Ms. Iris Bincovich reports

INNOCAN PHARMA ANNOUNCES OFFERING OF AN ADDITIONAL DEBENTURE TO TAMAR INNOVEST

Innocan Pharma Corp. intends to complete an offering of a debenture of the company to its largest shareholder, Tamar Innovest Ltd., for gross proceeds of $200,000 (U.S.). This follows the completion of the offering to Tamar Innovest of a debenture in the principal amount of $450,000 (U.S.) to Tamar Innovest on March 11, 2026.

The debenture will be on the same terms as the prior debenture and will bear interest at the rate of 10 per cent per annum and will mature at the earlier of: (i) 12 months from the date of issuance; and (ii) the completion of the company's previously announced proposed public offering in the United States pursuant to its registration statement on F-1 filed with the U.S. Securities and Exchange Commission, as amended. The debenture will be secured by the general security agreement already entered into by the parties on March 7, 2025, and related security interest filed under the laws of the Province of Alberta.

The offering is expected to close on or around April 1, 2026. Innocan intends to use the proceeds of the offering for working capital and general corporate purposes.

Tamar Innovest currently beneficially owns and controls 765,020 common shares, representing 17.00 per cent of the current issued and outstanding common shares, and is an insider of the company. Tamar Innovest is managed by Ralph Bossino, a director of the company. As such, Tamar Innovest's participation in the offering constitutes a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company intends to rely on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(a) of MI 61-101, respectively, as the fair market value of the offering will not represent more than 25 per cent of the company's market capitalization as determined in accordance with MI 61-101. The offering has been approved by the directors of the company who are independent in connection with such transactions.

About Innocan Pharma Corp.

Innocan is an innovator in the pharmaceutical and wellness sectors. In the pharmaceutical sector, Innocan developed a cannabidiol-loaded liposome drug delivery platform with exact dosing and prolonged and controlled release of synthetic CBD for non-opioid pain management. In the wellness sector, Innocan develops and markets a wide portfolio of high performance self-care and beauty products to promote a healthier lifestyle. Under this segment Innocan carries on business through its 60-per-cent-owned subsidiary BI Sky Global Ltd., which focuses on advanced, targeted on-line sales.

We seek Safe Harbor.