Mr. Joel Shacker reports

CORE ONE LABS ENTERS INTO LETTER OF INTENT FOR FIRST SALE OF ITS PSYCHEDELIC COMPOUNDS

Core One Labs Inc.'s wholly owned subsidiary, GMP Drug Inc., has entered into a non-binding letter of intent (the LOI) with Zollaris Laboratories Corp., an arm's-length party, in pursuit of a potential transaction involving the sale by GMP Drug of psychedelic compounds, including, but not limited to, biosynthetic psilocybin, psilocin, DMT (N, N-dimethyltryptamine) formulated by Vocan Biotechnologies Inc. and Awakened Biosciences Inc., each also wholly owned subsidiaries of Core One.

Zollaris is a licensed pharmaceutical company that currently holds a licence to possess, and conduct laboratory analysis on, psilocybin. The LOI proposes that GMP Drug will enter an arrangement in which Awakened and Vocan will formulate, and GMP Drug will supply, proprietary psychedelics produced using the patent-pending production methods of Awakened and Vocan to Zollaris, pursuant to a definitive agreement, the terms of which are currently under negotiation. It is anticipated that the proprietary psychedelic compounds will be supplied to Zollaris at an agreed-upon cost per gram and in amounts requested by Zollaris.

The definitive agreement is anticipated to incorporate the principal terms set forth in the LOI, and, in addition, such other terms and provisions of a more detailed nature as the parties may agree upon and as are customary for transactions of this nature. The consummation of the final supply arrangement is subject to a number of conditions, including the satisfaction of each party's respective due diligence, the negotiation and execution of the definitive agreement, and Zollaris holding a valid controlled substances licence from Health Canada permitting the acquisition and possession of psilocybin.

"We are thrilled to enter into this groundbreaking agreement, marking one of the most significant milestones in Core One's history and a significant step forward in the provision of psychedelics to licensed end-users in Canada. The LOI with Zollaris paves the way for the first-ever sale of the company's psychedelics, produced using our revolutionary and patentable production methods. This partnership represents our commitment to advancing the field of psychedelic medicine and making a positive impact on mental health. We look forward to finalizing the definitive agreement and working together to bring the potential benefits of psilocybin to those in need," stated Joel Shacker, chief executive officer of the company.

About Core One Labs Inc.

Core One Labs is a life sciences biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic assisted treatments, and the integration of novel delivery systems technology.

The company has a multifaceted business approach, and incorporates several complementary lines of businesses and units in establishing itself as an industry leader in the rapidly growing and emerging psychedelics market space.

Core One, through its wholly owned subsidiary, Vocan Biotechnologies Inc., has developed and filed for patent protection of a proprietary psilocybin production system using engineered bacteria. It is also the holder of four provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental health disorders, under its 100-per-cent-owned subsidiary Akome Biotech Ltd., and three provisional patents under its other 100-per-cent-owned subsidiary, Awakened Biosciences, for additional synthetic technologies for psilocybin and psilocin production methods.

In addition to the development of psychedelics and psychedelic compounds, Core One holds an interest in four medical clinics which maintain a combined database of more than 275,000 patients. Through its clinics, the company intends to integrate a rollout of its intellectual property related to psychedelic technologies and participate in the advancement of psychedelic-based treatments for mental health disorders.

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