Mr. David Elsley reports

CARDIOL THERAPEUTICS REGAINS COMPLIANCE WITH ALL APPLICABLE LISTING STANDARDS OF THE NASDAQ CAPITAL MARKET

Cardiol Therapeutics Inc. received notice on Aug. 7, 2023, from the Nasdaq Stock Market LLC stating the company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market. Accordingly, the company is now in compliance with all applicable listing standards.

"We are pleased to have regained compliance with all applicable listing requirements of the world's premier stock exchange for life sciences companies. Cardiol looks forward to reporting on important milestones associated with the company's ongoing phase 2 clinical programs in recurrent pericarditis and acute myocarditis -- two debilitating forms of inflammatory heart disease that affect a younger age demographic, and where treatment is not addressed adequately by currently available therapies," commented David Elsley, president and chief executive officer of Cardiol Therapeutics.

About Cardiol Therapeutics Inc.

Cardiol Therapeutics is a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The company's lead drug candidate, the CardiolRx (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with myocarditis, pericarditis and heart failure.

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