Mr. Regan McGee of Apollo Technology Capital reports

APOLLO TECHNOLOGY CAPITAL CORPORATION TO NOMINATE SIX HIGHLY QUALIFIED DIRECTORS TO MEDIPHARM LABS' BOARD OF DIRECTORS FOLLOWING YEARS OF SHAREHOLDER VALUE DESTRUCTION

Medipharm Labs Corp. dissident shareholder Apollo Technology Capital Corp., which together with its affiliates and associates collectively is one of the largest shareholders of Medipharm Labs, owning approximately 3.0 per cent of the company's common stock, today filed a dissident information proxy circular in connection with its intention to nominate six highly qualified director candidates to Medipharm's board of directors at the company's upcoming 2025 annual and special meeting of shareholders to be held on June 10, 2025.

In connection with the circular and nominations, Apollo sent a letter to its fellow shareholders urging them to hold Medipharm's board accountable for overseeing years of underperformance, failed operational strategies, outrageous compensation packages and a lack of transparency, among many other failures. The letter also introduces Apollo's six highly qualified director nominees -- John Fowler, Alan D. Lewis, David Lontini, Demetrios Mallios, Regan McGee and Scott Walters -- who bring extensive experience successfully transforming businesses, relevant cannabis industry expertise and proper governance knowledge that will be critical to restoring years of value destruction at Medipharm.

The full text of the letter is below.

QUOTE

May 8, 2025

Dear Fellow, Long-Suffering Medipharm Shareholders,

As one of the largest shareholders in Medipharm Labs Corporation, Apollo Technology Capital Corporation, together with its affiliates and associates, owns approximately 3.0% of the Company's common stock and believes in its tremendous potential. Unfortunately, Medipharm's current Board of Directors has consistently failed to capitalize on this potential and instead has presided over many years of severe underperformance that has catastrophically impaired the business. We have made considerable effort to engage constructively to reverse the Company's sagging fortunes; however, the Board has instead chosen to squander shareholders' money to entrench itself and fight shareholders to maintain the status quo, further eroding shareholder value.

Accordingly, we can no longer stand idly by and watch this do-nothing Board and management team drive this once-great company further into the abyss. We have nominated six outstanding, proven business leaders for election to the Medipharm Board to replace incumbent directors who have sought to loot the Company's valuable assets for no other purpose than to seemingly line their own pockets. We are asking for your support to elect our nominees -- John Fowler, Alan D. Lewis, David Lontini, Demetrios Mallios, Regan McGee, and Scott Walters -- who have the experience, expertise, energy, and commitment to set Medipharm on a pathway to long-term success.

Medipharm Board's Incompetence Leads to Massive Stock Collapse

The facts are indisputable: Medipharm's stock price has decreased by more than 99% -- from CAD $7.39 per share to CAD $0.06 per share -- between May 14, 2019, and December 31, 2024, costing shareholders nearly $1 billion in market capitalization.

During this epic share price decline, Medipharm's Board -- led by Chairman Chris Taves --failed to articulate or execute any credible strategy to drive value. In particular, the Company has been burning through cash by making ill-advised dilutive investments that have led to over $54 million in operating losses over the last three years.

Despite this abysmal performance, the management team has continued to be rewarded excessively. In particular, David Pidduck, Medipharm's CEO and a Board director, has taken millions of dollars in cash and stock out of the company in recent years.

Shockingly, Pidduck has become Medipharm's largest shareholder by being incentivized to dilute all shareholders. His stock grants are based on dollars and, therefore, the lower the share price falls, the more shares he is issued.

Medipharm shareholders cannot afford continued mismanagement and failed board leadership

Our highly qualified directors bring significant turnaround, M&A, and operational experience in cannabis and adjacent industries, which they will utilize -- together with fresh perspective -- to execute a plan to restore the value of Medipharm. Our nominees include:

• John Fowler, President, Muskoka Grown; Founder and Former CEO, The Supreme Cannabis Company, Inc.;

• Alan D. Lewis, Co-Founder and CSO, The Aeon Group Inc.;

• David Lontini, Board Director, Check-Cap Ltd. (NASDAQ: CHEK); Chairman, Paragon Technologies; President, Londa Corp. (formerly, Lontini Consulting); President, Lontini Construction Consultation;

• Demetrios Mallios, Founder and CEO, The Aeon Group, Inc.;

• Regan McGee, Chairman and CEO, Apollo Technology Capital Corporation and Nobul Technologies Inc.;

• Scott Walters, Principal, Blaise Ventures Inc.; CEO, Big Gold Inc.; CEO, BIG Concentrates Co.

You deserve a Board focused on performance, transparency and driving value for all shareholders.

In the weeks ahead, we look forward to discussing our plans for restoring the value of Medipharm. We encourage you to carefully review our communications and to support our nominees for election to the board.

Once Medipharm has issued its management information circular and other proxy materials, we will issue an update with information on how to vote with a voting instruction form.

Thank you for your support.

Respectfully,

Regan McGee

Chief Executive Officer

Apollo Technology Capital Corporation

UNQUOTE

We seek Safe Harbor.