Mr. Klee Irwin reports

IRWIN NATURALS REPORTS Q2 2023 FINANCIAL RESULTS

Irwin Naturals Inc. has released its financial results for its second quarter of fiscal 2023, the period ended June 30, 2023, on SEDAR.

Financial highlights for Q2 2023:

• Q2 revenue was $22.1-million, up 1.5 per cent from $21.8-million in Q2 2022.
• Income from operations decreased $2.4-million from $500,000 in Q2 2022 to a loss of $1.9-million in Q2 2023. The decrease is primarily attributed to the continued start-up costs related to the company's 2022 and 2023 acquisitions at Irwin Naturals Emergence.

Financial highlights for the year to date ended June 30, 2023:

• Completed the acquisition of Serenity Health LLC, one of the leading ketamine clinics in Louisville, Ky., on Feb. 17, 2023;
• Announced the successful acquisition of Keta Media LLC, doing business as Ketamine Media, the nation's foremost advertising company dedicated to raising awareness about the clinical use of ketamine, on March 17, 2023.

Operational highlights

Irwin Naturals has continued its expansion into the high-growth cannabis and psychedelics sectors. During the first half of 2023, the company's partners launched the first products to the continental cannabis market and has signed 10 brand licensing deals that will see Irwin Naturals products enhanced with THC (tetrahydrocannabinol) being offered in places like California, Colorado, Mississippi, Michigan, New Mexico, Oregon, Oklahoma and Canada. Additionally, to date, the company has completed multiple clinic acquisitions and one advertising company specializing in ketamine clinics. The company will continue to build upon this solid foundation and make the necessary investments to support the company's growth objectives within the psychedelics sector.

Sean Sand, chief financial officer, stated: "During the first half of 2023, we successfully launched our branded licensing initiative in our cannabis sector. Sales have exceeded our expectations and we look forward continuing our licensing efforts in the space. We also continued to expand our mental health footprint through the acquisition of an industry-leading marketing and patient acquisition platform, Ketamine Media, enabling greater treatment availability and market expansion."

About Irwin Naturals Inc.

Irwin Naturals has been a household name and best-in-class nutraceutical company since 1994. It is now leveraging its brand into both the cannabis and psychedelic sectors. On a mission to heal the world with plant medicine, Irwin Naturals has operated its nutraceutical business profitably for over 28 years. The growing portfolio of products is available in more than 100,000 retail doors across North America, where 80 per cent of households know the Irwin Naturals brand. In 2018, the company first leveraged its brand to expand into the cannabis industry by launching hemp-based CBD (cannabidiol) products into the mass market. The company is now leveraging its famous halo of brand trust to become, perhaps, the first household name brand to offer THC-based products. Its rapidly growing national chain of psychedelic mental health clinics is called Irwin Naturals Emergence.

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