WILLOW BIOSCIENCES ADDED TO NYSE-LISTED CANNABIS ETF “THCX”

Vancouver, British Columbia – May 18, 2021 – Willow Biosciences Inc. (“Willow” or the “Company“) (TSX: WLLW; OTCQX: CANSF), a Canadian biotechnology company that manufactures ultra-pure, sustainably produced cannabinoids via yeast-based biosynthesis, announced today that it has been added to “the Cannabis ETF” (NYSE: THCX) (“THCX“), an exchange traded fund trading on NYSE Arca.

“As the only publicly traded, pure-play company that is biosynthetically producing cannabinoids, inclusion in THCX will allow us to reach a much broader group of investors looking to capture the large, global, total addressable market Willow is targeting,” said Trevor Peters, Willow’s President & Chief Executive Officer. “As we have just commenced the commercialization stage of our first cannabinoid, cannabigerol (“CBG”), this milestone comes at the perfect time as we are transitioning into a revenue generating company.”

Listed on NYSE Arca, THCX tracks the Innovation Labs Cannabis Index, a portfolio of 33 stocks that are expected to benefit from the growth of the legal global marijuana, cannabidiol (“CBD”) and hemp industries. Willow’s inclusion in the index is part of THCX’s expansion to include various cannabis industry sub-themes, which now includes Willow’s industry leading platform manufacturing capabilities which results in ultra-pure, sustainably produced cannabinoids that are created with a fraction of the environmental footprint that traditional plant cultivation yields. Willow’s technology is intended to appeal to investors looking to participate in the next generation of cannabinoid manufacturing.

About Willow Biosciences Inc.

Willow is a Canadian biotechnology company that develops and produces high-purity, plant derived ingredients for consumer care, food and beverage, and pharmaceutical products. Willow’s manufacturing process creates a consistent, scalable and sustainable product that benefits industry and consumers. Willow’s team has a proven track record of developing and commercializing bio-based manufacturing processes and products for both the consumer and pharmaceutical industries.

For further information, please email info@willowbio.com; visit our website at www.willowbio.com or contact:

Trevor Peters

President and Chief Executive Officer

T: (403) 669-4848

Troy Talkkari, CFA

Vice President, Corporate Development

T: (403) 618-1117

150, 2250 Boundary Road Burnaby, BC V5M 3Z3

Forward-Looking Statements

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: Willow’s ability to reach a broader group of investors through its inclusion in THCX; Willow’s milestone projections, including the timing of commercialization and revenue generation; and the business plan of the Company, generally, including cannabinoid research and production. 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 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 cannabinoid-based operations; the size of the medical-use and adult-use cannabinoid market; competition from other industry participants; adverse U.S., Canadian and global economic conditions; adverse global events and public-health crises, including the current 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 AIF and the MD&A 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.