Nirvana Signs Letter of Intent with Innovate Phytotechnologies Inc.

Collaboration with British Columbia Lab to open doors for psychedelics product development and distribution.

May 17, 2022 9:00 AM EDT | Source: Nirvana Life Sciences Inc.

Vancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - Nirvana Life Sciences Inc. (CSE: NIRV) (Nirvana or the "Company"), a Canadian based life sciences company aimed at developing non-addictive chronic pain and relapse preventing products, is pleased to announce that it has signed a letter of intent with Innovate Phytotechnologies Inc. (INVP) for the development and distribution of the Company's psilocybin and psilocin based products. The strategic relationship will begin with the production of 20g each of psilocybin and psilocin and will increase with market demands.

Mr. Michael McCune, Nirvana's Vice President of Operations commented, "This is a major step for the Company, the ability to develop and distribute unique products through a Health Canada licensed facility that has full analytical capabilities will allow Nirvana to offer the highest level of quality assurance. Working with Innovate through to development and distribution of our novel addictions focused formulations will ensure that each level of the supply chain can meet the rigorous standards set forth by Health Canada."

About Innovate Phytotechnologies Inc.

As a vertically integrated biotechnology and wellness research center, INVP is dedicated to being a leading service provider in the Health Canada regulated space by offering a broad range of services which include: analytical testing, research and development (R&D), patentable intellectual property (IP) development and protection, genomic services, pharmaceutical product development which includes novel formulations, manufacturing and more. INVP's state of the art laboratory holds many certifications and licenses through Health Canada, including, but not limited to: Controlled Drugs & Substances Dealer's License, a Drug Establishment License and multiple cannabis licenses.

About Nirvana Life Sciences Inc.

Nirvana Life Sciences Inc. has been founded with a simple objective of researching and developing non-addictive pain management and relapse prevention products that mitigate the symptoms of chronic pain and support patients who battle with addiction. Nirvana believes that pairing naturally sourced psychedelics with modern medicine holds the promise of delivering non-addictive therapeutic solutions. Backed by a team of global leading researchers, Nirvana will develop life changing therapies for those suffering from pain and addiction and consequently alleviate the fiscally strained medical system.

For further information:
Bruce Clark - CEO
Phone: 604-401-8100

Forward Looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward- looking statements") within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

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