Psyched Wellness Provides Corporate Update
Toronto, Ontario, September 6, 2022 – Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the “Company” or “Psyched”), a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom, is pleased to announce that the Company: (i) has signed two long term supply agreements for Amanita Muscaria mushrooms, which should supply the Company with enough raw material for its projected 2023 production forecast, (ii) has onboarded its online ecommerce store with a new payment processor, Zank Payments, and (iii) anticipates its first Amanita Muscaria mushroom-derived product, ‘Calm’, to launch in the coming months, which is available for pre-order at shop.psyched-wellness.com.
Over the past couple of months, the Company has signed long term supply agreements with Polish and Lithuanian suppliers of Amanita Muscaria mushrooms (each a “Supplier”). After sampling a number of batches from each Supplier using a high performance liquid chromatography method at a third-party lab, the Company and each Supplier entered into long term supply agreements to secure the Company’s projected raw material needs for its projected commercial production for the fiscal year 2023.
The Company intends to purchase mushrooms from the Suppliers in batches of 300-500 kg (each a “Batch”). Each Batch will be tested for toxicity, quality, and potency to ensure it complies with the Company’s strict standards for harvesting, handling, storing, drying and shipping. Pursuant to the terms of each supply agreement, a certain percentage of the Batch will be paid in advance in order for each Supplier to make the necessary arrangements to prepare for the shipments, with the remainder to be paid only after positive lab results are yielded from Batch processing. Any Batch that does not comply with the Company’s strict standards will not be utilized by the Company, and payment will not be owed to the Supplier on that portion of the Batch.
“Adding two additional high-quality Suppliers of raw material is a key development for the commercialization of our products.” explained David Shisel, chief operating officer of the Company. “After working with these Suppliers, we found them to be very professional and the raw material they’ve previously supplied has yielded very positive results, which comply with our strict standards. These supply agreements will secure enough raw material for the Company’s projected 2023 production forecast, moving the Company from a research and development company to a consumer packaged goods company. Concurrently, the Company is working to build its own team of foragers in the United States of America to source raw material locally within North America.”
New Payment Processor
Jeffrey Stevens, chief executive officer of the Company, stated, “as the first public company to launch a product derived from the Amanita Muscaria mushroom for human consumption in the United States of America, we have the unique opportunity to be pioneers, blazing a path forward in the commercial landscape. With this opportunity comes some challenges that require both a calm and nimble response. When our previous payment platform provider suspended our service, we quickly identified groups that work with companies selling alternative products. Zank Payments proved to be able to secure banking partners with an infrastructure that plugged into our existing ecommerce store to support our needs and growth.”
Zank Payments is a well-established credit card processing brokerage. With its numerous bank partners, Zank Payments has the ability to approve 99% of their merchants. Specific banks have appetites for specific industries. Zank Payments works with all of them to ensure customers have the ability to accept credit and debit cards for payment.
Psyched is pleased to announce that it anticipates launching its first Amanita Muscaria mushroom-derived product, ‘Calm’, in the coming months. To pre-order, Calm please visit shop.psyched-wellness.com.