Mr. Jeff Swainson reports

SIMPLY SOLVENTLESS ANNOUNCES Q1 2024 RESULTS INCLUDING RECORD GROSS REVENUE OF $3.1 MILLION, EBITDA OF $0.6 MILLION, AND NET INCOME OF $0.5 MILLION

Simply Solventless Concentrates Ltd. has released its first quarter 2024 results, including record gross revenue of $3,122,232, EBITDA (earnings before interest, taxes, depreciation and amortization) of $567,602 (adjusted EBITDA of $611,571) and net income of $502,536 (normalized net income of $546,505). The information set out in this press release should be read in conjunction with Simply Solventless's March 31, 2024, financial statements and the related management's discussion and analysis, which are available for review on Simply Solventless's SEDAR+ profile.

Jeff Swainson, president and chief executive officer of Simply Solventless, stated: "With positive adjusted EBITDA in eight straight quarters and normalized net income in six straight quarters, we continue to demonstrate that concurrent revenue growth and profitability is possible in the Canadian cannabis industry. We now endeavour to continue our track record of profitable revenue growth for the remainder of 2024, and we will provide [second quarter] 2024 guidance in the coming weeks."

Q1 2024 financial and operational highlights:

• March 31, 2024, working capital: $4,233,711;
• Q1 2024 gross revenue: $3,122,232 (fourth quarter 2023: $1,790,625), an increase of 74.4 per cent; continued Astrolab and Frootyhooty expansion and the Lamplighter acquisition fuelled this revenue growth;
• Q1 2024 net revenue: $2,298,273 (Q4 2023: $1,311,311), an increase of 75.3 per cent;
• Q1 2024 gross margin: $1,117,386 (Q4 2023: $483,613), an increase of 131.0 per cent;
• Q1 2024 gross margin percentage: 48.6 per cent of net revenue (Q4 2023: 37.0 per cent), an increase of 31.4 per cent;
• Q1 2024 EBITDA: $567,602 (Q4 2023: $936,605 loss), an increase of 160.6 per cent;
• Q1 2024 adjusted EBITDA: $611,571 (Q4 2023: $80,050), an increase of 664.0 per cent;
• Q1 2024 net income: $502,536 (Q4 2023: $1,000,967 loss), an increase of 150.2 per cent;
• Q1 2024 normalized net income: $546,505 (Q4 2023: $15,687), an increase of 3,383.8 per cent;
• Lamplighter acquisition: on Jan. 17, 2024, Simply Solventless acquired the Lamplighter brand for proceeds of up to $600,000, which is the value of the net book value of tangible assets received;
• Financing: subsequent to Q1 2024, on April 17, 2024, Simply Solventless issued 5,333,334 units at a price of 15 cents per unit for net proceeds of $800,000; each unit consisted of one common share and one common share purchase warrant of Simply Solventless; each warrant is exercisable for one common share of Simply Solventless at a price of 20 cents per share for a period of three years from the date issued.

About Simply Solventless Concentrates Ltd.

Simply Solventless is a public company incorporated under the Business Corporations Act (Alberta). Simply Solventless's mission is to provide pure, potent, terpene-rich, ready-to-consume cannabis products to discerning cannabis consumers.

We seek Safe Harbor.