Willow Biosciences Inc. ("Willow" or the "Company") (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent and sustainable ingredients, is pleased to announce that the Board of Directors has appointed Dr. Peter Seufer-Wasserthal as Interim President and Chief Executive Officer, effective July 17, 2022, in connection with Trevor Peters' retirement as President and CEO. Mr. Peters will continue to be a Director of the Company. In addition to the above mentioned changes, Ms. Barbara Munroe, a Director of the Company, has been appointed as Lead Independent Director.

"Peter is a visionary leader that has been Chairman of the Board of Willow since 2020," said Barbara Munroe. "Peter's experience in biotech, pharma and consumer ingredients uniquely positions him to oversee the implementation of our strategic initiatives going forward as we expand our portfolio of functional ingredients beyond cannabinoids."

Ms. Munroe continued, "On behalf of the Board of Directors, I would like to thank Trevor for his stewardship through the challenges of the pandemic and broader industry headwinds. We are grateful for his contributions to Willow and wish him all the best in his retirement."

"I am enthused to take over as Interim CEO at such an exciting time in the Company's history," said Dr. Peter Seufer-Wasserthal. "Willow's technology platform has been demonstrated with the rapid commercial launch of its yeast-derived cannabigerol and is now positioned to successfully deliver new consumer ingredients for the nutrition, food & beverage, and consumer care sectors, either independently or through partnerships."

Dr. Peter Seufer-Wasserthal's immediate areas of focus include:

• Identifying additional key functional ingredients and markets for expansion of Willow's product portfolio;
• Capturing additional strategic partnerships to accelerate commercialization; and
• Continuing to build and lead the organization needed to successfully execute on the Company's mission.

Willow develops and produces high-purity ingredients for the personal care, food and beverage, and pharmaceutical markets. Willow's FutureGrown™ biotechnology platform allows large-scale production with sustainability at its core. Willow's R&D team has a proven track record of developing and commercializing bio-based manufacturing processes and products to benefit our B2B partners and their customers.

This news release may include forward-looking statements including opinions, assumptions, estimates and the Company's assessment of future plans and operations, and, more particularly, statements concerning: the Company's management team and the performance thereof; the ability to accommodate new programs and to expand capabilities, including the expansion of the Company's portfolio of functional ingredients beyond cannabinoids; and the business plan of the Company, generally. When used in this news release, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to: the success of Willow's strategic partnerships, including the development of future strategic partnerships; the financial strength of the Company; the ability of the Company to fund its business plan using cash on hand and existing resources; the market for Willow's products; the ability of the Company to obtain and retain applicable licences; the ability of the Company to obtain suitable manufacturing partners and other strategic relationships; and the successful implementation of Willow's commercialization and production strategy, generally. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, risks associated with: the cannabinoid industry in general; the success of the Company's research and development strategies; infringement on intellectual property; failure to benefit from partnerships or successfully integrate acquisitions; actions and initiatives of federal and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; import/export and research restrictions for operations in the cannabinoid, personal care, food and beverage and pharmaceutical markets; the size of such markets; competition from other industry participants; adverse U.S., Canadian and global economic conditions; adverse global events and public-health crises, including the evolving COVID-19 outbreak; failure to comply with certain regulations; departure of key management personnel or inability to attract and retain talent; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company's most recent annual information form and management's discussion and analysis for additional risk factors relating to Willow, which can be accessed either on Willow's website at www.willowbio.com or under the Company's profile on www.sedar.com.

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.