Craftport Cannabis Corp. (CSE: CFT) ("Craftport Cannabis" or the "Company") announces that further to the Company's news release dated January 25, 2022, it will not be proceeding with the non-brokered private placement of up to 15,000,000 common shares at a price of $0.20 per common share for total proceeds of $3 million as announced on January 25, 2022.

The Company continues to have financing discussions with several parties regarding an alternative financing arrangement.

About Craftport Cannabis

Craftport Cannabis is a Canadian cannabis licensed producer operating out of Peachland, British Columbia. The Company's focus is on the Canadian premium craft cannabis recreational market, utilizing an asset light model. The Company is leveraging legacy roots and know how in order to introduce unique genetics and strains to the Canadian market.

For more information about Craftport Cannabis, please refer to information available under the Company's profile on SEDAR at www.sedar.com and the CSE website.

Mike Cosic
Chief Executive Officer
Craftport Cannabis Corp.
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416-723-2103

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of United States securities laws (collectively, "forward-looking statements"). Such forward-looking statements involve various known and unknown risks, uncertainties and other unknown factors regarding future events. The use of any of the words "anticipate", "continue", "intends", "estimate", "expect", "potential", "plan", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company.

Forward-looking statements may include, without limitation, statements relating to alternative financing arrangements and the Company's ability to leverage legacy roots and know how in order to introduce unique genetics and strains to the Canadian market.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Actual results may vary from the forward-looking statements in this news release. The material risk factors that could cause actual results to differ materially from the forward-looking statements include: dependence on obtaining regulatory approvals; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition and regulatory or political change, as well as those included in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com and on the CSE website. Accordingly, readers should not place undue reliance on forward-looking statements. These statements speak only as of the date of this news release. Except as required by law, the Company does not intend to update these forward-looking statements.