Psyched Wellness Announces Positive Toxicology Assessment and Provides Path to Market for a Legal Psychedelic Mushroom Product
Toronto, Ontario, December 7, 2020 – Psyched Wellness Ltd. (formerly Duncan Park Holdings Corporation) (CSE:PSYC, OTCQB:DCNPF, 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 provide the highlights from the toxicology assessment conducted by KGK Sciences (the “Toxicology Assessment”), a Canadian contract research organization. The Toxicology Assessment was conducted to determine the safe use of an Amanita Muscaria extract and the active compounds that will make up our extract.
Amanita Muscaria is an edible psychedelic mushroom that has never been classified as a scheduled drug. It is the iconic red and white capped mushroom that has been used to illustrate generic wild mushrooms in children’s books, pictograms, and cartoons. The children’s novel Alice’s Adventures in Wonderland, describes Alice encountering mushrooms with the ability to create distortions in her visual perception. Due to its vivid orange/red appearance, white spots, and psychogenic properties, Amanita Muscaria is often used as the image for psychedelic mushrooms.
“After a long, complicated and unique process of research and experiments, I am very happy to share that we successfully produced a 100% natural, 100% pure and 100% safe for consumption Amanita Muscaria extract,” said David Shisel, COO of the Company. The most challenging aspect of the extraction process was to do a full spectrum Amanita Muscaria extract, that would minimize the Ibotenic acid and muscarine to safe levels for human consumption, without using any chemicals or harming the natural and pure aspects of the final product.
Work performed by KGK Science:
On April 26th 2020, Psyched Wellness hired the services of KGK Science, a licensed CRO in Canada, to commence a thorough Toxicology Assessment on the Amanita Muscaria mushroom in general and Amanita Muscaria extract in particular, in order to get a formal third-party scientific report to examine the potential of producing and distributing Amanita Muscaria Extract.
On May 18th 2020, the Toxicology Assessment was completed and had shown a great potential and a clear path for the company to move forward with the development and scale up of its unique extract.
On August 28th 2020, KGK Science completed a GAP analysis and Path to Market for both the USA and Canada to sell the Company’s flagship product as a health supplement which includes commencing a pre-clinical study.
The Company will submit applications to both the US FDA for a New Dietary Ingredient (NDI) and Health Canada for a Natural Health Product Number (NHPN) at the completion of the pre-clinical study.
Key findings from the Toxicology Assessment:
Amanita Muscaria should be classified as a functional psychedelic mushroom
It is consumed as a food across Europe, Asia and North America
It is anecdotally used to assist people suffering from various health issues including: inflammation, anxiety, restlessness, brain fog and addiction
In larger doses it generates psychoactive effects
It is commonly referred as the Fly Agaric or Fly Amanita
Amanita Muscaria has been mislabeled as poisonous
Amanita Muscaria is NOT poisonous and does NOT contain enough Muscarine to cause harm to humans. The muscarine levels in Amanita Muscaria are clinically insignificant
The active compounds in Amanita Muscaria that generates psychoactive qualities are Ibotenic Acid and Muscimol
Ibotenic Acid is converted to Muscimol when decarboxylated
“In addition to our team successfully determining a proprietary extraction and production process, the Toxicology Assessment was the most significant milestone to date,” said Jeff Stevens, CEO of the Company. “Amanita Muscaria belongs to a family of mushrooms that has some very poisonous and toxic mushrooms and has been mislabeled as poisonous. The fact that it has been mislabeled presented us with the opportunity to be the only company we are aware of to study Amanita Muscaria for both the medicinal and psychoactive qualities. We have completed the work with our CRO partners and determined that we can safely and efficiently extract the psychoactive compound, Muscimol from Amanita Muscaria and we are very excited to continue our studies with the goal of developing new novel uses for Muscimol”.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
About Psyched Wellness Ltd.:
Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company’s objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.
Cautionary Statement Regarding Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.