Mr. Nicholas Kadysh reports

CORTEXA MAKES FIRST DRUG ORDER FOR AUSTRALIAN COMMERCIAL MARKET

Cortexa, Pharmala Biotech Holdings Inc.'s joint venture with Australian company Vitura Health, has executed its first purchase order for Pharmala's GMP (good manufacturing practice) LaNeo MDMA (3,4-methylenedioxy-N-methamphetamine), in both finished capsule and raw API (active pharmaceutical ingredient) forms. Cortexa will also be ordering an amount of GMP psilocybin API.

"The long-term view on Cortexa is that it must -- and will -- stand on its own two feet in the Australian market, which we believe is more than capable of supporting manufacturing operations domestically. This is why we have transferred all of our manufacturing know-how to Cortexa as part of our joint venture agreement with Vitura," said Nick Kadysh, chief executive officer of Pharmala. "However, with the launch of the TGA's [Therapeutic Goods Administration's] regulatory changes allowing for the use of MDMA and psilocybin by authorized prescribers as of July 1 -- and demand ramping -- we believe it makes sense to fulfill that demand immediately with previously made materials in Pharmala's Canadian inventory."

Cortexa's first purchase order will have a total value of approximately $300,000 (U.S.), and will be shipped on an expedited basis.

Completion of shipment to University of Sydney

Pharmala is also pleased to announce that the previously announced shipment to the University of Sydney has now cleared customs in Australia, completing the order.

About Pharmala Biotech Holdings Inc.

Pharmala Biotech Holdings is a biotechnology company focused on the research, development and manufacturing of MDXX-class (substituted methylenedioxyphenethylamines) molecules, including MDMA. Pharmala was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials, and to develop novel drugs in the same class. Pharmala is the first publicly traded company to manufacture clinical-grade MDMA. Pharmala's research and development unit has completed proof-of-concept research into ALA-002, Pharmala's lead drug candidate. Pharmala is a regulatory-first organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators.

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