Toronto, Ontario, November 23, 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 it has appointed Matthew Singh as Chief Commercial Officer. Mr. Singh will drive the Company’s development into a full-scale packaged goods provider as it prepares to launch its Amanita Muscaria (AME-1)-derived consumer products in 2022.
"I'm thrilled at the opportunity to level-up our executive team and organization as we transition from an R&D-focused start-up to a world-class CPG company," said Jeffrey Stevens, CEO of the Company. "Matt joining Psyched at this time demonstrates his confidence in the market opportunity of our proprietary extract of the Amanita Muscaria mushroom as a new entrant into the health and wellness category. Matt has already developed a strong sales and branding strategy since he started consulting with Psyched in June and joining us full-time in a leadership role shows the concentration we are putting into bringing our products to market next year.”
Mr. Singh has an extensive track record of success launching brands, products, and corporate strategy within the multibillion-dollar beverage and pharmaceutical industries in Canada and internationally. Accustomed to driving revenue into the hundreds of millions, he was previously the head of VPX Pharmaceuticals’ numerous CPG properties, in Canada and East Asia securing immediate profitability with each Sports Nutrition, Energy Drink, Cannabis, and Alcoholic good VPX added to their portfolio. Prior to VPX, Mr. Singh spent almost a decade at Red Bull Canada, where he ran the company’s Business Development department, and over seven years with Coca Cola. In addition, he is an integral contributor to multiple start-up endeavors as a consultant, board member, and advisor within the health, wellness, and digital intelligence verticals.
Mr. Singh commented, “It was an easy decision to join the team at Psyched full-time. We have developed a truly phenomenal product and look forward to multiple big announcements leading up to a market launch, in 2022. I have been fortunate to work with industry leaders and market disruptors in the extremely competitive beverage and pharmaceutical landscapes throughout my career, and the CPG potential already developed by the team at Psyched has me more excited than anything I have witnessed thus far. We believe this product will have a sustainable commercial and societal impact, starting in North America and then scaling throughout the globe, and I am proud to be a part of the journey with Psyched Wellness. My thanks go to Jeff, David, and the Board for adding me to an already stellar team.”
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