Mr. Joshua Bartch reports

MYDECINE INNOVATIONS GROUP ANNOUNCES LATE FILING OF ANNUAL FINANCIAL STATEMENTS AND MANAGEMENT CEASE TRADE ORDER

As a result of delays to Mydecine Innovations Group Inc.'s audit, the company's annual financial statements, and accompanying management's discussion and analysis for the fiscal year ended Dec. 31, 2024, the company has determined that it may not be able to file the required filings by the filing deadline as required by Part 4 of National Instrument 51-102 (Continuous Disclosure Obligations).

The reason for the anticipated delay is primarily due to the late commencement of the audit process, which was caused by the company's financial constraints. These constraints resulted in outstanding fees owed to the external auditor for the prior year's audit. As a result, the company was unable to engage its auditor to commence the audit for the current year. In addition, a recent change in management further impacted the timing of the audit process, as the management team works to obtain certain outstanding records essential to the audit. The company has since secured the necessary financing to satisfy the outstanding obligations and has now re-engaged its auditor to proceed with the audit. The company is working with its auditor (HDCPA Professional Corp.) to complete the audit in a timely manner.

The company currently expects to file the annual filings on or before June 30, 2025, and will issue a news release announcing completion of such filings at such time. Until the company files the annual filings, it will comply with the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Order) for issuers which have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release so long as the annual filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's listed common shares. However, the company's chief executive office and chief financial officer will not be able to trade in the company's common shares.

About Mydecine Innovations Group Inc.

Mydecine 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. 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.