Field Trip Health & Wellness Ltd. (TSXV: FTHW OTCQB: FTHWF), a global leader in the delivery of psychedelic therapies, announced today that it plans to release financial results for its fiscal 2023 third quarter ended December 31, 2022, after market close on Tuesday, February 28, 2023.

In addition, the Company announced that its Board of Directors has established an Independent Committee (IC) to explore strategic options for the Company. The formation of the IC is in response to current unfavourable capital market conditions, which have presented a challenge for the Company in seeking additional sources of financing, ongoing fixed costs associated with the Company’s brick and mortar locations and the pausing of its hybrid in-clinic/virtual Freedom Program due to regulatory changes potentially affecting the ability of the Company to operate the program. The IC has retained a financial advisor to review operations and investigate alternate courses of action including, but not limited to, further cost reductions, restructuring, the potential sublease or closure of clinic locations and settlement of lease obligations. The Company will provide an update on its preliminary recommendations when possible.

About Field Trip Health & Wellness Ltd.

With a large global community of psychedelic-interested people, proprietary psychedelic therapies that generate transformative results for people in the treatment of mental health conditions and a brand and share of voice that is reaching millions of people, Field Trip is a center of gravity for the psychedelic renaissance.