Blackhawk Growth Closes Investment in Blum Distributors

Vancouver, British Columbia - TheNewswire - April 28, 2022 - Blackhawk Growth Corp. (CNSX:BLR.CN) BLRZF (Frankfurt:0JJ) (the "Company" or "Blackhawk") has completed its previously announced investment in Blum Distributors Ltd. ("Blum").  In consideration for the acquisition of all of the outstanding share capital of Blum, Blackhawk has issued 9,650,000 common shares to the existing shareholders of Blum.

The Company is at arm's-length from Blum and its shareholders. The transaction neither constitutes a fundamental change nor a change of business for the Company, nor has it resulted in a change of control of the company within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. With the acquisition, Blum now forms part of the Company's growing portfolio of investments in the life science and health care sectors. Blum's existing management team will continue to retain responsibility for overseeing day-to-day operations. A fee of 750,000 shares has also been paid to an arm's-length party for assistance with the transaction

About Blum Distributors

Blum is an established mycology supplier with its own leased production facility. Blum's operations are systemically rooted in biodiversity. They wholly-own the value chain from cultivation through to their product sales, reaching both commercial and retail partners. Their sustainability pledge is embodied in their commitment to support their partners in their own mycological journeys. Blum's in-house product cultivation, distribution, and sales center provides them with an advantage over their competitors by reducing intermediaries. Blum fully controls the quality and purity of their products throughout the value chain, from cultivation to consumer sales. They are committed to providing the utmost highest quality supplies and solutions to empower both commercial and home scale growers in their mycological journey.

For more information regarding Blum visit their website: www.blumdistributors.com

About Blackhawk Growth

Blackhawk is an investment holding company looking to create substantial value for its shareholders through the acquisition and development of high growth companies. It has focused its investments in the health, cannabis and cannabidiol industries in both Canada and the United States. Its portfolio of companies includes Sac Pharma, Terp Wholesale, LeichtMind Clinics, Noble Hemp, Spaced Food, Stable Foods, and MindBio Therapeutics, Digital Mind Therapeutics, Blum Distributors Ltd. as well as an equity position in Gaia Grow Corp. GAIA.

The Company diligently posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UCs4f2tt3yAvOGhNLjgNOy-A  

Please join the conversation on our Blackhawk group supporter's telegram group at https://t.me/Blackhawkgrowthcorp and visit us online at https://www.blackhawkgrowth.com.

For further information please contact:

Frederick Pels, Chief Executive Officer

(403)-991-7737

fred@blackhawkgrowth.com

Cautionary Note Regarding Forward-Looking Statement

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including with respect to the future operations of Blum Distributors Ltd. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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