Skye Bioscience, Inc. entered into a Securities Purchase Agreement with certain institutional investors to issue 11,822,124 shares at an issue price of $2.305 per share for gross proceeds of $27,249,995.82 and pre-funded warrants to purchase up to 9,978,739 shares of Common Stock at an issue price of $2.3049 per pre-funded warrant for gross proceeds of $22,999,995.5211, aggregate gross proceeds of $50,249,991 on January 29, 2024. The Pre-Funded Warrants will be immediately exercisable at an exercise price of $0.001 per share and will not expire until exercised in full. The transaction is expected to close on January 31, 2024.

The securities issued are pursuant to exemption provided under regulation D.