Mr. Josh Bartch reports

MYDECINE INNOVATIONS GROUP ANNOUNCES CLOSING UNDER SHARE SUBSCRIPTION AGREEMENT AND WELCOMES NEW CFO

In connection with Mydecine Innovations Group Inc.'s previously announced common share subscription agreement with a third party investor dated Aug. 26, 2022, and the subsequent filing of a shelf prospectus supplement in connection therewith on Sept. 7, 2022, the company has closed the second tranche of the first issuance under the subscription agreement. The company is also pleased to announce the appointment of John Ross as its chief financial officer (CFO).

The offering resulted in the issuance of 877,193 common shares in the capital of the company at a price of 57 cents per share for aggregate gross proceeds of $500,000. The distribution of the shares is qualified by the prospectus supplement.

The company will use the proceeds of the offering as described in the prospectus supplement. The prospectus supplement and base shelf prospectus are available on the company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR).

Mydecine's board and management team are pleased to welcome John Ross, a senior financial management professional with more than 30 years of private and public company experience. He is currently the interim chief executive officer (since May, 2019) and CFO (Since February, 2017) of Hempco Food and Fiber Inc., part-time CFO of U3O8 Corp. since June, 2010, and part-time CFO of Buccaneer Gold Corp. (since September, 2016).

"In biotech, the ability to access capital in all forms is very important. One promising avenue right now is partnerships," said chief executive officer Josh Bartch. "We want both parties to realize the ultimate value of the partnership and products being developed."

Mr. Ross holds a master of business administration degree from the University of Western Ontario, which he received in 1984, and he obtained his chartered accountant designation in 1987.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group is a biotechnology company developing the next generation of innovative medications and therapies to address mental health disorders such as nicotine addiction and posttraumatic stress disorder (PTSD). The core strategy blends advanced technology with an elaborate infrastructure for drug discovery and development. Mydecine's dedicated multinational team constantly develops new paths for breakthrough treatment solutions in areas with considerable unmet needs. By collaborating with some of the world's leading specialists, the company aspires to responsibly speed up the development of breakthrough medications to provide patients with safer and more effective treatment solutions. At the same time, Mydecine's approach focuses on the next generation of psychedelic medicine by creating innovative compounds with unmatched therapeutic potential through its clinical trial efforts with world-class scientific and regulatory expertise. Founded in 2020, Mydecine is based out of Colorado, United States, with extended offices in Alberta, Canada, and Leiden, Netherlands.

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