Psyched Wellness Successfully Completes Its Largest Extraction and Shipment of AME-1 to Asia

Toronto, Ontario, July 22, 2021 – Psyched Wellness Ltd. (CSE:PSYC, OTCQB:PSYCF, FRANKFURT:5U9) (the “Company” or “Psyched”) a life sciences company focused on the production and distribution of artisanal functional and psychedelic mushrooms, is pleased to announce that the company has completed its largest extraction of AME-1 to date, and has successfully shipped it to the Company’s contract research organization (“CRO”) partner labs in Asia, in order to complete the pre-clinical studies and other scientific work of the company in its product development process.

In accordance with the Company’s extraction protocol, approximately 20 kilograms of raw material was used to generate approximately 4.2 kilograms of AME-1. This shipment to our CRO partner lab in Asia represents the most significant amount of AME-1 extraction to date.

“We are extremely happy with the progress of our product development process and are pleased with the results that we are seeing,” said David Shisel, COO of Psyched Wellness. “Completing this extraction successfully was a very important milestone and the resulting material should be sufficient to complete the remainder of our pre-clinical work.”

The shipment arrived safely to the labs and is intended to supply enough material to complete the 90-day toxicity study, the neurobehavioral studies, the conditioned place preference test, and other remaining scientific work required in the product development process of the Company in order to submit the AME-1 as a new dietary ingredient (“NDI”) in the United States and as a natural health product (“NHP”) in Canada.

Jeff Stevens, CEO of Psyched Wellness said: “Psyched is a step closer to being able to bring our Amanita-based CPG products to market which are currently under development. We believe Amanita will have a sustainable commercial and societal impact, and we are passionate about creating products which will have the power to assist with stress relief, relaxation, and restful sleeping.”