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PharmaCielo Announces TSX Venture Exchange Approval of Warrant Extension

November 22, 2022

TORONTO, Canada and RIONEGRO, Colombia (November 22, 2022) – PharmaCielo Ltd. (“PharmaCielo”or the “Company”) (TSXV: PCLO, OTCQX: PCLOF), the Canadian parent of Colombia’s premier cultivator and producer of dried cannabis flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S. (“Holdings”), today announced that the TSX Venture Exchange (“TSXV”) has approved the extension of 9,007,200 warrants originally issued on November 20, 2020 (the “Warrants”) under the TSX-Venture Symbol PCLO.WT. In accordance with the TSXV’s rules for warrant amendments set out in section 3 of Policy 4.1 of the TSXV’s Corporate Finance Policies, amendments to warrants listed for trading are not permitted. As such, the Warrants were delisted from trading at market close on November 21, 2022, and will be exercisable until November 20, 2024. Full details may be found below.

 Number of Warrants: 9,007,200 (today), 10,000,000 (originally issued)

Original Expiry Date of Warrants: November 20, 2022

New Expiry Date of Warrants: November 20, 2024

Exercise Price of Warrants: $0.65

About PharmaCielo
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada, with afocus on ethical and sustainable cultivating, processing, and supply of all natural, pharmaceutical-grademedical dried cannabis flower and cannabis products to large channel distributors. PharmaCielo’s principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its cultivation and processing center located in Rionegro, Colombia.

The board of directors and executive team of PharmaCielo are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia’s ideal location plays in building a sustainable business in themedical cannabis industry, and the Company, together with its directors and executives, is executing on abusiness plan focused on supplying the international marketplace.

For further information:

Ian D. Atacan, Chief Financial Officer

+1 416-562-3220

Media and Investor Inquiries:

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as “expects”, “is expected”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may” or “will” be taken, occur or be completed orachieved.

Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including changes to PharmaCielo’s development plans, the failure to obtain and maintain all necessaryregulatory approvals relating to the export of cannabinoid products and the import of these products into other countries, TSX Venture Exchange approval, the inability to export or distribute commercial products through sales channels as anticipated due to economic or operational circumstances, risks associated with operating in Colombia, fluctuation of the market price for the Company’s products, risks associated with global economic instability relating to COVID-19 or other developments, risks related to retention of key Company personnel, currency exchange risk, competition in PharmaCielo’s market and other risks discussed or referred to under the heading “Risk Factors” in PharmaCielo’s Annual Information Form for the financial yearended December 31, 2019, which is available at Accordingly, readers should not placeundue reliance on forward-looking statements. Except as required by law, PharmaCielo undertakes noobligation to publicly update any forward-looking statements, whether as a result of new information, futureevents or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this pressrelease.