QSAM Biosciences, Inc. announced that on March 2, 2022, Jeffrey M. Soinski accepted an offer to be appointed to the board of directors (the 'Board') of the Company) and to serve as Chair of the Company's Audit Committee, effective immediately prior to the closing of the Company's proposed underwritten equity offering and uplisting of its common stock to The NASDAQ Capital Market. Prior to this time, Mr. Soinski will serve as senior advisor to the Company and will attend Board meetings. In connection with Mr. Soinski's appointment to the Board and these committees, the Board has determined that Mr. Soinski satisfies the definition of “independent director” and the heightened independence standards for service on the Board's Audit and Compensation Committees under the NASDAQ listing standards.

Mr. Soinski has 30 years of experience building successful operating companies in diverse healthcare segments. Since December 2014, Mr. Soinski has served as President and CEO and a member of the board of directors of Avinger, Inc. On March 4, 2022, Christopher Nelson and Joel Mayersohn both resigned from the Board. Both Messrs.

Nelson and Mayersohn have served on the Board since 2015. Mr. Mayersohn served on their audit and compensation committees at the time of his resignation. Their departure from the Board was effected to provide open seats to new independent directors in contemplation of the Company's listing on, and pursuant to the independent board requirements of, NASDAQ.

Neither Mr. Nelson nor Mr. Mayersohn had any disagreements with the Board or the Company. Mr. Nelson will remain General Counsel of the Company.