Bogota, Colombia – Felipe de la Vega (the “Offeror”), a current insider of Medcolcanna Organics Inc. (the “Company”) by virtue of being an officer and director of the Company through his holdings personally as well as through shares held by his various holding companies as well as holding companies of his spouse and various immediate family members, announces that on April 17, 2020 he acquired all of the issued and outstanding shares of a company called Peregrine International Holdings (“Peregrine”) from an arm’s length seller by way of a private agreement. Peregrine holds a total of 1,990,000 common shares in the capital of the Company (“Common Shares”). Prior to completion of the issuance, the Offeror owned or exercised control over a total of 8,983,00 Common Shares. Following the acquisitions described above, the Offeror holds or exercises control or direction over a total of 10,973,000 Common Shares, representing approximately 12.14% of the issued and outstanding 90,350,667 Common Shares on an undiluted basis and approximately 9.91% of the issued and outstanding 124,359,363 Common Shares on a fully diluted basis (assuming exercise of all of the issued and outstanding 7,875,000 stock options, all 22,943,400 of the issued and outstanding common share purchase warrants and all 2,126,864 compensation options of the Company, plus the 1,063,432 Common Shares issuable on the exercise of the warrants issued pursuant to said compensation options). 

Mr. de la Vega has acquired the Common Shares for investment purposes and from time to time, Mr. de la Vega may acquire additional securities of the Company, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position. All such transactions will be reported on SEDI as Mr. de la Vega is a current insider of the Company. 

An early warning report is being filed concurrently with this news release under Medcolcanna’s SEDAR profile at www.sedar.com and a copy of the report may be obtained from SEDAR or by contacting Mr. de la Vega at the address below. 

Medcolcanna Investor Relations Contact:

Chris Reid, CFO

Carrera 49b # 93-62 Bogotá, Colombia

Phone: +571 642-9113

Email: info@medcolcanna.com

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 state 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.

April 22 • 2019

On April 17, 2020 he acquired all of the issued and outstanding shares of a company called Peregrine International Holdings