Shiny Health & Wellness Corp. announced the signing of a new partnership with Turbo Holdings Canada Inc., consisting of an asset sale and licensee agreement. The Company signed the Asset Purchase Agreement combined with a Trademark License Agreement on May 26, 2023 with an affiliate of Turbo Holdings Canada Inc. The Asset Purchase Agreement provides for the sale of the assets of two of Shiny Health's retail locations, one in Orleans and another in Alexandria, Ontario; for an estimated total purchase price of CAD 800,000, plus inventory, and subject to customary adjustments, and a portion of the proceeds will be applied to a debt repayment.

As set out in the Asset Purchase Agreement the closing of the 2 Shiny Health stores will occur following Turbo Holdings receipt of their Alcohol Gaming Commission of Ontario (AGCO) approvals. Under the Trademark License Agreement, the affiliate of Turbo Holdings will be granted the right to operate the stores under the ShinyBud trademark, in consideration for a monthly royalty of 1% of gross revenues, and a share of revenues received from data licensing fees.