Mr. Marc Lustig reports

PHARMACIELO ANNOUNCES Q3 2023 FINANCIAL RESULTS

Pharmacielo Ltd. has released financial results for the third quarter ended Sept. 30, 2023.

For further detailed information and analysis, please see the financial statements and management's discussion and analysis for the period ending Sept. 30, 2023, as posted on SEDAR+ and Pharmacielo's website.

Marc Lustig, chairman and chief executive officer, commented: "As the global cannabis market continues to develop and evolve, Pharmacielo is uniquely positioned to supply large, sophisticated, consumer and pharmaceutical product manufacturers. To our knowledge, there is no other company in the industry today who can consistently supply pharma-grade extracts and dried flower at the scale and with the cost advantage to that of Pharmacielo. As the cannabis market continues to develop and recover, we are in business development conversations and product testing with the most important players globally with a particular focus on the EU, Latin America and Australia. Our team has built a focused and lean organization over the past 12 months, and effectively repositioned the product portfolio on higher-margin products. With total SG&A expenses down over 40 per cent from Q3 of last year, and no meaningful capital expenditures necessary to get to full commercial scale, we are even better placed to generate higher profitability and cash flows as our sales efforts pay off."

Summary of recent developments:

• On Oct. 6, 2023, Pharmacielo announced that it had raised $1.5-million under its previously announced non-brokered private placement of debenture offering.

About Pharmacielo Ltd.

Pharmacielo is a global company, headquartered in Canada, with a focus on ethical and sustainable cultivating, processing and supply of all natural, pharmaceutical-grade medical dried cannabis flower and cannabis products to large channel distributors. Pharmacielo's principal (and wholly owned) subsidiary is Pharmacielo Colombia Holdings SAS, headquartered at its cultivation and processing centre located in Rionegro, Colombia.

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