Mr. Joshua Bartch reports

MYDECINE INNOVATIONS GROUP FILES PROSPECTUS SUPPLEMENT, ANNOUNCES CLOSING UNDER SHARE SUBSCRIPTION AGREEMENT AND PROVIDES UPDATE ON ITS BOARD OF DIRECTORS

In connection with Mydecine Innovations Group Inc.'s previously announced common share subscription agreement with a third party investor dated March 10, 2023, the company has filed a shelf prospectus supplement to the company's final short form base shelf prospectus for the province of Quebec and amended and restated final short form base shelf prospectus for each of the provinces of Canada, dated Jan. 28, 2022.

The prospectus supplement is the second supplement filed in connection with the subscription agreement and provides, among other things, that the company is qualifying the distribution of up to 15,151,515 common shares in the capital of the company to the investor at a price of 33 cents per share for aggregate gross proceeds of up to $5-million.

The company also announced today the closing of the first tranche of the first issuance under the subscription agreement. The offering resulted in the issuance of 1,515,151 shares at a price of 33 cents per share for aggregate gross proceeds of $500,000. The distribution of such 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 SEDAR.

The company also announced that Todd Heinzl has been reappointed to the board of directors of the company. Mr. Heinzl previously resigned as a director of the company on April 3, 2023, to pursue other endeavors.

Mr. Heinzl holds over 30 years of experience in the investment, merchant banking and financial services industry. In recent years, Mr. Heinzl, as a consulting professional, has integrated the governance, a mandatory component, and management of the process of listing companies on a senior stock exchange such as Nasdaq largely known as governance as a service. Sector agnostic, Mr. Heinzl works with companies from a variety of industries to facilitate maturity within their stock listings in an orderly, precise and compliant seven process. Senior stock exchanges such as Nasdaq Capital Market, NEO Exchange and London Stock Exchange are increasingly demanding and rigorous oversight regarding the listing requirements of the issuers thereby making exchange experience invaluable. The company welcomes Mr. Heinzl back to the board of directors.

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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