Ms. Iris Bincovich reports

INNOCAN PHARMA REPORTS Q1 2023 RESULTS INCLUDING US$1.3M INCREASE IN REVENUES COMPARED TO Q1 2022

Innocan Pharma Corp. has released its financial results for the three months ended March 31, 2023.

"We delivered encouraging results in the first quarter, including growth in revenue year over year. "We are confident in our long-term outlook," said Iris Bincovich, chief executive officer of Innocan. "We continue our strategic investments in cutting-edge science and innovation, while also delivering revenues from our consumer wellness activities."

Financial highlights for the first quarter of 2023

Revenue: The company generated approximately $1.6-million (U.S.) in revenue for the quarter ended March 31, 2023, representing a $1.3-million (U.S.) increase, compared with the first quarter of 2022. This increase in revenue growth is mainly due to the increased sales of Innocan's subsidiary, B.I. Sky Global Ltd.

Gross profit: The company saw approximately $1.4-million (U.S.) in gross profit for the quarter ended March 31, 2023, compared with approximately $78,000 (U.S.) in gross profit for the quarter ended March 31, 2022, representing an increase of approximately $1.3-million (U.S.).

Cash balance: The company's cash balance stood at approximately $4.1-million (U.S.) as of March 31, 2023, representing an approximate 17-per-cent decrease compared with approximately $4.9-million (U.S.) at the end of the prior year, due to continued investments in the company's strategic goals, which resulted in a number of meaningful milestones.

Additional information concerning Innocan's consolidated financial statements and related management's discussion and analysis for the three months ended March 31, 2023, can be found on the company's profile at SEDAR.

About Innocan Pharma Corp.

Innocan is a pharmaceutical technology company that operates under two main segments: pharmaceuticals and consumer wellness. In the pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprising cannabinoid science to treat various conditions to improve patients' quality of life. This segment involves two drug delivery technologies: (i) LPT cannabidiol-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the bloodstream; the LPT delivery platform research is in the preclinical trial phase for two indications: epilepsy and pain management; (ii) CLX cannabidiol-loaded exosomes platform that may hold the potential to provide a highly synergistic effect of regenerating and anti-inflammatory properties targeting the central nervous system (CNS). In the consumer wellness segment, Innocan develops and markets a wide portfolio of innovative and high performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of B.I. Sky Global that focuses developing on advanced targeted on-line sales.

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