Oxford Cannabinoid Technologies Holdings plc

("OCT" or the "Company")

Directorate Changes

Oxford Cannabinoid Technologies Holdings plc (LSE:OCTP), the biotech company developing prescription cannabinoid medicines, announces the following Board changes.

Bishrut Mukherjee, Non-Executive Director, has notified the board of his intention to step down from his role in order to focus on other business interests. Bishrut has served the Company for over five years, since joining OCT in January 2019.

Richard Hathaway, Non-Executive Director, has also notified the board of his intention to step down from his role in order to be able to devote more time to his other duties and responsibilities as Corporate Development Director at Imperial Brands plc ("Imperial"). Richard joined the board of OCT in February 2022 as a representative of Imperial Brands Ventures Limited, a wholly owned subsidiary of Imperial. Imperial remains a significant and supportive shareholder of the Company and Richard will continue in his role as shareholder liaison.

Bishrut and Richard will leave the Company on 31 March 2024.

Clarissa Sowemimo-Coker, Chief Executive Officer of OCT, said:

"On behalf of everyone at OCT, I would like to thank Bishrut and Richard for their invaluable support and counsel over recent years which the Company has greatly benefited from. Bishrut has been with us since pre-IPO and we are grateful to him for his contribution to OCT's journey during which time we have transformed into a clinical stage biotech company. Richard has represented the voice of our shareholder, Imperial Brands, as well as providing strategic advice and support as the Company and the team have grown over the last two years. My colleagues and I wish Bishrut and Richard all the best with their future endeavours."

Bishrut Mukherjee, Non-Executive Director of OCT, said:

"It has been a privilege to serve as a Non-Executive Director of OCT from the Company's earliest stages. Since 2019, I have seen it achieve significant milestones including its IPO on the London Stock Exchange, its expansion into oncology, its commencement of Phase I Clinical Trials for Programme 1, our recent fundraising, and, now, its upcoming Phase I Clinical Trial for Programme 2. After five years I feel that now is the right time to step back. I wish the Company all the best and will watch with great interest its future progress."

Richard Hathaway, Non-Executive Director of OCT, said:

"I have very much enjoyed my time serving on the board of OCT as part of a team of energetic, clever and collegiate colleagues, and remain warmly supportive of the Company and its mission. I want to take this opportunity to wish the Company continued success in its rapidly growing programmes of work designed to harness the therapeutic power of cannabinoids to help millions of people living with debilitating conditions."

The Directors of the Company accept responsibility for the content of this announcement.

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About Oxford Cannabinoid Technologies Holdings Plc:

OCT is the holding company of Oxford Cannabinoid Technologies Ltd and OCT Victoria Pty Ltd (together the "Group"), a pharmaceutical Group developing prescription cannabinoid medicines initially targeting the US$ multi-billion global pain market.

OCT currently has a portfolio of four drug development programmes. Its lead compound, OCT461201, will initially target neuropathic and visceral pain (including irritable bowel syndrome ("IBS") and chemotherapy induced peripheral neuropathy ("CIPN"). The global market for CIPN alone is currently forecast to reach US$1.17bn by 2028.

OCT's drug development pipeline comprises both natural and synthetic compounds, and includes compounds targeting trigeminal neuralgia, a severe type of face pain, and cannabinoid derivatives targeting pain and potentially other therapeutic areas. Having established an exclusive licence agreement with Canopy Growth Corporation for their entire pharmaceutical cannabinoid derivative library, OCT now has a portfolio of almost five hundred derivatives and intellectual property rights including fourteen patent families and associated research data.

OCT has a clearly defined path to commercialisation, revenues and growth. The Group is developing drug candidates through clinical trials to gain regulatory approval (FDA/MHRA/EMA) that will enable medical professionals to prescribe them with confidence. OCT's portfolio aims to balance risk, value and time to market, whilst ensuring market exclusivity around all its key activities.