Ms. Meris Kott reports

SHINY HEALTH & WELLNESS FILES THIRD QUARTER FISCAL 2024

Shiny Health & Wellness Corp. has released its third quarter fiscal year 2024 financial results for the three months ended Oct. 31, 2023. The full results are available on SEDAR+.

Shiny outlook

"The company is systematically building a strong brand presence in Ontario. We are excited to complete the Stash & Co. acquisition and add 10 more stores and another well-recognized brand. We added Jonathan Hemi, a successful GTA business executive with global consumer brand experience, to our board, and I was recently chosen as CEO to lead the team forward. I could not be prouder to accelerate this company to the next stage of development. We are focused on becoming a dark horse in the consolidation of the Canadian cannabis sector. Don't settle, live fully. Be safe for the new year and stay Shiny!" said Meris Kott, chief executive officer.

Overall performance Q3

• Consistent with trends observed in the Ontario cannabis retail market, the company's revenues decreased during the three and nine months ended Oct. 31, 2023. Revenues were also reduced as a result of deliberate moves by management to close certain non-performing adult-use cannabis dispensaries and sell some of the larger footprint stores.
• Going forward, key areas of focus for the company's cannabis line of business include trying to enhance EBITDA (earnings before interest, taxes, depreciation and amortization) to achieve profitable operations, by tailoring competitive positioning within each community where it operates, and optimizing network capital and real estate utilization.
• The overall results for the three months period ended Oct. 31, 2023, show a net comprehensive loss of $5.96-million based on sales of $4.28-million, gross profit of $1.46-million, operating expenses of $2.24-million, other expenses of $5.21-million and other comprehensive gains of $30,000.
• Salaries and benefits expense decreased by 46.1 per cent for the nine-month period ending in Q3. The large decrease in salaries this quarter was due mainly to the significant reduction of the company corporate and management head count and the reduction of the share-based compensation. These positive cost cutting initiatives will enable the company to refocus cash from asset sales and equity financings directly to dispensary operations' level and assist the company in building a stronger cannabis brand.
• The company executed three additional trademark licence agreements, with 19 currently operating and two more expected to be operating within the next three months.

About Shiny Health & Wellness Corp.

Shiny Health & Wellness is on a mission to help people never settle, live fully by being a trusted source for health and wellness solutions and services. The company recently broadened its retail growth strategy beyond adult-use cannabis by purchasing its first pharmacy in Cornwall, Ont. Striving to provide a more diverse and accessible cannabis experience for adult consumers, the company also operates ShinyBud Cannabis Co., a well-established brand in Ontario strategically located in markets less saturated with cannabis retailers. The company's board of directors and management team hold extensive retail operating experience, a key competitive differentiator in leading its growth strategy. Shiny Health & Wellness trades on the TSX Venture Exchange under the ticker symbol SNYB.

We seek Safe Harbor.