Elixxer Bought Back and Cancelled 20.6 Million Shares as It Pursues Certain Opportunities for Its Future Expansion/Acquisition Plans

Montreal, Quebec–(Newsfile Corp. – February 7, 2022) – Elixxer Ltd. (TSXV: ELXR) (OTCQB: ELIXF) (“Elixxer” or the “Company) is pleased is to provide this update on its previously announced normal course issuer bid (the “Bid“). As of January 31, 2022, the Company has bought back for cancellation a total of 20,632,000 common shares on the open market at prices ranging from $0.01 to $0.02 per share, representing approximately 36.81% of the maximum number of common shares permitted to be purchased pursuant to the Bid. It is the Company’s intention to continue to repurchase shares for the foreseeable future to the maximum extent pursuant to its Bid.

The Bid was implemented with a view to providing the Company with a more acceptable capital structure as it pursues certain opportunities for its future expansion/acquisition plans. Ferras Zalt (CEO) said, “I believe the shares are undervalued and I am concerned our discounted stock price may attract hostile bids by people looking to buy our assets at a steep discount.”

Elixxer would also like to take this opportunity to remind shareholders that its previously announced stock consolidation will go into effect as of market open on February 10, 2022. The Company’s common shares will thereafter trade on the basis of one new share for each 100 shares presently held.

About Elixxer Ltd. (www.Elixxer.com)

Elixxer is a Canadian public company listed on the TSX Venture Exchange (TSXV: ELXR) and the US OTC-QB exchange (OTCQB: ELIXF).

Through its partners, Elixxer presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.

For further information please contact:

Ferras Zalt, Chairman and Interim CEO: +44 20 7409 6680; ferras@elixxer.com

Caution Regarding Press Releases

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Statements

This press release may contain forward-looking statements with respect to Elixxer and its operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Elixxer could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under “Risk Factors and Risk Management” in Elixxer’s most recent Management’s Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.

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About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.