Mr. Isa Odidi reports

INTELLIPHARMACEUTICS ANNOUNCES ITS EXPECTED DELAY IN FILING ANNUAL AUDITED FINANCIAL STATEMENTS AND ANNUAL INFORMATION FORM AND ITS MANAGEMENT CEASE TRADE ORDER APPLICATION

IntelliPharmaCeutics International Inc.'s annual audited financial statements for the fiscal year ended Nov. 30, 2022, related management discussion and analysis and accompanying chief executive officer and chief financial officer certificates and annual information form for the fiscal year ended Nov. 30, 2022, due Feb. 28, 2023, will not be filed by the filing deadline.

In connection with the anticipated delay, the Company has applied to the applicable Canadian securities regulators that a management cease trade order (the "MCTO") be imposed to restrict trading in the common shares in the capital of the Company (the "Shares") by insiders of the Company, as opposed to a general cease trade order, which would restrict all trading in the Shares, pursuant to National Policy 12-203 - Management Cease Trade orders ("NP 12-203"). During the MCTO, the Company will not be able to, directly or indirectly, issue securities to or acquire securities from insiders or employees of the Company. If granted, the MCTO will be in effect until the Required Filings are filed or until it is revoked or varied. There is no guarantee that the MCTO will be granted.

The Company will be delayed in filing the Required Filings by the Filing Deadline, as required, due to delays with the audit of the Required Filings by the Company's auditor, MNP LLP (the "Auditor"). The Auditor has indicated that it expects to be able to commence its audit of the Required Filings on March 31, 2023, and that the audit of the Required Filings would likely be completed between four to six weeks following the commencement of its audit. However, the Company will continue to work very hard with the Auditor to expedite this timeline in order to file the Required Filings as soon as they are available and within a reasonable period.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203, including the requirement to issue bi-weekly default status reports, for so long as it remains in default of the requirement to file the Required Filings.

About Intellipharmaceutics

Intellipharmaceutics International Inc. is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. The Company's patented Hypermatrix(TM) technology is a multidimensional controlled-release drug delivery platform that can be applied to a wide range of existing and new pharmaceuticals.

Intellipharmaceutics has developed several drug delivery systems based on this technology platform, with a pipeline of products (some of which have received FDA approval) in various stages of development. The Company has ANDA and NDA 505(b)(2) drug product candidates in its development pipeline. These include the Company's abuse-deterrent oxycodone hydrochloride extended release formulation ("Oxycodone ER") based on its proprietary nPODDDS(TM) novel Point Of Divergence Drug Delivery System (for which an NDA has been filed with the FDA), and Regabatin(TM) XR (pregabalin extended-release capsules).

We seek Safe Harbor.