VANCOUVER, BC, Nov. 11, 2022 /CNW/ - Emerald Health Sciences Inc. ("Sciences") announces that on November 10, 2022, it beneficially owns and controls the following securities of Skye Bioscience, Inc. (the "Issuer"): (A) 111,387,251 common shares (the "Shares") of the Issuer; (B) a convertible loan in the outstanding amount of US$2,014,500 (the "Convertible Loan") convertible into 5,036,250 Shares at a price of US$0.40 per Share; (C) accrued convertible interest on the Convertible Loan of US$265,970 (the "Convertible Interest") convertible into 664,925 Shares at a price of US$0.40 per Share; (D) 2,500,000 share purchase warrants (the "Credit Warrants") each exercisable for one Share until November 1, 2023 at a price of US$0.50 per Share; (E) 2,500,000 share purchase warrants each exercisable for one Share until February 1, 2024 at a price of US$0.50 per Share; (F) 2,500,000 share purchase warrants each exercisable for one Share until March 29, 2024 at a price of US$0.50 per Share; and (G) 9,141,486 share purchase warrants (collectively, the "Warrants" and, together with the Convertible Loan, Convertible Interest and Credit Warrants, the "Convertible Securities") each exercisable for one Share at a price C$0.20 per Share until December 29, 2024.

This news release is being issued pursuant to Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators as a result of the Issuer becoming a reporting issuer in certain Provinces of Canada.

The 111,387,251 Shares held by Sciences represents approximately 12.2% of the Issuer's issued and outstanding securities on an undiluted basis. If all of the 22,342,661 Convertible Securities were converted or exercised for Shares in accordance with their terms, Sciences would hold 133,729,912 Shares, or approximately 14.3% of the Issuer's issued and outstanding common shares on a partially diluted basis.

The Shares and Convertible Securities were acquired for investment purposes. Sciences may acquire additional securities or dispose of existing securities on the basis of the Sciences' assessment of market conditions.

A copy of the early warning report filed by Sciences will be made available on the Issuer's SEDAR profile, and it can also be obtained directly from Sciences by contacting the number shown above.