Ms. Leah Gibson reports

CYBIN ANNOUNCES ADDITIONAL ADELIA MILESTONE ACHIEVEMENT

Adelia Therapeutics Inc., a wholly controlled subsidiary of Cybin Inc., has achieved the milestone identified as Y2, Q3 (i), as contemplated by the terms of a contribution agreement dated Dec. 4, 2020, among Cybin, Cybin Corp., Cybin U.S. Holdings Inc., a wholly controlled subsidiary of Cybin, and all of the previous shareholders of Adelia.

Pursuant to the terms of the transaction agreement, 37,366.2 Class B common shares in the capital of the acquiror shall be issued to the Adelia shareholders, in satisfaction of the $280,247.14 (approximately $217,465 (U.S.)) due to them on meeting the relevant milestone, at an effective issue price of $7.50 per Class B share, determined in accordance with the transaction agreement and applicable securities law. The Class B shares issued by the acquiror to the Adelia shareholders are exchangeable for common shares in the capital of Cybin on a one Class B share for 10 Cybin share basis, at the option of the holder thereof, subject to customary adjustments. No Class B shares were exchangeable prior to Dec. 14, 2021, and not more than: (i) 33-1/3rd per cent of the Class B shares will be exchangeable prior to Dec. 14, 2022; (ii) 66-2/3rds per cent of the Class B shares will be exchangeable prior to Dec. 14, 2023; and (iii) thereafter, 100 per cent of the Class B shares will be exchangeable.

Additional information related to the transaction is available in the transaction agreement, which is filed under Cybin's profile on SEDAR and with the U.S. Securities and Exchange Commission on EDGAR.

About Cybin Inc.

Cybin is a leading ethical biotechnology company, working with a network of world-class partners and internationally recognized scientists, on a mission to create safe and effective therapeutics for patients to address a multitude of mental health issues. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom and Ireland. The company is focused on progressing psychedelics to therapeutics by engineering proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health disorders.

About Adelia Therapeutics Inc.

Adelia is a wholly controlled subsidiary of the company that aims to develop medicinal psychedelics with improved dosing efficacy and therapeutic indices to address unmet medical needs. Adelia's primary focus is on the development of treatment regimens consisting of proprietary psychedelic molecules and related clinical protocols. This proprietary development strategy is based on chemical modifications to the known and well-understood tryptamine derivatives that significantly modify their pharmacokinetic properties without changing their therapeutic potential. These proprietary approaches seek to minimize interpatient variability by better controlling drug metabolism without loss of efficacy, shown to produce more predictable and favourable patient outcomes.

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