The Locations in Kelowna, BC and Napanee, ON Mark the 17th store opening under the Kiaro and Hemisphere brand

Kiaro Holdings Corp. ("Kiaro" or the "Company") (TSXV: KO) (OTC: KIARF), a national omni-channel cannabis retailer and wholesale distributor, is pleased to announce the opening of it's new store located at 89 Jim Kimmett Boulevard in Napanee, Ontario (the "Napanee Store"). With the addition of the recently announced Kelowna Store and now the Napanee Store, the Company now has a retail footprint of 17 locations under the Kiaro and Hemisphere banners across Canada, which accompany its wholesale distribution business in Saskatchewan and multi-jurisdictional e-commerce business.

This marks Kiaro's ninth store opening in Ontario. The Napanee Store is located amidst a large population of students and residents. The location is approximately 45 kilometres from Kingston, Ontario. The hours of operations are Sundays through Wednesdays from 10:00 AM to 9:00 PM, and on Thursdays through Saturdays from 10:00 AM to 10:00 PM.      

Chief Executive Officer Daniel Petrov stated, "Kiaro is excited to have the latest acquisitions from Q4 2021 fully operationalized. We feel both locations will have significant growth as they are in densely populated areas with high demand for adult recreational cannabis use." Petrov continued, "Our location selection is specially designed to convert and attract customers into the legal cannabis market. Cannabis culture and community is entrenched in every aspect of our business.  Kiaro will always offer a wide breadth of product and elevate the customer experience but also ensure we are executing on prime real estate for consumer accessibility and long-term business execution."   

Pursuant to this announcement, the Company has received approval from the TSX Venture Exchange to amend the exercise price in respect of an aggregate of 2,762,500 incentive stock options of the Company (the "Options") from between $0.20 and $0.30 to $0.10. The new exercise price in respect of the Options represents a premium of 50% over the closing price of the common shares of the Company on February 28th, 2022. All Options are held by employees and other non-insiders of the Company.