An anonymous director reports

MEDIPHARM LABS PROVIDES UPDATE ON BOARD OF DIRECTORS AND LONG TERM INCENTIVE PROGRAM

Medipharm Labs Corp. has provided an update regarding its board of directors and employee stock issuance.

Effective immediately, Miriam McDonald has resigned from her position from the board of directors. As a founding board member of Medipharm Labs, Ms. McDonald has been instrumental in guiding the company through many strategic decisions, including a go-public transaction, establishing leadership in the pharmaceutical cannabis space and multiple strategic capital raises. The company thanks Ms. McDonald for her time and dedication to the company over the past five years.

With this change, Medipharm Labs will continue with five board members, including four independent directors. The reduction in the number of board members reflects the overall rightsizing of the business, which the company aggressively undertook in 2023.

In accordance with its annual long-term incentive plan (LTIP), it has granted, effective Dec. 22, 2023, 15.48 million stock options and 16.09 million restricted share units. The award to certain directors, officers and employees of the company was related to the company's LTIP for 2023 and 2024. Each option is exercisable into one common share in the capital of the company at a price of 6.5 cents per share, being the closing price of the shares on the Toronto Stock Exchange on Dec. 20, 2022. All units will vest in two instalments over six months and 12 months and options will expire five years from the date of the grant.

This grant makes up part of the performance-related compensation and retention incentives anticipated by the company's LTIP.

About Medipharm Labs Corp.

Founded in 2015, Medipharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (APIs) and advanced derivative products utilizing a good-manufacturing-practice-certified facility with ISO-standard-built clean rooms. Medipharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. Medipharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets.

In 2021, Medipharm Labs received a pharmaceutical drug establishment licence from Health Canada, becoming the only company in North America to hold a commercial-scale domestic GMP licence for the extraction of multiple natural cannabinoids. This GMP licence was the first step in the company's current foreign drug manufacturing site registration with the U.S. Food and Drug Administration.

In 2023, Medipharm acquired Vivo Cannabis Inc., which expanded Medipharm's reach to medical patients in Canada through the Canna Farms medical e-commerce platform and in Australia and Germany through Beacon Medical Pty. and Beacon Medical GmbH. This acquisition also included Harvest Medical Clinics in Canada, which provides medical cannabis patients with physician consultations for medical cannabis education and prescriptions.

The company carries out its operations in compliance with all applicable laws in the countries in which it operates.

We seek Safe Harbor.