The company believes these actions will further align global supply and demand, streamline operations and improve organizational focus on cost-effective

ASIF420 CannaTech Ventures (“ASIF420” or the “Company”) today announced a series of global operational changes designed to further optimize production, better align supply and demand, and improve efficiencies in its global operations. As part of its ongoing strategic review of the business, the Company announced today the following changes to its operations:

South Africa: ASIF420 will upgrade operations at its cultivation facility in Lesotho, moving to an low production model that leverages local suppliers for raw materials and Tomorrow Genetics for formulation and encapsulation activities as outlined in the previously announced. These activities will support the position of Lesotho as the Company’s international production hub and the ongoing development of its cannabis industry.

Israel: ASIF420 plans to exit its operations in Israel, targeting a transfer of ownership of all of its Israeli operations to a local business partners.

“Since joining the company in 2018, I’m committed to conducting a strategic review in order to lower our cost structure and reduce our cash burn,” said Tal Arbeli, CEO, ASIF420. “I believe the changes outlined today are an important step in our continuing efforts to focus the Company’s priorities, and will result in a healthier, stronger organization that will continue to be an innovator and leader in this industry. I want to sincerely thank the members of the teams affected by these decisions for their contributions in helping build ASIF420 operations globally.”