Mr. Isa Odidi reports

INTELLIPHARMACEUTICS INTERNATIONAL INC. ANNOUNCES TRANSFER OF LISTING TO NEX AND NEW STOCK OPTION PLAN

IntelliPharmaCeutics International Inc. has listed on NEX, a separate board of the TSX Venture Exchange. The company has applied to transfer its listing from the Toronto Stock Exchange to TSX-V as previously disclosed. However, as the company is currently subject to a cease trade order issued by the Ontario Securities Commission for failure to satisfy financial reporting requirements (as previously disclosed on March 6, 2024), the company will be transferred to NEX. If the company comes back into good standing with the securities commissions and its continuous disclosure obligations, it can apply for a reactivation of its listing on TSX-V.

The company will be voluntarily delisted from the Toronto Stock Exchange at the close of March 25, 2024, and will be listed on the NEX at the open of March 26, 2024. According to Section 720 of the TSX Company Manual, shareholder approval is not required as an acceptable alternative market will exist for the listed securities.

Upon the transfer of its listing to NEX, the trading symbol of the company's common shares will change from IPCI to IPCI.H. The ".H" symbol extension differentiates NEX symbols from other symbols on the main stock list of the TSX-V. There is no change in the company's name or Cusip number, and no consolidation of capital. The company's common shares will also continue to be listed on the OTCQB Marketplace in the United States under the symbol IPCIF.

The company also announces that the TSX-V has approved a new stock option plan (SOP) of the company that will be subject to shareholder approval at the next annual meeting of shareholders of the company. The new SOP is a rolling plan (with 10 per cent of shares reserved for issuance), which will replace all existing security based compensation plans of the company.

About IntelliPharmaCeutics International Inc.

IntelliPharmaCeutics 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 technology is a multidimensional controlled-release drug delivery platform that can be applied to a wide range of existing and new pharmaceuticals.

We seek Safe Harbor.