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BETTER PLANT FIGHTS CLIMATE CHANGE WITH THE LAUNCH OF ECOCART FOR CARBON NEUTRAL ONLINE SHOPPING

Vancouver, B.C. – August 13, 2021: Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (“Better Plant” or the “Company”), a wellness company that develops and sells sustainable, plant-based products that are better for health and better for the earth, has integrated EcoCart with its Shopify powered Jusu eCommerce platforms, getjusu.com and jusubar.com. EcoCart is a Google Chrome extension that utilizes a global network of reputable suppliers to sequester, reduce, and offset carbon emissions.

“Recent extreme weather events have raised awareness about the climate emergency and consumers are looking for ways to reduce their carbon footprint. One way to mitigate climate change is by offsetting carbon emissions,” says Better Plant CEO, Penny White. “We are impressed with how easily the app allows consumers to make their eCommerce orders carbon neutral by selecting the EcoCart option to add an amount based on product weight to the total.”

Global climate change is accelerating, and human-caused emissions of greenhouse gases are the overwhelming cause, according to a landmark report released on August 9, 2021 by the United Nations. Scientists say it is not too late to curb global warming by taking climate action. EcoCart funds offset projects like forest protection, planting trees and building sustainable wind energy farms. Upon checkout, customers can select EcoCart’s carbon neutral option and instantly gain access to information about the specific carbon offset project that a percentage of their purchase will support. These projects reduce emissions of carbon dioxide or other greenhouse gases to compensate for emissions made elsewhere, like the emissions created from ordering something online. According to EcoCart, other brands using this extension to create a sustainable shopping experience include environmentally friendly brands like The Detox Market, BKIND, and the Eco Trade Company.

Even as vaccine rollouts ramp up and economies re-open, the boom in online shopping has been widely seen as a trend that is here to stay, making the opportunity to offset one’s carbon impact at checkout highly environmentally valuable. In a study by Shopify Plus, it was estimated that worldwide eCommerce sales were $3.5 trillion in 2019 and will grow to $6.5 trillion by 2023.

The Amsterdam University of Applied Sciences conducted a broad survey into the effect of different shopping options on carbon emissions, and it was revealed that home delivery is a very environmentally acceptable way for consumers to receive their purchases as opposed to driving to and from a store to make a single purchase. Better Plant will continue to develop its customer-centric eCommerce model and explore opportunities to make shopping more sustainable.

 

About Better Plant

Better Plant harnesses plant intelligence and leverages modern science to offer sustainable, plant-based products that are better for health and better for the earth. It makes and sells over 75 proprietary products, all made with 100% natural ingredients, under the brands Jusu Wellness, Jusu Bar, and Urban Juve. Better Plant operates Jusu Bar, a quick serve restaurant alternative in Victoria, BC, which offers healthy food and beverages. Through Jusubar.com it offers home delivery in select cities of refrigerated cold-pressed juices and packaged juice cleanses. Through its Shopify enabled eCommerce site getjusu.com, Better Plant sells plant-based personal care products, including skin care, hair care, body care and baby care and plant-based all natural home cleaning products. Better Plant’s products are also sold through a network of over 140 retail stores. Better Plant is committed to partnering with vendors and suppliers that make eco-friendly choices and support climate change initiatives. Better Plant also offers operational, financial and other services to companies with businesses that align with Better Plant’s mission to help create a better world. Better Plant incubated NeonMind Biosciences Inc., which sells medicinal mushroom infused coffees and is engaged in drug development of psychedelic compounds with two lead psilocybin-based drug candidates targeting obesity. Better Plant owns approximately 27% of NeonMind Biosciences Inc., whose common shares trade under the tickers CSE: NEON, OTCQB: NMDBF and FFE: 6UF.

 

For more information on Jusu Wellness, visit getjusu.com or follow Jusu Wellness on Instagram or Facebook.

 

For more information on Jusu Bar, visit jusubar.com or follow Instagram.

 

For more information on Better Plant, visit betterplantsciences.com or follow Instagram, Twitter or LinkedIn.

 

Penny White, President & CEO

penny@betterplantsciences.com

1-833-515-2677

 

Investor Relations:

Alexandra Dumanski

invest@betterplantsciences.com

1-833-515-2677

 

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation.  Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements.  Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of COVID-19, the potential for not acquiring any rights as a result of the patent  application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets.  Better Plant cautions readers not to place undue reliance on forward-looking statements provided by Better Plant, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better Plant expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

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BETTER PLANT’S URBAN JUVE SKINCARE LINE NOW AVAILABLE AT BLUSH LANE ORGANIC MARKET

Vancouver, B.C. – August 10, 2021: Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) (“Better Plant”), a wellness company that develops and sells sustainable, plant-based products that are better for health and better for the earth, is pleased to announce that its Urban Juve product line is now available at four locations of Blush Lane Organic Market. The parent company of Blush Lane Organic Market is Freshlocal Solutions Inc. (TSX : LOCL), a Vancouver based company that provides end-to-end grocery eCommerce solutions. Freshlocal Solutions serves the main urban markets in Alberta and British Columbia through its brick and mortar store locations operating under the Blush Lane and Be Fresh banners, as well as through SPUD.ca which is Freshlocal’s award-winning online eGrocery platform.

The full Urban Juve product line is now available in each of the following Blush Lane Organic Market locations:

  • Bridgeland, Calgary
  • Aspen Woods, Calgary
  • Whyte Avenue, Edmonton
  • Marda Loop, Calgary

“Freshlocal Solutions focus on reducing environmental impact aligns well with our mission to accelerate growth in a sustainable way”, says Amber Allen, Director of Sales at Better Plant. “As we expand the accessibility of our brands, this is something that we put first.” Freshlocal Solutions is a B Corp Certified company that practices rigorous standards of social and environmental performance, accountability, and transparency. They are committed to responsible and sustainable products, making it an excellent fit for Urban Juve.

The plant-based Ayurvedic skincare line consists of three face and body mists, four massage oils, a face serum, and a lip balm. Urban Juve is available at brick-and-mortar stores across Canada and for shipping worldwide from urbanjuve.com.

Better Plant is committed to building a strong educational foundation and identifies as a wellness education brand. It accomplishes this through providing distributors and retailers with ongoing high-level product training and wellness education.

 

About Better Plant:

Better Plant harnesses plant intelligence and leverages modern science to offer sustainable, plant-based products that are better for health and better for the earth. It makes and sells over 90 proprietary products, all made with 100% natural ingredients, under the brands Jusu, Urban Juve and Wright & Well. Better Plant operates Jusu Bar, a quick serve restaurant alternative in Victoria, BC, which serves up fresh, healthy, and nutritious options with a focus on Jusu cold-pressed juices. Jusubar.com offers home delivery of refrigerated plant-based beverages consisting of cold-pressed juices and packaged juice cleanses for delivery in select cities in Alberta and BC. Through its Shopify enabled eCommerce sites getjusu.com and urbanjuve.com, Better Plant sells plant-based personal care products, including skin care, hair care and body care as well as plant-based all-natural home cleaning products. Better Plant’s products are sold wholesale to retailers, grocers, restaurants and cleaning companies in Canada. Better Plant also offers operational, financial, and other services to companies with businesses that align with Better Plant’s mission to help create a better world. Better Plant incubated NeonMind Biosciences Inc., which sells medicinal mushroom infused coffees and is engaged in drug development of psychedelic compounds with two lead psilocybin-based drug candidates targeting obesity. Better Plant owns approximately 27% of NeonMind Biosciences Inc., whose common shares trade under the tickers CSE: NEON, OTCQB: NMDBF and FFE: 6UF.

 

For more information on Urban Juve, visit urbanjuve.com or follow on Instagram.

 

For more information on Better Plant, visit betterplantsciences.com or follow on Instagram, Twitter or LinkedIn.

 

Penny White, President & CEO

penny@betterplantsciences.com

1-833-515-2677

 

Investor Relations:

Alexandra Dumanski

invest@betterplantsciences.com

1-833-515-2677

 

Sales Inquiries:

Amber Allen, Head of Sales

amber@betterplantsciences.com

604-808-8118

 

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.

 

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation.  Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of COVID-19, the potential for not acquiring any rights as a result of the patent  application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen.  Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets.  Better Plant cautions readers not to place undue reliance on forward-looking statements provided by Better Plant, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better Plant expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

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NeonMind Announces Corporate Update And Strategic Reorganization Of Its Pharmaceutical Division

  • Designed to Accelerate Execution of Integrated Drug Development Plan
    for NEO-001 to Treat Obesity
  • Establishes R&D Advisory Board, Appoints Philippe Martin as Chairman
  • Expands Regulatory Capabilities in Preparation for Proof-of-Concept Study

Vancouver, B.C. – August 5, 2021: NeonMind Biosciences Inc. (CSE: NEON) (OTC: NMDBF) (FFE: 6UF) (“NeonMind” or the “Company”), an integrated drug development and wellness company focused on the potential therapeutic uses of psilocybin for treating obesity and weight management conditions, announced today a strategic reorganization to focus on the execution of the Company’s integrated drug development plan (“IDP”) for its lead drug candidate targeting obesity, NEO-001.

This new structure reorganizes NeonMind’s business operations to focus on its core Pharmaceutical Division, and establishes resources to execute on the Company’s regulatory and clinical operations strategy. This includes the establishment of a Research and Development Advisory Board and the expansion of NeonMind’s regulatory team through the engagement of several key industry professionals. The reorganization will enable NeonMind to successfully execute its IDP by streamlining its corporate structure and leveraging the guidance of regulatory experts.

“These organizational changes will drive the advancement of our lead drug candidate, NEO-001, through the regulatory process,” said Robert Tessarolo, President & CEO of NeonMind. “Combined with our earlier initiatives, including the establishment of our Specialty Clinics Advisory Board, we have brought together an incredible team, all with proven expertise in executing regulatory, clinical, and commercial milestones across leading pharmaceutical organizations. We are excited to prepare NEO-001 for a phase 1/2 study in obese patients as we collaborate with the FDA and Health Canada on IND/CTA submissions.”

Key Appointments to Oversee Core Businesses

As part of the reorganization, Philippe Martin has been appointed Chairman of the Company’s R&D Advisory Board. Mr. Martin was instrumental in building NeonMind’s integrated development plan through the Company’s R&D Working Group. He has 20 years of biotechnology and pharmaceutical industry experience developing and commercializing innovative therapies in the fields of immunology, oncology/hematology, and neurology. Currently, he is the Chief of Development & Operations at Bioalta Inc. overseeing the development of pre-clinical and clinical assets. Previously, at Celgene, Mr. Martin led the development and commercialization of the blockbuster drug Otezla®. Prior to this, while at Schering-Plough, he oversaw the anti-TNF alpha collaboration with Johnson & Johnson and led the REMICADE lifecycle strategy and operations, as well as SIMPONI development, regulatory approvals, and preparation for launch in multiple indications.

In addition, NeonMind has expanded its regulatory team with the hiring of highly experienced regulatory consultants. They bring over 45 years of combined biopharmaceutical industry experience and will provide regulatory guidance and support as the Company prepares for its Proof-of-Concept study.

Related to the reorganization, the Company’s Chief Psychedelics Officer, Trevor Millar, is transitioning to an advisory capacity. Mr. Millar has resigned as Chief Psychedelics Officer and has been engaged by the Company as an advisor, effective August 6, 2021. Additionally, as NeonMind’s focus shifts to navigating the regulatory process, the Company has terminated its consulting agreement with Translational Life Sciences and Dr. William Panenka is leaving the Scientific Advisory Board.

In May 2021, the Company established its Specialty Clinics Advisory Board to guide the planning and operation of NeonMind branded clinics across Canada. To support this endeavor, in July 2021 NeonMind appointed Dr. Sagar Parikh, MD to its Specialty Clinics Advisory Board. In this role, Dr. Parikh will leverage his vast expertise in clinical treatment and interventional psychiatry including effectively treating patients with psychedelics such as ketamine, esketamine, and neurostimulation for mood and anxiety disorders to guide NeonMind as it develops specialty clinic services for communities in need. Dr. Parikh also brings pivotal experience in planning and successfully launching new mental health treatments.

NEO-001, the Company’ lead drug candidate targeting obesity, is a high-dose psilocybin treatment coupled with behavior therapy and lifestyle intervention, which aims to improve the efficacy of chronic weight management in adults. The Company has identified a regulatory strategy, including a target indication and product profile, which it believes will best position NeonMind as it advances its first lead candidate through development.

About NeonMind Biosciences Inc.

NeonMind is engaged in preclinical research to develop potential clinical treatments and wellness products to address obesity and weight management conditions and to promote health and wellness. The Company operates three divisions: (i) a pharmaceutical division engaged in drug development of psychedelic compounds with two lead psilocybin-based drug candidates targeting obesity; (ii) a medical services division focused on launching specialty mental health clinics that integrate psychedelic therapeutics into traditional psychotherapy settings; and (iii) a consumer products division that currently sells mushroom-infused products to promote health and wellness.

In its pharmaceutical division, NeonMind has two distinct psilocybin drug development programs targeting obesity. NeonMind’s lead candidate, NEO-001, employs psilocybin as an agonist at the serotonin 5- HT2A receptor, which is involved in the hallucinogenic effect of psychedelics. The Company’s second drug candidate, NEO-002, employs low-dose psilocybin as an agonist at the 5-HT2C receptor, which controls appetite.

NeonMind established a medical services division with the goal of launching NeonMind-branded specialty mental health clinics in Canada that incorporate evidence-backed innovative treatments to address a variety of mental health needs.

NeonMind’s consumer division currently sells NeonMind-branded coffee products in the United States and Canada through NeonMind’s direct to consumer e-commerce platform.

For more information on NeonMind, go to www.NeonMindBiosciences.com.

Rob Tessarolo, President & Chief Executive Officer, NeonMind Biosciences Inc.

rob@neonmind.com

Tel: 416-750-3101

 

Investor Relations:

KCSA Strategic Communications

Scott Eckstein/Tim Regan

neonmind@kcsa.com

Tel: 212-896-1210

 

Media Inquiries:

KCSA Strategic Communications
Annie Graf

neonmind@kcsa.com

Tel: 786-390-2644

 

The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or NeonMind’s future performance. The use of any of the words “could”, “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 NeonMind’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, NeonMind’s drug development plans, its ability to retain key personnel, and its expectation as to the development of its intellectual property and other steps in its preclinical and clinical drug development constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. NeonMind disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

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BETTER PLANT COLLABORATES WITH BEAUTY NIGHT SOCIETY WITH LIMITED EDITION ASANA BODY & MASSAGE OIL

Vancouver, B.C. – June 30, 2021: Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) (“Better Plant” or the “Company”) is pleased to announce that it has teamed up with Caroline MacGillivray, Executive Director and Founder of Beauty Night Society, to raise funds for Beauty Night’s virtual counselling program. Beauty Night Society is a Vancouver-based organization that in 20 years has given more than 85,000 makeovers to women who live in poverty on Vancouver’s Downtown Eastside. Better Plant will donate 40% of proceeds from its limited edition Urban Juve Asana Body & Massage Oil to pay for Beauty Night Society’s online healing circle appointments led by a counsellor, support worker and healer.

“What we offer is important as there has been an increase in overdoses and domestic violence since the beginning of the pandemic,” says Caroline MacGillivray. “The past 18 months have highlighted the  importance of connection, community and support for mental health. We are excited about this collaboration with Urban Juve! Every dollar counts. I am so grateful to be the charity of choice and to raise money for the self-esteem building work we do through Beauty Night Society. We can’t wait until we can offer in-person programming (in addition to our online counselling, life skills, meditation, journaling and DIY beauty treatments) to let the women we work with enjoy the ayurvedic benefits of the oil & healthy touch!”

Once in-person programming resumes, Urban Juve plans to continue support of Beauty Night Society through product donations, sponsored events, and social media campaigns.

“We are supportive of the stated values of Beauty Night Society that everyone deserves to be treated with dignity and respect and that regardless of socio-economic status, no one deserves to be invisible and isolated from the community”, says Better Plant CEO Penny White. “Better Plant is eager to continue to provide resources  to help Beauty Night Society in its mission to build self esteem and change the lives of women and youth living in poverty.”

Asana Body & Massage Oil features Urban Juve’s Proprietary Sativa Root Extract and is formulated with nourishing oils such as Avocado Oil, Sweet Almond Oil, and Ginger Root Oil. As an ingredient in massage products, avocado oil helps skin appear smoother and firmer all over, while ginger oil replenishes the skin’s moisture barrier, promotes elasticity, and helps even tone. Asana Body & Massage Oil comes in a glass bottle with a 100% recyclable pump and cap and is available for purchase Canada wide at urbanjuve.com with 40% of proceeds going directly to Beauty Night Society.

For more information on how to support Beauty Night Society, visit http://beautynight.org/how-you-can-help

 

About Better Plant:

Better Plant harnesses plant intelligence and leverages modern science to offer sustainable, plant-based products that are better for health and better for the earth. It makes and sells over 90 proprietary products, all made with 100% natural ingredients, under the brands Jusu, Urban Juve and Wright & Well. Better Plant operates Jusu Bar, a quick serve restaurant alternative in Victoria, BC, which serves up fresh, healthy, and nutritious options with a focus on Jusu cold-pressed juices. Jusubar.com offers home delivery of refrigerated plant-based beverages consisting of cold-pressed juices and packaged juice cleanses for delivery in select cities in Alberta and BC. Through its Shopify enabled eCommerce sites getjusu.com and urbanjuve.com, Better Plant sells plant-based personal care products, including skin care, hair care and body care as well as plant-based all-natural home cleaning products. Better Plant’s products are sold wholesale to retailers, grocers, restaurants and cleaning companies in Canada. Better Plant also offers operational, financial, and other services to companies with businesses that align with Better Plant’s mission to help create a better world. Better Plant incubated and has a large ownership interest in NeonMind Biosciences Inc., which sells medicinal mushroom infused coffees in Canada and the US and is developing drugs using psychedelic mushrooms to treat obesity.

For more information or to purchase Jusu juices, visit jusubar.com,  or follow @jusubars, @jusubarvictoria and @jusubarcalgary on Instagram.

For more information on Better Plant, visit betterplantsciences.com or follow @betterplantsciences on Instagram.

 

Penny White, President & CEO

penny@betterplantsciences.com

1-833-515-2677

 

Investor Relations:

Alexandra Dumanski

invest@betterplantsciences.com

1-833-515-2677

 

Sales Inquiries:

Amber Allen, Head of Sales

amber@betterplantsciences.com

604-808-8118

 

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.

 

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation.  Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements.  Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of COVID-19, the potential for not acquiring any rights as a result of the patent  application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen.  Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets.  Better Plant cautions readers not to place undue reliance on forward-looking statements provided by Better Plant, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better Plant expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

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BETTER PLANT REPORTS 2021 Q2 FINANCIAL RESULTS

Vancouver, B.C. –  July 30, 2021: Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (“Better Plant” or the “Company”), a wellness company that develops and sells sustainable, plant-based products that are better for health and better for the earth, reported its financial results for the three month and six month periods ended May 31, 2021. All amounts are in Canadian currency unless otherwise stated.

Complete, consolidated financial statements, along with related management discussion and analysis, can be found on SEDAR under the Company’s profile.

 

Key Financial Highlights of the Three Month and the Six Month Periods Ended May 31, 2021:

  • 6 month revenues were $1,035,181, with gross profits of $748,308.
  • Better Plant  recorded a net income of $622,110 in the three months ended May 31, 2021 compared to a net loss of $2,462,858 in 3 months ended May 31, 2020.
  • Better Plant recorded a net loss of $183,782 for the six months ended May 31, 2021 compared to a loss of $5,165,208 for the same period in the previous year.
  • Total assets grew by 47.9% from year end at $4.7 million on November 30, 2020 to $6.9 million at May 31, 2021.
  • Working capital increased to $1,281,463 at May 31, 2021 from $789,192 at November 30, 2020.
  • Cash decreased to $104,250 at May 31, 2021 from $181,293 at November 30, 2020.
  • Current ratio improved from 1.71 at November 30, 2020 to 2.95 at May 31, 2021.
  • Negative adjusted EBITDA was $602,479 for the three month period ended May 31, 2021, a 66.8% reduction in negative adjusted EBITDA from the same period in the prior year of $1,816,360.

Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, excluding certain non-operating amounts.

 

Growth in Product Sales Highlights:

  • Product sales grew 6% from Q1 to Q2 2021, increasing from $151,679 to $160,683.
  • Total revenue grew 11% from Q1 to Q2, increasing from $491,325 to $543,856.
  • Product sales grew 216% for the three months ended May 31, 2020 from the three months ended May 31, 2021
  • Product sales grew 310% for the six months ended May 31, 2020 from the six months ended May 31, 2021

 

During the year ended November 30, 2020, Better Plant achieved growth in product sales through ecommerce and retail channels.  Better Plant achieved 422% growth from Q1 to Q4, averaging 141% growth per quarter. Its key product sales in fiscal 2020 were through direct-to-consumer Shopify enabled eCommerce platforms as well as distribution of plant-based products through retail stores.

 

Summary of Quarterly Results

 

Liquidity

(1) Current ratio is current assets divided by current liabilities.

(2) Working capital is current assets minus current liabilities.

(3) Debt is defined as any commercial debt and excludes Covid related government loan, CEBA.

 

Segmented Information

Better Plant has two reporting segments: Licensing and product sales, and Corporate and consulting. Licensing and product sales are aggregated as one segment as they are focused around the same product line and share similar economic characteristics. Performance is measured based on operating income (loss) and net income (loss) before taxes, as management believes that this information is the most relevant in evaluating the results of the operating segments relative to other entities that operate within these industries. Operating income (loss) is calculated as revenue less operating expenses.

 

The following is a summary of the Company’s results by operating segment for the three and six months ended May 31, 2021 and 2020:

 

Financial Overview

As of May 31, 2021, Better Plant’s total assets grew to $6.9 million from $4.7 million at November 30, 2020.  The majority of the growth was due to the deconsolidation of a previously majority-owned subsidiary, NeonMind Biosciences Inc. (“NeonMind”) after its initial public offering (“IPO”) in December 2020, and the recognition of Better Plant’s investment in NeonMind as an associate under the equity method thereafter.

Total revenues were $543,856 and $1,035,181 for the three and six months ended May 31, 2021, and product sales were $160,683 and $312,362 for the same periods. Better Plant anticipates continued growth in revenue for Jusu branded products going forward. During the past year, Better Plant focused on increasing product sales, especially in the region of North America, through eCommerce and retail distribution. Licensing is no longer Better Plant’s strategic focus and the company recognized licensing revenues of $181,490 and $326,906 for the three and six months ended May 31, 2021. Better Plant also recognized consulting revenue of $201,683 and $395,913 for the three and six months ended May 31, 2021, most of which was from associated companies. Negative adjusted EBITDA was $602,479 and $1,616,765 for the three and six months ended May 31, 2021, a 67% and 60% reduction in negative adjusted EBITDA from the same periods of the prior year. Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, excluding certain non-operating amounts.

 

Unrealized Gain (Loss) on Marketable Securities and Investments

During the three and six months ended May 31, 2021, Better Plant incurred unrealized loss on marketable securities of $656 and unrealized gain of $3,104, as compared to unrealized loss of $46,186 and $49,389 for the same periods of the prior year.

 

Share of net loss of equity accounted investees

During the three and six months ended May 31, 2021, Better Plant incurred loss from investment in associates of $762,846 and $1,500,852, as compared to $43,578 and $82,279 for the same periods of the prior year. The increase in share of net loss of equity accounted investees was due to the deconsolidation of a previously majority-owned subsidiary, NeonMind, after its IPO in December 2020, and the recognition of the Company’s investment in NeonMind as an associate under the equity method thereafter.

 

Gain on loss of control of subsidiary

During the three and six months ended May 31, 2021, Better Plant recognized a gain on loss of control of subsidiary of $2,128,959 and $3,682,788 relating to the deconsolidation of NeonMind.

Better Plant’s control over our former subsidiary, NeonMind, had been lost after NeonMind closed its IPO on December 30, 2020. As a result, the Company deconsolidated NeonMind on December 30, 2020. The deconsolidation consisted of derecognizing the assets and liabilities of NeonMind at the date when control was lost, derecognizing the carrying amount of the non-controlling interest in NeonMind, recognizing the fair value of the investment retained in NeonMind, and recognizing the resulting difference as a gain on loss on control of subsidiary. The fair value of the investment retained in NeonMind was calculated at the fair value at the date when control was lost.

 

About Better Plant Sciences Inc.

Better Plant harnesses plant intelligence and leverages modern science to offer sustainable, plant-based products that are better for health and better for the earth. It makes and sells over 75 proprietary products, all made with 100% natural ingredients, under the brands Jusu, Urban Juve and Wright & Well.  It has a direct-to-consumer platform for refrigerated goods that offers easy online ordering and convenient home delivery in select cities in Alberta and BC. Better Plant operates Jusu Bar, a quick serve restaurant alternative in Victoria, BC, which serves up fresh, healthy and nutritious options with a focus on Jusu cold-pressed juices. Jusubar.com offers home delivery of refrigerated plant-based beverages consisting of cold-pressed juices and packaged juice cleanses. Through its Shopify enabled eCommerce sites getjusu.com and urbanjuve.com, Better Plant sells plant-based personal care products, including skin care, hair care, body care and baby care. Jusu also has a line of plant-based all natural home cleaning products that are sold to cleaning companies, retailers and directly to consumers. Better Plant also offers operational, financial and other services to companies with businesses that align with Better Plant’s mission to help create a better world. Better Plant incubated NeonMind Biosciences Inc., which sells medicinal mushroom infused coffees and is developing drugs with psychedelic ingredients to treat obesity and to suppress appetite. Better Plant owns approximately 26.6% of NeonMind Biosciences, which trades separately as a public company under the tickers CSE: NEON, OTCQB: NMDBF and FFE: 6UF.

 

For more information on Better Plant, visit betterplantsciences.com or follow on Instagram, Facebook or Twitter.

 

Penny White, President & CEO

penny@betterplantsciences.com

1-833-515-2677

 

Investor Relations:

Alexandra Dumanski

invest@betterplantsciences.com

1-833-515-2677

 

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation.  Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements.  Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of COVID-19, the potential for not acquiring any rights as a result of the patent  application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets.  Better Plant cautions readers not to place undue reliance on forward-looking statements provided by Better Plant, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better Plant expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

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Dr. Sagar Parikh, MD Appointed To NeonMind Specialty Clinics Advisory Board

Vancouver, B.C. – July 28, 2021: NeonMind Biosciences Inc. (CSE: NEON) (OTC: NMDBF) (FFE: 6UF) (“NeonMind” or the “Company”), an integrated drug development and wellness company focused on the potential therapeutic uses of psilocybin for treating obesity and weight management conditions, announced today the appointment of Dr. Sagar Parikh, MD to its Specialty Clinics Advisory Board. In this role, Dr. Parikh will leverage his vast expertise in clinical treatment and interventional psychiatry including effectively treating patients with psychedelics such as ketamine, esketamine, and neurostimulation for mood and anxiety disorders to guide NeonMind as it develops specialty clinic services for communities in need.

Dr. Parikh has served as the John F. Greden Professor of Depression and Clinical Neuroscience, and Professor of Psychiatry, at the University of Michigan, Ann Arbor since 2015, where he was also designated Associate Director of the Michigan Comprehensive Depression Center. He is an adjunct Professor of Psychiatry at the University of Toronto, where he was on staff full-time from 1994-2015. He serves as the Medical Director at the National Network of Depression Centers, completed two terms as Deputy Psychiatrist-in-Chief at Toronto’s major hospital grouping, the University Health Network, and was head of the Bipolar Clinic and Director of CME at the Centre for Addiction and Mental Health (CAMH) in Toronto.

“Dr. Parikh brings unmatched experience to guide the development and integration of the most effective and cutting-edge protocols and treatment modalities for our expected specialty clinic rollout. We are committed to ensuring that every patient receives tailored, personalized care and each clinic is designed to meet needs of the local community where it will be located. Dr. Parikh’s expert leadership will ensure that we offer best-in-class medical services and programs to every patient,” said Robert Tessarolo, President & CEO of NeonMind.

On his appointment, Dr. Parikh said, “NeonMind is developing a network of clinics that is truly unique in its specialization and breadth of treatment offerings. As mental health care continues to evolve at a rapid pace with new treatments and protocols, NeonMind will be well positioned to have the programs, infrastructure, and education in place to safely and effectively administer these treatments.”

Dr. Sagar Parikh is the author/editor of three books and over 200 peer-reviewed articles and book chapters, and co-author of CANMAT treatment guidelines for Depression and for Bipolar Disorder, the world’s most cited mood disorder guidelines. He holds research grants from multiple funding agencies, covering studies in clinical treatments in mood disorders, health services research, genetics, epidemiology, and educational research. He has conducted clinical trials looking at the combination of medication and psychotherapy for bipolar disorder and for depression, as well as pharmacotherapy trials in mood disorders.

About NeonMind Biosciences Inc.

NeonMind is engaged in preclinical research to develop potential clinical treatments and wellness products to address obesity and weight management conditions and to promote health and wellness. The Company operates three divisions: (i) a pharmaceutical division engaged in drug development of psychedelic compounds with two lead psilocybin-based drug candidates targeting obesity; (ii) a medical services division focused on launching specialty mental health clinics that integrate psychedelic therapeutics into traditional psychotherapy settings; and (iii) a consumer products division that currently sells mushroom-infused products to promote health and wellness.

In its pharmaceutical division, NeonMind has two distinct psilocybin drug development programs targeting obesity. NeonMind’s first drug candidate employs psilocybin as an agonist at the serotonin 5- HT2A receptor, which is involved in the hallucinogenic effect of psychedelics. The Company’s second drug candidate employs low-dose psilocybin as an agonist at the 5-HT2C receptor, which controls appetite.

NeonMind established a medical services division with the goal of launching NeonMind-branded specialty mental health clinics in Canada that incorporate evidence-backed innovative treatments to address a variety of mental health needs.

NeonMind’s consumer division currently sells NeonMind-branded coffee products in the United States and Canada through NeonMind’s direct to consumer e-commerce platform.

For more information on NeonMind, go to www.NeonMindBiosciences.com.

Rob Tessarolo, President & Chief Executive Officer, NeonMind Biosciences Inc.

rob@neonmind.com

Tel: 416-750-3101

 

Investor Relations:

KCSA Strategic Communications

Scott Eckstein/Tim Regan

neonmind@kcsa.com

Tel: 212-896-1210

 

Media Inquiries:

KCSA Strategic Communications
Annie Graf

neonmind@kcsa.com

Tel: 786-390-2644

 

The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or NeonMind’s future performance. The use of any of the words “could”, “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 NeonMind’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, NeonMind’s drug development plans, its ability to retain key personnel, and its expectation as to the development of its intellectual property and other steps in its preclinical and clinical drug development constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. NeonMind disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

Posted on

Can shrooms help with weight loss?

Expert: Psilocybin Treatment May Support Patients With Obesity Who Have Tried Everything, Need Further Support

Experts think magic mushrooms could be the key to creating healthier habits.

In pre-clinical trials, both low and high doses of psilocybin caused rats to gain less weight when given unlimited access to food. A consultant to NeonMind Inc. (NEON) stated that psilocybin can cause a decrease in hunger by targeting 5-HT2C receptors and can give patients a sense of well-being. He explains that using psilocybin to enhance psychotherapy may be able to instill long lasting behaviour changes such as improved diet and increased exercise.

This week, NeonMind completed an integrated drug development plan for NEO-001, its high dose psilocybin treatment for weight management, which is expected to be researched in a Phase 1/2 proof-of-concept study in early 2022.

PDF of article 1

PDF of article 2

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NeonMind Provides Integrated Drug Development Plan Update For NEO-001 To Treat Obesity

Vancouver, B.C. – July 21, 2021: NeonMind Biosciences Inc. (CSE: NEON)(OTC: NMDBF) (FFE: 6UF) (“NeonMind” or the “Company”), an integrated drug development and wellness company focused on the potential therapeutic uses of psilocybin for treating obesity and weight management conditions, announced today its R&D Working Group has completed an integrated drug development plan for its lead drug candidate targeting obesity, NEO-001, a high-dose psilocybin treatment coupled with behavior therapy and lifestyle intervention, which aims to improve the efficacy of chronic weight management in adults. The Company has identified a regulatory strategy, including a target indication and product profile; it believes will best position NeonMind as it advances its first lead candidate through development.

 

The Company is targeting a Pre-IND meeting with the U.S. Food and Drug Administration (FDA) in Q4 2021 to confirm potential to expedite development via the appropriate regulatory pathway and a Pre-CTA Consultation Meeting with Health Canada during the same timeframe.  NeonMind anticipates initiating a Phase 1/2 proof-of-concept study in obese patients in the first half of 2022.

 

NEO-001, the Company’s high-dose psilocybin treatment, is intended for use as an adjunct to behavioral therapy and to accompany a reduced-calorie diet and increased physical activity for adults with an initial body mass index (BMI) of 30 kg/m2 or greater, or a BMI of 27 kg/m2 or greater and at least one weight-related, comorbid condition. The Company’s target product profile aims to best address the psychological and behavioral deficiencies in the current standard of care for chronic weight management.

 

It has been demonstrated that one of the most prevalent and often forgotten drivers of weight management issues is psychological and behavioral shortcomings. In clinical studies, psilocybin has shown promising results in addressing these shortcomings in other indications.  In addition, improving weight management has many benefits in addressing highly burdensome and detrimental comorbidities particularly in those individuals with hypertension, dyslipidemia, type 2 diabetes, and psychiatric disorders.  These additional indications are available to the Company’s program and provide potential opportunities to expand the range of clinical targets.

 

“Growing evidence supports the therapeutic promise of psilocybin as a psychiatric tool that can help facilitate cognitive flexibility and behavioral plasticity. Recent clinical and neuroimaging data suggest persisting changes in patterns of brain function after a single high dose of psilocybin, which are associated with enhanced mood and changes in emotional processing and anxiety. These shifts have been hypothesized to work as a sort of ‘mental reset’ that could have significant therapeutic potential for other health conditions like obesity,” said Dr. Albert Garcia-Romeu, Assistant Professor of Psychiatry and Behavioral Sciences at the Johns Hopkins Center for Psychedelic & Consciousness Research and advisor to NeonMind. “NeonMind’s research approach will add meaningfully to our knowledge of psilocybin as a medical tool, and I’m excited by the prospects of NeonMind’s program for expanding therapeutic psilocybin research to novel areas such as weight management, where innovative treatments are needed.”

 

“Our innovative obesity drug candidate has the potential to generate durable weight loss in adults, which has been a long-standing gap in the current landscape of weight management methods and treatments,” said Robert Tessarolo, President & CEO of NeonMind. “NeonMind’s ultimate mission is to help people change their lives by changing their minds, through novel treatments with psychedelics. We are eager to embark on this regulatory journey, as we move one step closer to bringing psilocybin to patients who need it most. Our psilocybin-assisted treatment program has significant potential, and we believe it is going to bring a new therapeutic modality to the broader healthcare industry for the treatment of obesity and related comorbidities.”

 

About NeonMind Biosciences Inc.

NeonMind is engaged in preclinical research to develop potential clinical treatments and wellness products to address obesity and weight management conditions and to promote health and wellness. The Company operates three divisions: (i) a pharmaceutical division engaged in drug development of psychedelic compounds with two lead psilocybin-based drug candidates targeting obesity; (ii) a medical services division focused on launching specialty mental health clinics that integrate psychedelic therapeutics into traditional psychotherapy settings; and (iii) a consumer products division that currently sells mushroom-infused products to promote health and wellness.

 

In its pharmaceutical division, NeonMind has two distinct psilocybin drug development programs targeting obesity. NeonMind’s first drug candidate employs psilocybin as an agonist at the serotonin 5- HT2A receptor, which is involved in the hallucinogenic effect of psychedelics. The Company’s second drug candidate employs low-dose psilocybin as an agonist at the 5-HT2C receptor, which controls appetite.

NeonMind established a medical services division with the goal of launching NeonMind-branded specialty mental health clinics in Canada that incorporate evidence-backed innovative treatments to address a variety of mental health needs.

 

NeonMind’s consumer division currently sells NeonMind-branded coffee products in the United States and Canada through NeonMind’s direct to consumer e-commerce platform.

For more information on NeonMind, go to www.NeonMindBiosciences.com.

Rob Tessarolo, President & Chief Executive Officer, NeonMind Biosciences Inc.

rob@neonmind.com

Tel: 416-750-3101

 

Investor Relations:

KCSA Strategic Communications

Scott Eckstein/Tim Regan

neonmind@kcsa.com

Tel: 212-896-1210

 

Media Inquiries:

KCSA Strategic Communications
Annie Graf

neonmind@kcsa.com

Tel: 786-390-2644

The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release.

 

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or NeonMind’s future performance. The use of any of the words “could”, “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 NeonMind’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, NeonMind’s drug development plans, its ability to retain key personnel, and its expectation as to the development of its intellectual property and other steps in its preclinical and clinical drug development constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. NeonMind disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

Posted on

The Next Step for Legal Mushrooms—Losing the Trip

The latest push in the burgeoning psychedelic industry is to lose the whole pesky “psychedelic” element, and it has a surprise backer in the late Bob Marley.

The shroom industry is calling them “functional mushrooms”—a tip of the spear marketing move attempting to legitimize the image of fungi as medicine, without promising far-out, potentially transformative trips that most people associate with psychedelics.

Just what are “functional mushrooms”? They’re basically legal fungi supplements boasting various health benefits, none of which are hallucinatory, mind-expanding, or especially psychedelic in nature.

But Silo Wellness, a Canadian-based company that currently offers a range of guided magic mushroom retreats in the coastal resort mecca of Montego Bay, Jamaica (where many psychedelic drugs are legal), is hoping these shroomy supplements can help capture the emerging psychedelic market, valued at roughly US$4.5 billion as of 2020. And they’re doing this with celebrity brand recognition.

Silo has partnered with the family of the late reggae pioneer Bob Marley to launch Marley One, a functional mushroom line—tinctures incorporating mushrooms such as lion’s mane, chaga, and reishi—while eyeing an eventual, legal, psychedelic product. As Silo CEO Douglas K. Gordon describes it, in terms consistent with Marley’s own Rastafarian beliefs, “It goes more to plant medicine; it goes more to mindfulness. It goes more to embracing the fact that the Earth has its own capacity for healing.”

Rita Marley (who prefers to be addressed as Mrs. Marley), widow of the late Bob, echoes these sentiments in a statement. “Bob and I followed a strict natural diet that included mushrooms of all kinds,” Ms. Marley said. “We were always mindful of what we consumed and held a deep respect for nature’s bounty—knowing that what we take from the Earth and put into our bodies affects our minds and spirits, too.”

Mindful eating and respect for nature: that’s all well and good. But where do the psychedelics fit in? Excepting, of course, the worshipful use of cannabis (or ganja) as a sacrament, Rastafarianism generally abhors the consumption of other drugs. The only reference I could track down to Bob Marley himself speaking about psychedelics was in a September 1976 issue of High Times magazine. Asked if he has ever taken LSD, Marley responded: “Me hear ‘bout people who do it. No, me meet people who do it, an’ dem tell me.”

But attitudes around psychedelics are changing rapidly. And so, it follows, some Rastafarian attitudes may well be changing with them.

“Modern science is slow,” Mrs. Marley wrote. “Only now is it catching up with what Indigenous communities and practitioners have known to be true for millennia… From a Rastafarian perspective, I don’t discriminate. We honor and respect all of nature’s bounty that Jah has blessed us with and whether through ganja or fungi, we seek, above all, a greater oneness with the world around us.”

The Silo-Marley partnership speaks to ways in which the ongoing “shroom boom” seems to be following from the cannabis playbook. In many ways, comparisons between psilocybin and cannabis are, at a chemical level, largely useless. They’re different drugs, with wildly different effects and applications. Still, in the (still largely hypothetical) marketplace of legal shrooms, it helps to think of functional mushrooms as the CBD to psilocybin’s THC: a kissing cousin, with (alleged) medical and therapeutic benefits, useful largely as a way of destigmatizing the use of a more potent compound.

Gordon, himself a veteran of medicinal CBD, draws the comparison. “We looked at the lessons from the cannabis and CBD landscape,” he said. “We have that final mile to the consumer; we have a brand that they can understand, they can believe in, and they’re curious to find out more.”

On the one hand, functional mushrooms can seem like training wheels, acclimating users to the very idea of consuming fungi, and fostering curiosity about the effects profile of psychedelic mushrooms. On another, they can feel a bit like they’re stealing psychedelic valour: benefitting from the ever-building buzz around the benefits of psychedelics, while offering none of those same benefits. Really, these fungi supplements aren’t much different from medicinal mushrooms one might find at Asian supermarkets or herbal supplements stores. Just, you know, trippier. Or at least trippier-seeming. And it remains unclear just how much demand there is for such products from consumers.

The Marleys—who currently lend their name and iconic branding to a cannabis line, a coffee company, and a range of BlueTooth speakers and earbud headphones, and who, in 2017, appointed Rohan Marley as family’s own “brand ambassador”—aren’t the only ones moving into the “functional mushroom” space. Rapper and weed entrepreneur Berner, the guy behind the U.S.-based cannabis brand Cookies, recently launched Caps By Cookies, a CBD/functional mushroom with distinctly psychedelic branding, despite its lack of psychedelic outcomes.

Denver-based Mydecine, another player attempting to capitalize on the increased legitimacy afforded psychedelics, is developing function mushroom products as another potentially lucrative skew. Last week, Vancouver-based NeonMind unveiled a line of branded functional mushroom-infused coffee products.

It’s an interesting play, suggesting the widespread beshrooming of a whole sector of the health and wellness industries. But anyone hoping for a proper, psychedelic, totally legal, Marley-approved trip will have to wait for actual psilocybin mushrooms to enter the legal market, still some time away even in drug progressive places like Canada (and some U.S. states). For the super eager, there’s always those swanky Montego Bay retreats, replete with guided psychedelic sessions. Bob Marley claimed that “herb is the healing of the nation.”  For his family, fungus now seems to work that same magic.

Posted on

The Next Step for Legal Mushrooms—Losing the Trip

The latest push in the burgeoning psychedelic industry is to lose the whole pesky “psychedelic” element, and it has a surprise backer in the late Bob Marley.

The shroom industry is calling them “functional mushrooms”—a tip of the spear marketing move attempting to legitimize the image of fungi as medicine, without promising far-out, potentially transformative trips that most people associate with psychedelics.

Just what are “functional mushrooms”? They’re basically legal fungi supplements boasting various health benefits, none of which are hallucinatory, mind-expanding, or especially psychedelic in nature.

But Silo Wellness, a Canadian-based company that currently offers a range of guided magic mushroom retreats in the coastal resort mecca of Montego Bay, Jamaica (where many psychedelic drugs are legal), is hoping these shroomy supplements can help capture the emerging psychedelic market, valued at roughly US$4.5 billion as of 2020. And they’re doing this with celebrity brand recognition.

Silo has partnered with the family of the late reggae pioneer Bob Marley to launch Marley One, a functional mushroom line—tinctures incorporating mushrooms such as lion’s mane, chaga, and reishi—while eyeing an eventual, legal, psychedelic product. As Silo CEO Douglas K. Gordon describes it, in terms consistent with Marley’s own Rastafarian beliefs, “It goes more to plant medicine; it goes more to mindfulness. It goes more to embracing the fact that the Earth has its own capacity for healing.”

Rita Marley (who prefers to be addressed as Mrs. Marley), widow of the late Bob, echoes these sentiments in a statement. “Bob and I followed a strict natural diet that included mushrooms of all kinds,” Ms. Marley said. “We were always mindful of what we consumed and held a deep respect for nature’s bounty—knowing that what we take from the Earth and put into our bodies affects our minds and spirits, too.”

Mindful eating and respect for nature: that’s all well and good. But where do the psychedelics fit in? Excepting, of course, the worshipful use of cannabis (or ganja) as a sacrament, Rastafarianism generally abhors the consumption of other drugs. The only reference I could track down to Bob Marley himself speaking about psychedelics was in a September 1976 issue of High Times magazine. Asked if he has ever taken LSD, Marley responded: “Me hear ‘bout people who do it. No, me meet people who do it, an’ dem tell me.”

But attitudes around psychedelics are changing rapidly. And so, it follows, some Rastafarian attitudes may well be changing with them.

“Modern science is slow,” Mrs. Marley wrote. “Only now is it catching up with what Indigenous communities and practitioners have known to be true for millennia… From a Rastafarian perspective, I don’t discriminate. We honor and respect all of nature’s bounty that Jah has blessed us with and whether through ganja or fungi, we seek, above all, a greater oneness with the world around us.”

The Silo-Marley partnership speaks to ways in which the ongoing “shroom boom” seems to be following from the cannabis playbook. In many ways, comparisons between psilocybin and cannabis are, at a chemical level, largely useless. They’re different drugs, with wildly different effects and applications. Still, in the (still largely hypothetical) marketplace of legal shrooms, it helps to think of functional mushrooms as the CBD to psilocybin’s THC: a kissing cousin, with (alleged) medical and therapeutic benefits, useful largely as a way of destigmatizing the use of a more potent compound.

Gordon, himself a veteran of medicinal CBD, draws the comparison. “We looked at the lessons from the cannabis and CBD landscape,” he said. “We have that final mile to the consumer; we have a brand that they can understand, they can believe in, and they’re curious to find out more.”

On the one hand, functional mushrooms can seem like training wheels, acclimating users to the very idea of consuming fungi, and fostering curiosity about the effects profile of psychedelic mushrooms. On another, they can feel a bit like they’re stealing psychedelic valour: benefitting from the ever-building buzz around the benefits of psychedelics, while offering none of those same benefits. Really, these fungi supplements aren’t much different from medicinal mushrooms one might find at Asian supermarkets or herbal supplements stores. Just, you know, trippier. Or at least trippier-seeming. And it remains unclear just how much demand there is for such products from consumers.

The Marleys—who currently lend their name and iconic branding to a cannabis line, a coffee company, and a range of BlueTooth speakers and earbud headphones, and who, in 2017, appointed Rohan Marley as family’s own “brand ambassador”—aren’t the only ones moving into the “functional mushroom” space. Rapper and weed entrepreneur Berner, the guy behind the U.S.-based cannabis brand Cookies, recently launched Caps By Cookies, a CBD/functional mushroom with distinctly psychedelic branding, despite its lack of psychedelic outcomes.

Denver-based Mydecine, another player attempting to capitalize on the increased legitimacy afforded psychedelics, is developing function mushroom products as another potentially lucrative skew. Last week, Vancouver-based NeonMind unveiled a line of branded functional mushroom-infused coffee products.

It’s an interesting play, suggesting the widespread beshrooming of a whole sector of the health and wellness industries. But anyone hoping for a proper, psychedelic, totally legal, Marley-approved trip will have to wait for actual psilocybin mushrooms to enter the legal market, still some time away even in drug progressive places like Canada (and some U.S. states). For the super eager, there’s always those swanky Montego Bay retreats, replete with guided psychedelic sessions. Bob Marley claimed that “herb is the healing of the nation.”  For his family, fungus now seems to work that same magic.

Follow John Semley on Twitter.