria Bioscience Corp.’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B sales of cannabis ingredients.

For more information on our business activities visit www.hillincorporated.com or to check out Hill Street’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com

If you wish to sign up for the Hill Street mailing list, click HERE.

For more information:

Matthew Jewell, Chief Financial Officer

Matthew@hillstreetbevco.com        

FORWARD-LOOKING STATEMENT

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “could”, “anticipate”, “intends”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 MJBiz Factbook 2023

2 https://www.forbes.com/sites/irisdorbian/2023/02/15/despite-some-stumbles-total-sales-in-us-cannabis-market-could-soar-to-507-billion-by-2028-says-top-researcher/?sh=1d4ec9f3164d

Toronto, ON – TheNewswire – March 22, 2023 – Hill Street Beverage Company Inc. (TSXV:HILL) (OTC:HSEEF) (“Hill Street” or the “Company“), a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products, confirms that its OTCQB-listed common shares under the symbol “HSEEF” are now eligible for electronic clearing and settlement through the Depository Trust Company (“DTC“) in the United States.

The DTC is a subsidiary of the Depository Trust & Clearing Corporation and manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered “DTC eligible.” This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements. Being DTC eligible is expected to greatly simplify the process of trading and transferring the Company’s common shares on the OTCQB.

The OTCQB is a market for established companies, both from the U.S. and other countries, that meet high financial standards, and provide timely news and disclosure to investors.

“As a direct result of Hill Street’s DTC eligibility, the Company’s stock is now accessible to all US investors and institutions.  DTC eligibility also allows trading of the Company’s stock in the capital markets to be strengthened. Hill Street has a significant and constantly expanding investor following out of the US and enhancing our exposure for investment is exciting”, stated Matthew Jewell, CFO of Hill Street.

About Hill Street Beverage Company Inc. (TSXV: HILL)

Hill Street is a progressive bioscience implementation company that utilizes new technologies to provide innovative cannabis solutions and non-alcoholic beverage products globally. We are pioneering the space where craft consumer products meet bioscience by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior plant-derived consumer products. We are currently developing the platform for North American distribution around our rights to use Lexaria Bioscience Corp.’s ground-breaking DehydraTECH™ patent portfolio for product development, licensing and B2B sales of cannabis ingredients.

For more information:

Matthew Jewell, Chief Financial Officer       
matthew@hillstreetbevco.com

FORWARD-LOOKING STATEMENTS

Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.