On February 15, 2022, Cannabics Pharmaceuticals Inc. (the "Company") reported that entered into a forbearance agreement (the "Agreement") with an institutional investor (the "Investor") relating to that certain Senior Secured Promissory Note in the original principal amount of $1,375,000 due on December 21, 2021 (the "Note") (Filing, 8-K, Cannabics Pharmaceuticals, FEB 15, 2022, View Source [SID1234608223]). The Note was issued by the Company to the Investor in connection with that certain Securities Purchase Agreement dated as of December 16, 2020, and amended as of February 22, 2021.

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Pursuant to the Agreement, the Investor, through March 7, 2022 (the "Forbearance Period"), agreed to forbear from exercising any rights and remedies against the Company related to the outstanding payments under the Note and to waive certain other defaults under the Note and related rights pursuant to the Registration Rights Agreement entered into in December 2020 between the Company and the Investor. This description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the form of Forbearance Agreement filed as Exhibit 10.1 to this report and is incorporated herein by reference.