Mr. Joshua Bartch reports

MYDECINE ANNOUNCES INTENTION TO REFILE CERTAIN FINANCIAL STATEMENTS AND APPLIES FOR MANAGEMENT CEASE TRADE ORDER

Mydecine Innovations Group Inc., as a result of a review by the British Columbia Securities Commission, is issuing this news release to clarify its disclosure.

The company will restate its previously filed audited financial statements for the fiscal year ended Dec. 31, 2022, in the comparative period of the audited annual financial statements for the financial year ended Dec. 31, 2023.

The company has applied to the British Columbia Securities Exchange for a temporary management cease trade order (MCTO) in connection with the company's filing of the audited financial statements and the management's discussion and analysis for the financial year ended Dec. 31, 2023 (MD&A).

Intention to refile certain financial statements

The company advises that the company's previously filed audited financial statements for the fiscal year ended Dec. 31, 2022, will be restated in the comparative period of the audited financial statements.

During the fiscal year ended Dec. 31, 2022, the company received 18 million units of PanGenomic Health Inc., pursuant to the sale of its wholly owned subsidiary, Mindleap Health Inc. On Jan. 2, 2023, and Jan. 3, 2023, the company entered into share sale agreements and sold 15.25 million PanGenomic common shares at a price of 11.7 cents per share in exchange for promissory notes totalling $1,785,366. PanGenomic's share price on Jan. 2, 2023, and Jan. 3, 2023, was 27 cents and 29.5 cents, respectively. The company realized a loss on disposal on the sale of the PanGenomic common shares of $1,285,366. On Feb. 23, 2023, the company sold 18 million PanGenomic warrants for gross proceeds of $25,200 and realized a loss on disposal of warrants of $2,807,218.

As of Sept. 30, 2023, the company has collected $500,000 on the promissory notes of $1,785,366 and the company recorded an expected credit loss provision of $1,285,366 on the uncollected amounts.

Upon further review, as at Dec. 31, 2022, the fair value of the 15.25 million PanGenomic common shares did not utilize the appropriate level 1 fair value input for the purposes of the international financial reporting standards and as a result will be appropriately measured using PanGenomic's trading price as at Dec. 31, 2022.

In addition, the company's secured convertible debentureholder held a general security interest on the company's assets, including Mindleap. The holder agreed to waive its security interest on the Mindleap asset in exchange for 250,000 common shares of the company and an amount payable of $660,000. Upon further review, as at Dec. 31, 2022, the above-noted transaction was not recorded and will be recorded in the restatement. The audited financial statements will reflect this change in the comparative period. The effect of the restatement will be a decrease in the company's cash position and an increase in the company's debt and expenses.

The company will be late in filing the audited financial statements with restated comparative Dec. 31, 2022, figures.

The restated comparative figures of the audited financial statements will replace and supersede the respective previously filed financial statements and management's discussion and analysis for such periods. The previous documents should no longer be relied upon.

Application for management cease trade order

The company has applied for an MCTO on April 23, 2024, under National Policy 12-203, Management Cease Trade Orders, to secure additional time to finalize its audited financial statements and MD&A, and the applicable chief executive officer and chief financial officer certifications. The company's delay in completing its annual filings is a result of, among a variety of reasons, the company being required to restate its Dec. 31, 2022, audited financial statements and the company's recent change of auditor. The company is working with its new auditor and accounting team to file its annual filings.

About Mydecine Innovations Group Inc.

Mydecine Innovations 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.

We seek Safe Harbor.