BevCanna Enterprises Inc. announced the voluntary dissolution of two of its wholly-owned subsidiaries, Exceler Holdings Ltd. and SKAL Infused Drinks Inc. effective July 28, 2023. After thorough evaluation and analysis, it has become evident that these subsidiaries no longer hold significant value or assets pertinent to the Company's current and future operations, as well as balance sheet. Changing market conditions, high inflation, and a challenged global cannabis industry, have made it unfeasible for the Company to allocate further resources for the development of the product lines and distribution prospects owned by these entities.

As the industry landscape evolves and market dynamics shift, the Company continues to explore strategic opportunities to drive growth and create value for its stakeholders.