Spyder Cannabis Inc. announced that it has entered into a loan agreement with an independent third party pursuant to which the Company has secured a loan in the amount of up to $200,000. The Company intends to use a material portion of the proceeds of the New Loan to repay the Company's indebtedness to an existing creditor of the Company in the amount of approximately $189,217, on or before February 12, 2021. Pursuant to the Loan Agreement, funds advanced by the Lender will bear interest at a nominal interest rate Of 21.70% per annum, and will be payable on demand. The Company's obligations to the Lender pursuant to the Loan Agreement is guaranteed by the Company's wholly-owned subsidiary, Spyder Cannabis Subco Inc., and are secured solely by a first-raking security interest granted against certain specified assets and inventory of Spyder Subco, pursuant to, respectively, a guarantee agreement and a general security agreement executed by Spyder Subco in favour of the Lender. The Security Interest will rank pari passu with the security interest granted by Spyder Subco to an existing lender of the Company. The balance of the proceeds of the New Loans, following repayment of the Existing Indebtedness, will be used by the Company to fund the purchase of inventory necessary for the operation of its cannabis retail locations.