Psyched Wellness Announces Commencement of Next Pre-Clinical Study on AME-1

Psyched Wellness Announces Commencement of Next Pre-Clinical Study on AME-1

Toronto, Ontario–(Newsfile Corp. – October 7, 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 that KGK Science, a licensed contract research organization (CRO) in Canada, is commencing the next pre-clinical trial study on Psyched’s key proprietary extract, Amanita Muscaria (AME-1).

The trial will comprise a conditioned placement preference study (CPP) in order to establish any beneficial and or adverse health effects of AME-1, providing critical evidence to determine whether the extract has any abuse potential. The study will compare the basic characteristics of the association of AME-1 treatment in a particular environment, with the association of a different environment in the absence of AME-1.

The CPP paradigm has been used in many fields such as pharmacology, behavioral science and neuroscience research to determine whether consumption of a certain substance can foster psychological or physical dependence.

David Shisel, Chief Operating Officer of Psyched, said: “In conjunction with the other studies the Company is conducting, this trial will bolster Psyched’s toxicological assessment of AME-1 and provide critical knowledge of any behavioral and neurological functional changes in a scientific setting. This is another key step in determining a safe dose of AME-1 for human consumption and moves Psyched closer to being able to bring our Amanita-based CPG products to market.”

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 previous toxicological assessment, (ii) the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof, (iii) the uses and potential benefits of Amanita Muscaria; and (iv) the completion of the CPP study on the terms outlined this release. 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, 2021 and covering the subsequent period up to July 28, 2021 (“MD&A”), dated July 28, 2021, 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.