SOL Global Investments Corp. acquires stock of Jones Soda Co.

On February 18, 2022, SOL Global Investments Corp. acquired 17,222,195 common shares in the capital of Jones Soda Co., a company which markets and distributes premium craft beverages, in connection with the reverse takeover of Pinestar Gold Inc. and the listing of the common shares of Jones Soda, as the resulting issuer, on the Canadian Securities Exchange (the "Transaction").

Upon completion of the Transaction, SOL Global held approximately 18.7% of the issued and outstanding common shares on a non-diluted basis with 281,345 common shares held directly and 16,940,850 common shares held by its wholly-owned subsidiary SOL Verano Blocker 1 LLC.

In addition, SOL Global owns 8,855,035 common share purchase warrants all held by its wholly-owned subsidiary SOL Verano Blocker 1 LLC. Each warrant entitles the holder to purchase one common share at an exercise price of US$0.625. Assuming that all of the warrants are each exercised for one common share, SOL Global holds approximately 25.9% of the issued and outstanding common shares on a partially-diluted basis immediately after the completion of the Transaction.

SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. Its seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, and New Age Wellness.

Gowling WLG advised SOL Global with respect to this transaction with a team that included Peter Simeon and Sharagim Habibi.