Mr. Brian Baca reports

IKANIK FARMS RECEIVES INITIAL PRODUCTION QUOTA FOR PSYCHOACTIVE CANNABIS FLOWER AND DERIVATIVES FROM COLOMBIAN GOVERNMENT

Ikanik Farms Inc.'s wholly owned Colombian subsidiary, Pideka SAS, has received its production quota from the Colombian government for the production of psychoactive cannabis for the fiscal year 2021.

"We would like to thank the Colombian government for their partnership in completing this process. We are excited to begin our psychoactive production, which will be led by our award-winning California cultivation team, who brings over eight decades of combined experience, to provide California quality to the international markets," said Brian Baca, chief executive officer of Ikanik Farms.

Ikanik Farms is a multinational operator and authorized producer of pharmaceutical-grade psychoactive cannabis and has been permitted to cultivate a total of 135,000 plants to support dried cannabis flower and derivatives for commercial sale. The quota includes an initial 100,000 plants across five varieties to support flower production: Pina Narino, La Magdalena, Arequipe Kush, Tolima Limon and Bacata Extra CBD, with an annual production capacity of 3,500 kilograms. The THC (tetrahydrocannabinol) content exceeds 20 per cent THC in some varieties and is eligible for use in formula magistral nationally and internationally amongst participating Latin American countries and is eligible for exportation to the European Union to support the medical cannabis demand.

The additional 35,000 plants of the same varieties are approved to support 1,195 kilograms of flower production for the manufacturing of derivatives. The derivatives will be available for national and international sales.

To date, the company has exported THC from Colombia to Mexico for commercial sale.

"We're proud to announce quota granted by the Colombian government for the production of psychoactive flowers and derivatives, as a result of our quality control measures taken within our indoor our seed-to-sale process," said Borja Sanz de Madrid, president of Ikanik Farms International Inc.

About Ikanik Farms Inc.

Ikanik Farms is a California-based multinational operator that is building a dynamic portfolio of brands, inspired by its passion for health and wellness and action sports and supported by its vertically integrated retail, distribution and cultivation in California and its medical-grade cultivation and laboratory in Colombia. The company's leadership brings decades of expertise in research and development, cultivation, retail, branding, and corporate finance. Ikanik Farms' operation in Colombia, through its pharma division, Pideka, holds both GMP-Pharma (good pharmaceutical manufacturing practice) and GACP (Good Agricultural and Collection Practice) certifications for its Casa Flores operating facility.

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