Anebulo Pharmaceuticals Reports Fourth Quarter and Fiscal Year 2022 Financial Results and Highlights Recent Business Progress AUSTIN, Texas (

Pharmaceuticals Reports Fourth Quarter and Fiscal Year 2022

Results and Highlights Recent Business Progress

Texas (September 9, 2022) - Anebulo Pharmaceuticals, Inc. (Nasdaq: ANEB), a clinical-stage biopharmaceutical company developing

novel solutions for people suffering from acute cannabinoid intoxication and substance abuse (the "Company" or "Anebulo"),

today announced financial results for the three months and twelve months ended June 30, 2022 and reported recent business updates.

Quarter Fiscal Year 2022 and Subsequent Highlights:

Updates and Upcoming Milestones

Company's lead product candidate, ANEB-001, is being developed as a potential treatment to rapidly reverse the negative effects

of ACI. The signs and symptoms of ACI include profound sedation, anxiety, panic, hallucinations, and psychosis. More than

1.7 million emergency department visits in the United States were related to cannabinoid use in 2019, which includes ACI and other

cannabis-related conditions. There are currently no FDA approved drugs to treat ACI.

July 2022, the Company announced positive topline data from Part A of its ongoing Phase 2 clinical trial evaluating the potential of

ANEB-001 to treat ACI. Part A was a 60-subject randomized, double-blind, placebo-controlled trial designed to evaluate the effectiveness

of a single dose of ANEB-001 in treating healthy subjects challenged with delta-9-tetrahydrocannabinol, better known as THC, the primary

psychoactive constituent of cannabis. Healthy subjects received a single dose of oral THC (10.5 mg) with a single oral dose of ANEB-001

(50 mg or 100 mg) or placebo.

topline data demonstrated a significant, robust, and sustained reduction in key symptoms of ACI, including reduction of the VAS feeling

high score (p < 0.0001) and improvement in the VAS alertness scale (p < 0.01). In addition, the proportion of subjects reporting

feeling high on the VAS was significantly reduced by ANEB-001 (p < 0.001). The effects of a 50 mg ANEB-001 were similar to those of

a 100 mg dose, indicating lower doses should be evaluated. ANEB-001 was well tolerated in these healthy volunteers. Preliminary safety

information showed all adverse events were mild and transient, except in the case of one subject in the 50 mg ANEB-001 group who experienced

transient moderate nausea and vomiting.

on the encouraging data from Part A, the Company plans to initiate Part B of the study at CHDR by the end of third quarter 2022 to evaluate

lower doses of ANEB-001. Anebulo is currently collaborating with the Model-Informed Drug Development (MIDD) group at FDA to develop a

PK/PD model that will potentially allow prediction of optimal doses for treatment of ACI subjects. Preparations are ongoing for an observational

study in ACI subjects in the emergency department setting to further support the PK/PD model and ANEB-001 development. Submission of

an Investigational New Drug application (IND) for ANEB-001 to initiate U.S. trials is anticipated by the end of 2022.

"2022 has been a time of diligent execution

as we continue our efforts to develop the first FDA approved therapy for ACI," stated Simon Allen, Chief Executive

Officer of Anebulo. "The positive topline data from Part A of our ongoing Phase 2 trial provided a solid foundation

for the continued development of ANEB-001. As such, we look forward to presenting our strategy and vision for this program

in greater detail, including new Part B data, during our R&D Day on September 26. Operations and expenditures for this most

recent quarter keep us on budget and on target to progress ANEB-001 deeper into the clinic."

Results for the three months ended June 30, 2022

Results for the twelve months ended June 30, 2022

to Host Inaugural R&D Day in New York City on Monday, September 26

Company will host its inaugural R&D Day on Monday, September 26, 2022, from 10:00 a.m. to 12:30 p.m. (ET) in Midtown, New York City.

Anebulo's CEO, Simon Allen will be joined Dr. Joseph Lawler (Founder and Chairman), Dr. Ken Cundy (CSO) and other

senior executives to discuss the Company's vision and strategy for ANEB-001, including new data from Part B of our ongoing

Investors and financial analysts are invited

to attend and can register via email at AnebuloIR@mww.com.

Anebulo Pharmaceuticals, Inc.

Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel solutions for people suffering from acute cannabinoid

intoxication and substance abuse. Its lead product candidate, ANEB-001, is intended to reverse the negative effects of acute cannabinoid

intoxication within one hour of administration. ANEB-001 is a competitive antagonist at the human cannabinoid receptor type 1 (CB1).

For further information about Anebulo, please visit www.anebulo.com.

press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E

of the Securities Exchange Act of 1934, as amended. These forward-looking statements, along with terms such as "anticipate,"

"expect," "intend," "may," "will," "should" and other comparable terms, involve

risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include

statements regarding the intent, belief or current expectations of Anebulo Pharmaceuticals and members of its management, as well as

the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are

not guarantees of future performance and involve risks and uncertainties, including risks attendant to developing, testing and commercializing

the company's product candidates, and those described in Anebulo Pharmaceutical's most recent annual report on Form 10-K

and in other periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking

statements. Except as required by federal securities law, Anebulo Pharmaceuticals undertakes no obligation to update or revise forward-looking

statements to reflect changed conditions.

Pharmaceuticals, Inc.

of Investor Relations and Public Relations

Statements of Operations