TORONTO, ON / ACCESSWIRE / November 8, 2023 / Toronto based CO2 GRO Inc. ("CO2 GRO") (TSXV:GROW)(OTCQB:BLONF)(Frankfurt:4021) is pleased to announce that it has commissioned a Technology Adaptation Project ("TAP") with a major US greenhouse lettuce grower ("Lettuce Grower"). The TAP began in the first week of November 2023 and is scheduled to run for a 12-month period. The Lettuce Grower will assess CO2 GRO's CO2 Enrichment Solutions™ (formerly CO2 Delivery Solutions™) technology's ("Technology") impact on lettuce yield, product quality, CO₂ savings, and overall financial impact to their business.

The Lettuce Grower is a multi-state operator with over 2 million square feet of greenhouse lettuce production with plans to expand further. Major US greenhouse lettuce and leafy greens producers currently operate a total cultivation area of approximately 8 million square feet and forecasted to double to exceed 16 million square feet in the coming years (source: Greenhouse Grower).

CO2 GRO's VP Sales, Aaron Archibald commented, "Commissioning this TAP with one of the United States' major greenhouse lettuce growers is an important step in the market penetration of our Technology in the US. Greenhouse lettuce is one of the fastest growing greenhouse vegetable segments. As the product is a leaf, it is perfectly suited for our Technology. We look forward to completing a successful project with this Lettuce Grower and moving towards a commercial deployment as soon as possible in 2024."

Colombia Rose Project Update

CO2 GRO's TAP in Colombia with a greenhouse rose grower ("Rose Grower") is now yielding outstanding results. The TAP began in January 2023, and as of the end of October 2023, has yielded 38% more rose stems in the CO2 GRO beds versus the control group. This means potential additional production of over 125,000 more rose stems per hectare annually, which generates an additional $62,500 more revenue.

The TAP is expected to conclude after Valentine's Day 2024 when CO2 GRO and the Rose Grower plan to finalize terms for a commercial deployment. The Rose Grower has 4 million square feet of rose greenhouses, all of which produce high-value roses for export.

There is over 250 million square feet of greenhouse rose production in Colombia, of which 60% is operated by four large groups exporting to the United States. The remaining 100 million square feet are owned by growers operating greenhouses in the 2-4 million square feet range, mostly for export (source: De Ruiter).

CO2 GRO's CEO, John Archibald commented, "The results so far from this rose TAP are beyond our expectations and more importantly the grower's. In addition to the 38% yield increase, the Rose Grower has reported a significant decrease in powdery mildew spread in the CO2 GRO beds, showing that our natural Pathogen Perimeter Protection™ benefit also works on flowers. We look forward to concluding this TAP and moving to commercial deployment. The Colombia rose market square footage is huge that is mostly run by a small number of growers. Excellent results at this initial TAP could lead to a fast roll-out throughout Colombia's rose industry."

Visit www.co2gro.ca for more information on CO2 GRO Inc.

About CO2 GRO Inc. CO2 GRO Inc.

CO2 GRO Inc. is a precision ag-tech, clean-tech company with a focus on People, the Planet and Prosperity. Our vision is to become one of the leading companies enhancing global food production from protected agriculture. By helping our customers sustainably increase yield and profitability, we could help feed up to half a billion people worldwide while reducing our customers' ecological footprint.

About 300 million MT of fruit and vegetables are grown annually from about 5 million hectares of protected vegetable facilities globally. (6 kg/m2/year of average production). A 30% yield increase using our technology could add up to 100 million MT of fruits and vegetables per year. The US CDC (Centers for Disease Control and Prevention) recommends annual fruit and vegetable consumption of up to 200 kg per year per adult.

Our Target Market: The estimated 800 billion square foot global protected grower market is comprised of 700 billion square feet of fruits & vegetables (Cuesta Roble 2019 estimate updated),and an estimated 100 billion square feet of protected floriculture and other medicinal plants and non-food varieties.

Our Technology: CO2 Delivery Solutions™ enriches plants with CO ₂ by misting an aqueous CO ₂ solution directly onto plants grown in greenhouses and other protected grow facilities globally.

Value Proposition: Approximately 98% of protected grow facilities globally cannot add CO ₂ by atmospheric gassing, missing out on up to 30% increased yield potential and 100% more gross profit. CO2 GRO's technology enables all protected growers regardless of facility or location to enrich their plants with CO ₂ to realize up to 30% yield increases. In addition, our technology suppresses the growth of micro-pathogens such as E.coli and powdery mildew, leading to healthier crops. Growers currently employing CO ₂ gassing can save up to 90% of CO ₂ gas used, reducing their ecological footprint and production costs.

Patent Protection: CO2 GRO's CO2 Delivery Solutions™ technology is protected by a suite of patents and patents pending.

Business Model: Our technology is sold to growers based on the cultivation area installed at prices that provide a high return on their investment and high margins for our shareholders.

Global Expansion: CO2 GRO's management is rapidly expanding its international marketing partner relationships into Mexico, Spain, the EU, the UK, South Africa, the Middle East, Southeast Asia and Latin America as well as in its US and Canadian base.

Environmental Social and Governance ESG: CO2 GRO is committed to good Environmental, Social and Governance (ESG) policies and practices. We are an equal opportunity employer of choice and opportunity.

Forward-Looking Statements

This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: statements regarding the future direction of the Company; the ability of the Company to successfully achieve its business and financial objectives; plans for expansion and the ability of the Company to obtain, develop and foster its business relationships; and expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates that management considered reasonable at the date the statements are made. Such assumptions include but are not limited to: general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and technology offered by the Company's competitors; and that good relationships with business partners will be maintained. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; in particular, in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; the biotechnology industry and the greenhouse growers market are highly competitive, and technical advances in the industry will impact the success of the Company, and other risks described in the Company's filings that are available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.

Contact:

Soumik Roy, Director of Marketing, Communications, and Investor Relations
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