Toronto, Ontario, December 10, 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 share that it has successfully completed a comprehensive process of lab experiments which have determined the Company’s final extraction protocol, that will be used for the company’s first line of products.
The company is also pleased to share that it has completed the assembly of the safety and efficacy narratives, and the writing of the safety data sheets (SDS) for its unique Amanita Muscaria extract.
“A number of milestones have been completed that have allowed us to progress to this stage of development,” said Brian Tancowny, Head Chemist at Psyched Wellness. Our optimization of the extraction process allows for greater expansion in the production arena, allowing greater capacity and yield of the psychoactive compound, Muscimol. This novel compound has many pleiotrophic effects that could have potentially wide-ranging health benefits.”
David Shisel, COO of the Company says, “With the completion of the final extraction process and finalizing the SDS, we are now able to start producing larger-scale extraction and ship it abroad. The team is doing a great job and I am confident we will be able to start our pre-clinical trials with our CRO partner in Asia before year ends”.
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.
For further information, please contact:
Chief Executive Officer
Psyched Wellness Ltd.
t: (647) 400-8494
Tim Regan/Sophia Bashford
KCSA Strategic Communications
t: (978) 505-2478