03/03/2021

WILLOW BIOSCIENCES PROVIDES UPDATE ON ACCELERATION OF EXPIRY DATE OF OUTSTANDING WARRANTS ISSUED PURSUANT TO OCTOBER 2020 UNIT FINANCING

Vancouver, British Columbia – March 3, 2021 – Willow Biosciences Inc. ("Willow" or the "Company") (TSX: WLLW; OTCQX: CANSF) is pleased to provide an update on its previously announced acceleration of the expiry date of 9,320,478 common share purchase warrants (the "2020 Warrants") issued on October 29, 2020 (the "Acceleration"). The Company has completed the Acceleration, which has resulted in the issuance of approximately 9,259,404 additional common shares of the Company and cash proceeds to the Company of approximately $7.9 million. As of today, the Company had a cash balance of approximately $48.4 million.

"We are grateful for the considerable support we have received from our shareholders following our recent warrant accelerations," said Trevor Peters, Willow's President and Chief Executive Officer. "As we enter 2021, we will use the proceeds from the Acceleration alongside the $28.75 million we raised from our recent bought-deal financing to accelerate capital spending towards execution of our commercialization plan for our existing portfolio cannabinoids, and continue to explore opportunities for cannabinoids in development."

On January 25, 2021, the Company announced that it had elected to exercise its right under the terms of a warrant indenture dated October 29, 2020 (the "Warrant Indenture") governing the 2020 Warrants to accelerate the expiry date of the 2020 Warrants. The holders of 2020 Warrants had thirty days from the date of the notice of Acceleration to exercise their 2020 Warrants. All remaining 2020 Warrants have been cancelled as of 5:00 p.m. (Calgary time) on March 1, 2021 pursuant to the terms of the Warrant Indenture, and the 2020 Warrants have been delisted from the Toronto Stock Exchange.

About Willow Biosciences Inc.

Willow is a Canadian biotechnology company based in Vancouver, British Columbia that produces high purity, plant-derived compounds that provide building blocks for the global pharmaceutical, health and wellness, and consumer packaged goods industries. Willow's current focus is in the production of cannabinoids for the treatment for pain, anxiety, obesity, brain disorders, among other significant indications. Willow's science team has a proven track record of developing manufacturing technologies for high purity compounds in pain and cancer treatments. Willow's manufacturing process creates a consistent, scalable and sustainable product that allows for the discovery and development of new life changing drugs.

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

Trevor Peters

President and Chief Executive Officer

T: (403) 669-4848

E: t.peters@willowbio.com

Troy Talkkari, CFA

Vice President, Corporate Development

T: (403) 618-1117

E: t.talkkari@willowbio.com

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 the expected use of proceeds from the exercise of the 2020 Warrants 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 successful implementation of Willow's production and commercialization strategy. 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 pandemic; 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 Company's most recent Annual Information Form and Management's Discussion and Analysis 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.

Any financial outlook and future-oriented financial information contained in this document regarding prospective financial performance, financial position or cash balances is based on assumptions about future events, including economic conditions and proposed courses of action based on management's assessment of the relevant information that is currently available. Projected operational information contains forward-looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future-oriented financial information or a financial outlook. The actual results of the Company's operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. Actual results will vary from projected results. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein.

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.

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