Psyched Wellness Announces Preliminary Data Showing Potential New Functional Property and Health Benefit of Amanita Muscaria Mushroom (AME-1) To Inhibit Human Mast Cell Activation

Toronto, Ontario – October 19, 2021 – 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 the preliminary data revealing a potential new functional property and health benefit of AME-1.

Preliminary data that has been generated in tests done by the National Research Council of Canada (NRC) shows that AME-1 extract can inhibit human connective-tissue mast cell activation. Mast cells are important inflammatory cells present in skin, gut, brain, and lungs. When activated, these cells release proinflammatory mediators such as histamine and cytokines, contributing to inflammatory diseases such as atopic dermatitis and urticaria, also known as hives, in the skin.

The results of the studies show that pre-treatment of human mast cells with AME-1 extract inhibited their activation and partially blocked the release of proinflammatory mediators. This preliminary evidence suggests a potential key nutritional systematic and functional property of AME-1, with research continuing to further examine the mechanisms of this inhibition.

Brian Tancowny, Scientific Advisor to Psyched, said: “The first set of preliminary evidence in this investigative study of AME-1 reveals the discovery of a novel health and wellness benefit, as well as a new functional property. We are further investigating the potential of AME-1 to inhibit human mast cell activation and explore the potential of therapies to treat common skin conditions. It is very inspiring to have found an additional functional immune property of AME-1, and further work is being done to investigate this possibility, as well as potential neuroprotective properties of AME-1.”

The NRC specializes in providing vital scientific and technological services to the research and industrial communities of Canada and was hired by Psyched Wellness to provide expertise in biomedical nanotechnology. The results of the research belong to Psyched, and the NRC does not endorse the findings or Psyched products.

For further information, please contact:

Jeffrey Stevens
Chief Executive Officer
Psyched Wellness Ltd.
t: 647-400-8494
e: jstevens@psyched-wellness.com
w: http://www.psyched-wellness.com

Investor Contacts:
Tim Regan/Sophia Bashford
KCSA Strategic Communications
t: (347) 487-6788
e: PsychedWellness@kcsa.com

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 and Statements

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 Psyched Wellness Ltd. current belief or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by Psyched at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information, including, without limitation, (i) the accuracy of the Toxicology Assessment, (ii) the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof, and (iii) the uses and potential benefits of Amanita Muscaria. Given these risks, uncertainties, and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Psyched is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Psyched Wellness Ltd. management’s discussion and analysis for the six months ended May 31, 2020 and covering the subsequent period up to July 27, 2020 (“MD&A”), dated July 27, 2020, which is available on Psyched Wellness Ltd. profile at www.sedar.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.

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