FILAMENT HEALTH ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS

VANCOUVER, BC, May 12, 2023 /CNW/ - Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS) ("Filament" or the "Company"), a clinical-stage natural psychedelic drug development company, released its first quarter financial results and operational highlights for the period ended March 31, 2023.

"We are pleased to report on another highly productive quarter," said Benjamin Lightburn, CEO and Co-Founder of Filament Health. "Filament's industry-leading expertise in botanical extraction is a valuable asset which facilitates the discovery of novel psychedelic medicines. We're proud to share that our pharmaceutical-grade botanical psilocybin is now being studied in clinical trials for ten different mental health indications across North America and Europe. Moving forward, we will continue to strengthen our revenue-generating supply network and mutually beneficial arrangements with research institutions."

2023 Q1 Financial and Operational Highlights:

• Cash and cash equivalents of approximately $2.4 million as of March 31, 2023;
• On March 15, 2023, the Company announced FDA approval of a Phase 2 clinical trial studying botanical psilocybin for methamphetamine use disorder;
• On February 14, 2023, the Company announced its second psilocybin supply agreement with the Center for Addiction and Mental Health (CAMH) for a clinical trial for amnestic mild cognitive impairment;
• On January 18, 2023, the Company announced a clinical trial approval in partnership with Psychiatric Centre Copenhagen to study psilocybin for alcohol use disorder; and
• On January 10, 2023, the Company announced an agreement with Jaguar Health to form a joint venture, Magdalena Biosciences, with US$1,000,000 funding from One Small Planet. The purpose of Magdalena is to develop novel, natural prescription medicines for mental health indications.

ABOUT FILAMENT HEALTH (OTCQB:FLHLF) (NEO:FH) (FSE:7QS)
Filament Health is a clinical-stage natural psychedelic drug development company. We believe that safe, standardized, naturally-derived psychedelic medicines can improve the lives of many, and our mission is to see them in the hands of everyone who needs them as soon as possible. Filament's platform of proprietary intellectual property enables the discovery, development, and delivery of natural psychedelic medicines for clinical development. We are paving the way with the first-ever natural psychedelic drug candidates.

Learn more at www.filament.health and on Twitter, Instagram and LinkedIn.

FORWARD LOOKING INFORMATION
Certain statements and information contained herein may constitute "forward-looking statements" and "forward-looking information," respectively, under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information. The forward-looking statements are not historical facts, but reflect the current expectations of management of Filament regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this press release may include, but are not limited to, information concerning the impact of the patent on the Company's business and the ability of the Company to secure future patents. Forward-looking statements regarding the Company are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Filament to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including status of patent applications and the ability to secure patents. 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 forward-looking statements and forward-looking information. Filament will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE Filament Health Corp.

MEDIA RELATIONS, Anna Cordon, Director of Communications, 778.245.9067, [email protected]; INVESTOR RELATIONS, [email protected]