Cardiol Therapeutics Inc. (TSX: CRDL) a leader in the research and commercial development of pharmaceutical cannabidiol products and targeted therapies for heart failure and cancer, announced today that the underwriters for the Company’s initial public offering have exercised their over-allotment option to purchase an additional 374,544 Class A common shares of Cardiol at a price of $4.62 per Optional Share. The sale of the Optional Shares increases the gross proceeds of the Offering by $1,730,393, resulting in aggregate gross proceeds to Cardiol of $16,872,720.

The Offering was made through a syndicate of underwriters led by AltaCorp Capital Inc. and including Mackie Research Capital Corporation, Raymond James Ltd., Paradigm Capital Inc., and Echelon Wealth Partners Inc.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Optional Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Class A common shares of the Company in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Cardiol Therapeutics

Cardiol Therapeutics Inc., is a leader in the research and commercial development of pharmaceutical cannabidiol products and targeted therapies for heart failure and cancer. The Company is leveraging its expertise in pharmaceutical cannabinoids to develop proprietary formulations for three important medical markets: (1) commercializing a line of >99.5% purity pharmaceutically- manufactured cannabidiol products (with less than 10 ppm THC) in the market for medical cannabinoids, projected to reach $2.31 billion in Canada by 2021 (Source: New Frontier Data); (2) developing nanotechnologies designed to deliver cannabinoids and other anti-inflammatory drugs for the treatment of heart failure, a leading cause of death and hospitalization with associated healthcare costs exceeding $30 billion annually in the U.S. alone; and (3) pursuing an immunotherapeutics program commencing with an innovative cancer immunotherapeutic in combination with cannabinoids for treating Glioblastoma Multiforme, the most malignant and deadly form of cancer of the central nervous system and a Fast Track eligible Orphan Indication.

Cardiol has research programs focused on developing nanotherapeutics to treat heart failure underway at international centers of excellence, including the University of Alberta, the Houston Methodist DeBakey Heart & Vascular Center, and TecSalud del Tecnológico de Monterrey, Mexico. Cardiol has also established an exclusive supply agreement with Dalton Pharma Services, a Health Canada approved, U.S. Food and Drug Administration registered, Continuing Good Manufacturing Practice manufacturer of pharmaceuticals, including cannabinoids, for supplying finished pharmaceutically manufactured cannabidiol products to support the Company’s research and commercial development programs. Cardiol recently entered into an exclusive supply agreement with Noramco, Inc., a global leader in the manufacture and supply of controlled drug substance Active Pharmaceutical Ingredients, to support Dalton’s manufacturing with cannabidiol at >99.5% purity and less than 10 ppm THC.

Cardiol brings together a wealth of research and development experience, advanced manufacturing capabilities, and a Management team, Board of Directors, and Scientific Advisory Board comprising business and thought leaders with extensive industry experience and expertise in commercializing proprietary drugs.