WILLOW BIOSCIENCES REPORTS FIRST QUARTER 2023 RESULTS.

MOUNTAIN VIEW, Calif: Willow Biosciences Inc. ("Willow" or the "Company") (TSX: WLLW) (OTCQB: CANSF), a leading biotechnology company focused on revolutionizing industrial manufacturing of pure, consistent and sustainable functionable ingredients, has released its financial and operating results for the three months ended March 31, 2023, reporting significant progress to its operational platform and strong liquidity.

"The first quarter of this year marked significant progress against our stated goals to foster diversified commercial growth within our portfolio, and create opportunities for near-term revenue generation for the business all while experiencing reduced cash burn", said Chris Savile, Willow's President and Chief Executive Officer. "We are on a solid trajectory in successfully executing on projects underway while pursuing new agreements, and our legacy yeast strain engineering capabilities along with the complementary BioOxi bio-oxidation platform technology we recently launched further opens up the playing field where we can leverage our technology in pursuit of growth."

Willow's unaudited consolidated interim financial statements and related management's discussion and analysis for the quarter ended March 31, 2023 are available on SEDAR at www.sedar.com.

Highlights for the Quarter

On January 17, 2023, Willow announced a follow-on engagement with Sandhill One, LLC ("Sandhill") for the next phase in optimizing a proprietary enzyme vital to the development of a large volume Active Pharmaceutical Ingredient used in nutraceutical and pharmaceutical products. This represented the continuation of this successful project, the first phase of which the Company announced May 31, 2022.

On February 22, 2023, Willow announced the appointment of Jim Lalonde, Ph.D. as its newest independent member of the Company's Board of Directors, effective February 21, 2023. Dr. Lalonde brings extensive expertise to the Board as a pioneer of key advancements in enzyme engineering and biocatalysis that among other contributions, has revolutionized chemical production, protein engineering for food...