Skye Bioscience, Inc. announced that it has entered into a Securities Purchase Agreement with certain institutional investors to issue 4,000,000 common shares, par value $0.001 per share at a price of $10 per share for the aggregate gross proceeds of $40,000,000 on March 11, 2024. The shares are restricted to a hold period of 90 days. The shares issued are exempt from registration under the Securities Act of 1933, as amended in reliance on Section 4(a)(2) thereof and Rule 506 of Regulation D thereunder.