Q2-2018 Revenue of $3.5 million compared to $643,437 in Q1-2018 – marks the successful initiation of California distribution and manufacturing strategy.

Net income of $9.3 million (EPS of $0.18 ) and EBITDA of $10.4 million generated through execution of stated strategy to rationalize non-core assets and an increase in gross margin related to growing product sales.

FloraCal (closed July 2 nd ) and RVR Distribution ("RVR") (closing in Q3-2018) are performing above plan and are expected to drive sequential revenue growth through the second half of 2018 and beyond.

Premier cannabis brand development platform powered by five licensed distribution and manufacturing facilities across California , delivering several of the state's top independent branded products to the majority of licensed dispensaries in the state.1

OTTAWA, Aug. 23, 2018 /CNW/ - CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) ("CannaRoyalty" or the "Company") today announced the Company's financial results for the three and six-month periods ended June 30, 2018. All figures are reported in Canadian dollars ($), unless otherwise indicated. CannaRoyalty's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").

"Q2 marked a turning point for CannaRoyalty and its shareholders as the team translated strategy and execution into record financial performance. The Company generated earnings per share of $0.18 primarily by delivering on its stated objective of rationalizing early passive investments. The Company also generated a record adjusted EBITDA result for a Canadian-listed cannabis company2," said Marc Lustig, CEO of CannaRoyalty. "Q2 is the beginning of a multi-quarter parabolic step change in revenue, powered by sequential acquisitions and organic growth. CannaRoyalty generated a record $3.5 million in revenue this quarter, a 446% increase from Q1 and more than the Company generated in all of 2017. These results reflect the successful initiation of the Company's strategic focus on building its Californian distribution and brands platform. This growth is expected to continue in Q3 and Q4 as FloraCal and RVR are added to the Company's financials and as our team continues to grow market share and expand the Company's supporting manufacturing and value-add services footprint. Both RVR and FloraCal are performing above expectations, and we are actively executing our plans to increase the revenue generating capacity of both companies. I thank all of our long term shareholders for their faith in this team and our plan. I am proud to say that this is truly just the beginning of the CannaRoyalty story."

"Our goal is to be the home of origin for the global cannabis brands of the future. It's a model built on trust. Trust from our brand partners that we will drive their success in California and beyond. Trust from our retail partners that we will deliver exactly what they need. Without that trust, it is not possible to build the trust we are seeking from consumers – which is what we believe a brand to be. We've been hard at work building the infrastructure and services needed to support brands in building that consumer trust," said Afzal Hasan, President and General Counsel of CannaRoyalty. "This is a highly scalable platform. We touch the majority1 of licensed dispensaries in the state. We're doing this not just because we believe it will result in the formation of tomorrow's global cannabis brands, but also because we believe it will drive industry leading revenue growth in the next 12 months. We're actively pursuing distribution relationships with a number of California's leading brands, and each successful relationship that we enter into is immediately accretive to our revenue run rate. With $15.7 million in cash at the end of Q2, the proceeds from our recent convertible debenture issue and the combined $26 million sale of certain non-core assets, we have the financial strength to continue to take advantage of the accretive growth opportunities we see in the California market."

Recent Developments

For a more comprehensive overview of these recent developments, please refer to CannaRoyalty's Management's Discussion and Analysis of the Financial Condition and Results of Operations for the Three Months Ended June 30, 2018.

On July 3, 2018 , CannaRoyalty announced the close of the FloraCal Farms acquisition for a total consideration of US$1 million in cash and 35,088 CannaRoyalty Class A Compressed Shares, as well as up to an additional US$3 million in cash and 35,088 Compressed Shares to be paid over 3 years, based on completion of certain milestones and other considerations.

, CannaRoyalty announced the close of the FloraCal Farms acquisition for a total consideration of in cash and 35,088 CannaRoyalty Class A Compressed Shares, as well as up to an additional in cash and 35,088 Compressed Shares to be paid over 3 years, based on completion of certain milestones and other considerations. On July 6, 2018 , executing on its stated strategy to focus on expanding its California footprint, CannaRoyalty announced that it purchased a licensed distribution and manufacturing facility in the city of Cotati in Sonoma County, California for US$2.4 million . The Cotati facility will serve as an additional hub for distribution, as well as supporting manufacturing infrastructure, to meet the strong demand of CannaRoyalty's distributed brand portfolio.

, executing on its stated strategy to focus on expanding its footprint, CannaRoyalty announced that it purchased a licensed distribution and manufacturing facility in the city of in for . The facility will serve as an additional hub for distribution, as well as supporting manufacturing infrastructure, to meet the strong demand of CannaRoyalty's distributed brand portfolio. On July 12, 2018 , CannaRoyalty announced that it had acquired the exclusive rights to distribute and manufacture Pacific Remedy LLC's industry-leading infused pre-rolls in California .

, CannaRoyalty announced that it had acquired the exclusive rights to distribute and manufacture Pacific Remedy LLC's industry-leading infused pre-rolls in . On July 12, 2018 , the Company announced that it had closed a fully marketed private placement of unsecured convertible debentures raising aggregate gross proceeds of $32,980,000 .

, the Company announced that it had closed a fully marketed private placement of unsecured convertible debentures raising aggregate gross proceeds of . On August 9, 2018 , CannaRoyalty announced the close of Aurora's acquisition of Anandia Inc. for initial consideration valued at approximately $115 million in common shares and warrants of Aurora. CannaRoyalty's equity stake in Anandia was reported at approximately $26.4 million 3 as of June 30, 2018 .

, CannaRoyalty announced the close of Aurora's acquisition of Anandia Inc. for initial consideration valued at approximately in common shares and warrants of Aurora. CannaRoyalty's equity stake in Anandia was reported at approximately as of . On August 9, 2018 , CannaRoyalty announced its intention to commence normal course issuer bid. Under the proposed normal course issuer bid, CannaRoyalty may purchase up to 5% of CannaRoyalty's issued and outstanding common shares over a 12-month period using proceeds from asset divestitures.

, CannaRoyalty announced its intention to commence normal course issuer bid. Under the proposed normal course issuer bid, CannaRoyalty may purchase up to 5% of CannaRoyalty's issued and outstanding common shares over a 12-month period using proceeds from asset divestitures. On August 14, 2018 , the Company's previously announced ( July 11 th) sale of its Canadian pre-roll technology license to Aurora for aggregate consideration of $7 million 4 in Aurora common shares, had closed.

1 Based on publicly available and internal CannaRoyalty statistics 2 Based on publicly available financial information for Canadian publicly-traded cannabis companies 3 CannaRoyalty's proceeds in Aurora equity generated through the sale of the Company's Anandia position is valued at $19.9 million based on the closing price of Aurora common shares on August 22, 2018. 4 The value of these shares based on the closing price of Aurora common shares on August 22, 2018, was approximately C$6.1 million.

Financial Highlights – Q2 – 2018

Operating Results

All comparisons below are to June 30, 2017, unless otherwise noted

Revenues were $3.5 million as compared to $960,157 , an increase of 266%;

as compared to , an increase of 266%; Gross margin was $820,935 as compared $421,681 , an increase of 95%;

as compared , an increase of 95%; Operating expenses were $6.3 million as compared to $2.7 million , an increase of 129%;

as compared to , an increase of 129%; Net income of $9.3 million as compared to a net loss of $2.0 million ;

as compared to a net loss of ; Net income per basic share of $0.18 as compared to a net loss per basic share of $0.05 ;

as compared to a net loss per basic share of ; Net income per diluted share of $0.17 as compared to a net loss per diluted share of $0.05 ;

as compared to a net loss per diluted share of ; Adjusted EBITDA income of $11.1 million as compared to a loss of $1.0 million , an increase of $12.1 million ; and

as compared to a loss of , an increase of ; and Adjusted EBITDA per basic share of $0.21 as compare to a loss of $0.02 , an increase of $0.23 per basic share;

as compare to a loss of , an increase of per basic share; Adjusted EBITDA income per diluted share of $0.20 as compared to a loss of $0.02 , an increase of $0.22 per basic share.

Balance Sheet

All comparisons below are to December 31, 2017, unless otherwise noted

Cash was $15.7 million as compared to $4.5 million , an increase of 248%;

as compared to , an increase of 248%; Total assets of $94.8 million as compared to $46.1 million , an increase of 105%;

as compared to , an increase of 105%; Current assets of $23.5 million as compared to $7.9 million , an increase of 196%;

as compared to , an increase of 196%; Current liabilities of $5.9 million as compared to $2.1 million , an increase of 178%; and

as compared to , an increase of 178%; and Long-term debt of $290,457 as compared to $2.3 million , a decrease of 87%.

Results of Operations (Summary)

The following tables set forth consolidated statements of financial information for the three and six-month periods ending June 30, 2018 and June 30, 2017. For further information regarding the Company's financial results for these periods, please refer to the Company's Management's Discussion and Analysis for the periods ended June 30, 2018 and June 30, 2017 and the Company's Financial Statements for the periods ended June 30, 2018, published on CannaRoyalty's issuer profile on SEDAR at www.sedar.com and the Company's website at www.cannaroyalty.com.











June 30, 2018 December 31, 2017 Change Selected statement of financial position data





Cash $ 15,724,845 $ 4,522,644 $ 11,202,201 Working capital 17,558,886 5,813,705 11,745,181 Total investments (1) 44,096,031 26,674,288 17,421,743 Total assets 94,791,037 46,139,757 48,651,280 Long term and convertible debt 290,457 2,258,467 (1,968,010) Shareholders' equity 85,244,780 40,468,344 44,776,436 Dividends, per share - - -



(1) This represents the sum of investments, royalty investments, and interests in equity method investees









Three months ended Six months ended

June 30,

2018 June 30,

2017 June 30,

2018 June 30,

2017 Consolidated Statements of Net Income (Loss)







Revenue $ 3,511,466 $ 960,157 $ 4,154,903 $ 1,261,268 Gross margin 820,935 421,681 791,305 666,154 Operating expenses 6,280,216 2,741,685 10,760,230 5,794,446 Loss from operations (5,459,281) (2,320,004) (9,968,925) (5,128,292) Net income (loss) 9,298,488 (2,017,556) 4,644,015 (3,984,161) Other income (expense) 698,464 (449,955) 1,244,069 (537,135) Total comprehensive income (loss) 9,996,952 (2,467,511) 5,888,084 (4,521,296) Net earnings (loss) per common share - basic 0.18 (0.05) 0.10 (0.10) Net earnings (loss) per common share - diluted 0.17 (0.05) 0.09 (0.10) Weighted average common shares - basic 51,560,197 41,829,704 48,536,866 40,356,024 Weighted average common shares - diluted 55,308,327 41,829,704 52,462,527 40,356,024

Revenue by Type

Three months ended Six months ended

June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Product sales $ 3,110,617 $ 372,993 $ 3,195,390 $ 404,328 Services 238,344 232,574 668,161 273,142 Royalties 137,189 332,630 256,247 543,094 Interest income 25,316 21,960 35,105 40,704 Total $ 3,511,466 $ 960,157 $ 4,154,903 $ 1,261,268

Cost of Sales by Revenue Type

Three months ended Six months ended

June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Cost of product sales $ 2,378,378 $ 360,931 $ 2,454,052 $ 360,931 Cost of services 60,000 25,885 269,023 37,695 Cost of royalties 252,153 151,660 640,523 196,488 Total $ 2,690,531 $ 538,476 $ 3,363,598 $ 595,114

Gross Profit by Revenue Type

Three months ended Six months ended

June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Products $ 732,239 $ 12,062 $ 741,338 $ 43,397 Services 178,344 206,689 399,138 235,447 Royalties (114,964) 180,970 (384,276) 346,606 Interest 25,316 21,960 35,105 40,704 Total $ 820,935 $ 421,681 $ 791,305 $ 666,154

Gross Margin by Revenue Type

Three months ended Six months ended

June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Products 24% 3% 23% 11% Services 75% 89% 60% 86% Royalties (84%) 54% (150%) 64% Interest 100% 100% 100% 100% All Types 23% 44% 19% 53%

Operating Expenses

Three months ended

Six months ended



June 30, 2018 June 30, 2017 Change June 30, 2018 June 30, 2017 Change Sales and marketing $ 1,219,066 $ 409,221 198% $ 1,697,582 $ 646,081 163% Research and development 75,445 148,852 (49%) 151,410 625,093 (76%) General and administrative 4,456,638 1,977,734 125% 8,207,064 4,114,922 99% Amortization of intangibles 529,067 205,878 157% 704,174 408,350 n/a Total $ 6,280,216 $ 2,741,685 129% $ 10,760,230 $ 5,794,446 86%

Adjusted EBITDA1





Three months ended Six months ended

June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Add (Subtract)







Net loss for the period $ 9,298,488 $ (2,017,556) $ 4,644,015 $ (3,984,161)

Amortization of property and equipment 80,530 49,456 125,798 91,198

Amortization of intangible assets 537,306 205,878 704,174 408,350

Amortization of royalty investments 252,153 144,271 640,523 165,392

Interest expense 341,293 18,499 661,283 36,119

Interest income (25,316) (21,960) (35,105) (40,704)

Current income taxes 115,898 - 116,332 -

Deferred income tax recovery (176,090) (78,681) (7,277) (157,053) EBITDA 10,424,262 (1,700,093) 6,849,743 (3,480,859)

Listing expense - - - 38,193

Penalties from non-completion of transactions - 37,578 - 221,053

Gain on sale of equipment - 10,000 - (88,674)

Recovery on Achelois Inventory (441,370) - (441,370) -

Share based compensation 1,092,235 645,816 3,032,278 1,804,212

Transaction costs on acquisitions - - 282,126 - TOTAL ADJUSTED EBITDA $ 11,075,127 $ (1,006,699) $ 9,722,777 $ (1,506,075) Weighted average number of common shares outstanding - basic 51,560,197 41,829,704 48,536,866 40,356,024 Weighted average number of common shares outstanding - diluted 55,308,327 41,829,704 52,462,527 40,356,024 ADJUSTED EBITDA per share - basic 0.21 (0.02) 0.20 (0.04) ADJUSTED EBITDA per share - diluted 0.20 (0.02) 0.19 (0.04)



1 EBITDA and Adjusted EBITDA are non-GAAP financial measures and accordingly they are not earnings measures recognized by IFRS and do not carry standard prescribed significance. Moreover, our method for calculating Adjusted EBITDA may differ from that used by other companies using the same designation. Accordingly, we caution readers that Adjusted EBITDA should not be substituted for determining net income (loss) as an indicator of operating results or as a substitute for cash flows from operating and investing activities.

Share Capital

The Company's authorized share capital is an unlimited number of common shares of which 53,694,947 were issued and outstanding as at June 30, 2018 (December 31, 2017 – 43,898,445 common shares). The Company has issued 3,842,990 RSUs that have not been exercised as at June 30, 2018 including 2,203,345 that have vested (December 31, 2017 – 4,153,150 including 1,933,587 that had vested). As of June 30, 2018, there are share purchase warrants and broker warrants outstanding that can potentially be converted to 4,491,866 shares (December 31, 2017 – 4,112,712). The Company has issued 967,500 share options that have not been exercised as at June 30, 2018 including 308,250 that have vested (December 31, 2017 – 850,000 including 212,500 that had vested).

Conference Call

CannaRoyalty will host a conference call on, Thursday, August 23, 2018 at 8:30 a.m. (Eastern Time) to discuss its 2018 second quarter financial results. The call will be chaired by Marc Lustig, Chief Executive Officer, Afzal Hasan, President and General Counsel and François Perrault, Chief Financial Officer.



Participant Dial-in Webcast Reference Number Conference Call 416-764-8688 or 1-888-390-0541 https://bit.ly/2ntS4sS

Replay (available for 2 weeks) 416-764-8677 or 1-888-390-0541

597811

About CannaRoyalty

CannaRoyalty is a North American cannabis consumer product company currently focused on building a leading distribution business in California, the world's largest regulated cannabis market. By building a world-class logistics platform and supporting contract manufacturing assets, the Company intends to support the growth of new and established cannabis brands. The Company believes California, home to some of the world's most discerning consumers and a nexus of information and trends, will be the point of inception for the global cannabis brands of the future. CannaRoyalty has developed a diversified portfolio of assets within the cannabis sector, including research, infrastructure and intellectual property to support our existing brands, partner products and distribution networks. The Company's leadership and staff combines passion and a hands-on understanding of the cannabis industry, with proven financial and legal expertise. CannaRoyalty's shares trade on the Canadian Stock Exchange (CSE) under the symbol CRZ and in the US on the OTCQX under the symbol CNNRF.

Forward Looking Statements

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in CannaRoyalty's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward- looking statements.

Forward-looking statements may include, without limitation, statements including the Company's expectations with respect to pursuing new opportunities, anticipated timing for release of the Company's financial results and filing of its final prospectus, and its future growth and other statements of fact.

Although CannaRoyalty has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal Laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. CannaRoyalty disclaims any intention or obligation to update or revise such information, except as required by applicable law, and CannaRoyalty does not assume any liability for disclosure relating to any other company mentioned herein.

Condensed Interim Consolidated Statements of Net Income (loss) (Unaudited)

In Canadian dollars









Three months ended Six months ended

June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017









Revenue $ 3,511,466 $ 960,157 $ 4,154,903 $ 1,261,268









Cost of sales (2,690,531) (538,476) (3,363,598) (595,114)









Gross margin 820,935 421,681 791,305 666,154









Operating expenses









Sales and marketing 1,219,066 409,221 1,697,582 646,081

Research and development 75,445 148,852 151,410 625,093

General and administrative 4,456,638 1,977,734 8,207,064 4,114,922

Amortization of brands and technologies 529,067 205,878 704,174 408,350













Loss from operations (5,459,281) (2,320,004) (9,968,925) (5,128,292)









Other income (expenses)









Changes in fair value of investments 15,222,971 - 15,565,077 -

Impairment of convertible notes receivable - - (375,472) -

Profit (loss) from equity accounted investees (295,246) (98,483) 158,558 843,914

Foreign exchange gain 111,145 388,327 35,115 349,855

Interest expense (341,293) (18,499) (661,283) (36,119)

Penalties from non-completed transaction - (37,578) - (221,053)

Listing expense - - - (38,193)

Gain (loss) on disposal of equipment - (10,000) - 88,674

Interest income - - - -



Net income (loss) before tax 9,238,296 (2,096,237) 4,753,070 (4,141,214)









Current tax expense (115,898) - (116,332) - Deferred tax recovery 176,090 78,681 7,277 157,053



Net income (loss) for the period $ 9,298,488 $ (2,017,556) $ 4,644,015 $ (3,984,161)









Net income (loss) per common share - basic 0.18 (0.05) 0.10 (0.10) Net income (loss) per common share - diluted 0.17 (0.05) 0.09 (0.10)









Weighted average number of common shares outstanding - basic 51,560,197 41,829,704 48,536,866 40,356,024 Weighted average number of common shares outstanding - diluted 55,308,327 41,829,704 52,462,527 40,356,024









Total net income (loss) for the period attributable to:









Owners of the company 9,200,127 (2,005,754) 4,571,124 (3,956,544)

Attributable to non-controlling interest 98,361 (11,802) 72,891 (27,617)

$ 9,298,488 $ (2,017,556) $ 4,644,015 $ (3,984,161)

Condensed Interim Consolidated Statements of Financial Position (Unaudited)

In Canadian dollars









June 30, 2018 December 31, 2017





ASSETS



Current





Cash $ 15,724,845 $ 4,522,644

Amounts receivable 763,166 1,429,123

Inventory 3,754,328 270,169

Prepaid and other assets 1,356,299 250,744

Loans receivable - current 1,902,913 1,102,168

Convertible notes - current - 373,127

23,501,551 7,947,975





Non-Current





Loans receivable - 66,421

Interest in equity accounted investees 3,803,045 3,596,333

Investments 33,379,709 17,243,342

Royalty investments 6,913,277 5,834,613

Property and equipment 1,555,987 1,084,098

Intangible assets 12,204,871 5,607,598

Goodwill 13,432,597 4,759,377

71,289,486 38,191,782









Total Assets $ 94,791,037 $ 46,139,757





LIABILITIES



Current





Amounts payable and accrued liabilities $ 5,374,501 $ 1,606,689

Loan payable 90,166 425,345

Current tax liability 477,998 102,236

5,942,665 2,134,270





Non-Current





Convertible debt - 1,431,950

Line of credit 290,457 826,517

Deferred tax liability 3,313,135 1,278,676









Total Liabilities $ 9,546,257 $ 5,671,413





SHAREHOLDERS' EQUITY





Share capital $ 81,377,459 $ 50,007,891

Share subscription and contingent shares 3,824,094 -

Warrants reserve 5,625,652 4,149,703

Contributed surplus 12,050,171 9,902,292

Accumulated other comprehensive income (loss) 211,350 (1,032,719)

Accumulated deficit (17,919,831) (22,381,817)

Non-controlling interest 75,885 (177,006)



Shareholders' Equity 85,244,780 40,468,344









Total Liabilities & Shareholders' Equity $ 94,791,037 $ 46,139,757

Condensed Interim Consolidated Statements of Cash Flows (Unaudited)

In Canadian dollars







Six months ended

June 30, 2018 June 30, 2017





CASH FLOWS USED IN OPERATING ACTIVITIES



Net income (loss) for the period $ 4,644,015 $ (4,521,296) Items not affecting cash:





Bad debts recovery (63,183) (13,219)

Income from equity accounted investees (158,558) (843,914)

Amortization of property and equipment 125,798 91,198

Amortization of intangibles 704,174 408,350

Amortization of royalties 640,523 165,392

Amortization of fees related to line of credit 403,753 -

Share based compensation 3,032,278 1,804,212

Deferred tax recovery (7,277) (157,053)

Loss on impairment of convertible notes receivable 375,472 -

Recovery on previously impaired inventory (441,370) -

Accretion of derivative assets and liabilities 34,146 -

Gain on disposal of equipment - (88,674)

Fair value gain on investments (15,565,077) -

(6,275,306) (3,155,004) Changes in non-cash items relating to operations:





Decrease (Increase) in amounts receivable 389,738 (747,099)

Increase in inventory (725,391) (72,508)

Increase in prepaid and other assets (436,653) (96,020)

Increase (Decrease) in accounts payable and accruals 707,975 (794,122)

Increase in current tax liability (11,239) -

(6,350,876) (4,864,753)





CASH FLOWS USED IN INVESTING ACTIVITIES





Purchase of property and equipment (295,223) (132,014)

Purchase of Kaya and Alta, net of cash received (1,018,428) -

Purchase of interests in equity accounted investments - (1,601,218)

Royalty financing arrangement (1,290,000) (2,750,631)

Loans advanced to debtors, including costs, net of repayment (2,163,234) (1,140,800)

(4,766,885) (5,624,663)





CASH FLOWS FROM FINANCING ACTIVITIES





Proceeds from shares in bought deal financing, net of issuance costs 11,888,206 10,958,243

Proceeds from issuance of warrants, net of issuance costs 3,756,734 2,787,000

Proceeds from exercise of warrants 7,444,895 292,092

Repayment on line of credit (1,000,000) -

Repayment of loans payable (7,702) -

Proceeds from shares issued to minority holders of Trichome 180,000 -

Proceeds from issuance of stock options - 25,000

Tax withholding paid on exercise of restricted share units - (77,511)

22,262,133 13,984,824 Effect of movement of exchange rates on cash held 57,829 -





INCREASE (DECREASE) IN CASH $ 11,202,201 $ 3,495,408





CASH, BEGINNING OF PERIOD 4,522,644 2,945,895





CASH, END OF PERIOD $ 15,724,845 $ 6,441,303

SOURCE CannaRoyalty Corp.

For further information: please contact: Marc Lustig, CEO, [email protected], 1-844-556-5070, www.cannaroyalty.com; Jonathan Ross, LodeRock Advisors Inc., [email protected], 416-283-0178