Investment & Funding Update: C$26 Million Cash Bankrolled in 2022

TORONTO, Oct. 5, 2022  - Elevate Farms Inc. ("Elevate" or "Elevate Farms"), a tech-based vertical farming company focused on cost-effectively growing leafy green vegetables at mass scale, wishes to announce that, as of October 3, 2022, the company has raised in excess of C$26 million in 2022 ("Financing") consisting of equity and secured project finance through a series of investments worldwide. The Financing was again anchored by long-time supporter, Brightspark Capital Inc. ("Brightspark"), a veteran venture capital firm based in Montreal and Toronto, Canada and represented on the Elevate Farms Board by founding Partner Mark Skapinker.

Amin Jadavji, CEO, Elevate Farms, stated "Brightspark's return as a significant investor in our most successful period of fundraising, along with the election of Douglas Janzen to our Board at the last meeting of shareholders, speaks to the exceptional growth of profile and institutional support, both internally and externally, Elevate has received in the capital markets industry. We are now exceptionally well capitalized and buoyed by outstanding institutional backing through commercial and corporate governance expertise."

"The farming industry is going through massive changes as the effects of weather change, standardization and modernization are rapidly becoming reality," said Mark Skapinker, Partner at Brightspark. "Elevate Farms' solution addresses the market need and its unique approach sets it up for market leadership. We are very excited by the prospects of the company."

Also, on September 20 2022, Elevate is proud have been affirmed as a founding and leading member of the Vertical Farming World Congress being one of the first farming companies to sign the Vertical Farming Manifesto highlighting the impact and contribution the industry intends to make to transform current food systems and help to solve one of humanity's toughest challenges of providing food for a growing population in a sustainable, circular way. Amin Jadavji, noted "Elevate Farms has been committed to developing food production systems designed to produce a high volume of leafy greens at a competitive cost.  We are excited to be part of the solution to use emerging technology in order to feed people for a sustainable future."

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