MYDECINE ANNOUNCES UPDATE REGARDING THE SPECIAL ACCESS PROGRAM

Mydecine Innovations Group Inc. wishes to clarify certain statements made in the company's news release of Jan. 13, 2022 (the prior release), wherein the company announced it would be launching the special access support and supply program (SASSP) to provide products and services to physicians, clinics and hospitals in Canada looking to treat patients through psychedelic-assisted psychotherapy.

The company would like to clarify that the access to Health Canada's special access program to assist potential patients with the use of psilocybin and/or MDMA (3,4-methylenedioxy-methamphetamine) is exclusively through its partner, Applied Pharmaceutical Innovation (API), pursuant to the Health Canada licence granted to Dr. Raimar Loebenberg (the partnership). Pursuant to the partnership, API may provide patients access to certain controlled substances, including psilocybin and/or MDMA, however, Mydecine does not directly have the ability to grant patients access to controlled substances through the program.

The company wishes to further clarify that any previous references to the program in its news release, social media or website was not intended to promote the availability of unauthorized drugs to Canadians, nor to suggest that these unauthorized drugs have any authorized therapeutic uses in Canada.

About Mydecine Innovations Group Inc.

Mydecine is a publicly traded, prerevenue biopharmaceutical company that began operations in North America and Europe in early 2020. Mydecine was founded to increase physicians' access to serotonin-modulating medicine. Recent research has demonstrated the therapeutic potential of psychedelic substances such as psilocybin and MDMA for treating intractable conditions such as pain, anxiety, depression, addiction and PTSD (posttraumatic stress disorder), along with neurodegenerative disorders. Mydecine believes these compounds can be safer, more effective and more accessible for patients and medical professionals through modern drug chemistry paired with artificial intelligence (AI). Mydecine is developing innovative medications for target indications with high mortality rates that have lacked innovation for decades and are controlled by dominant corporations. Mydecine developed several pro-drug families, beginning with a psilocybin-derived smoking cessation drug undergoing a NIDA-funded trial at Johns Hopkins University. Mydecine is also developing MYCO-006-short-acting chemical analogs derived from MDMA for treating various conditions, including anxiety and pain. Mydecine utilizes cutting-edge artificial intelligence and pharma research infrastructure at the University of Alberta to develop and manufacture new medications to make them affordable and accessible to the general public upon Health Canada and U.S. Food and Drug Administration approval. The Mydecine team is enthusiastic about its mission and is dedicated to creating a positive difference in the lives of others.

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