Mr. Klee Irwin reports

IRWIN NATURALS REPORTS Q3 2023 FINANCIAL RESULTS

Irwin Naturals Inc. has released its financial results for its third quarter of fiscal 2023, the period ended Sept. 30, 2023, on SEDAR+. Dollar amounts are expressed in U.S. dollars unless otherwise stated.

Financial highlights for Q3 2023:

• Q3 revenue was $19.1-million, down 13.4 per cent from $22.0-million in Q3 2022;
• Income from operations decreased $2.9-million from $600,000 in Q3 2022 to a loss of $2.3-million in Q3 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;
• Sold the assets of underperforming clinics, and shifted its focus on the clinics wholly owned and operated by Irwin Naturals Emergence.

Financial highlights for year-to-date Sept. 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

During the first half of 2023, the company launched the first products to the continental cannabis market and has signed 10 brand licensing deals that will see Irwin Naturals products enhanced with tetrahydrocannabinol being offered in places like California, Colorado, Mississippi, Michigan, New Mexico, Oregon, Oklahoma and Canada. Additionally, to date, the company owns and operates five mental health clinics and one advertising company specializing in ketamine treatments. The company will continue to build upon this solid foundation and make the necessary investments to support its growth objectives within the psychedelic sector.

Sean Sand, chief financial officer, stated: "During the first three quarters 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 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 cannabidiol products into the mass market. The company is leveraging its famous halo of brand trust to become, perhaps, the first household name brand to offer tetrahydrocannabinol-based products. Its rapidly growing national chain of psychedelic mental health clinics is called Irwin Naturals Emergence.

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