Smartkem Agrees To 60-Day Extension For Proposed All-Stock Merger With Jericho Energy Ventures

Smartkem, Inc. (Nasdaq: SMTK), ("Smartkem"), a company developing a new class of organic semiconductor technology, today announced that it has agreed to a 60-day extension of its non-binding Letter of Intent ("LOI") for a proposed all-stock business combination (the "Proposed Transaction") with Jericho Energy Ventures Inc. (TSXV:JEV, OTC:JROOF) ("Jericho" or "JEV"), an energy innovation company. The amendment to the LOI also extends the deadline by which Smartkem is required to invest in Jericho to prevent Jericho from having the right to terminate the LOI to December 31, 2025.  The other terms of the LOI remain unchanged.