SOL Global Provides Interim Unaudited Financials for the First Quarter Ended February 2021

SOL Global Reports Best Quarter Since its Inception

SOL Global Continues to Buy Back its Shares Under the Previously Announced Normal Course Issuer Bid

SOL Global Investments Corp. ("SOL Global" or the "Company") (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to provide its investors with unaudited financials for the first quarter ended February 28, 2021 and a general operational update concerning the Company’s assets and investments. All figures in this press release are in Canadian dollars, unless otherwise indicated.

Unaudited Quarter-End Results

• For the quarter-ended February 28, 2021, the Company recorded a positive net income of $208 million VS quarter-end February 29, 2020 of $2.9 million. This represents a favourable change of $205.2 million.
• Total gain from investments totalled $244 million for the quarter-ended February 28, 2021, compared to $2.6 million for the quarter-ended February 29, 2020. This represents a favourable change of $241.5 million between periods.
• The Net Asset Value (“NAV”) per share is equal to $7.12 at February 28, 2021 VS $1.98 at February 29, 2020.
• SOL Global has significantly strengthened its asset base as compared to previous quarters when market multiples were higher. The gains reported in the financial statements are reflective of material operational improvements and growth in the underlying investments. Core portfolio investments have either completed or entered into agreements to complete liquidity events that may unlock value for investors.

“I’m pumped for our stockholders and beyond proud of my team and partners for today’s results,” said SOL Global’s Chairman and CEO, Andy DeFrancesco. “Our year end results were strong, but we shattered expectations with this most recent quarter. Going forward, our sectors and holdings may change but our strategy, risk management and dedication to our stockholders will not.”

The Company’s financial statements for the quarter ended May 31, 2021 will be released on July 30, 2021

• Forward looking guidance into the Company’s Q2 results:
  • Bluma Wellness Inc. (“Bluma”) was acquired by Cresco Labs Inc. (“Cresco Labs”) in an all stock transaction valued at USD$213 million.
  • The Company announced its intention to increase its ownership interest in Captor Capital (the parent company of One Plant California) to 15.7%.
  • The Company co-led Fyllo’s $30 million dollar Series B Financing, with a USD$4 million investment.
  • The Company made its first investment in the psychedelic sector, investing $2.6 million into Wesana Health.
  • The Company structured and led a recent financing into Green Scientific Labs, LLC (“GSL”), investing approximately $2.84 million for a 14.5% interest. The Company intends to increase its ownership in GSL by investing further into its RTO financing round, which is imminent.

Verano Operational Update

On March 31, 2021, Verano Holdings Corp. (“Verano”) announced it had entered into a definitive agreement to acquire all of the issued and outstanding equity interests of The Healing Center, LLC, adding three highly productive, award-winning dispensaries in the Pittsburgh-metro area.

On April 6, 2021, Verano announced its full year results for the year ended December 31, 2020. Highlights include:

• 2020 revenue of $355 million, growth of approximately 200%
• Gross profit margin of 63% for full year 2020
• 2020 net income of $245 million
• 2020 adjusted EBITDA of $170 million, 48% margin

On April 22, 2021, Verano announced it had entered into definitive agreements for all of the issued and outstanding equity interests in Agri-Kind, LLC, Agronomed Holdings Inc. and Agronomed Biologics, LLC, which collectively will add the equity in two cultivation licenses (one active location plus another facility for additional cultivation and production that is currently under construction) and the equity in a permit to add six dispensaries (non-active, to be developed) in Pennsylvania. These equity transactions will enhance Verano’s presence in Pennsylvania and further the Company’s position as a U.S. market leader.

Bluma Wellness Operational Update

On April 14, 2021, Cresco Labs closed its acquisition of Bluma. As a result of the acquisition, Bluma is now a wholly-owned subsidiary of Cresco Labs.

On April 12, 2021, Cresco launched a new brand of branded gummies under the name Wonder Wellness Gummies.

On April 22, 2021, Cresco announced the appointment of Tarik Brooks to its board of directors and the retirement of Dominic Sergi.

Other Highlights for Q2

• On March 15, 2021, the Company announced its first green tech investment in award-winning electric motorcycle company Damon Motorcycles (“Damon”). Damon recently raised USD$30 million after completing a bridge financing round led by SOL Global, Benevolent Capital Partners, LLC, Zirmania Investments Limited, and other investors. SOL Global invested CAD$6.1 million into Damon.

• Update on Litigation with lender, 1235 Fund LP: As previously disclosed, the Company commenced litigation in New York against its lender seeking, among other relief, a declaration that the lender is only entitled to have a $50 million non-convertible debenture (the “Debenture”) repaid in cash, and not in Verano shares owned by the Company with a current market value of more than $350 million. Subsequently, the lender issued a claim against the Company and others in Ontario for repayment of the Debenture through Verano shares or in the alternative damages of not less than $550 million. The Company will be asking to stay the Ontario claim on the basis that the issues are already before the New York courts. The lender has asked that the proceedings in New York be stayed or dismissed, arguing that these matters should be decided by a court in Ontario.

• As announced on March 2, 2021, the Company commenced a normal course issuer bid on April 1, 2021 (the “NCIB”). Under the NCIB, the Company may purchase up to 2,737,805 of the Company’s common shares (the “Common Shares”), representing approximately 5% of its issued and outstanding Common Shares on the date the NCIB was initiated. All Common Shares purchased under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange (the “CSE”) and will be at the prevailing CSE market price for the Common Shares at the time of purchase. Common Shares acquired by the Company under the NCIB are being purchased for cancellation.

COVID-19 Update

SOL Global and its investments and portfolio companies have continued to deliver for both clients and shareholders despite challenges in the overall cannabis space and uncertain market conditions caused by the ongoing COVID-19 pandemic. SOL Global’s portfolio companies and companies in which they retain a non-controlling economic interest, including Bluma have adapted to the current environment through the continued scale-up of existing Florida cannabis production facilities, the continued expansion of Bluma’s operating subsidiary, One Plant Florida’s, already robust home- and curbside-delivery network and online ordering system in Florida, and the continued oversight of strategic business opportunities. SOL Global remains confident that it will continue to weather the COVID-19 storm and will emerge from the pandemic as a strengthened leader in the larger cannabis marketplace.

About SOL Global Investments Corp.:

SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company’s investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, and New Age Wellness.

Non-IFRS Financial Measures

This press release includes references to net asset value, which is a financial measure that does not have a standardized meaning prescribed by IFRS. Net asset value is calculated as the value of total assets less the value of total liabilities at a specific date. The Company believes this non-IFRS measure does not only provide management with comparable financial data for internal financial analysis but also provides meaningful supplemental information to investors. In particular, management believes this financial measure can provide information useful to its shareholders in understanding the performance of the Company and may assist in the evaluation of its business relative to that of its peers. Investors are cautioned that this non-IFRS measure should not be construed as an alternative to the measurements calculated in accordance with IFRS as, given the non-standardized meaning, it may not be comparable to similar measures presented by other issuers.

Cautionary Statements

This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained in this press release includes, without limitation, , future operational plans of Verano, the completion of the transaction between Verano and The Healing Center, LLC, the completion of the transactions between Verano and Agri-Kind, LLC, Agronomed Holdings Inc. and Agronomed Biologics, LLC, the estimated impacts on the transactions on the business of Verano, future equity investments in Captor Capital, future plans in relation to litigation with 1235 Fund LP, purchases under the NCIB, and the Company’s expectations regarding its ability to operate and emerge from the COVID-19 pandemic.

Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.

By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including the inability or failure of the Company’s portfolio companies to execute their business and strategic plans as contemplated or at all, the failure by Verano, The Healing Center, LLC, Agri-Kind, LLC, Agronomed Holdings Inc. and Agronomed Biologics, LLC to obtain all requisite corporate, regulatory and court approvals for the proposed transactions, the outcome of litigation in respect of the Debenture, changes in national or regional economic, legal, regulatory and competitive conditions and a resurgence in the COVID-19 pandemic.

Other risk factors include: the risks resulting from investing in the US marijuana industry, which may be legal under certain state and local laws but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit the Company’s ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Company to service its debt; the Company’s ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company's current MD&A, which has been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.

The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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