Bogota, Colombia--(Newsfile Corp. - March 26, 2021) - Medcolcanna Organics Inc. (NEO: MCCN) ("Medcolcanna", "MCCN" or the "Company"), an integrated cannabis company, announced today that the Colombian Government has granted the Company the authorization to manufacture psychoactive medical cannabis derivatives, which, according to 's publicly disclosed data, will account for the production of around ten percent of the country's total quota or approximately four percent of the total global quota for medicinal cannabis products in 2021.

The Colombian Ministry of Health and Social Protection has passed Resolution 336 of 2021, specifically granting the quota of 4317 Kg. to Medcolcanna for export market, and 990 kilos for the local market to sell psychoactive medicinal cannabis under prescription for patients through its well-developed strategy on partnerships with Curativa, Rappi, and Masana-Medicina Nueva.

The company will immediately begin cultivating its registered strains in its GACP-certified Candil Facility immediately outside of Bogota, an 8-hectare state-of-the-art facility that encloses Extralia Labs MCCN's wholly-owned extraction company.

MCCN's CEO, Felipe de la Vega, commented:

"We are very pleased to receive this Commercial Quota from the Colombian government and to have them allocate approximately ten percent of the available 2021 Colombian quota to MCCN."

"This is a major milestone for the Company and allows the Company to expand into the cultivation of psychoactive medical cannabis.This additional revenue stream will help us to achieve self-sustainability in 2021 along with our low cost and high quality production of hemp and high potent CBD cultivation as well our other lines of business."

Daniel Herrera, Chief Corporate Development Officer of MCCN, stated:

"With widening regulatory acceptance of cannabis derivatives around the world we are seeing rapidly increasing commercial interest in psychoactive medicinal products. We welcome this milestone to be able to continue to lead in supplying our partners with a wide variety of cannabis products, contributing to the company's significant growth in 2021."

About Medcolcanna

Medcolcanna is a Canadian-integrated medical cannabis company, whose fully licensed operations are based in Colombia.

Led by a proven and successful management team, Medcolcanna has a growing number of facilities in optimal growing locations, which positions the Company to become a global leader in the medical cannabis market.

Medcolcanna employs state-of-the-art organic agricultural technology and innovative pharmaceutical processes to produce high-quality products.

The Company's scalable production model and network of pharmaceutical partnerships globally ensures that they remain at the forefront of the medical cannabis industry.

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Additional information about Medcolcanna can be found on its web site at

Medcolcanna Investor Relations Contact:

Chris Reid, CFO
Carrera 49b # 93-62
Bogotá, Colombia
Phone:
Email:

Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release.

Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals for any proposed transaction, including those discussed herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release.

Medcolcanna assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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