Toronto, Ontario – January 18, 2022 – Psyched Wellness Ltd., (CSE: PSYC) (OTCQB: PSYCF) (FSE: 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 Vantage Hemp Co. as the Company’s contract manufacturing organization (“CMO“) partner, facilitating the path to market for Psyched’s AME-1-derived consumer products.
The agreement includes extraction, commercial production and bottling of the products, with the Companies working together to finalize the good manufacturing practices (“GMP“) compliance process and final product formulation through Vantage’s established production capabilities. Psyched has shipped samples of raw material and the desired extract to Vantage’s facilities which will follow the Company’s unique protocols (as outlined in provisional patents submitted last year) to have the first commercial production of AME-1 units ready for sale during the second quarter of 2022. In addition, The Companies plan to develop future products and delivery systems with AME-1 as the base and core ingredient.
“Psyched Wellness is very pleased to partner with Vantage, an established extract manufacturer that meets our high standards of pharmaceutical quality and shares our vision for the future,” said David Shisel, Chief Operating Officer of Psyched Wellness. “Together, we plan to produce and supply the highest quality products to global markets, starting with the United States before scaling distribution internationally. The AME-1-derived supplements that Psyched has been developing for the past two years are natural remedies that will improve the quality of life for many. For the first time in modern history, Psyched Wellness will present a product derived from the Amanita Muscaria mushroom that is safe for human consumption using our proprietary extract, AME-1. Psyched and Vantage both believe in the success of AME-1 as an ingredient and are ensuring that we have the infrastructure and capabilities to scale production to high volumes without sacrificing quality.”
Vantage’s manufacturing facilities and processes are ICH Q7 and WHO GMP-compliant and are managed by an expert team that specializes in medical, pharmaceutical, manufacturing and business operations, creating the highest quality products with precision and scale. In addition, Vantage’s cleanroom for the production of finished products ensures the final products are manufactured in controlled environments that mitigate contamination.
Harvinder Johal, CRO of Vantage, added, “Our partnership with Psyched Wellness ensures that this valuable therapy will be brought to market at an accelerated rate by leveraging Vantage’s science-based and data-driven ethos. We are eager to allow consumers access to this product for the improvement of their health and wellness. Applying our extraction standards to mushroom biomass ensures that the final product meets the same stringent quality standards that we apply to hemp extraction.”
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:
Tim Regan/Sophia Bashford
KCSA Strategic Communications
t: (978) 505-2478