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Psyence Group Corporate Update

Psyence Group Corporate Update

Highlights:

  • Partnership with CRO Clerkenwell Health to design and deliver Psyence’s UK clinical trial progressing; exclusive licensing agreement with Filament Health
  • Clive Ward-Able has been appointed as Medical Director, Head of Research & Development and Early Commercialization for Psyence
  • ISO22000 certified commercial psilocybin production facility and lab upgraded
  • Received an import permit from Health Canada on behalf of Psilo Scientific
  • GOODMINDTM, functional mushroom product, launched online and in-store, sale through 300 stores of one of Africa’s largest coffee retail chains
  • CAD 1.273 million private placement received and being closed
  • Exploring capital market initiatives in UK, hires Investment Bank

TORONTO, ON/ June 02, 2022 / Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence” or the “Company”) is pleased to provide the following corporate update on its three strategic focus areas namely: Psyence Therapeutics, Psyence Production and Psyence Function. The Psyence Group develops and provides innovative, safe, and effective psychedelic and nature-centered solutions for mental health and palliative care.

Psyence Therapeutics

Psyence is designing market-leading clinical trials in the field of palliative care, which will initially be conducted in the United Kingdom.

Psyence has partnered with a leading psychedelic Contract Research Organisation (CRO) Clerkenwell Health, to design and deliver the clinical trial, focused on assessing the safety and efficacy of psilocybin-assisted psychotherapy for the treatment of adjustment disorder due to an incurable cancer diagnosis versus psychotherapy alone.

The UK’s “Guardian Online” reported on May 9, 2022 that Clerkenwell Health “hopes to “make the UK a world leader in psychedelics research and Europe’s first facility for psychedelic drug trials will open in London”. The article noted that “the first trials, planned in collaboration with the Toronto-based biotechnology company Psyence, will focus on the use of psilocybin for the treatment of adjustment disorder – an emotional or behavioural reaction to a stressful event in someone’s life – in people with terminal diagnoses.”

Psyence recently concluded an exclusive licensing agreement with Filament Health Corp, a clinical-stage natural psychedelic drug development company, in April 2022. Filament has previously received authorisation from the FDA and Health Canada to enter into Phase I and Phase II human clinical trials for this drug candidate, PEX010. Under the terms of the agreement, Filament will license its proprietary botanical drug candidate PEX010 (25mg), and the associated intellectual property, to Psyence for use in Psyence’s upcoming clinical trials. The license grants Psyence exclusivity in the UK for the indications of anxiety and depression, and associated ailments, within the context of palliative care.

In addition, Psyence appointed Dr. Clive Ward-Able as Medical Director, Head of Research & Development and Early Commercialization for Psyence in December 2021. Based in Toronto Canada, Dr. Ward-Able has degrees in both Pharmacy and Medicine and over thirty years’ experience in the pharmaceutical industry, within R&D, medical affairs, marketing and sales. The majority of his experience is in the medical aspects of the commercialization of a pharmaceutical product, with expertise and direct involvement in designing and conducting clinical trials.

The Psyence Therapeutics team also contributes to scientific research; Psyence’s Dr. Amza Ali, MD,  (Chief Medical Officer) and Dr. Justin Grant, PhD, MBA, (Chief Scientific Officer) co-authored the peer-reviewed publication “Psychedelics: Alternative and Potential Therapeutic Options for Treating Mood and Anxiety Disorders,” which was published in the journal “Molecules” April 19, 2022.

Psyence Production

Psyence operates one of the first and only federally licensed commercial psilocybin production facilities in the world. Its production facility, located in Southern Africa, is ISO22000 certified and is licensed to cultivate and export psilocybin mushrooms for the legal, global medical market and commercial medical research market.

In March 2022 Psyence received an import permit from Health Canada on behalf of Psilo Scientific and is preparing to send mushrooms to Canada for analysis and extraction. Psyence has also received an import permit from the Portuguese regulators for the Cooperativa de Ensino Superior Politécnico e Universitário (CESPU) in Portugal and will be providing mushrooms for their extraction methodology development. Psyence is in the process of obtaining the necessary permissions to commence with the export process to these partners.

Psyence has recently concluded an upgrade to its production facility. A new structure has expanded the overall controlled workspace and further secures the facility. The structure also serves to protect the current assets including the spore and substrate unit, laboratory and fruiting facility. The covering will help Psyence decrease its energy costs through providing better insulation. It has been designed to enable a more flexible and cost -effective expansion of the facility in the future to match the expected growth in demand for natural psilocybin.

The laboratory has also been expanded as part of this upgrade. This expansion enables Psyence to have the capability and equipment to undertake in-process testing on site, as well as to generate Certificates of Analysis (COAs) and undertake testing of the end product. It also provides the space for Psyence to undertake crude extraction and testing at the facility. Our extraction partners will then process the crude extract into an active pharmaceutical ingredient (API). There are multiple benefits to on-site extraction including increased product shelf life and reduced transport costs. Psyence mycologist, Neil Van Rij, and his Quality Assurance team are currently receiving training on the new equipment and expect to be fully functional by the end of June 2022.

Psyence Function

Psyence Function is focused on the development, distribution and sales of legal over-the-counter non-psilocybin containing functional mushroom nutraceuticals.

Psyence’s first non-psilocybin containing functional mushroom product, GOODMINDTM was launched online in 2021 through its South African based joint venture, Good Psyence. Good Psyence launched the GOODMINDTM product on the digital platform http://www.foragoodmind.com that was registered and developed by Psyence’s joint venture partner, Goodleaf, solely for the sale of such products. GOODMINDTM is also distributed through the digital platforms of Goodleaf, Takealot (South Africa’s leading online retailer) and Wellness Warehouse online as well as Wellness Warehouse stores. Wellness Warehouse is a leading distributor and retailer of natural and organic products in South Africa. GOODMINDTM’s water-soluble functional mushroom sachets, which blend with coffee and other beverages, are available for sale through 300 stores of one of Africa’s largest coffee retail chains, Vida e Caffè.

Corporate Update

The Company is pleased to announce that the non-brokered private placement as announced on December 2, 2021 has yielded approximately CAD 1.273 million of subscriptions and is in the process of closing.

The Company has identified the UK as an investor market for mental wellness and has engaged Hannam & Partners as Corporate Advisors in the UK to assist in exploring capital market opportunities to access a broader pool of UK and European investors.  Hannam & Partners, our Corporate Advisors, are also working with Psyence to investigate a potential dual listing in the UK. As part of this dual listing exercise the Company conducted a thorough legal exercise.  The Company obtained legal opinions from local counsel registered in each jurisdiction in which the Company currently operates for the purpose of confirming the lawfulness of the Company’s activities currently carried on in each jurisdiction.  Each local legal adviser was required to address their legal opinion to UK legal counsel (having significant experience in proceeds of crime and anti-money laundering offences), for the purpose of confirming that such activities are suitable for investment by UK persons and such investment would be unlikely to amount to an offence in England under the Proceeds of Crime Act 2002 and relevant anti-money laundering legislation.  Based upon the legal opinions obtained, including the opinion of UK legal counsel, the directors of the Company are satisfied that the current activities of the Group do not pose such a risk.

In light of the challenging small cap and global equity markets as a whole, the Company has put into place cash preservation strategies to reduce operational expenditure across the business, including executive remuneration reductions and accruals.

 “Psyence’s progress continues to strengthen our company’s focused strategy,” says Dr. Neil Maresky, Psyence Chief Executive Officer. “As we execute on our plans as detailed in this corporate update, and continue to focus on operational efficiencies, we believe Psyence will achieve its milestones and in doing so deliver shareholder value.”

ABOUT PSYENCE GROUP: www.psyence.com

Psyence is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG) and quoted on the OTCQB (OTCQB: PSYGF), with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development.  We work to develop advanced natural psilocybin products for clinical research and development.

Our key divisions, Psyence Production, Psyence Therapeutics and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom, Southern Africa, and a presence in the United States and Australia.

Contact Information

Katherine Murphy, Investor Relations
Email: ir@psyence.com
Media Inquiries: media@psyence.com
General Information: info@psyence.com

FORWARD LOOKING STATEMENTS:

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 clinical trial applications by the relevant regulatory authorities, the receipt of all regulatory approvals for the Company’s import and export activities, the appetite for investment into the psychedelic and mental wellness sector by UK and European investors, the fulfilment of the conditions required to achieve Company milestones, the effectiveness of the Company’s operational efficiency measures and the resultant creation of shareholder value. These forward-looking statements are based on a number of assumptions, including the assumptions that the Company’s applications will be successful, the Company’s research and development efforts will yield favourable results sufficient for product commercialisation and that there will be demand in the market for the Company’s current product offering internationally. 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. These risks and uncertainties include demand for the Company’s securities being less than anticipated, fluctuations in the price the Company’s common shares, and the Company not raising the amount expected, or any funds at all. 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 has 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.

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Psyence Taps Another Pharma Exec To Drive Its Clinical Program

Psyence Taps Another Pharma Exec To Drive Its Clinical Program

TORONTO, May 31, 2022 – Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence” or the “Company”), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, is pleased to announce the appointment of Dr. Clive Ward-Able as the Medical Director of Psyence Group, effective immediately. Dr. Ward-Able joins the existing medical team in Toronto and also assumes the roles of Head of Research & Development (R&D) and Early Commercialization.

Dr. Ward-Able has degrees in both Pharmacy and Medicine and has over thirty years’ experience in the pharmaceutical industry, within R&D, medical affairs, marketing and sales. The majority of his experience is in the medical aspects of the commercialization of a pharmaceutical product, he has been involved with the launch of over 16 products in multiple therapeutic areas. He also has direct involvement with the design and conduct of clinical trials. Dr Ward-Able will oversee the execution of Psyence’s first clinical trial to the highest standards.

Psyence is designing market-leading clinical trials using natural psilocybin in the field of palliative care, which will initially be conducted in the United Kingdom. The clinical trial programme is focused on assessing the safety and efficacy of psilocybin-assisted psychotherapy for the treatment of adjustment disorder due to an incurable cancer diagnosis versus psychotherapy alone.

“Psyence is entering a critical and exciting phase of its evolution. It has identified its first clinical trial programme, which needs to be executed expeditiously to the highest quality. I am hoping to bring the necessary rigour to the clinical programme as well as Psyence’s research pipeline and ultimately to the commercialisation of the product,” says Dr. Clive Ward-Able, Medical Director, Head of R&D and Early Commercialization.  – Psyence. “I am excited about this role because of the potential opportunity to develop a paradigm shifting treatment for patients with an adjustment disorder related to a terminal diagnosis.” 

 Commenting his appointment Dr. Neil Maresky, Chief Executive Officer Psyence Group says; “We are fortunate to attract Clive as Medical Director, we are building a world class team to enhance Psyence’s R&D and commercialization capability and I believe that Clive, with his deep expertise in drug development and commercialization, is the ideal candidate for this important role. Clive joins our world-class medical team and will play an important role in our palliative care clinical trial.”

ABOUT PSYENCE GROUP: www.psyence.com

Psyence is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG) and quoted on the OTCQB (OTCQB: PSYGF), with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development.  We work to develop advanced natural psilocybin products for clinical research and development.

Our key divisions, Psyence Production, Psyence Therapeutics and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom, Jamaica, Southern Africa, and a presence in the United States and Australia.

Contact Information

Katherine Murphy, Investor Relations
Email: ir@psyence.com
Media Inquiries: media@psyence.com
General Information: info@psyence.com

 FORWARD LOOKING STATEMENTS:

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 clinical trial applications by the relevant regulatory authorities, the future of the processing of the Company’s mushrooms, the ultimate commercialisation of product and the expansion of the Company’s products into new markets. These forward-looking statements are based on a number of assumptions, including the assumptions that the Company’s applications will be successful, the Company’s research and development efforts will yield favourable results sufficient for product commercialisation and that there will be demand in the market for the Company’s current product offering internationally. 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. These risks and uncertainties include demand for the Company’s securities being less than anticipated, fluctuations in the price the Company’s common shares, and the Company not raising the amount expected, or any funds at all. 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 has 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.

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Psyence and Filament Health Enter Into Exclusive Licensing Agreements For Natural Psilocybin Products

Psyence and Filament Health Enter Into Exclusive Licensing Agreements For Natural Psilocybin Products

Filament Health (FH) granted Psyence Group (PSYG) an exclusive license to use its natural psilocybin formulation in an upcoming palliative care trial in the UK. Filament recently received a patent for its technology for extracting and standardizing natural psilocybin.

PDF of article

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Psyence Group Announces DTC Eligibility Approval in the U.S.

Psyence Group Announces DTC Eligibility Approval in the U.S.

TORONTO, 09 February 2022 – Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence” or the “Company”), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, is pleased to announce that the Company’s common shares are now eligible for electronic clearing and settlement through the Depository Trust Company (“DTC”) in the United States (“US”).

DTC is a subsidiary of the Depository Trust & Clearing Corp., which manages the electronic clearing and settlement of publicly traded companies in the US. DTC eligibility incorporates an electronic method of clearing securities that accelerates the receipt of stock and cash, reduces costs, and allows the stock to be traded over a much wider selection of brokerage firms by meeting their clearing and settlement requirements.

Warwick Corden-Lloyd, Chief Financial Officer of Psyence says that DTC eligibility will greatly simplify the process of trading in Psyence’s common shares in the US.

 “We are pleased to become DTC eligible. This eligibility will simplify the electronic settlement for US based investors and it will enhance the ability of these investors to participate in the Company’s growth. This should also help increase the liquidity of our stock and expand our presence in the US capital markets.”

ABOUT PSYENCE GROUP: www.psyence.com

Psyence is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG) and quoted on the OTCQB (OTCQB: PSYGF), with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care.

Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development.  We work to develop advanced natural psilocybin products for clinical research and development.

Our key divisions, Psyence Production, Psyence Therapeutics and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom, Jamaica, Southern Africa, and a presence in the United States and Australia.

Contact Information:

Katherine Murphy, Investor Relations
Email: ir@psyence.com
Media Inquiries: media@psyence.com
General Information: info@psyence.com

FORWARD LOOKING STATEMENTS:

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 state of the financial markets for the Company’s securities and the ease of trading in the Company’s securities. These forward-looking statements are based on a number of assumptions, including the assumptions that there will be demand in the market for the Company’s securities. 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. These risks and uncertainties include demand for the Company’s securities being less than anticipated, fluctuations in the price the Company’s common shares, and the Company not raising the amount expected, or any funds at all. 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 has 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.

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Psyence Awarded ISO Certification through the British Standards Institute for its Natural Psilocybin Production Facility

Psyence Awarded ISO Certification through the British Standards Institute for its Natural Psilocybin Production Facility

TORONTO, 7 February, 2022 – Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence” or the “Company”), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, is pleased to announce that its ISO22000 graded Psilocybin production facility has officially received International Organization for Standardization (ISO) 22000:2018 certification, awarded through the British Standards Institute (BSI). ISO 22000 is a globally accepted international standard that specifies the requirements for food safety management systems.

Psyence’s facility, which is federally licensed to cultivate and export psilocybin mushrooms for the legal medical and research markets, is based in Southern Africa and has been operational since January 2021. The facility was designed and constructed to ISO 14644-1 cleanroom specifications and engineering design principles. This design allows various parts of the process to comply with the Good Manufacturing Practice (GMP) Standards required for product safety and quality in order to meet the certification needs of the BSI. The facility is equipped with validated and calibrated specialised equipment to ensure optimum growing conditions and efficient harvesting and packaging. With this certification, Psyence is one step closer to producing pharmaceutical grade product for human clinical trials, including Psyence’s clinical trial in the field of palliative care and clinical trials run by research organisations.

Tony Budden, Psyence Chief Strategy Officer, and Head of Psyence Production, says that the awarding of BSI certification is an important milestone for Psyence.

“As a science-led company we are committed to producing high quality, natural psilocybin. ISO22000: 2018 certification gives our drug development partners and, ultimately, consumers, assurance that our production processes meet globally recognized standards. With this certification awarded by the BSI we are reassured that our equipment and processes are performing to the high standards required by the BSI, that our staff are skilled and experienced, and that our standard operating procedures are efficient and validated.”

“Psyence used the ISO 22000:2018 Quality Management system as the base for its BSI certification. Set by the ISO, ISO 22000:2018 creates a single product safety standard that harmonizes the various national standards into one set of requirements that are globally accredited,” says Yasin Khan, Psyence Quality Assurance Manager.

“As part of the ISO 22000 process we had to conclude three successful and approved validation batches, all of which had to be audited. This is to ensure a consistent end product in terms of safety and quality. The audits were concluded in December 2021 enabling Psyence to achieve ISO 22000:2018 certification through the BSI,” explains Khan.

ABOUT PSYENCE GROUP: www.psyence.com

Psyence is a life science biotechnology company listed on the Canadian Securities Exchange and (CSE: PSYG) and quoted on the OTCQB (OTCQB: PSYGF), with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care.

Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Lesotho, Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development.  We work to develop advanced natural psilocybin products for clinical research and development.

Our key divisions, Psyence Production, Psyence Therapeutics, and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom, Jamaica, South Africa and Lesotho, and a presence in the United States and Australia.

Contact Information:

Katherine Murphy, Investor Relations

Email: ir@psyence.com

Media Inquiries: media@psyence.com

General Information: info@psyence.com

FORWARD LOOKING STATEMENTS:

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 future product development and the successful commencement of clinical trials, both of which remain subject to regulatory approvals and registration. These forward-looking statements are based on a number of assumptions, including the assumptions that the Company’s applications for human clinical trials will be successful and that its product will be suitable for use in human clinical trials. 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. These risks and uncertainties include demand for the Company’s securities being less than anticipated, fluctuations in the price the Company’s common shares, and the Company not raising the amount expected, or any funds at all. 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 has 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.

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Psyence to Present at the H.C Wainwright 2nd Annual Psychedelics Conference December 6

Psyence to Present at the H.C Wainwright 2nd Annual Psychedelics Conference December 6

Toronto, Canada/ December 3, 2021 / Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence” or the “Company”), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, is pleased to announce that Psyence Chief Executive Officer, Neil Maresky, will be presenting at the virtual H.C. Wainwright 2nd Annual Psychedelics Conference on December 6th, 2021.

For more information about the event and to register, visit https://hcwevents.com/psychedelics.

To schedule a one-on-one meeting with Psyence management, please send an email to H.C. Wainwright at lk@hcwco.com, or IR@psyence.com.

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Psyence Group Announces Private Placement

Psyence Group Announces Private Placement

TORONTO, December 02, 2021 – Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence” or the “Company”), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, announces that it is commencing a non-brokered private placement offering of up to CAD$2,000,000 of unsecured convertible promissory notes (the “Notes”). The Notes are convertible at the option of the holder at any time and will be automatically converted upon the occurrence of certain events at a 20% discount to the market price of the Company’s common shares at the time of conversion, subject to a minimum conversion price of $0.25 and a maximum conversion price of $0.40. The Notes mature 24 months from their date of issuance and bear interest at a rate of 8% per annum.

ABOUT PSYENCE GROUP: www.psyence.com

Psyence is a public life science biotechnology company listed on the Canadian Securities Exchange and (CSE: PSYG) and quoted on the OTCQB (OTCQB: PSYGF), with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care.

Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.    

Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Lesotho, Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development.  We work to develop advanced natural psilocybin products for clinical research and development.

Our key divisions, Psyence Production, Psyence Therapeutics, and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom, Jamaica, South Africa and a presence in the United States and Australia.

Contact Information:

Lisa-Marie Iannitelli, Investor Relations

Email: ir@psyence.com

Media Inquiries: media@psyence.com

General Information: info@psyence.com

FORWARD LOOKING STATEMENTS:

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 proposed private placement and the convertible debentures. These forward-looking statements are based on a number of assumptions, including the assumptions that there will be demand for the Company’s Notes. 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. These risks and uncertainties include demand for the Company’s securities being less than anticipated, fluctuations in the price the Company’s common shares, and the Company not raising the amount expected, or any funds at all. 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 has 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.

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Psyence Group Functional Mushroom Brand “GOODMIND” Commences National Roll-Out In South Africa’s Largest Coffee Retail Chain

Psyence Group Functional Mushroom Brand “GOODMINDTM” Commences National Roll-Out In South Africa’s Largest Coffee Retail Chain

Toronto, Canada/ December 2, 2021 / Psyence Group Inc. (CSE: PSYG | OTCQB: PSYGF) (“Psyence” or the “Company”), a life science biotechnology company pioneering the use of natural psychedelics in mental health and well-being, is pleased to announce that its joint venture functional mushroom brand GOODMINDTM has partnered with one of Africa’s largest coffee retail chains, “vida e caffè”, to commence the rollout of its GOODMINDTM functional mushroom brand in select vida e caffè’s coffee shops in South Africa.

The product is available for sale in a sachet format, which can be added to any beverage, or it can be ordered as a GOODMINDTM Functional Mushroom Cappuccino. GOODMINDTM is jointly owned by Psyence and South African natural wellness company Goodleaf.

“Following the launch of our first Functional Mushroom product, GOODMINDTM (in capsule format) in August 2021, we recognised the opportunity to extend the GOODMINDTM offering. We have now developed GOODMINDTM water-soluble, mushroom powder sachets, which blends perfectly with coffee and other beverages,” says Jody Aufrichtig, Executive Chairman Psyence Group.” We are proud of the GOODMINDTM products we have developed and that we are able to generate revenue from having our wellness products on shelves.”

Goodmind Vida E Caffe

Goodleaf CEO and Founder Warren Schewitz says: “Collaborating with vida e caffè to launch South Africa’s first Functional Mushroom Cappuccino made perfect sense. vida e caffè has a network of over 250 coffee stores nationwide and the Functional Mushroom Cappuccino will be available in a selection of these stores. The brand is synonymous with innovation and is experienced in bringing new products to market.”

Darren Levy CEO, vida e caffè says:  “We are constantly on a journey to see how we can enhance our coffee and health offering to the end consumer, and are committed to staying on trend with global coffee developments. Following previous collaborations in the CBD space and recent collagen additions to our menu, we have seen that our consumers enjoy having functional benefits added to their daily brew. We are excited to be collaborating with the GOODMIND team on this new and innovative coffee add-on offering, promoting a healthy body and mind.”

The global Functional Mushroom market was valued at USD 25.4 billion in 2020, and is projected to reach a CAGR of 8.44% during the forecast period 2021-2026. This is according to a Functional Mushrooms Market 2021 report published by Research and Markets in October 2021. The report highlights that while demand for mushroom-based products had been increasing for some time, functional mushrooms have been ‘brought into the spotlight’ as a result of Covid-19 and the category is experiencing accelerated growth.

The GOODMIND™ Functional Mushroom range has been developed using a blend of adaptogenic, non-psychedelic super mushrooms. The GOODMIND™ mushroom powder sachets are a blend of eight functional mushrooms, predominantly Lion’s Mane, Shiitake, Cordyceps and Chaga.

ABOUT PSYENCE GROUP: www.psyence.com

Psyence is a public life science biotechnology company listed on the Canadian Securities Exchange and (CSE: PSYG) and quoted on the OTCQB (OTCQB: PSYGF), with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care.

Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Lesotho, Southern Africa.

Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development.  We work to develop advanced natural psilocybin products for clinical research and development.  We have entered into a long term joint venture to launch mushroom-based mental wellness focused nutraceutical products, the GOODMIND™ collection, to support improved focus, calm, and sleep.

Our key divisions, Psyence Production, Psyence Therapeutics, and Psyence Function, anchor an international collaboration, with operations in Canada, the United Kingdom, Jamaica, South Africa and a presence in the United States and Australia.

For more info on the GOODMIND™ website: https://foragoodmind.com/

About vida e caffè

 vida e caffè is a privately-owned coffee shop franchise and supplier of beverage products in South Africa. The name vida e caffè mixes Spanish or Portuguese for ‘life’ with Italian for ‘and coffee’. The coffee chain has over 250 stores throughout South Africa and 22 on the rest of the African continent.

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 consumer uptake of GOODMINDTM products and functional mushroom products in general in South Africa, product requirements, consumer demands and product market fit in South Africa, revenue generation from the GOODMINDTM products, the size and growth of the global Functional Mushroom market, the effect of the COVID-19 epidemic, and market conditions and economic factors effecting the GOODMINDTM business and roll-out and the functional mushroom market in general. 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 has 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.

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Covid-19 steepens the trajectory of an already booming functional mushroom market

Covid-19 steepens the trajectory of an already booming functional mushroom market

The global functional mushroom market was valued at USD 25.4 billion in 2020, and it projected to reach a CAGR of 8.44% during the forecast period 2021-2026. This is according to a Functional Mushrooms Market 2021 report published by Research and Markets in October 2021. The report highlights that while demand for mushroom-based products had been increasing for some time, functional mushrooms have been ‘brought into the spotlight’ as a result of Covid-19 and the category is experiencing accelerated growth.

The global functional mushroom market is growing rapidly fuelled by functional foods gaining popularity amongst health-conscious consumers. Functional mushrooms are increasingly being used in a wide variety of healthcare and pharmaceutical products, which is also helping to drive the trend. Further, with a number of scientific studies confirming that functional mushrooms and mushroom-derived supplements ability to boost the immune system, market growth in this category has increased due to Covid-19.

“This report gives evidence to our belief that consumers are increasingly looking for natural alternatives to help boost their immunity and their wellbeing. When we launched GOODMIND™ in March 2021 we were excited to bring this category to the South African market and the uptake we have seen so far validates what we are seeing on a global scale,” says Psyence’s Chief Strategy Officer Tony Budden.

GOODMIND™ is a premium range of functional mushroom products, which include Functional Mushroom capsules and newly released water-soluble Functional Mushroom sachets. The GOODMIND™ formulas harness the power of adaptogens, which are non-toxic, non-psychoactive fungi, used for centuries in traditional medicine for their stress-relieving benefits.  GOODMIND™ is designed to nourish the mind and elevate everyday life by enhancing mental capacity and the body’s ability to adapt to stress. Available for sale online, in select retail outlets and premium coffee stores in South Africa, GOODMIND™ will be available in international markets in 2022.

The Functional Mushroom Market Report states that a number of scientific studies have confirmed the ability of functional mushrooms, and mushroom-derived supplements, to increase the effectiveness of both innate and adaptive immune systems. It also indicates that the rise in popularity in new markets is being driven by an increased demand for natural solutions to health as well as the growing acceptance of mushrooms as a ‘superfood’.

“While functional mushrooms have been around for centuries they are seen as a relatively ‘new category’ in the West, says Tony. “However, according to the Chinese Pharmacopoeia, functional mushrooms have been an integral part of Chinese medicine for over 2,000 years and are widely used as a tonic for vitality, endurance, and to support a healthy immune system.”

The term ‘Functional Mushrooms’ refers to specific and mostly rare mushrooms, which are packed with antioxidants and nutritional value; Functional Mushrooms differ to psychedelic ‘magic mushrooms’ in that they are completely non-psychedelic mushrooms. Some of the most popular functional mushrooms available are Reishi, Cordyceps, Shiitake, Turkey Tail, Tremella and Chaga. According to the Research and Markets report, sales of supplements containing Reishi increased 13.5% year-on-year and Cordyceps increased 8.2%. GOODMIND™ is a blend of three different mushrooms Reishi, Cordyceps and Lion’s Mane.

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This cannabis extraction company could take over the psilocybin market

Psyence Group and Pure Extracts Finalize “Pure Psyence,” A Joint Venture for the Development of Psychedelic Medicinal Mushroom Extracts

These two companies are joining forces to become a leader in commercialized psilocybin extracts.

Pure Extracts (PULL), a cannabis, hemp, and mushroom extraction company, signed a Joint Venture agreement with Psyence Group (PSYG) to form “Pure Psyence”.

The agreement leverages Psyence Group’s licensed cultivation facility and standardized psilocybin mushroom supply to create high-purity, naturally-derived mushroom extracts.

The combined expertise will make standardized psilocybin more accessible to Canadian research institutions and will allow Pure Psyence to conduct human clinical trials using the extracts.

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