Enveric Biosciences Agrees to Sell Cancer-Targeting Cannabinoid-Related Intellectual Property

Enveric continues focused investment advancing novel neuroplastogenic molecules for the treatment of mental health disorders

Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, today announced the company has agreed to sell one of its cancer-related patent portfolios for an undisclosed amount. Enveric plans to continue to focus and invest in the development of its lead candidates EB-003, a first-in-class neuroplastogen designed to eliminate hallucinations, and EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin.

The patents and applications being sold disclose and claim the synergistic combination of cannabidiol and second therapeutic agents for the treatment of cancer. The divested portfolio includes patents issued in the U.S., Australia, Canada, China, Europe, and Japan, with patent applications pending in Canada, Israel, and Korea. Enveric retains no ownership rights in the divested portfolio, any companies owned by, or to be formed by the recipients.

“We are quite pleased to unlock value from cannabinoid-related IP, which we believe holds considerable value for patients but is no longer central to our core strategy that is focused on the development of EB-003 and EB-002,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “This transaction will provide the opportunity for Enveric to continue its focused investment in developing neuroplastogens for the treatment of mental health disorders, while providing foundational patent protection for our undisclosed purchasers who we anticipate will pursue research, clinical trials, and commercial development of cannabidiol-based therapies to treat specific types of cancer.”

“Today’s announcement further showcases Enveric’s ability to discover and develop preclinical assets, build strong IP, and generate value both near- and long-term,” added Tucker. “Enveric recently unveiled a unique and promising library of novel preclinical compounds across multiple molecular classes including psilocybin derivatives, psilocybin prodrugs, and mescaline and MDMA derivatives with intentions to out-license and/or partner in the near future.”

For more information about Enveric’s novel preclinical compounds spanning multiple, distinct classes of molecules, please visit: https://www.enveric.com/psybrary.

About Enveric Biosciences

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary™, Enveric has created a robust intellectual property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, EB-003, is a first-in-class approach to the treatment of difficult-to-address mental health disorders designed to promote neuroplasticity without inducing hallucinations in the patient. Enveric is also developing EB-002, formerly EB-373, a next generation synthetic prodrug of the active metabolite, psilocin, being studied as a treatment of psychiatric disorders. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “proposed,” “is expected,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements may include historical statements and statements regarding beliefs, plans, expectations, or intentions regarding the future and are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of Enveric to: carry out successful clinical programs in Australia; achieve the value creation contemplated by technical developments; avoid delays in planned clinical trials; establish that potential products are efficacious or safe in preclinical or clinical trials; establish or maintain collaborations for the development of therapeutic candidates; obtain appropriate or necessary governmental approvals to market potential products; obtain future funding for product development and working capital on commercially reasonable terms; scale-up manufacture of product candidates; respond to changes in the size and nature of competitors; hire and retain key executives and scientists; secure and enforce legal rights related to Enveric’s products, including patent protection; identify and pursue alternative routes to capture value from its research and development pipeline assets; continue as a going concern; and manage its future growth effectively.

A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings with the Securities and Exchange Commission, including Enveric’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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