Psyched Wellness Announces Filing of Amended and Restated MD&A

Toronto, Ontario, July 22, 2021Psyched Wellness Ltd. (CSE:PSYC, OTCQB:PSYCF, FRANKFURT:5U9) (the “Company”), a life sciences company focused on the production and distribution of artisanal functional and psychedelic mushrooms, announces that as a result of a continuous disclosure review conducted by staff of the Ontario Securities Commission, it is issuing the following press release to clarify its previous disclosure. The Company has refiled its annual management discussion and analysis (“MD&A”) for the year ended November 30, 2020, and the interim MD&A for the period ended February 28, 2021 (collectively, the “Revised MD&A”).

The Revised MD&A was refiled to, among other things, provide more prominent disclosure in respect of the Company’s outlook and strategy, the cost breakdown of the Company’s advertising and promotion expenditures, the impact of COVID-19 on the Company, the regulatory overview of non-psychedelic mushroom nutraceutical products and natural health products in Canada and the United States, and the Company’s significant projects which are not yet generating revenue.

The revisions to the MD&A have been made at the request of the OSC staff in connection with a continuous disclosure review.