Psyched Wellness Enters Into a Service Agreement With CannaLabs to Begin Stability Tests on AME-1
Toronto, Ontario, July 26, 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 the Company has entered into a service agreement with CannaLabs, a Canadian, London-based laboratory services company, licensed by Health Canada.
According to the agreement, Psyched Wellness will use the services of CannaLabs to perform stability tests on the Company’s AME-1. The stability tests will help the Company to determine the expiration dates and storage conditions for the final product - AME-1.
In addition, CannaLabs will develop for the Company a new testing method for the raw material to help the Company differentiate between other species and toxins, thus creating a safe and scientific protocol for acceptable raw material.
All intellectual property and/or operational tools that will be developed during the execution of this service agreement will be the sole property of Psyched Wellness.
“Having CannaLabs working closely on the production side of AME-1 further enhances the product quality and validity ensuring AME-1 is a safe and viable product for human consumption”, said Brian Tancowny Psyched Wellness's Head of Pre-Clinical Studies.
“We are thrilled to be working closely with Psyched Wellness and leading the analysis of AME-1,” said Liliana Santamaria, Director and Vice President of Lab Operations, CannaLabs.
“After many months of pre clinical trials and other scientific work that is still ongoing, we have great confidence in our AME-1,” said David Shisel COO of Psyched Wellness. “Commencing the stability tests on the AME-1 is a big step that gets us closer to market.”
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.