Net loss for the second fiscal quarter of $13,019,280 was primarily due to total operating costs of $15,638,596, of which $2,055,890 was related to non-cash share-based compensation and $848,712 was related to non-cash depreciation and amortization. This was partially offset by a foreign exchange gain of $1,856,088. This compares with a net loss of $3,932,444 in the second fiscal quarter of 2021. The increase from the prior year primarily reflects the Company's focus on growing the business and continued investment in its drug development pipeline and best-in-class clinic infrastructure. As the Company continues to scale, it is optimizing and streamlining the development of its psychedelic-assisted therapies.

Total operating costs in the second fiscal quarter were $15,638,596 and were comprised of the following: general and administration expenses of $8,917,717, research and development expenses of $2,102,787, patient services expenses of $1,917,451, sales and marketing expenses of $1,315,434, depreciation and amortization of $848,712 and occupancy costs of $536,495. This compares with total operating costs of $3,810,177 in the second fiscal quarter of 2021.

The difference in general and administrative expenses in the second fiscal quarter also included $596,055 in non-recurring expenses primarily related to the NASDAQ uplisting, $1,330,847 in recurring public company costs as well as non-cash share-based payments of $1,380,398.

Balance Sheet

As of September 30, 2021 Field Trip had unrestricted cash and cash equivalents, funds held in trust and short-term investments of $87,526,034.

Selected Consolidated Financial Information

The following table sets forth selected financial information derived from the Company's unaudited condensed interim financial statements for the three months and six months ended September 30, 2021 prepared in accordance with IAS 34 in a manner consistent with the Company's annual audited financial statements. The following information should be read in conjunction with the financial statements and management's discussion and analysis, which are available on the Company's website at www.fieldtriphealth.com and under the Company's SEDAR profile at www.sedar.com.

FIELD TRIP HEALTH LTD

STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

                      3 months      3 months     6 months      6 months 
                        ended        ended         ended        ended 
                      September    September     September    September 
                      30, 2021      30, 2020     30, 2021      30, 2020 
                          $            $             $            $ 
-------------------  -----------   ----------   -----------   ---------- 
  Revenue 
  Patient services       907,816       94,532     1,775,216      118,131 
                         907,816       94,532     1,775,216      118,131 
-------------------  -----------   ----------   -----------   ---------- 
  Operating 
  Expenses 
    General and 
     administration    8,917,717    2,092,593    16,260,688    3,366,948 
    Occupancy costs      536,495      111,877       913,110      175,660 
    Sales and 
     marketing         1,315,434      281,185     2,379,561      435,940 
                     -----------   ----------   -----------   ---------- 
    Research and 
     development       2,102,787      806,536     3,555,901    1,601,898 
                     -----------   ----------   -----------   ---------- 
    Depreciation 
     and 
     amortization        848,712      269,578     1,464,195      479,338 
                     -----------   ----------   -----------   ---------- 
    Patient 
     services          1,917,451      248,408     3,375,272      321,665 
-------------------  -----------   ----------   -----------   ---------- 
  Total Operating 
   Expenses           15,638,596    3,810,177    27,948,727    6,381,449 
-------------------  -----------   ----------   -----------   ---------- 
  Other Income 
  (Expenses) 
    Interest income      111,934        2,589       243,549        4,838 
    Interest 
     expense            (256,522)     (60,962)     (403,109)     (98,195) 
    Other income 
     (expense)         1,856,088     (158,426)      783,396     (534,673) 
                     -----------   ----------   -----------   ---------- 
  Net Loss           (13,019,280)  (3,932,444)  (25,549,675)  (6,891,348) 
-------------------  -----------   ----------   -----------   ---------- 
  Net Loss per 
   Share - Basic 
   and Diluted             (0.23)       (0.16)        (0.44)       (0.28) 
                                                As at          As at 
                                             September 30,   March 31, 
                                                 2021           2021 
                                                   $             $ 
------------------------------------------  --------------  ----------- 
  Cash and cash equivalents                     22,388,946   38,469,057 
  Funds held in trust                                    -      795,516 
  Restricted cash                                  619,127      588,041 
  Short-term investments                        65,137,088   72,552,870 
  Accounts receivable                            2,464,223      813,761 
  Total Assets                                 119,912,854  126,450,005 
  Total Non-Current Financial Liabilities       18,102,184    6,426,484 

Certain comparative figures have been reclassified where necessary to conform with current period presentation.

Conference Call

The Company will conduct a conference call and webcast to discuss its results the following morning, Tuesday, November 16 at 8:30 am ET. To access the call, please dial 1-877-407-9716 (within the U.S.) or 1-201-493-6779 (outside the U.S.) and provide conference ID 13724604. A live webcast of the conference call can be accessed via the Events and Presentations section of the Field Trip Health Investor Relations website here.

For those unable to attend the live call, a telephonic replay will be available until 11:59 pm ET on Tuesday, November 30, 2021. To access the replay of the call dial 1-844-512-2921 (within the U.S.) or 1-412-317-6671 (outside the U.S.) and provide conference ID 13724604. An archived copy of the webcast will be available on the Events and Presentations section of the Field Trip Health Investor Relations website after the conclusion of the call.

About Field Trip Health Ltd.

Field Trip is a global leader in the development and delivery of psychedelic therapies. With our Field Trip Discovery division leading the development of the next generation of psychedelic molecules and conducting advanced research on plant-based psychedelics and our Field Trip Health division building centres for psychedelic therapies opening across North America and Europe along with the digital and technological tools that will enable massive scale, we help people in need with a simple, evidence-based way to heal and heighten engagement with the world.

Learn more at https://www.meetfieldtrip.com, https://www.fieldtriphealth.com and https://www.fieldtriphealth.nl.

Follow us on Twitter and Instagram: @fieldtriphealth.

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Cautionary Note Regarding Forward-Looking Information

This release includes forward-looking information (within the meaning of Canadian securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995) regarding Field Trip and its business. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of Field Trip and are based on assumptions and subject to risks and uncertainties. Although the management of Field Trip believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including the timing, completion and potential outcomes of the Strategic Review, the funds available to Field Trip and the use of such funds, the ability of Field Trip to operate its clinics, the construction and commencement of construction of additional clinics, the development, patentability and viability of FT-104 and the FT-200 Group, the ability of Field Trip to complete an investigational new drug application and obtain regulatory approvals, as required, prior to initiating clinical trials for FT-104 and molecules within the FT-200 Group, the ability of Field Trip to meet eligibility requirements for clinical testing and through to more complex clinical trials, the ability of Field Trip to obtain regulatory approvals prior to each clinical trial and the ability of Field Trip to generate patient member growth, interest in the training program, interest in the KAP Co-Op Program, uptake of the KAP Co-Op Program by therapists and patients, the ability of management to sustain and continue optimization of its clinical operations, the timing and results of its research and development programs, approval of phase 1 human trials, if any, the risk that future clinical studies may not proceed as expected or may produce unfavorable results, the opening of additional clinics, the COVID-19 epidemic, the medical clinic industry, market conditions, economic factors, management's ability to manage and to operate the business and the equity markets generally. Although Field Trip has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking