# EDGAR Filing Document

**Accession Number:** 0001095435
**File Stem:** 0001171843-25-004962
**Filing Date:** 2025-8
**Character Count:** 34669
**Document Hash:** efdfc4280c12d7282d4979b43324472a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-004962.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001171843-25-004962

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PORTAGE BIOTECH INC.
- **CENTRAL INDEX KEY:** 0001095435
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289199
- **FILM NUMBER:** 251177217

**BUSINESS ADDRESS:**
- **STREET 1:** CLARENCE THOMAS BUILDING
- **STREET 2:** P.O. BOX 4649, ROAD TOWN
- **CITY:** TORTOLA
- **STATE:** D8
- **ZIP:** VG1110
- **BUSINESS PHONE:** 416-737-7600

**MAIL ADDRESS:**
- **STREET 1:** CLARENCE THOMAS BUILDING
- **STREET 2:** P.O. BOX 4649, ROAD TOWN
- **CITY:** TORTOLA
- **STATE:** D8
- **ZIP:** VG1110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BONTAN CORP INC
- **DATE OF NAME CHANGE:** 20030421

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEALCHECK COM INC
- **DATE OF NAME CHANGE:** 19990921

**As filed with the Securities and Exchange Commission on August 1, 2025**

**Registration No. 333-** 

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**PORTAGE BIOTECH INC.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **British Virgin Islands** | **Not Applicable** |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| **Clarence Thomas Building, P.O. Box 4649<br> Road Town, Tortola<br> British Virgin Islands** | **VG1110** |
| (Address of Principal Executive Offices) | (Area Code) |

---

**Portage Biotech Inc. Amended and Restated 2021 Equity Incentive Plan**

(Full Title of the Plan)

**Andrea Park, CFO**

**c/o Portage Development Services, Inc.**

**1111B S Governors Ave, Ste 25907**

**Dove, Delaware, 19904**

(Name and Address of Agent For Service)

**(302) 219-5556**<br> (Telephone Number, Including Area Code, of Agent For Service)

**With Copies to:**

---

| | |
|:---|:---|
| **Steven J. Abrams, Esq.**<br> **Hogan Lovells US LLP**<br> **1735 Market Street, Suite 2300**<br> **Philadelphia, PA 19103**<br> **Telephone (267) 675-4600** | **Michael Doyle**<br> **Forbes Hare LLP**<br> **5 King's Bench Walk**<br> **Temple, London EC4Y 7DN**<br> **United Kingdom**<br> **Telephone +44 (0) 207 0143 225** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This registration statement on Form S-8 is being filed by Portage Biotech Inc., a company registered in the British Virgin Islands (the "Registrant"), to register 197,743 ordinary shares of the Registrant, no par value per share (the "Ordinary Shares"), issuable under the Registrant's Amended and Restated 2021 Equity Incentive Plan, as amended (the "2021 Plan").

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

As permitted by the rules of the Securities and Exchange Commission (the "Commission"), this registration statement on Form S-8 omits the information specified in Part I of Form S-8. The documents containing the information specified in Part I will be delivered to the participants in the 2021 Plan covered by this registration statement as required by Rule 428(b)(1) under the Securities Act of 1933 (the "Securities Act").

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3.** **Incorporation of Documents by Reference.**

The following documents of the Registrant filed with the Commission are incorporated by reference in this registration statement as of their respective dates:

(a) the Registrant's Annual Report on <u>[Form 20-F](https://www.sec.gov/ix?doc=/Archives/edgar/data/1095435/000117184325004718/f20f_071425.htm)</u> for the fiscal year ended March 31, 2025
filed with the Commission on July 25, 2025;

(b) the Registrant's Reports on Form 6-K filed with or furnished
 to the Commission on [April 28, 2025](https://www.sec.gov/Archives/edgar/data/1095435/000117184325002525/f6k_042525.htm) , [May 29, 2025](https://www.sec.gov/Archives/edgar/data/1095435/000117184325003519/f6k_052925.htm) , [June 9, 2025](https://www.sec.gov/Archives/edgar/data/1095435/000117184325003779/f6k_060525.htm) , [June 25, 2025](https://www.sec.gov/Archives/edgar/data/1095435/000117184325004092/f6k_062425.htm) , and [June 27, 2025](https://www.sec.gov/Archives/edgar/data/1095435/000117184325004192/f6k_062025.htm) ; and

(c) the description of the Registrant's Ordinary Shares
 contained in its registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1095435/000106299321001661/form8a12b.htm) filed with the Commission on February
 18, 2021, as updated by [Exhibit 2.1](https://www.sec.gov/Archives/edgar/data/1095435/000117184322005215/exh_21.htm) to the Registrant's Annual Report on Form 20-F
 for the fiscal year ended March 31, 2022 filed with the Commission on August 1, 2022, and
 any amendment or report filed for the purpose of further updating that description.

All reports and other documents filed by the Registrant after the date hereof pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"), including (i) any future annual reports on Form 20-F and (ii) any future reports on Form 6-K that are identified in such reports as being incorporated by reference in this registration statement (but only to the extent identified in such report), but prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from the date of filing of such reports and documents, except for the documents, or portions thereof, that are "furnished" rather than filed with the Commission.

For the purposes of this registration statement, any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.

**Item 4.** **Description of Securities.**

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.**

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.**

British Virgin Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the British Virgin Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. In addition, a company may only indemnify a person who acted honestly and in good faith and in what he or she believed to be in the best interests of the company, and in the case of criminal proceedings, the person had no reasonable cause to believe that his or her conduct was unlawful.

The Registrant's Memorandum and Articles of Association provides that the Registrant may indemnify its directors, officers, agents or its liquidator (each an "Indemnifiable Person") against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings if such Indemnifiable Person is or was a party or is threatened to be a party to proceedings by virtue of the fact he or she is or was a director, officer, agent or liquidator of the Registrant or is or was at the request of the Registrant serving as a director, officer, agent or liquidator or in another capacity for another entity The Registrant may only indemnify an Indemnifiable Person if he or she acted honestly and in good faith with a view to the Registrant's best interests and, with respect to any criminal action, he or she must have had no reasonable cause to believe his or her conduct was unlawful.

The Registrant may purchase and maintain insurance in relation to any person who is or was a director, or who at the request of the Registrant is or was serving as a director of, or in any other capacity is or was acting for another body corporate or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Registrant has or would have had the power to indemnify the person against the liability. The Registrant currently maintains director and officer insurance.

**Item 7.** **Exemption from Registration Claimed.**

Not applicable.

**Item 8.** **Exhibits.**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 4.1 | [Amended and Restated Memorandum of Association and Articles of Association of Portage Biotech Inc. as filed in the British Virgin Island on September 22, 2022 – **Incorporated herein by reference** to Exhibit 4.1 to Form 6-K filed on September 22, 2022.](https://www.sec.gov/Archives/edgar/data/1095435/000117184322006193/exh_41.htm) |
| 4.2 | [Portage Biotech Inc. Amended and Restated 2021 Equity Incentive Plan - **Incorporated herein by reference** to Exhibit 4.2 to Form S-8 filed on December 1, 2023.](https://www.sec.gov/Archives/edgar/data/1095435/000117184323007378/exh_42.htm) |
| 4.3\* | [Amendment No. 1 to Portage Biotech Inc. Amended and Restated 2021 Equity Incentive Plan.](exh_43.htm) |
| 5.1\* | [Opinion of Forbes Hare LLP.](exh_51.htm) |
| 23.1\* | [Consent of Marcum LLP.](exh_231.htm) |
| 23.2\* | [Consent of CBIZ CPAs P.](exh_232.htm)C. |
| 23.3\* | [Consent of Forbes Hare LLP (included in Exhibit 5.1).](exh_51.htm) |
| 24.1\* | [Power of Attorney (included on signature page).](#poa) |
| 107\* | [Filing Fee Table.](exh_107.htm) |

---

\* Filed herewith.

**Item 9.** **Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;

*provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tortola, British Virgin Islands, on August 1, 2025.

---

| | |
|:---|:---|
| **PORTAGE BIOTECH INC.** | **PORTAGE BIOTECH INC.** |
| By: | /s/ Alexander Pickett |
| Name: | Alexander Pickett |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Alexander Pickett and Andrea Park, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement on Form S-8 (including post-effective amendments), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Alexander Pickett | Chief Executive Officer and Director | August 1, 2025 |
| Alexander Pickett | (Principal Executive Officer) |  |
| /s/ Andrea Park | Chief Financial Officer | August 1, 2025 |
| Andrea Park | (Principal Financial Officer and Principal Accounting Officer) |  |
| /s/ Justin Stebbing | Chairman of the Board | August 1, 2025 |
| Justin Stebbing |  |  |
| /s/ Gregory Bailey | Director | August 1, 2025 |
| Gregory Bailey |  |  |
| /s/ James Mellon | Director | August 1, 2025 |
| James Mellon |  |  |
| /s/ Jean-Christophe Renondin | Director | August 1, 2025 |
| Jean-Christophe Renondin |  |  |
| /s/ Steven Mintz | Director | August 1, 2025 |
| Steven Mintz |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of the Registrant, has signed this registration statement on August 1, 2025.

---

| | |
|:---|:---|
| By: | /s/ Alexander Pickett |
|  | Alexander Pickett |
|  | Chief Executive Officer |

---

## Exhibit 4.3

**Exhibit 4.3**

**AMENDMENT NO. 1 TO THE**

**PORTAGE BIOTECH INC.**

**AMENDED AND RESTATED 2021 EQUITY INCENTIVE PLAN**

The Portage Biotech Inc. Amended and Restated 2021 Equity Incentive Plan (the "Plan") is hereby amended (this "Amendment") as set forth below, effective as of January 19, 2022, as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Section 3(a)</u>. Section 3(a) of the Plan is hereby amended and restated to read in its entirety as follows:

"<u>General</u>. Subject to Section 14 of the Plan, the Share Limit shall be equal to 6,835,860 (split adjusted to 341,793 as of August 15, 2024), all of which may be granted pursuant to Incentive Stock Options. Notwithstanding the foregoing, in each calendar year following 2022, and taking into account the then-current business environment, the Company's business needs and such additional factors as the Board, in its sole and absolute discretion, determines to be appropriate, the Board may determine to increase (on a cumulative basis) the then-applicable Share Limit by a number of Shares not to exceed five percent (5%) of the aggregate number of Shares then outstanding. However, any increase described in the immediately preceding sentence shall not affect the aggregate number of Shares that may be issued as Incentive Stock Options (which, for avoidance of doubt, shall at all times be equal to 6,835,860) (split adjusted to 341,793 as of August 15, 2024), subject to adjustment solely in accordance with Section 14 of the Plan and Code Section 424)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Plan shall otherwise be unchanged by this Amendment.

To record adoption of this Amendment by the Board of Directors of Portage Biotech Inc. (the "Company") as of August 1, 2025, the Company has caused its authorized officer to execute this Amendment to the Plan.

---

| | |
|:---|:---|
| PORTAGE BIOTECH INC. | PORTAGE BIOTECH INC. |
| By: | <u>/s/ Alexander Pickett</u> |
|  | Alexander Pickett |
|  | Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| Forbes Hare LLP<br> 5 King's Bench Walk<br> Temple, London EC4Y 7DN<br> United Kingdom | ![](forbesharelogo.jpg) |

---

Portage Biotech Inc.<br> Clarence Thomas Building,<br> Road Town, Tortola,<br> British Virgin Islands

<br> 1 August 2025

Dear Sirs

**Portage Biotech Inc. (the "Company")**

We have acted as counsel as to British Virgin Islands law to the Company in connection with its registration statement on Form S-8, as amended (the "**Registration Statement**"), filed on the date hereof with the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended, relating to the proposed offering of up to 197,743 ordinary shares, of no par value each, of the Company (the "**S-8 Shares**") issuable pursuant to the Company's Amended and Restated 2021 Equity Incentive Plan (the "**2021 Plan**"). This opinion letter is being furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Documents Reviewed** 

We have reviewed originals, copies or drafts of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The public records of the Company on file and available for public inspection at the Registry of
 Corporate Affairs in the British Virgin Islands (the "**Registry of Corporate Affairs**") on 1 August 2025
 including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Company's Certificate of Incorporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the Company's amended and restated Memorandum and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. A certificate of good standing dated 31 July 2025 issued by the Registrar of Corporate Affairs, with respect
to the Company (the "**Certificate of Good Standing** ").

Forbes Hare LLP is a limited liability partnership established in England with number OC380080 Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. A Registered Agent's Certificate dated 31 July 2025 issued by FH Corporate Services Ltd., the Company's
registered agent (the "**Registered Agent's Certificate** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. The records of proceedings on file with and available for inspection on 31 July 2025 at the British Virgin
Islands High Court Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. The written resolutions of the board of directors of the Company passed on 31 July 2025 (the "**Resolutions** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. The Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. The 2021 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Assumptions** 

In giving this opinion we have assumed, without further verification, the completeness and accuracy of the Registered Agent's Certificate and the Certificate of Good Standing and that the information contained in such certificates remains accurate as at the date of this opinion. We have also relied upon the following assumptions, which we have not independently verified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Copy documents, conformed copies or drafts of documents provided to us are true and complete copies of,
or in the final forms of, the originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. All signatures, initials and seals are genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Each Award Agreement (as defined in the 2021 Plan) is validly authorised by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. The accuracy and completeness of all factual representations expressed in or implied by the documents
we have examined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. The Resolutions remain in full force and effect and have not been revoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. That the Company is not conducting a "regulated activity" under a "financial services enactment"
as defined under the Regulatory Code, 2009 (as amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. That the Company is in compliance with the British Virgin Islands Economic Substance (Companies and Limited
Partnerships) Act 2018 (as amended).

Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. There is nothing under any law (other than the law of the British Virgin Islands) which would or might
affect the opinions hereinafter appearing. Specifically, we have made no independent investigation of the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Opinion** 

Based upon, and subject to, the foregoing assumptions and the qualifications set out in section 4 below, and having regard to such legal considerations as we consider relevant, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Company is a company limited by shares and registered under the BVI Business Companies Act "2020
Revision", as amended, in good standing at the Registry of Corporate Affairs and validly existing under the laws of the British
Virgin Islands, and possesses the capacity to sue and be sued in its own name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Company is authorised to issue an unlimited number of shares of no par value of one single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Following effectiveness of the Registration Statement, each of the S-8 Shares, when issued in accordance
with the terms of the 2021 Plan, the applicable Award Agreement (as defined in the 2021 Plan) and the Resolutions, against payment in
full of the consideration, and duly registered in the Company's register of members (shareholders), will be validly issued, fully
paid and non-assessable (meaning that no further sums are payable to the Company on such S-8 Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Qualifications** 

The opinions expressed above are subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. To maintain the Company in good standing under the laws of the British Virgin Islands, annual filing fees
must be paid to the Registry of Corporate Affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. The obligations of the Company may be subject to restrictions pursuant to United Nations sanctions as
implemented under the laws of the British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. We make no comment with regard to the references to foreign statutes in the 2021 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. This opinion is given only as to, and based on, circumstances and matters of fact existing and known to
us on the date of this opinion. This opinion only relates to the laws of the British Virgin Islands which are in force on the date of
this opinion.

Page 3 of 4

**5.** **Consents** 

In connection with the above opinion, we hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement.

This opinion may be relied upon by the addressee only. It may not be relied upon by any other person except with our prior written consent.

This opinion is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

Yours faithfully

/s/ Forbes Hare LLP

Forbes Hare LLP

Page 4 of 4

## Exhibit 23.1

**Exhibit 23.1**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated August 14, 2024 relating to the financial statements appearing in the Annual Report on Form 20-F of Portage Biotech Inc. for the year ended March 31, 2025.

/s/ Marcum llp

New York, NY

August 1, 2025

## Exhibit 23.2

**Exhibit 23.2**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated July 25, 2025 with respect to the financial statements of Portage Biotech Inc. for the year ended March 31, 2025 included in the Annual Report on Form 20-F.

/s/ CBIZ CPAs P.C.

New York, NY

August 1, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| **Exhibit 107**<br> **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PORTAGE BIOTECH INC.**  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Ordinary Shares, no par value per share, reserved for issuance under the Portage Biotech Inc. Amended and Restated 2021 Equity Incentive Plan (Stock Option Awards) | Other | 197743 | $5.08 | $1004534.44 | 0.0001531 | $153.79 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $1004534.44  |  | $153.79  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $153.79  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) In accordance with Rule 416 under the Securities Act of 1933 (the "Securities Act"), this registration statement shall be deemed to cover any additional securities that may from time to time be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. (2) Represents ordinary shares, no par value per share, of Portage Biotech Inc. (the "Registrant") reserved for issuance pursuant to stock option awards ("Options") outstanding under the Registrant's Amended and Restated 2021 Equity Incentive Plan, as amended (the "2021 Plan"), as of the date of this registration statement, and which amount may again become available for grant and issuance under the 2021 Plan in the event the outstanding Options expire or are forfeited in accordance with their terms prior to being exercised. (3) Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee based on the weighted-average exercise price for outstanding Options granted under the 2021 Plan as of the date of this registration statement.