Dual Listing on ASX

The Board of Cannasouth Limited (NZX:CBD) recently approved the dual listing of the Company on the Australian Securities Exchange (ASX) as a foreign exempt listing. This will widen and diversify Cannasouth's shareholder base by enabling Australian and other international investors who do not currently trade in NZX shares to participate in the Cannasouth journey via ASX. Reasons for this decision included: o To enhance shareholder value by providing increased liquidity in a bigger market that is more accustomed to investments in biotech and early-stage businesses. o To gain access to mid-cap institutional fund managers who typically invest in businesses on the ASX that can provide liquidity. o To tap into global fund managers who prioritise investments in internationally recognised bourses such as the ASX. o Recognising Australia's status as the largest and fastest-growing medicinal cannabis market in Australasia, and given Cannasouth's intention to expand its business there. Sydney-based Addisons Lawyers have been appointed to facilitate the process together with Corporate Counsel in Auckland. We anticipate the dual listing process to conclude by year end. This development, along with an update on progress since the merger with Eqalis, will be communicated in a newsletter to shareholders today. A copy of the shareholder update covering the following topics is attached: o Merger Implementation, o Products and Sales, o Innovation, o Planning for Dual Listing on the ASX, and o Medicinal Cannabis Agency Regulatory Review We advise that Mark Scapens was previously reported incorrectly as Independent Non-Executive Director. This has been amended to Non-Executive Director. -ENDS- For further information visit www.cannasouth.co.nz or contact: Mark Lucas CEO / Executive Director Email: mark.lucas@cannasouth.co.nz Mobile: 021 484 649 Colin Foster CFO / Company Secretary Email: colin.foster@cannasouth.co.nz Mobile: 027 577 1498 End CA:00415779 For:CBD Type:MKTUPDTE Time:2023-08-04 08:50:07