Mr. Marc Lustig reports

COLOMBIAN GOVERNMENT CONTINUES ITS SUPPORT OF DOMESTIC CANNABIS INDUSTRY -- RESOLUTION EXTENDING THC INVENTORY ALLOWANCE PROVIDES IMMEDIATE BENEFIT TO PHARMACIELO

Pharmacielo Ltd. is commenting on the recent decision by the Colombian ministries of health, justice and agriculture to extend the time frame within which THC (tetrahydrocannabinol) products may be sold. The ministries have passed a resolution allowing producers up to 48 months to sell these products following their production, compared with the original 24 months. This resolution is of immediate benefit to the industry and to Pharmacielo. As the country's largest cannabis producer, Pharmacielo has over two tonnes of THC extract in inventory to support expected growth in international sales in the following years, which would have been subject to destruction under the legacy framework.

Management commentary

Marc Lustig, chairman and chief executive officer of Pharmacielo, commented: "On behalf of Pharmacielo, I would like to thank the Colombian government for its commitment to fair regulation that enables the safe and efficient operation of the domestic cannabis industry, along with its competitiveness on a global scale. This resolution will enable the retention of high-quality THC extracts in inventory, both now and longer term, to ensure we can quickly fulfill demand as our international customer base continues to grow."

Shares for settlement of certain amounts owing

The company intends to issue, subject to the approval of the TSX Venture Exchange, up to 2,079,152 common shares of the company, in satisfaction of an aggregate of up to $457,415 debt owing to certain former service providers and employees of the company. The deemed price of the common shares to be issued has been approved by the TSX-V to be 22 cents, being the higher of the price of common shares at market close or the 10-day volume-weighted average price on the date the board of directors of the corporation approved the issuance of shares. The settlement shares will be subject to a four-month hold period under applicable Canadian securities laws, starting from the date of issuance of the settlement shares.

About Pharmacielo Ltd.

Pharmacielo is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of all natural, pharmaceutical-grade medical 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.

The board of directors and executive team of Pharmacielo comprise a diversely talented group of international business executives and specialists with relevant and varied expertise. Pharmacielo recognized the significant role that Colombia's ideal location plays in building a sustainable business in the medical cannabis industry, and the company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.

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