Magic mushroom therapy could help treat PTSD in Canadian military vets

Published at TheGrowthOp.com

This story first appeared in Weekend Dispensary, a new weekly newsletter from The GrowthOp.

By Sam Riches

According to Veterans Affairs Canada, it is estimated that up to 10 per cent of war zone veterans — including war-service veterans and peacekeeping forces — will experience PTSD. PHOTO BY WIKIMEDIA COMMONS

Having spent more than 30 years as a medical officer and psychiatrist in the Canadian Armed Forces, including deployments in Rwanda and Afghanistan, Dr. Rakesh Jetly has both a personal and professional interest in post-traumatic stress disorder (PTSD)

A chronic condition, PTSD is defined by the Canadian Mental Health Association as a mental illness that “involves exposure to trauma involving death or the threat of death, serious injury, or sexual violence.”

According to Veterans Affairs Canada, it is estimated that up to 10 per cent of war zone veterans — including war-service veterans and peacekeeping forces — will experience PTSD. There is not a clear explanation as to why some people are more affected than others.

The condition can be particularly hard to treat in veterans, Dr. Jetly says.

“There are lots of evidence-based treatments for post-traumatic stress disorder but like many treatments in mental health, they don’t work for everybody,” he says. “So there’s a huge need to think outside the box and think about novel ways in which to help people that are suffering with post-traumatic stress disorder.”

In November 2020, Dr. Jetly was named the Chief Medical Officer of Mydecine Innovations Group Inc., which acquired Vancouver-based NeuroPharm Inc., a developer of natural psychedelic-based treatments for mental health disorders in the Canadian and United States veteran communities, earlier in the year.

In his role as CMO, Dr. Jetly — who is also an associate professor of psychiatry at Dalhousie University and at the University of Ottawa — is overseeing international research into the efficacy of psilocybin and psychedelic-assisted psychotherapy to treat veterans and first responders with a PTSD indication. And though the COVID pandemic has interrupted their work, Mydecine announced in November that it was expanding its Phase 2A clinical research to additional sites.

The company is working with researchers and institutions in Canada, including the University of Western Ontario and the University of Alberta, as well as Leiden University Medical Centre in the Netherlands, and is planning to include additional clinical sites in the U.S., Europe, and Australia.

“There seems to be this urgency for us to develop more effective novel treatments and maybe give people more choices if the traditional first-line evidence-based psychotherapy and exposure-based therapies don’t work,” Dr. Jetly says.

He offers a few hypotheses as to why PTSD in veterans can be difficult to treat.

There are often multiple traumatic episodes experienced by vets, rather than a single occurrence, he says, and rates of childhood trauma are often higher among those who join combat forces. Another factor to consider, Dr. Jetly says, is the concept of moral injury, first introduced by U.S. psychiatrist Dr. Jonathan Shay in the 1990s.

Shay offers a three-part definition of moral injury in his 1994 book Achilles in Vietnam: Combat Trauma and the Undoing of Character. “Moral injury is present when (1) there has been a betrayal of what is morally correct; (2) by someone who holds legitimate authority; and (3) in a high-stakes situation,” he writes.

Dr. Jetly explains moral injury as persistent guilt, shame, or anger as a result of transgressing values or highly-held beliefs. He offers the example of a soldier tasked with clearing a mine site, missing a mine, and then witnessing a convoy being killed as they attempt to navigate the area.

According to Dr. Jetly, traditional treatments for PTSD may not be as effective when the predominant problem is guilt and shame and that novel treatments, like psilocybin assisted psychotherapy, could be “better suited to help people to deal with this underlying feeling about themselves.”

“Maybe we can demonstrate through some of our studies, that there’s a fundamental shift in the way the brain and the mind are interpreting their environment, their sense of self, and which makes them more receptive to some of the therapeutic principles that are being performed,” he says.

In traditional treatment options for PTSD, Dr. Jetly says the medications offered, such as antidepressants, are to “quiet the noise” and allow psychotherapy to take place. He stresses that the Mydecine trials are not for a drug but rather a mode of treatment.

“It is not something that I ever really see where it’s ‘Here’s a pill, you’re going to feel better,’ because it really requires working through the trauma,” he says. “This is not a trial of Paxil or a trial of Prozac. This is a medication-assisted psychotherapy trial —  this is the substance with psychotherapy, that’s what we’re studying.”

Patients will undergo the psychedelic experience two to three times over a 16-week trial, Dr. Jetly explains.

“We believe that both the psychedelic and the psychotherapy together are the active ingredients that will lead to improved patient outcomes,” he says.

For Josh Bartch, chairman and CEO of Mydecine, he says he’s excited about the opportunity to be involved in something that could potentially be “revolutionary in the way that mental health is treated throughout military constituencies, whether that’s active military or, as in our case, starting with veterans.”

“These people come home from war, after fighting for our freedoms, and are essentially just left,” Bartch says. “There’s really no viable solution to fix this ailment in PTSD. In the United States, 22 veterans a day are committing suicide with PTSD, it’s a staggering number.”

In November, Mydecine announced that its subsidiary NeuroPharm Inc. had filed a provisional patent application in the U.S. for a “psychedelic therapy enhancer for the treatment of certain psychiatric disorders, including enhancements to treatments for PTSD.”

According to the release, the enhancer reduces the enzymatic breakdown of psilocin, the active ingredient in psilocybin that causes psychedelic effects. “This may result in an enhanced psychedelic experience in the treatment of PTSD, whether by extended in time, intensity, intensity per dose, or a combination thereof,” the release states.

Mydecine has also been approved by Health Canada to import and export, extract and analyze natural and synthetic psychedelic compounds.

“For us, we see it as a massive hole among people that need [treatment options],” Bartch says.

After being slowed by the global pandemic, Dr. Jetly is hoping the trials will be able to get back on track this spring.

At Leiden University in the Netherlands, one of the oldest universities in Europe, researchers are working on the first draft protocols, he says.

“It’s very exciting in terms of putting these ideas together,” he says. “We really want to demonstrate the safety and efficacy of psilocybin assisted psychotherapy. If we can bring something new to offer our veterans that have basically sacrificed body and mind for our countries, that’s really our goal.”

Nova Mentis Appoints Gary R. Harlem to Scientific Advisory Board

February 11, 2021 6:00 am Published by 

Novamentis

Vancouver, British Columbia – February 11, 2021 – Nova Mentis Life Science Corp. (CSE: NOVA) (FSE: HN3Q) (OTCPK: LIBFF) (“NOVA” or the “Company”), a leader in the development of serotonergic psychedelic compounds, is pleased to announce that it has appointed Gary R. Harlem to its Scientific Advisory Board, effective immediately.

Mr. Harlem is the founder and CEO of Altucell Biotech, a cellular engineering and biotech company focused on fulfilling a large “unmet need” in cell, molecular and regenerative therapy for treatment of diabetes and other autoimmune and neurodegenerative diseases.

“We’re excited to expand the breadth of expertise on our Scientific Advisory Board with the addition of Mr. Harlem, who brings to our team his knowledge of exploring novel cell therapy approaches to autoimmune, chronic inflammatory and degenerative disorders,” said Dr. Marvin S. Hausman MD, Chairman of NOVA’s Scientific Advisory Board. “I look forward to working with him to develop the therapeutic application of psilocybin in diabetes, chronic bowel disease and liver disease.”

Signal transduction is the term used by scientists to describe the reaction that occurs when a compound binds to a cell receptor. Different molecules use different cell receptors. Psilocybin and psilocin use serotonin receptors to cause their physiologic effects. Several serotonin receptors including 5-HT2A belong to a family called G-protein coupled receptors (GPCRs) (*Kroeze, 2003). GPCRs are one of the largest and most diverse families of proteins in mammals. Most of 5-HT is synthesized in the gastrointestinal tract of humans and animals and is an important regulator of gut activity.

The majority of preclinical and clinical studies on psilocybin have focused on its central nervous system effect. However, brain-derived serotonin accounts for only approximately 5 per cent of total body serotonin produced (*Berger, 2009).

“Although the impact of serotonin produced in the central nervous system on the regulation of behavior and physiology has been in the center of scientific interest for decades, until recently peripheral serotonin has been ignored. Lately it became clear that the serotonin system in the periphery regulates multiple physiological aspects independently of the brain-derived serotonin. In particular, peripheral serotonin plays a pivotal function in the regulation of glucose and lipid homeostasis by acting on different organs and cell types.” (*El-Merahbi, 2015).

In the body the vast majority of serotonin is produced by enterochromaffin cells of the gut. The gut-derived serotonin (GDS) can act locally in the gastrointestinal (GI) tract or it can enter the blood circulation (*Berger, 2009). One can hypothesize that psilocybin and/or its related tryptamine derivatives could influence the course of type 1 and type 2 diabetes, inflammatory bowel disease (IBD), celiac disease, colorectal cancer and diverticular disease (*Manocha, 2012). Another potential application is fatty liver disease (NASH), which is an unmet medical need.

Mr. Harlem is an accomplished entrepreneur focused on the health and wellness sector, launching several companies in the nutritional supplement and health food markets.

“I am eager to join NOVA’s Scientific Advisory Board and utilize my experience running a global cell and molecular therapy company to help advance the innovative research underway to improve the lives of autism spectrum disorder patients,” said Gary R. Harlem.

Mr. Harlem has a degree in Education from Dowling College in New York and began his career as a special education teacher. He became interested in exploring novel treatment strategies for autoimmune diseases when his son was diagnosed with Type 1 diabetes at the age of 10.

*Berger, M. Gray, JA. Roth, BL. 2009. The expanded biology of serotonin
Annu. Rev. Med., 60: 355-366.

*El-Merahbi, R. et al. 2015. The roles of peripheral serotonin in metabolic homeostasisFEBS Letters589(15): 1728-1734.

*Kroeze, WK. Sheffler DJ. Roth BL. 2003. G-protein-coupled receptors at a glance. Journal of Cell Science. 116(24):4867-4869.

*Manocha, M. and Khan, WI. 2012. Serotonin and GI Disorders: An Update on Clinical and Experimental Studies. Clin Transl Gastroenterol. 2012 Apr; 3(4): e13.

About Nova Mentis Life Science Corp.
Nova Mentis Life Science Corp. is a Canadian-based biotechnology company that is focused on the emerging field of serotonergic psychedelic medicine, such as psilocybin and its related tryptamine derivatives. The Company is a global leader in this field by integrating the latest state-of-the-art medical and scientific technology into its drug development program. The goal is to diagnose and treat debilitating chronic conditions that have unmet medical needs, such as autism spectrum disorder (ASD).

For further information on the Company, please visit https://www.novamentis.ca or email info@novamentis.ca.

On Behalf of the Board
Will Rascan, President & CEO
Nova Mentis Life Science Corp.

Phone: 778-819-0244
Toll Free: 1-833-542-5323
Twitter: @novamentislsc
Instagram: @novamentislsc
Facebook: @novamentislsc

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Nova Mentis Life Science’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Collaboration with Jamaican retreat provider to conduct observational study

Psyence Group Signs Collaboration Agreement with Leading Jamaican Psilocybin Retreat Provider to Conduct Observational Study

Toronto, Canada/Kingston, Jamaica February 10, 2021 – Psyence Group Inc., through its wholly-owned subsidiary Psyence Therapeutics Corp. (“Psyence”), is pleased to announce it has entered into a Research Collaboration Agreement with MycoMeditations Inc (“MycoMeditations”), a leading psilocybin retreat provider to conduct an observational study of the efficacy of naturally derived psilocybin. The Psyence Group is a leading platform in naturally derived psychedelic therapy and the development and commercialization of related technologies and products. MycoMeditations is the leading global provider of psilocybinassisted therapeutic retreat experiences in Jamaica, with a record of more than 750 guests successfully completing psilocybin-assisted retreats.

“Based on Psyence’s experience, scientific focus, and commitment to Jamaica, we are pleased to partner with Psyence to advance research in the area of psilocybin-assisted therapy,” said Justin Townsend, CEO of MycoMeditations. “We look forward to working with the Psyence team and toward evolving into a centre of excellence in research and therapeutic retreats as well as the future expansion of our offerings in this emerging field,” he added.

The initial retrospective study will investigate a cohort of 30 people who have participated in a MycoMeditations retreat in the past 6 months and had reported suffering psychological trauma prior to their visit (the “Study”). This is the first in a series of studies Psyence intends to carry out that investigate the efficacy of naturally derived compounds in comparison to studies undertaken using synthetically produced molecules.

The Study will be submitted for approval to the Ethics Committee of the Jamaican Ministry of Health, following which, and other relevant consents, the Study will be led by Dr. Tamika Haynes-Robinson, Senior Neuropsychologist at Psyence Group, with initial results anticipated in mid-2021. In support of this work, Dr. Haynes-Robinson attended a MycoMeditations retreat in early January 2021 as an observer in order to inform her study design and to assess areas where there are opportunities for current retreat practices to be augmented through consultation with Psyence’s team of experts via technical, scientific and medical support to bring operations into what is anticipated to be a soon-to-be regulated environment. The Study will utilize MycoMeditations’ existing data combined with Psyence generated data analysis. Following completion of the Study, the parties intend to publish the findings in a peer-reviewed academic journal and other available publication outlets. The findings will inform the commercially licensed cultivation and production work being undertaken by Psyence Production (Pty) Ltd in the Southern African Kingdom of Lesotho (formerly known as Mind Health (Pty) Ltd and a wholly owned subsidiary of Psyence Group
Inc.), pursuant to its federally issued commercial license to cultivate, process, store, and export psilocybin.

Jody Aufrichtig, Co-Founder, President, and CEO, Psyence Group Inc. adds: “This collaboration with MycoMeditations will begin the process of supporting existing groups active in the field of providing psilocybin-based therapies, in their path to enter and participate in the licensed and regulated opportunities and industry being created by industry pioneers. MycoMeditations brings a wealth of practical knowledge and experience that we believe can be of great value to derisking our product development work. We look forward to working with Justin and the MycoMeditations team on generating evidence-based data and
future collaborations.” The Research Collaboration Agreement further serves as an opportunity for the Psyence team of medical and technical professionals to assess the utility of Mycomeditations’ vast database of survey data collected from having led therapeutic psilocybin retreats in Jamaica over the past several years for future research and evaluate its possible use in identifying promising therapeutic pathways and indications. Assuming a positive outcome, the parties
intend to expand their research collaboration with a further prospective study to measure dosing and efficacy within the structure of the retreat-based guided group experience.

About Psyence Group

The Psyence Group sets the global standard for natural psychedelics. The executive team have intenational experience in the business of science and medicine and include global experts in palliative care, neurology, neuroscience and drug development. Psyence has built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities. Psyence is pioneering the use of natural psilocybin for the long-term treatment of psychological trauma and its mental health consequences. Our global footprint operates across multiple legal jurisdictions, through the advanced provision of psychedelic
therapy and experience, as well as market leading functional mushroom brands and product portfolio.

Psyence Contact Information

Lisa-Marie Iannitelli, Investor Relations
Email: ir@psyence.com
Website: www.psyence.com
Media Inquiries: media@psyence.com
General Information: info@psyence.com

About MycoMeditations

MycoMeditations, a world leader in the expanding fields of legal psychedelic therapy and wellness tourism, is driven by its commitment to charting a new way forward for psychological care, therapeutics, research and psilocybin legalization by providing safe, lifeaffirming experiences guided by expert facilitators and mental health professionals.

Media Inquiries: media@MycoMeditations.com

Certain statements in this news release related to Psyence Group Inc and its subsidiaries (collectively “the Company”) are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the approval of the Study and related activities by, and the obtaining of the requisite licences and consents from, the Jamaican regulatory and governmental authorities, the anticipation of the enactment or publication of regulation in the Jamaican psilocybin sector and the optimism surrounding the anticipated positive outcomes of the Study. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

The Company makes no medical, treatment or health benefit claims about the Company’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceutical products. The efficacy of such products have not been confirmed by approved research. There is no assurance that the use of psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and
safety of potential products do not imply that the Company verified such in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.

Silo Wellness Closes $2.5 Million Subscription Receipt Financing With Another $2.4 Million in Escrow

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Feb. 05, 2021 (GLOBE NEWSWIRE) — YUKOTERRE RESOURCES INC. (“Yukoterre”) (CSE:YT), is pleased to announce that further to the press release dated August 25, 2020, FlyOverture Equity, Inc. (“Silo Wellness”) has closed its previously announced brokered private placement financing (the “Sub Receipt Financing”) of subscription receipts (the “Subscription Receipts”) at a price of $0.25 per Subscription Receipt, for gross proceeds of approximately $2.5 million.

Additionally, Silo Wellness is conducting a concurrent non-brokered private placement for gross proceeds of up to approximately $2.5 million (the “Unit Financing” and together with the Sub Receipt Financing, the “Financing”) of units (the “Units”) at a price of $0.25 per Unit and has received $2.4 million (for a total of $4.9 million raised), all such funds being held in escrow pending the completion of the transactions (the “Proposed Transaction”) contemplated in the amalgamation agreement dated as of August 25, 2020 among Yukoterre, Silo Wellness and 1261466 BC Ltd. (as amended to the date hereof, the “Amalgamation Agreement”).

Canaccord Genuity Corp. (“CGF”) acted as lead agent and sole book-runner for the Sub Receipt Financing and Gravitas Securities Inc. acted as agent (together, the “Agents”) pursuant to an agency agreement entered into with Yukoterre and Silo Wellness dated February 4, 2021.

Douglas Gordon, Chief Executive Officer of Silo Wellness, stated, “Total gross proceeds of $4.9 million from the Financing will position Silo Wellness to be able to scale its ketamine nature retreat held in Oregon and Jamaican psilocybin mushroom wellness retreats upon the satisfaction of the escrow release conditions and CSE approval and closing of the Proposed Transaction. This follows on Silo Wellness’ successful launch of the first-of-its-kind legal ketamine psychedelic wellness retreat in Oregon last month on the iconic McKenzie River.”

The proceeds of the Sub Receipt Financing (the “SR Escrowed Funds”) have been deposited in escrow, pending the satisfaction of certain customary escrow release conditions which include Yukoterre and Silo Wellness receiving all applicable regulatory approvals to complete the Proposed Transaction (the “Release Conditions”). Upon satisfaction of the Release Conditions, immediately prior to the completion of the Proposed Transaction, each Subscription Receipt will automatically convert into Units consisting of one common share of Silo Wellness (collectively, the “Silo Shares”) and one-half of one common share purchase warrant of Silo Wellness exercisable at a price of $0.33 (collectively, the “Silo Warrants”) for a period of 24 months from the date the Release Conditions are satisfied. Subsequently, the Silo Shares will be exchanged for common shares of Yukoterre (the “Resulting Issuer Shares”) and the Silo Warrants will be exchanged for common share purchase warrants of Yukoterre (the “Resulting Issuer Warrants”), in each case on a one-for-one basis pursuant to the terms of the Amalgamation Agreement. If the Proposed Transaction is not completed on or before June 4, 2021 or Silo Wellness advises the Agents or announces to the public that it does not intend to satisfy the Release Conditions or that the Proposed Transaction has been terminated, the SR Escrowed Funds will be returned to the subscribers and the Subscription Receipts will be void and be of no further effect or value.

The proceeds of the Unit Financing (the “Unit Escrowed Funds”) have been deposited in escrow, pending Yukoterre and Silo Wellness receiving all applicable regulatory approvals (the “Unit Escrow Conditions”). Upon satisfaction of the Unit Escrow Conditions, immediately prior to the completion of the Proposed Transaction, the Unit Financing shall close and Units comprised of one Silo Share and one-half of a Silo Warrant will be issued. Subsequently, the Silo Shares and the Silo Warrants will be exchanged for Resulting Issuer Shares and Resulting Issuer Warrants, in each case on a one-for-one basis pursuant to the terms of the Amalgamation Agreement.

In consideration for their services in connection with the Sub Receipt Financing, Silo Wellness agreed to (i) pay to the Agents a fee equal to 8.0% of the gross proceeds from the Sub Receipt Financing; (ii) pay to CGF a corporate finance fee equal to 5.0% of the aggregate number of Subscription Receipts issued pursuant to the Sub Receipt Financing; and (iii) issue to the Agents broker warrants (the “Broker Warrants”) equal to 8.0% of the number of Subscription Receipts sold pursuant to the Sub Receipt Financing. In exchange for certain advisory services provided by the Agents to Silo Wellness, the Agents also received an advisory fee equal to $47,677.

The net proceeds of the Financing, once released from escrow, are intended to be used by Silo Wellness to expand and grow the business of Silo Wellness and for working capital purposes.

Further Information

Further details about the Proposed Transaction will be provided in a CSE listing statement to be prepared and filed by Yukoterre in respect of the Proposed Transaction.

Investors are cautioned that, except as disclosed in the CSE listing statement (or other disclosure document prepared by Yukoterre) in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.

The CSE has not passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release. All information contained in this news release with respect to Silo Wellness and Yukoterre was supplied by each party respectively for inclusion herein and each party has relied on the accuracy of such information without independent verification.

About Yukoterre

Yukoterre is engaged in the business of mineral exploration and the acquisition of mineral property assets in the Yukon Territory. Its objective is to locate and develop mineral properties of merit and to conduct its exploration program on the Division Mountain Property.

About Silo Wellness

The mission of Silo Wellness is to improve health and wellness by developing and introducing psychedelic medicine to reduce trauma and increase performance by destigmatizing the active compounds in psychedelics and innovating ease of administration and ingestion.   Silo Wellness intends to introduce new, safe, and affordable alternatives to current medicines by facilitating entry into new and emerging markets where psychedelics are legal by conducting ketamine and psilocybin wellness retreats and elsewhere by manufacturing and distributing functional mushrooms.

Since inception, Silo Wellness’ activities have focused on: (1) development of psilocybin-free functional mushroom tinctures, (2) the development of the formulation of a psilocybin nasal spray in Jamaica and (3) offering of Jamaican and Oregon wellness retreats and Jamaican cultivation of psychedelic mushrooms. None of Silo Wellness’ products claim to cure or mitigate any physical or mental disease, symptoms, disorders or abnormalities.

Further Information

For further information, please contact:

Yukoterre Resources Inc.
Kenny Choi
Chief Executive Officer
Tel: (416) 861-2262
E-mail: Kenny.choi@fmresources.ca

Silo Wellness
Mo Yang
Chief Operating Officer
Tel: 541-525-9190
Web: www.SiloWellness.com
E-mail: mo.yang@silowellness.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Financing, the Amalgamation Agreement and the Proposed Transaction (including all required approvals), the use of proceeds, the business plans of Silo Wellness, including the scaling of its ketamine retreats in Oregon and Jamaican psilocybin retreats, and satisfaction of the Release Conditions and the Unit Release Conditions. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the impact of COVID-19, the failure to satisfy some or all of the Release Conditions and/or the Unit Release Conditions, and the delay or failure to receive regulatory approvals for the Proposed Transaction. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Yukoterre assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities from Yukoterre or Silo Wellness in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Delic to Acquire Ketamine Infusion Centers LLC

VANCOUVER, BC, Feb. 4, 2021 /CNW/ – Delic Holdings Inc. (“DELIC” or the “Company“) (CSE: DELC) (OTCQB: DELCF), a psychedelic wellness-focused company, is pleased to announce it has entered into a binding letter agreement (the “Letter Agreement“) to acquire Ketamine Infusion Centers LLC (“KIC“). KIC is a limited liability corporation formed under the laws of Arizona, which owns and operates two ketamine infusion treatment clinics, one in Phoenix, Arizona and the other in Bakersfield, California (the “Transaction“). Supported by clinical trials and peer reviewed studies, ketamine infusions has emerged as a promising treatment option for chronic diseases and pain disorders.

Transaction Highlights

  • The Transaction establishes DELIC as a diversified psychedelics organization. KIC has been growing steadily with revenues in ‎excess of USD$1.5 million since 2019
  • KIC will be Strategically Positioned to Leverage DELIC Platform and Brand: DELIC expects to drive patients to KIC through its media platform and become a national leader
  • Established History of Providing Ketamine Infusion Services. The management team at KIC has been in ‎business for 3 years expanding services throughout the United States
  • Management Expertise. The acquisition of KIC will add a team of 6 medical professionals and ‎employees bringing a wealth of industry ‎experience and knowledge to DELIC

Matt Stang, Founder and CEO of DELIC commented, “We publicly listed DELIC with the intent of buying cash-flowing, scalable companies and that is exactly what KIC represents. KIC management has decades of experience in the health sector and has successfully scaled and exited over two dozen clinics and hospitals. KIC’s extensive background in operating clinics and hospitals better enables DELIC to be the leader in ketamine clinic rollouts, ensuring that our patients receive the best medical treatment and care. We intend to use this best-practices methodology, such as an insurance reimbursement program, to scale-out our clinic footprint throughout the country.”

Sonny Diaz, Co-Founder of KIC stated, “Our management team has been in the clinic and medical business for 15 years scaling and operating. We jumped on the opportunity to join DELIC as we feel the patient acquisition strategy – using DELIC’s media platform to drive patients – is a potential game changer. We think there is an opportunity to scale our SOPs and clinics over the next 18 month to be the national leader in the space.”

This acquisition demonstrates DELIC’s evolution. By acquiring KIC, DELIC expands from being a central hub of psychedelic education, media, and information to being able to provide patients with psychedelic therapy. DELIC is uniquely positioned to provide the ability to bring digital awareness to its various holdings under the DELIC umbrella, and drive online users to our brick and mortar holdings, including KIC’s physical psychedelic clinics.

Matt Stang continues, “From my years at High Times helping build the household cannabis brands of today, we know that in a nascent industry whoever yells the loudest gets the attention. Our media exposure and expertise is second to none in the industry and we feel like we can give a tremendous amount of attention to KIC and all future companies that join the DELIC ecosystem.”

Over the last 3 years, the team at KIC has expanded from Arizona to California, while overseeing 4,000 treatments delivered to date, and generating over USD$1.5MM in revenue. KIC will operate under the DELIC umbrella, under the direction and guidance of Dr. Christopher Ray, Sonny Diaz, Rogelio Monzon, and Ganesh Acharya.

Under the terms of the Letter Agreement, DELIC will acquire all of the membership interests of KIC through a reverse triangular merger between KIC and a wholly-owned subsidiary of DELIC to be organized prior to execution by the parties of a definitive agreement (the “Transaction“). Subject to customary adjustment terms, DELIC has agreed, on closing of the Transaction, to issue [subordinate voting shares] in the capital of DELIC (“Consideration Shares“) to the members of KIC (the “Members“), having an aggregate value of USD$2,250,000 with the number of Consideration Shares to be issued determined based on a price per share equal to the ten trading day volume weighed average trading price (“VWAP“) of the Consideration Shares on the Canadian Securities Exchange (the “Exchange“) immediately prior to closing of the Transaction. In addition, the Members will be eligible to receive additional Consideration Shares upon KIC’s Bakersfield, California clinic posting three consecutive months of profitability and minimum revenue of USD$125,000, during the 12 months following the closing of the Transaction, such additional Consideration Shares to have an aggregate value of USD$800,000, based on a price per share equal to the 10 trading day VWAP of the Consideration Shares on the Exchange immediately prior to the date such milestone is achieved.

The Members have agreed that any Consideration Shares issued will be ‎subject to a contractual hold ‎‎period, with 10% of the share consideration to be released on the date that is six months and one day following closing, ‎and 15% ‎released every six months thereafter over a period ‎of 36 months. In addition, Members have agreed to enter into voting support agreements with DELIC having a term of two years, pursuant to which the Members will ‎vote as directed by the board of directors of ‎DELIC, subject to customary carve-outs.

The parties entered into the Letter Agreement effective December 7, 2020 and have begun due diligence. The parties intend to complete the Transaction as soon as is practicable and, subject to satisfactory completion of customary closing conditions and due diligence, will use commercially reasonable efforts to enter into a definitive agreement by March 2021.

About DELIC 

DELIC Always Expanding. In All Ways.

DELIC was formed in 2019 to address the growing interest in psychedelic wellness backed by science. DELIC was the ‎first psychedelic umbrella platform and is currently a trusted source for those interested in ‎psychedelic culture, psychedelic clinics, and more. ‎DELIC’s offerings include, Ketamine Infusion Center, a limited liability corporation formed under the laws of Arizona and runs two ketamine clinics in Arizona and California, “Reality Sandwich”, a free public education platform providing psychedelic guides, news and ‎culture, “Meet Delic”, the first ever psychedelic wellness summit, and “The Delic”, an e-commerce lifestyle brand. ‎For more information, check out www.deliccorp.com.

The Canadian Securities Exchange ‎has neither approved nor disapproved the contents of this news release and does not accept responsibility ‎for the adequacy or accuracy of this release.‎

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities ‎in the United States. The securities have not been and will not be registered ‎under the United States ‎Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state ‎securities laws and may not be offered or ‎sold within the United States unless registered under the U.S. ‎Securities Act and applicable state securities laws or an ‎exemption from such registration is available.‎

Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable ‎Canadian securities ‎legislation and may also contain statements that may constitute “forward-looking ‎statements” within the meaning of ‎the safe harbor provisions of the United States Private Securities ‎Litigation Reform Act of 1995. Such forward-looking ‎information and forward-looking statements are not ‎representative of historical facts or information or current ‎condition, but instead represent only the ‎Company’s beliefs regarding future events, plans or objectives, many of ‎which, by their nature, are ‎inherently uncertain and outside of DELIC’s control. Generally, such forward-looking ‎information or ‎forward-looking statements can be identified by the use of forward-looking terminology such as ‎‎”plans”, ‎‎”expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, ‎‎‎”anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may ‎contain ‎statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be ‎taken”, “will continue”, ‎‎”will occur” or “will be achieved”. The forward-looking information and forward-‎looking statements contained herein ‎may include, but are not limited to, information concerning listing on the Canadian Securities Exchange, anticipated continued growth in the health and wellness sector (and, in particular, related to psychedelics), the continued emergence of psychedelics from stigmas, the ability of the Company to maintain sensible messaging, the ability of the Company to avoid dogmatic practices and binary rhetoric‎, the ability of DELIC to successfully achieve business ‎objectives, ‎and expectations ‎for other economic, ‎business, and/or competitive factors.‎

By identifying such information and statements in this manner, DELIC is alerting the reader that ‎such ‎information and statements are subject to known and unknown risks, uncertainties and other factors ‎that may cause ‎the actual results, level of activity, performance or achievements of DELIC to be ‎materially different from those ‎expressed or implied by such information and statements. In addition, in ‎connection with the forward-looking ‎information and forward-looking statements contained in this press ‎release, DELIC has made certain ‎assumptions. Among the key factors that could cause actual ‎results to differ materially from those projected in the ‎forward-looking information and statements are the ‎following: the ability to consummate the Proposed Transaction; ‎the ability to ‎obtain requisite regulatory and securityholder approvals and the satisfaction of ‎other conditions to the ‎consummation of the Proposed Transaction on the proposed terms and schedule; the ability to ‎satisfy the ‎conditions to the conversion of the Subscription ‎‎Receipts (as defined in the Previous Press Release); the potential impact of the announcement or consummation of the Proposed Transaction on ‎relationships, ‎including with regulatory bodies, employees, suppliers, customers and competitors; ‎changes in general economic, ‎business and political conditions, including changes in the financial ‎markets; changes in applicable laws; compliance ‎with extensive government regulation; and the diversion ‎of management time on the Proposed Transaction.‎

Should one or more of these risks, uncertainties or other factors materialize, or should assumptions ‎underlying the ‎forward-looking information or statements prove incorrect, actual results may vary ‎materially from those described ‎herein as intended, planned, anticipated, believed, estimated or ‎expected.‎

Although DELIC believes that the assumptions and factors used in preparing, and the expectations ‎contained ‎in, the forward-looking information and statements are reasonable, undue reliance should not ‎be placed on such ‎information and statements, and no assurance or guarantee can be given that such ‎forward-looking information and ‎statements will prove to be accurate, as actual results and future events ‎could differ materially from those anticipated ‎in such information and statements. The forward-looking ‎information and forward-looking statements contained in this ‎press release are made as of the date of ‎this press release, and DELIC does not undertake to update any ‎forward-looking information ‎and/or forward-looking statements that are contained or referenced herein, except in ‎accordance with ‎applicable securities laws. All subsequent written and oral forward- looking information and ‎statements ‎attributable to DELIC or persons acting on its behalf is expressly qualified in its entirety by this ‎‎notice.‎

Core One Labs Announces Its Entrance into the Ketamine Space With Proposed Acquisition of Ketamine Infusion Centers of Texas

Vancouver, British Columbia, Canada – February 4, 2021 – Core One Labs Inc. (CSE: COOL), (OTC: CLABF), (Frankfurt: LD62, WKN: A2P8K3) (the “Company”) a biotechnology research and development company focused in life sciences and on bringing psychedelic medicines to market through novel delivery systems and psychedelic assisted psychotherapy is pleased to announce it has entered into a letter of intent (the “Letter of Intent”) dated January 20, 2021 with Ketamine Infusion Centers of Texas, LLC (“KICT”), an arms-length-party, to review a potential acquisition of KICT.

KICT is a Health and Wellness Clinic located in Woodlands, Texas that was established to address treatment-resistant depression and other mental health disorders, through the delivery of Ketamine infusion treatments.  KICT aims to be known as a centre of excellence in the management of treatment-resistant depression and strives to achieve this by providing unparalleled and individualized care based on the uniqueness of eachclient. Using research-based data, KICT has created proven, effective treatment protocols that have helped patients suffering from treatment-resistant depression, as well as other mental health disorders.  These include major depressive disorder, bipolar disorder, post-partum depression, post-traumatic stress disorder and obsessive compulsive disorder.

The acquisition of KICT poses an exciting growth opportunity for Core One as we endeavour to broaden our footprint in the ‘psychedelics as alternative medicines’ market and expand our presence in medical clinics across North America. It is our first step into the leading psychedelic treatment methodology in the US which opens up a whole new market for us” stated Joel Shaker, CEO of the Company.

“KICT’s history as established practitioners in this burgeoning field, and Core One’s ongoing research and development in alternative psychedelic medicines and delivery methods, create a unique and international platform to address mental health. This acquisition is the first step in building our foundation and infrastructure in the US, where regulations surrounding psychedelics are shifting rapidly. Given KICT’s cutting edge treatment approach and client base, Core One is positioned to take advantage of a variety of new treatment options that are going through the FDA process. Furthermore, this provides us with an impressive avenue to conduct research and clinical trials to create additional novel IP.

ABOUT KETAMINE

Ketamine is a legal drug and at a sub-anesthetic dose produces a non-ordinary state of consciousness that produces psychedelic and euphoric effects. Ketamine is showing much success in providing symptom relief for depression, anxiety, and other mental health conditions when administered in conjunction with psychotherapy.

In 2000 Yale University published the first study on Ketamine’s use for the treatment of depression. Since this first study many subsequent studies have been published, providing evidence of the safety and efficacy of Ketamine, as an alternative treatment method. The use of Ketamine has been so effective that Dr. Thomas Insel, Director of the National Institutes of Health stated, “Recent data suggest that Ketamine, given intravenously, may be the most important breakthrough in antidepressant treatment in decades”.

According to the World Health Organization, 300 million people worldwide have depression. 16.2 million Americans or roughly 7% have experienced depression in the past year. 10.3 million Americans have experienced an episode that has caused severe impairment including loss of jobs and relationships. Depression is the leading cause of disability worldwide. The total economic burden is estimated to be $210 billion annually.

“There are many facets of depression including bipolar disorders, anxiety disorders, and post-traumatic stress disorder (PTSD). We all have been affected by depression in one way or another. Many of  us witnessing firsthand what depression can do to a loved one, a close friend, or work colleague. Depression can create an incredible void in these individuals, yet unfortunately, depression and the field of mental health has taken a back seat in our present day culture. Unlike diagnoses such as hypertension, coronary artery disease, or diabetes, depression is not a condition that is well accepted by society and causes people with this disorder to withdraw even further away, shutting out the world around them,” stated Michael Nguyen, M.D., Psy.D., Medical Director of KICT.

LETTER OF INTENT TERMS

Pursuant to the terms of the Letter of Intent, it is contemplated that the Company would acquire all of the outstanding membership interests in KICT in consideration for US$200,000, which would be satisfied through the issuance of common shares of the Company upon closing.

Completion of the acquisition of KICT is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation and the receipt of any required regulatory approvals.  The proposed acquisition is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.

ABOUT CORE ONE LABS INC.

Core One Labs Inc. is a biotechnology research and technology company focused in life sciences and on bringing psychedelic medicines to market through novel delivery systems and psychedelic assisted psychotherapy.  The Company has developed a patent pending thin film oral strip (the “technology”) which dissolves instantly when placed in the mouth and delivers organic molecules in precise quantities to the bloodstream, maintaining excellent bioavailability. With this technology, the Company intends to further develop its IP technology to focus on delivering psychedelic molecules with an initial focus on psilocybin. Core One also holds an interest in walk-in medical clinics which maintain a database of over 200,000 patients combined. Through research and development in these clinics, including the integration of its intellectual property related to psychedelic treatments and novel drug therapies, the Company intends to work towards regulatory approval for research that advances psychedelic-derived treatments for mental health disorders.

Core One Labs Inc.

Joel Shacker

Chief Executive Officer

FOR MORE INFORMATION, PLEASE CONTACT:

info@core1labs.com

1-866-347-5058

Cautionary Disclaimer Statement:

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information. In addition, psilocybin is currently a Schedule III drug under the Controlled Drugs and Substances Act (Canada) and it is a criminal offence to possess substances under the Controlled Drugs and Substances Act (Canada) without a prescription. Health Canada has not approved psilocybin as a drug for any indication. Core One Labs Inc. does not have any direct or indirect involvement with illegal selling, production, or distribution of psychedelic substances in jurisdictions in which it operates. While Core One Labs Inc. believes psychedelic substances can be used to treat certain medical conditions, it does not advocate for the legalization of psychedelics substances for recreational use. Core One Labs Inc. does not deal with psychedelic substances, except within laboratory and clinical trial settings conducted within approved regulatory frameworks.

MYND Life Sciences Inc. Announces Collaborative Research Agreement with the University of British Columbia on Major Depressive Disorder

VANCOUVER, BCFeb. 2, 2021 /PRNewswire/ – MYND Life Sciences Inc. (“MYND“) a life sciences company focused on novel psychedelic drug development and pharmaceuticals, is pleased to announce it has signed a Collaborative Research Agreement (the “Agreement“) with the University of British Columbia (“UBC“) focussing on Major Depressive Disorder (“MDD“), often referred to as depression.

“We are incredibly excited to announce our Collaborative Research Agreement focussing on a treatment for depression,” stated Dr. Lyle Oberg, MYND’s Chief Executive Officer. “We have an opportunity to improve the wellness and quality of life of people suffering from depression, anxiety and addiction and this agreement helps set the foundation for the development of novel therapies utilizing psilocybin and other related compounds to treat Major Depressive Disorder” continued Dr. Oberg.

The World Health Organization (WHO) states depression is currently estimated to effect more than 264 million people worldwide. Depression and anxiety also contribute $1 Trillion in economic costs globally.1

“We recognize that traditional pharmaceuticals have not been effective in treating many forms of MDD. We believe that psilocybin has the ability to change the course of depression by working on pathways that we have already identified in prior research,” stated Dr. Wilfred Jefferies, MYND’s Chief Science Officer. “This Agreement allows my team to expand our research development and delve deeper into the fundamental cause of depression leading to new treatments and diagnostics.”

ABOUT MYND LIFE SCIENCES

MYND Life Science Inc. is a leading life sciences company focussed on improving mental health. The Company has confirmed access to Health Canada psilocybin research and development through licenses to Chief Science Officer, Dr. Wilfred Jefferies. Patents have been filed based on therapeutic approaches to treat diseases of the Central Nervous System using neuroactive agents including psychedelics and other compounds. Research and development is currently underway.

CONTACT INFORMATION
Investor Relations
Email: anthonyv@myndsciences.com 
Phone: 954-401-8686
Web: www.myndsciences.com

Forward-Looking Information
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MYND to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.   

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information.

1https://www.who.int/news-room/fact-sheets/detail/depression

‘Shroom retreats the next big thing?

‘Shroom retreats the next big thing?

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Who’s ‘shrooming who abroad?

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MycoMeditations, a Jamaican retreat centre, is one of several in the world offering facilitated psychedelic psilocybin mushroom sessions, according to a report in the Washington Post.

Such centers have drawn tourists from all over the world thanks to a surging interest in the reputed mental health benefits of psychedelics for maladies such as treatment-resistant depression and end-of-life distress.

Psilocybin mushrooms are illegal in most places in the U.S. and Canadian law only allows them to be prescribed for research purposes or clinical trials.

“Psilocybin is not illegal here, and it’s one of the few places in the world where you can actually use these substances,” Justin Townsend, MycoMeditations’ CEO and head facilitator, told the Washington Post.

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The Netherlands’ legal loophole allowing for psilocybin sclerotia, or “truffles,” sales makes it another destination.

Voters in the District of Columbia approved a ballot initiative to decriminalize the use of psilocybin mushrooms, while Oregonians approved legally using psilocybin in therapeutic settings. U.S. psychedelic getaways may become a wellness travel trend in the future.

“I’m very excited to see how it continues to go — I think the recent passage in Oregon is going to have kind of a ripple effect,” said author Michelle Janikian, who penned the 2019 book Your Psilocybin Mushroom Companion.

Janikian, who has volunteered at and participated in magic-mushroom retreats, has this advice.

“Folks need to research their retreat leaders,” she told the Washington Post. “Do your homework first to make sure it’s a safe and integral place.”

Numinus Wellness Closes Q1 2021 with Strong Cash Position and Industry Firsts

Key milestones met in ongoing trials , expanding national footprint, and enhanced research capabilities ensure Numinus’ continued growth

VANCOUVER, BC – January 29, 2021 – Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a health care and research company developing and delivering psychedelic-centred solutions to treat mental illness, substance abuse and trauma, today announced its financial results for the first quarter for the three months ended November 20, 2020 (“Q1 2021”). After achieving two industry firsts, launching new compassionate access trials, and augmenting its clinical and research activity, Numinus meaningfully expanded its industry presence in Q1 2021. All financial results are reported in Canadian dollars unless otherwise stated.

Q1 2021 Highlights:

  • Achieved cash balance of $4,915,209 as at November 30, 2020 through the $4,600,000 short form financing and $1,094,708 from the exercises of warrants and options
  • Achieved revenue of $229,188 for Q1 2021
  • Realized net loss and comprehensive loss of $(1,928,737) for Q1 2021
  • Completed a short form prospectus financing offering of $4,600,000 through the issuance of 18,400,000 units at a price of $0.25 per Unit
  • Cultivated and harvested the first legal flush of Psilocybe mushrooms in Canada under its Health Canada-issued Controlled Drugs and Substances Dealer’s Licence
  • Entered into a collaboration agreement with Syreon Corporation to undertake a compassionate access clinical trial of psilocybin-assisted psychotherapy for substance use disorders
  • Welcomed Jamie Wheal, Ben Nemtin, Dennis McKenna, Pamela Hadfield, and Nichol Bradford to its General Advisory Council
  • Continued to develop psychedelic assisted psychotherapy protocols for broader delivery once COVID-19 precautions are loosened and therapy can be safely provided in person

Highlights Subsequent to Quarter End:

  • Completed a bought deal financing offering of $17,250,138 through the issuance of 25,367,850 units at a price of $0.68 per Unit
  • Achieved available cash on hand of approximately $28,000,000 through the $17,250,138 bought deal financing and approximately $9,000,000 through the exercises of warrants and options
  • Entered into a collaboration agreement with the Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS PBC) to seek approval to deliver MDMA-assisted psychotherapy for posttraumatic stress disorder through a single-arm, open-label, compassionate access trial
  • Announced agreement to acquire Montreal-based Mindspace Wellbeing to continue national expansion
  • Continued research activities related to psilocybin extraction of Psilocybe mushrooms as part of the Company’s research and development program
  • Entered into a contract services agreement with Optimi Health to advance research and development of psychedelic products
  • Upgraded lab equipment, research, and testing capabilities with the purchase of the Orbitrap Exploris 120 mass spectrometer

 

CEO Commentary and Outlook

“We are pleased that our first quarter was characterized by significant growth across many aspects of our business,” said Payton Nyquvest, CEO of Numinus. “We achieved landmark industry firsts, including the first legal harvest and extraction of Psilocybe mushrooms by a public company in Canada, while also embarking on two compassionate access trials and expanding our national footprint. Supported by our strong cash position and balance sheet, Numinus is poised to take advantage of market opportunities that will further cement our leadership role in the psychedelics industry. At Numinus, we endeavour to develop and deliver psychedelic therapies to transform health care, and we remain committed to executing against our strategic plan while maximizing long-term value for our shareholders.”

Selected Financial Results for Q1 2021

For the three months ended November 30,
202 2019
Revenue $ 229,188 $ 134,415
Cost of Revenue (267,323) (68,198)
Gross Profit (38,135) 66,217
Expenses (1,909,929) (957,477)
Loss Before Other Items (1,948,064) (891,260)
Other items 19,327 (13,751)
Loss Before Income Taxes (1,928,737) (905,011)
Income tax (6,240)
Loss and Comprehensive Loss for the Period $ (1,928,737) $ (911,251)
For the three months ended November 30,
2020 2019
Cash used in operating activities $ (1,899,655) $ (303,106)
Cash generated by (used in) investing activities 200,867 (27,853)
Cash generated by financing activities 4,986,668 250,932
Change in cash during the period 3,287,880 (80,027)
Cash, beginning of period 1,627,329 89,987
Cash, end of period $ 4,915,209 $ 9,960

Numinus’ condensed consolidated interim financial statements (“financial statements”) and management’s discussion and analysis (“MD&A”) are available on Numinus’ website at numinus.ca and on SEDAR at www.sedar.com.

About Numinus

Numinus Wellness Inc. (TSXV:NUMI) is a health care and research company developing and delivering psychedelic-centred solutions to treat mental illness, substance abuse and trauma.

Numinus Health delivers treatments through clinics and virtual services, with clinics in Vancouver and Montreal.

 

Numinus R&D develops clinical and therapeutic protocols to use in treatments, in collaboration with research partners and regulators.

 

Numinus Bioscience develops formulations and methods for a safe supply, using Health Canada licences, scientific expertise and cutting-edge technology.

Learn more at numinus.ca, and follow us on LinkedInFacebookTwitter, and Instagram.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, municipal, local or other licences and any inability to obtain all necessary governmental approvals licences and permits to operate and expand the Company’s facilities; regulatory or political change such as changes in applicable laws and regulations, including federal and provincial legalization, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; the Company’s limited operating history and lack of historical profits; reliance on management; the Company’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, customers and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

-30-

For further information: John Fong, Chief Financial Officer, Numinus Wellness Inc, ir@numinus.ca

For media inquiries: Maggie Hall, Kaiser & Partners, maggie.hall@kaiserpartners.com

Field Trip Health Ltd. Common Shares to Trade on the OTCQX Best Market

TORONTO, Jan. 28, 2021 (GLOBE NEWSWIRE) — Field Trip Health Ltd. (CSE: FTRP; FTRP.WT; OTCQX: FTRPF) (“FieldTrip“), a leader in the development and delivery of psychedelic therapies, is pleased to announce its common shares have been approved for trading on the OTCQX® Best Market (“OTCQX”) retaining its current symbol FTRPF, effective as of the opening of trading today, January 28, 2021. Field Trip’s shares and warrants continue to trade on the Canadian Securities Exchange under the tickers FTRP and FTRP.WT, respectively.

“Our quotation on the OTCQX Best Market from the Pink® market marks an important step for Field Trip in bringing our integrated psychedelics business to a wider range of U.S. and international institutional and retail investors,” said Ronan Levy, Field Trip’s Executive Chairman. “The OTCQX is the top tier of OTC Markets, with the most stringent entry requirements, and we expect this move will help improve liquidity and broaden our investor base. Our Field Trip Discovery and Field Trip Health divisions are at the forefront of the psychedelics industry at a time when scientists and investors alike are showing greater interest in, and enthusiasm for, the transformative impact that psychedelics may have on our approach to mental health and wellness. We would like to thank all of our shareholders for their ongoing support as we leverage our unique positioning in the market to grow the value of our company.”

The OTCQX Best Market is for established, investor-focused U.S. and international companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, be current in their disclosure, and have a professional third-party sponsor introduction. Field Trip’s profile on the OTCQX website can be found here.

In addition to quotation of its shares on the OTCQX, Field Trip continues to explore options to enhance liquidity and access for global investors interested in investing in Field Trip, including potential up-listings or cross-listings to US or international exchanges and/or up-listing to senior exchanges in Canada, and also continues the process of securing Depository Trust Company (DTC) eligibility for its common shares. DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of US publicly traded companies. DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company’s common shares in the United States.

About Field Trip Health Ltd.

Field Trip is a global leader in the development and delivery of psychedelic therapies. With our Field Trip Discovery division leading the development of the next generation of psychedelic molecules and conducting advanced research on plant-based psychedelics including psilocybin-producing fungi and our Field Trip Health division building centers for psychedelic therapies opening across North America and Europe along with the digital and technological tools that will enable massive scale, we help people, from those in treatment to those seeking accelerated personal growth, with a simple, evidence-based way to heal and heighten engagement with the world.

Learn more at https://www.meetfieldtrip.comhttps://www.fieldtriphealth.com  and  https://www.fieldtriphealth.nl.

Follow us on Twitter and Instagram: @fieldtriphealth

To receive company updates about Field Trip and to be added to the email distribution list please sign up here.

For further information, contact Ronan Levy, Executive Chairman and a Director at Field Trip, at 1 (833) 833-1967. 

Cautionary Note Regarding Forward-Looking Information.
This release includes forward-looking information within the meaning of Canadian securities laws regarding Field Trip and its business, which may include, but are not limited to, statements with respect to the listing of the common shares of Field Trip on the Canadian Securities Exchange, and the timing of such events. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of Field Trip, and are based on assumptions and subject to risks and uncertainties. Although the management of Field Trip believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the COVID-19 epidemic, the medical clinic industry, market conditions, economic factors, management’s ability to manage and to operate the business and the equity markets generally. Although Field Trip has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Field Trip does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the Canadian Securities Exchange, nor its Regulation Services Provider, nor the OTC Markets have approved the contents of this release or accept responsibility for the adequacy or accuracy of this release.

Media contacts:
Paige Tatulli
Autumn Communications
212-206-9780
paiget@autumncommunications.com / fieldtrip@autumncommunications.com

Investor contacts:
Elizabeth Barker
KCSA Strategic Communications
212-896-1203
ebarker@kcsa.com

SOURCE Field Trip Health Ltd.