GlobeNewswire Inc | Jan 19, 2021 09:00AM EST

January 19, 2021

TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) -- CANAQUEST MEDICAL CORP (OTC Markets: CANQF) (the "Company" or CanaQuest), a Life Science/Pharmaceutical Company developing health products utilizing cannabinoid molecules and other botanical compounds (pharmaceutical grade), is pleased to release a recent interview withcompany Co-founder and President, Paul Ramsay,on The Wall Street Analyzer, a multi-media financial research andpublishingcompany reporting tothe investmentcommunity onpublicly held companies. It can be heard in full at:

https://wallstreetanalyzer.com/2020/12/23/canaquest-medical-corp-otc-canqf/

Highlights in the discussion include significant milestones achieved by the Company:

The Announcement that The Journal of Neuroscience has published the findings of Western Universitys research leading to the discovery of Mentabinol, a patented THC based formulation & L-theanine - a safer alternative, for people who are taking THC for mental ailments, long-term pain, chemotherapy side-effects or reducing anxiety or depression.

Mentabinol could also be a viable treatment to help address and alleviate the opioid crisis.

Second Master FormulationMentanine, Omega-3 + CBD, non-psychotic - crosses the Blood Brain Barrier (BBB), CBD by itself, is not effective for mental health - does not cross the Blood Brain Barrier.

Mentanine has ~10x the efficacy ofaCBD-based FDA-approved product by GW Pharma ($4B market cap)

-- Looking tostart clinical trials of Mentanine as a treatment of epilepsy -- FDA-approval process expected to take 18 to 24 months -- Key difference vs other CBD products in the market - scientific formula supported by preclinical trials -- Company is looking to list on the CSE and up list in the US after a capital raise (currently on OTC Markets) -- Strong possibility for near term revenue,in advanced discussions with Licensed Processors and Distributors

About CanaQuest Medical Corp:

CanaQuest Medical Corp is a Life Science/Pharmaceutical Company developing health products utilizing cannabinoid molecules and other botanical compounds (pharmaceutical grade). The Company is the industry partner for research and product development with Dr. Steven Laviolette, a professor and neuroscientist, who has 20 years of research experience in the field of mental health and cannabinoids and oversees a team of 13 scientists at Western University. The Companys research is focused on the use of cannabinoids for the development of novel pharmacotherapies for mental health, such as anxiety, depression, addiction, schizophrenia, and Post Traumatic Stress Disorder PTSD. CanaQuest has identified the regulatory pathways to obtain Drug Identification Numbers (DINs) for its two Master Formations, MentanineRx and MentabinolRx in Canada and the USA.

As well, CanaQuest will be selling both products through its wholly owned subsidiary, ADC BioMedical Corp, which was awarded a Cannabis Medical Sales, Import/Export License, from Health Canada under the Cannabis Act. Licenced GMP Contract Manufacturers in Canada and the USA, capable of formulating, processing, and packaging, have been selected for production and distribution. The Company won the Go Global Awards, 2019, "Business of the Year Category of Life Science, presented by the International Trade Council.

For a short video on the research, visit https://www.youtube.com/watch?v=O_D4wkHHbDgFor more information on CanaQuest, visit http://www.canaquest.com

About Wall Street Analyzer:

The Wall Street Analyzer http://www.wallstreetanalyzer.com/ is a multi-media financial research and publishing company reporting to the investment community on publicly held companies.

FORWARD-LOOKING STATEMENTSThis news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, use of proceeds and the development, costs, and results of current or future actions and opportunities in the sector. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission and OTC Markets.

CANAQUEST CONTACT:Paul Ramsay, Co-Founder & President CanaQuest Medical Corppaul@canaquest.com:Tel.: 416-704-3040