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Doseology Expands into US Retail Market

Doseology Expands into US Retail Market

Vernon, British Columbia, July 14, 2022 – Doseology Sciences Inc. (CSE: MOOD) (OTCQB: DOSEF) (FSE: VU7) (“Doseology” or the “Company”), a life sciences company focused on mental health and wellness, is excited to announce it has signed a Sales Management Agreement with Alternative Sales Management to act as the Company’s national sales manager for its expansion into the United States retail market.

Gary Gobeli, President of Alternative Sales Management, is a skilled Master Broker and Senior Manager within the natural and organic industry. With over three decades of experience, Gobeli brings a set of skills and experiences that has led to success for both him and his partners — he has been a distributor and manufacturer rep, owned a brokerage company, and has been a regional and national sales manager for top brands such as Atkins and Symbiotics. He is an expert in evaluating market trends, developing and implementing goal-oriented strategies, networking with manufacturers and distributors, and bringing both start-ups and bigger brands to market.

The engagement of Alternative Sales Management comes at an opportune time, as the functional mushroom market continues to grow in the United States in 2022. Notably, Tastewise predicts a continued interest in functional foods with 33% more consumers treating food as medicine in 2022 compared to 2020.

The benefits of functional mushrooms have been the subject of intense study in recent years. For example, a 2021 study by Penn State College of Medicine found that consistently consuming mushrooms resulted in a lower risk of depression. This effect is attributed to certain edible mushrooms, such as lion’s mane, having the potential to enhance neuron production and survival, which can help prevent neuropsychiatric disorders, such as depression. There are thousands of other studies that highlight the benefits of these fungi.

Further projections for the functional mushroom market include an 8.44% compound annual growth rate from a projected surge in demand for functional foods and nutraceuticals from 2021 to 2026. Additionally, the global market is expected to reach $44.8B USD by 2027.

Doseology will capitalize on this increased interest with its expansion into the sizable United States retail market. The Company plans to partner with distributors that specialize in supplements and target independent retailers and specialty chains to build a strong foundation before moving on to mass-market retailers.

The current functional mushroom products in Doseology’s US line are:

  • Wake: Blend of lion’s mane mushroom fruiting bodies, yerba mate, and vitamins B6 and B12 to promote wakefulness and to support cognitive performance (tincture, 28 servings).
  • Elevate: Blend of lion’s mane mushroom fruiting bodies, ginger root, and vitamin B3 to elevate mood and enhance cognitive clarity (tincture, 28 servings).
  • Active: Blend of cordyceps mushroom fruiting bodies and rhodiola to promote energy, enhance physical performance, and ease mental fatigue (tincture, 28 servings).
  • Recover: Blend of shiitake fruiting bodies and turmeric to provide the body with potent antioxidants to strengthen and support immunity (tincture, 28 servings).
  • Rest: Blend of reishi mushroom fruiting bodies, German chamomile, and melatonin to promote relaxation and sleep onset (tincture, 28 servings).
  • Think: Blend of the fruiting bodies of lion’s mane mushroom, reishi, shiitake, and chaga, yerba mate, rhodiola, choline, organic cocoa powder, and monk fruit extract. The super-shroom cognitive complex is formulated to give the brain the building blocks it needs to optimize cognitive function and to improve focus and alertness (cognitive complex powder, 30 servings).
  • Defend: Blend of the fruiting bodies of lions’ mane, reishi, shiitake, turkey tail, chaga, maitake, royal sun agaricus, white button, and black fungus as well as the mycelium of cordyceps. These 10-in-1 super shroom capsules are formulated to provide daily immune support (mushroom capsules, 30 servings).

For sales inquiries contact hello@doseology.com

About Doseology Sciences (CSE: MOOD) (OTCQB: DOSEF) (FSE: VU7)
Doseology Sciences Inc. is building a progressive brand focused on mental health and wellness through cultivation, extraction and innovative nutraceutical and pharmaceutical products. Doseology aims to make a meaningful impact on the mental health pandemic by utilizing and developing functional fungi and plant-derived drugs. With a vertically integrated approach, Doseology intends to process and distribute products at its facilities in Vernon, British Columbia, in accordance with applicable laws to ensure safe and high-quality production. Doseology’s medicinal mushroom products, including tinctures, powders and supplements, are available on doseology.com.

For further information contact:
Investor Relations: investor@doseology.com
General Inquiries: hello@doseology.com
Telephone: 236-349-0064
Website: doseology.com

Forward-Looking Statements
This press release contains statements that constitute “forward‐looking information” within the meaning of applicable securities laws. Forward‐looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions. Readers are cautioned that forward‐looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning the business of the Company’s future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Company’s prospectus. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law. For more information, investors should review the Company’s filings which are available on SEDAR.

No securities regulatory authority has either approved or disapproved of the contents of this press release. The Company’s securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration, or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

Industry Data
This press release includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. The Company believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data used throughout this press release are not guaranteed and the Company does not make any representation as to the accuracy or completeness of such information.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

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Enveric Biosciences Announces Reverse Stock Split

Enveric Biosciences Announces Reverse Stock Split

Common Stock Will Begin Trading on a Split-Adjusted Basis on July 15, 2022

CAMBRIDGE, Mass. –Enveric Biosciences, Inc. (NASDAQ: ENVB) (“Enveric” or the “Company”), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, today announced that it intends to effect a reverse stock split of its common stock at a ratio of 1 post-split share for every 50 pre-split shares. The reverse stock split will become effective at 4:05 p.m., New York time, on Thursday, July 14, 2022. Enveric’s common stock will continue to be traded on the Nasdaq Capital Market under the symbol “ENVB” and will begin trading on a split-adjusted basis when the market opens on Friday, July 15, 2022.

At a special meeting of stockholders held on July 14, 2022, Enveric’s stockholders granted the Company’s Board of Directors the discretion to effect a reverse stock split of Enveric’s common stock through an amendment to its Amended and Restated Certificate of Incorporation, as amended, at a ratio of not less than 1-for-10 and not more than 1-for-100, such ratio to be determined by the Company’s Board of Directors.

At the effective time of the reverse stock split, every 50 shares of Enveric’s issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock without any change in the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-50 reverse stock split. It is not necessary for stockholders holding shares of the Company’s common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish.

The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional share of a stockholder resulting from the reverse stock split will be rounded up to the nearest whole number of shares. The reverse stock split will reduce the number of shares of Enveric’s common stock outstanding from 52,684,548 shares to approximately 1,053,691 shares. Proportional adjustments will be made to the number of shares of Enveric’s common stock issuable upon exercise or conversion of Enveric’s equity awards and warrants, as well as the applicable exercise price. Stockholders whose shares are held in brokerage accounts should direct any questions concerning the reverse stock split to their broker. All stockholders of record may direct questions to the Company’s transfer agent, American Stock Transfer & Trust Company, LLC, at 1-877-248-6417 or 1-718-921-8317.

About Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) is a neuroscience-focused pharmaceutical company developing next-generation, psychedelic-inspired mental health medicines. Enveric’s robust pipeline supports drug development from the clinic to commercialization aimed to help millions of patients in need around the world suffering from conditions that include cancer-related distress, PTSD and more. For additional information, please visit www.enveric.com.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “proposed,” “is expected,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements consist of not purely historical statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the effect that the reverse stock split may have on the price of our common stock; our ability to retain our listing on the Nasdaq Capital Market; the ability of the company to successfully spin-off its cannabinoid assets; the ability to achieve the value creation contemplated by technical developments; the impact of the novel coronavirus (COVID-19) on Enveric’s ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on Enveric’s ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; Enveric’s ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to Enveric’s products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contacts

Valter Pinto

KCSA Strategic Communications

212.896.1254

valter@kcsa.com

Media Contacts

Allison Soss

KCSA Strategic Communications

212.896.1267

asoss@kcsa.com

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Greenbrook TMS Announces Closing of Success TMS Acquisition and US$75 Million Credit Facility With Madryn Asset Management

Greenbrook TMS Announces Closing of Success TMS Acquisition and US$75 Million Credit Facility With Madryn Asset Management

July 14, 2022 05:02 PM Eastern Daylight Time

TORONTO–(BUSINESS WIRE)–Greenbrook TMS Inc. (TSX: GTMS, NASDAQ: GBNH) (“Greenbrook” or the “Company”), a leading provider of Transcranial Magnetic Stimulation (“TMS”) therapy in the United States, is pleased to announce the closing of its previously-announced acquisition (the “Acquisition”) of Check Five LLC, a Delaware limited liability company (doing business as “Success TMS”) (“Success TMS”). In addition, Greenbrook announces today that it and its subsidiaries have entered into a credit agreement for a US$75 million secured credit facility (the “Credit Facility”) with Madryn Asset Management, LP (“Madryn”) and its affiliated entities.

“We are very excited to announce the closing of the Acquisition and the Credit Facility today as we believe this to be transformational for the Company”Tweet this

Key Acquisition and Credit Facility highlights:

  • Adding Significant Operating Scale, Top-Line Growth and Expected to Accelerate the Path to Profitability
    • The Company believes the Acquisition of Success TMS’ 47 TMS centers in the states of Florida, Pennsylvania, Illinois, New Jersey, Nevada and Wisconsin is highly complementary to Greenbrook’s existing management regions.
    • The Company expects that the Acquisition has the potential to add more than US$30 million in consolidated revenues to the combined company on a full-year basis, representing significant growth over Greenbrook’s current fiscal 2021 revenues of approximately US$52 million.
    • The Company anticipates that near term post-Acquisition synergies may be able to produce EBITDA positive operations for the combined company and accelerate the Company’s timeline to profitability.
    • The Company believes it has the ability to layer on its existing Spravato® program across the Success TMS footprint to drive further growth.
  • Recapitalization of the combined business through the Credit Facility
    • The Credit Facility provides Greenbrook with immediate access of up to US$55 million in term loans and the potential to access up to an additional US$20 million in loans exclusively for expansion purposes.
    • The Company believes the Credit Facility sufficiently capitalizes the business to serve its general working capital needs and to execute on its growth strategy.
    • The Company believes the Credit Facility represents a significant vote of confidence by a leading healthcare investor.
  • Well-Established Payor Contracting and Access to Robust Physician Networks
    • The Company believes that Success TMS’ affiliated medical practices benefit from strong reimbursement and provides access to a reputable physician network, which removes the need to establish new contractual relationships with payors in the regions in which Success TMS currently operates, eliminating a process which is a key barrier to expansion.
  • Provides Proven Regional Management Team and Potential Synergies
    • Success TMS has an experienced management and operations team.
    • Success TMS’ Chief Executive Officer, Benjamin Klein, has joined the Company as Chief Operating Officer and a member of the Company’s board of directors, deepening Greenbrook’s managerial expertise, and combining best practices of Greenbrook and Success TMS.
  • All Equity Transaction to Build Value Together
    • Purchase price consideration for the Acquisition payable entirely in common shares of Greenbrook which is intended to align the interests of the Success TMS team with those of Greenbrook and promote the shared goal of building value together under the Greenbrook brand.

“We are very excited to announce the closing of the Acquisition and the Credit Facility today as we believe this to be transformational for the Company,” said Bill Leonard, President and Chief Executive Officer of Greenbrook. “We believe these transactions accelerate Greenbrook’s ability to grow and gives us the needed capitalization to further expand on our mental health platform, through our base TMS business, expanding Spravato® program, and other future treatment modalities and indications. We are excited to begin working with Ben Klein as our new COO and our new colleagues at Success TMS who share our passion for TMS therapy and delivering exceptional patient care to those suffering from mental health disorders. We believe our business is a needed one in a time of heightened demand for mental health support.”

“We believe Greenbrook’s innovative approach to treating mental health can help the millions of individuals who suffer from Major Depressive Disorder yet struggle to benefit from traditional treatment modalities,” said Dr. Avinash Amin, Managing Partner of Madryn. “We are excited to support Greenbrook and look forward to a collaborative partnership with their management team as they continue to revolutionize the treatment of mental health disorders and expand the TMS footprint.”

Success TMS Acquisition

Pursuant to the purchase agreement, Greenbrook, through its wholly-owned U.S. subsidiary, TMS NeuroHealth Centers Inc., has acquired all of the issued and outstanding equity interests in Success TMS from its parent company, Success Behavioral Holdings, LLC. As consideration for the purchase of Success TMS, its direct and indirect owners (collectively, the “Seller Parties”) have received, in the aggregate, 8,725,995 common shares of Greenbrook (the “Consideration Shares”), and an additional 2,908,665 Consideration Shares have been held back and deposited with an escrow agent, to be released to Benjamin Klein or Greenbrook, as applicable, upon satisfaction of customary working capital and certain other adjustments, including to satisfy any indemnity claims against the Seller Parties.

The purchase price consideration was determined based on the pro forma revenue contribution of the two companies and was fixed at an amount equal to approximately 40% of the total issued and outstanding common shares of Greenbrook (the “Common Shares”) on a post-Acquisition basis and subject to adjustments, as described above.

The Seller Parties are subject to a 12-month lock-up period in respect of the Common Shares issued or issuable to them in connection with the Acquisition. The Seller Parties have also received certain customary registration rights in connection with the resale of the Common Shares acquired by them in the Acquisition, once the lock-up restrictions have expired.

Success TMS is one of the largest providers of TMS therapy in the United States. Since founding its first TMS center in Florida in 2018, Success TMS has grown to 47 active locations throughout Florida, Pennsylvania, Illinois, New Jersey, Nevada and Wisconsin. The Acquisition has added 47 active TMS centers to Greenbrook’s existing service delivery platform, bringing its total to 193 active TMS centers across the United States. The Acquisition has also provided Greenbrook with a new presence in additional states, including new management regions in Illinois, New Jersey, Nevada, Pennsylvania and Wisconsin.

As previously disclosed, the purchase agreement for the Acquisition provides Benjamin Klein with a right to nominate a single representative to the board of directors of Greenbrook for so long as the Seller Parties own at least 5% of the issued and outstanding Common Shares, subject to certain conditions, including applicable securities laws and stock exchange requirements. Benjamin Klein has been appointed to the board of directors as the board nominee, effective immediately.

Debt Financing

The Credit Facility provides Greenbrook with a US$55 million term loan, which was funded on closing. In addition, the Credit Facility permits Greenbrook to incur up to an additional US$20 million in a single draw at any time on or prior to December 31, 2024 for purposes of funding future M&A activity. All amounts borrowed under the Credit Facility will bear interest at a rate equal to the three-month LIBOR rate plus 9.0%, subject to a minimum three-month LIBOR floor of 1.5%. The Credit Facility matures over 63 months and provides for four years of interest-only payments.

The Credit Facility also provides Madryn with the option to convert up to US$5 million of the outstanding principal amount of the loan into Common Shares at a price per share equal to a 15% premium to the 30-day volume weighted average trading price of the Common Shares as of the closing date of the transaction, subject to customary anti-dilution adjustments and approval of the Toronto Stock Exchange (“TSX”) prior to each such issuance. The Company has notified The Nasdaq Stock Market LLC (“Nasdaq”) in accordance with the rules of that exchange.

Greenbrook has used approximately US$10.1 million of the proceeds from the Credit Facility to repay in full the outstanding balance owing under the Company’s existing term loan with Oxford Finance LLC (the “Oxford Facility”) and has terminated the Oxford Facility.

Bloom Burton Securities Inc. acted as the Company’s sole financial adviser in connection with the debt financing.

About Greenbrook TMS Inc.

Operating through 193 Company-operated treatment centers (including those added through the Acquisition), Greenbrook is a leading provider of TMS therapy, an FDA-cleared, non-invasive therapy for the treatment of Major Depressive Disorder and other mental health disorders, in the United States. TMS therapy provides local electromagnetic stimulation to specific brain regions known to be directly associated with mood regulation. Greenbrook has provided more than 840,000 TMS treatments to over 24,000 patients struggling with depression.

About Madryn Asset Management, LP.

Madryn Asset Management is a leading alternative asset management firm that invests in innovative healthcare companies specializing in unique and transformative products, technologies, and services. The firm draws on its extensive and diverse experience spanning the investment management and healthcare industries, and employs an independent research process based on original insights to target attractive economic opportunities that deliver strong risk-adjusted and absolute returns for its limited partners while creating long-term value in support of its portfolio companies.

Cautionary Note Regarding Forward-Looking Information

Certain information in this press release, including statements regarding the debt financing and the Acquisition, the potential benefits and synergies to be derived therefrom, expectations regarding future profitability, and the number of Common Shares issuable in connection therewith, constitute forward-looking information within the meaning of applicable securities laws in Canada and the United States, including the United States Private Securities Litigation Reform Act of 1995. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the factors described in greater detail in the “Risk Factors” section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2021 and in the Company’s other materials filed with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission from time to time, available at www.sedar.com and www.sec.gov, respectively. These factors are not intended to represent a complete list of the factors that could affect the Company or its ability to achieve the potential benefits and synergies from the Acquisition and its expectations regarding future profitability; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company 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.

Contacts

Glen Akselrod
Investor Relations
Greenbrook TMS Inc.

Contact Information:
investorrelations@greenbrooktms.com

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Numinus Wellness Inc. Reports Q3 2022 Results

Numinus Wellness Inc. Reports Q3 2022 Results

  • Revenues grew 32% year-over-year to $0.74 million for the quarter
  • Clinic network revenues grew 59.5% from the same quarter last year and 7.5% compared to prior quarter
  • Achieved 24.4% gross margin and $180,845 gross profit of during Q3 2022
  • Ended quarter with strong cash position of $41.8 million
  • Completed acquisition of Novamind, positioning Numinus as a leading, integrated mental healthcare company providing psychedelic-assisted therapies
All financial results are reported in Canadian dollars unless otherwise stated.

VANCOUVER, BC, July 14, 2022 /CNW/ –  Numinus Wellness Inc. (“Numinus” or the “Company”) (TSX: NUMI) (OTCQX: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its fiscal quarter results for the three and nine months ended May 31, 2022 (“Q3 2022”).  Q3 2022 results do not reflect contributions from the acquisition of Novamind, which completed subsequent to quarter end, on June 10, 2022. 

“Our fiscal third quarter was highlighted by the announcement of our acquisition of Novamind, and the activities leading up to the completion of that strategic transaction on June 10, 2022. Now, with 13 wellness clinics across North America, four clinical research sites and a dedicated psychedelics research facility, Numinus is firmly positioned as a leading mental health care company providing psychedelic-assisted therapies. We’re very pleased with how our operations are integrating and with the collaborative efforts we are already seeing across our new expanded team,” said Payton Nyquvest, Founder and CEO. “We look forward to sharing our combined performance with you when we announce our fiscal fourth quarter results – which will be the first quarter demonstrating the power of our larger, cross-border platform.”

“Today, including the contributions of Novamind, Numinus is one of the highest revenue-producing mental health care companies providing psychedelic and ketamine-assisted therapies, with more than $12 million of combined proforma annual revenues (based on trailing four quarters). We continue to be excited about the momentum building across our business and our outlook ahead. With significantly strengthened revenue streams, a growing number of client services, and positive regulatory reforms underway, our focus is squarely on reaching profitability as quickly as possible. Our strategy to accelerate Numinus’ path to profitability also includes expanding higher-margin services, increasing business development activities, and proactively managing our operating costs. Our goal is to achieve operational profitability within two years and corporate positive cashflow within three years,” concluded Mr. Nyquvest.

Third Quarter Financial Highlights

  • Revenues grew 31.8% year-over-year to $741,064 million in Q3 2022, due primarily to the acquisitions of Mindspace and the Neurology Centre of Toronto. Sequentially, revenues declined by 5.7% from the prior quarter, due entirely to shifting strategic priorities at Numinus Bioscience – where analytical testing services for third-party corporate clients has ceased due to changing sector dynamics. The elimination of this revenue stream was partially offset by 7.5% revenue growth achieved through Numinus’ clinic network operations.
  • Gross margin grew to 24.4% during Q3 2022, compared to -2.8% in Q3 2021. The improvement in gross margin is due mostly to the completion of acquisitions between periods, and the offering of higher-margin services.
  • Gross profit of $180,845 in Q3 2022, a significant improvement compared to the gross loss of $15,497 in Q3 2021.
  • Loss was $7.0 million for Q3 2022, compared to a loss of $4.8 million in Q3 2021, due in part to corporate development and legal expenses related to the acquisition of Novamind Inc.
  • Cash balance of $41.8 million as of May 31, 2022.

First Nine Months Financial Highlights

  • Revenues during the first nine months of fiscal 2022 grew 126.5% year-over-year to $2.3 million due primarily to the continued post-acquisition growth of Mindspace and the acquisition of NCT.
  • Gross margin during the first nine months of 2022 was 19.9%, compared to -11.1% in the same period last year.
  • Gross profit during the first nine months of 2022 was $460,569, a significant improvement compared to the gross loss of $113,356 in the same period of 2021.
  • Loss was $20.2 million for the first nine months of 2022, compared to a loss of $11.0 million in the first nine months of 2021.

Operational Highlights During and Subsequent to Q3 2022
As a reminder, operational performance for the third quarter and first nine months of fiscal 2022 does not include contributions from the acquisition of Novamind, which completed subsequent to quarter-end, on June 10, 2022.

Numinus Wellness Clinic Network

  • Q3 2022 revenue of $731,064, a 7.5% sequential increase from Q2 2022, and a 59.5% increase compared to $458,316 during the same period last year.
  • During Q3 2022, clients received a total of 5,634 appointments through Numinus clinics (including one-on-one and group therapy sessions, neurology-related appointments, paid group programs and Ketamine-assisted psychotherapy), representing a 5.9% increase in clinic appointments compared to Q2 2022.
  • As of May 31, 2022, Numinus had five wellness clinics and two clinical research sites. As of July 14, 2022, following the acquisition of Novamind, Numinus has 13 wellness clinics offering services to clients (one in Vancouver, one in Toronto, three in Montreal, eight in Utah and two in Arizona). In addition, the Company has four dedicated research clinics where psychedelic studies are being conducted (two in Salt Lake City, one in Vancouver and one in Montreal).
  • Following a review of its growth initiatives and opportunities, Numinus has decided to cancel its previously announced second wellness clinic location in Vancouver, Canada. The acquisition of Novamind has provided additional growth opportunities that the Company expects could provide higher return-on-investment.
  • Subsequent to the quarter, on June 23, 2022, Numinus launched a pilot mental health program for corporate clients: Corporate Ketamine-Assisted Psychotherapy (“Corporate KAP”). This Utah-based program is aimed at helping businesses improve employee mental health by offering ketamine-assisted psychotherapy as a health benefit for eligible employees.

Clinical Trials

  • On March 30, 2022, Numinus announced it began administering MDMA-assisted psychotherapy to clinical trial volunteers for the “multi-site open-label extension study of MDMA-assisted psychotherapy for PTSD (MAPPUSX)” trial sponsored by the Multidisciplinary Association for Psychedelic Studies (MAPS) and organized by MAPS Public Benefit Corporation (MAPS PBC).
  • On May 16, 2022, Numinus announced it received Health Canada Special Access Programme (“SAP”) approval to provide psilocybin-assisted therapy to a patient with treatment-resistant depression. This was Numinus’ first psilocybin-assisted therapy treatment outside of clinical trials; amongst the first to use this regulatory mechanism through Health Canada’s SAP.
  • As part of the Company’s focus on accelerating its timeline to profitability, Numinus has decided to postpone its clinical trials of NBIO-01 and NBIO-03, given the high cost of clinical trials. Once the company can see a clear pathway to regulatory approvals or has achieved profitability, the clinical trials for these drug candidates will commence.

Numinus Research – Laboratory Operations

  • Given sector consolidation, the decreasing corporate client base for psychedelic substance analytical services and limited revenue generating opportunities, Numinus Bioscience intends to focus purely on proprietary research activities for the foreseeable future. The divisions’ analytical testing capabilities remain available for proprietary and on-request projects; however, the company has eliminated its business development activities for these services to reduce expenses in this period of sector dislocation. As this business decision was implemented partway through the quarter, Numinus Bioscience generated revenue of $10,000 during Q3 2022 and is not expected to generate any further revenue from analytical testing services until and unless sector dynamics improve to sustain those business operations.
  • In March 2022, Numinus Bioscience expanded its research capabilities as a result of the addition of a Public Health Agency of Canada for a Containment Level 2 (CL2) pathogens and toxins license, and the approval from Health Canada to add Ayahuasca & San Pedro to its federal license for psychedelic research.
  • On June 22, 2022, Numinus Bioscience filed a patent application to the World Intellectual Property Organization (WIPO), an agency of the United Nations, for a rapid production process for Psilocybe and other fungi species containing psilocybin and other compounds. A provisional patent application for the process was submitted to the United States Patent & Trademark Office (USPTO) on June 24, 2021. With this additional filing, international patent protection would extend to all WIPO member states that have signed the Patent Cooperation Treaty (PCT), including Australia, Germany, Netherlands, and the United Kingdom, where psychedelic research is currently active.

Corporate Updates

  • On June 27, 2022, Numinus introduced its new logo and brand identity, which will unify Numinus’ presence across North America. The rebranding activities will be accomplished in phases and completed by the end of 2022.
  • On April 12, 2022, Numinus announced it made an offer to acquire Novamind – positioning Numinus as a leading, integrated mental healthcare company providing psychedelic-assisted therapies. The transaction was overwhelmingly approved by Numinus and Novamind shareholders at separate shareholder meetings on June 8, 2022. On June 10, 2022, the acquisition of Novamind was completed with Novamind shareholders receiving 0.84 Numinus shares per Novamind share. As a result of the acquisition, Novamind was delisted from the CSE and OTC exchanges.
  • On June 10, 2022, Numinus announced several executive appointments. Michael Tan was promoted to President and Chief Operating Officer, Reid Robison was appointed Chief Clinical Officer, and Paul Thielking has been appointed Chief Science Officer.

Q3 2022 Key Performance Metrics

For the quarter ended May 31:
20222021% change 
     Numinus Bioscience¹ revenue10,000103,760-90.4 %
     Numinus Clinic Network2 revenue731,064458,31659.5 %
Total Revenue$741,064$562,07631.8 %
Cost of revenue(560,219)(577,573)-3.0 %
Gross Profit (Loss)$180,845$(15,497)n.m.
   Gross profit margin24.4 %-2.8 %n.m.
General and administrative expenses(5,269,941)(2,485,805)112.0 %
Share-based compensation(212,321)(610,386)-65.2 %
Sales and marketing expenses(441,723)(967,670)-54.4 %
Depreciation & Amortization(173,219)(76,226)127.2 %
Research and development expenses(506,665)(631,124)-19.7 %
Transaction costs(456,747)(8,369)5,357.6 %
Loss before other items$(7,008,112)$(4,824,424)43.5 %
Other items(142,209)(29,347)384.6 %
Revaluation of contingent liability13,8680100.0 %
Loss and comprehensive loss$(7,008,112)$(4,824,424)45.3 %
Loss per share, basic and diluted$(0.03)$(0.02)34.1 %
Average number of shares outstanding,basic and diluted210,247,839149,026,9718.4 %
1 Numinus Bioscience consists of revenues generated through Numinus’ Laboratory Operations, which ceased analytical testing services to third-party corporate clients during Q3 2022.
2 Numinus Clinic Network revenues generated through NCT, Mindspace and Numinus Health.


Numinus’ condensed consolidated financial statements for the three and nine months ended May 31, 2022 and related management’s discussion and analysis are available on Numinus’ Investor Relations website at www.investors.numinus.com and under the Company’s profile on SEDAR at www.sedar.com.  These documents were prepared in accordance with IFRS.

Conference Call and Webcast Details

Interested parties are invited to participate in the Company’s Q3 2022 results conference call and webcast. On the call Numinus executives will review the Company’s performance and recent initiatives, and answer questions from analysts.

Date:Thursday, July 14, 2022
Time:5:30 p.m. (EST)
Dial-In:1 (888) 330-3632 (Toll-free North America), 1 (646) 960-0837 (International)
Code:3547386
Webcast:https://event.on24.com/wcc/r/3825889/3D9B9AD399CFA2D70257C91AC4C8F78A


The webcast will also be archived on the Events and Presentations page of Numinus’ Investor Relations website: https://www.investors.numinus.com/events-and-presentations

About Numinus

Numinus Wellness (TSX: NUMI) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model – including psychedelic production, research and clinic care – is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Learn more at www.numinus.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.

Disclaimer

Neither Numinus Wellness Inc., nor any of its subsidiaries is a professional corporation licensed to practice health services. In jurisdictions where health services may only be provided by a corporation if that corporation holds a valid permit to do so, Numinus and its subsidiaries operate in a management services function to affiliated professional corporations, who provide health services to patients. Numinus and its subsidiaries do provide health services directly to patients in those jurisdictions where authorized to do so.

Forward-looking statements

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “expects”, “does not expect”, “is expected”, “believes”, “intends”, “anticipates”, “does not anticipate”, “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company’s limited operating and profitability track record; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company’s efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.

SOURCE Numinus Wellness Inc.

For further information: Investor Contact: Jamie Kokoska, Vice President, Investor Relations & Communications, jamie.kokoska@numinus.com, +1 833-686-4687; Media Contact, Hilary Strath, Director, Communications, hilary.strath@numinus.com

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Pasithea Therapeutics Awarded a Drug Development Research Grant

Pasithea Therapeutics Awarded a Drug Development Research Grant

— AUD $1 million (U.S $694,000) grant transferred as part of Alpha-5 Integrin, LLC transaction —
— Provides approximately U.S. $694,000 of non-dilutive funding —

MIAMI BEACH, Fla., July 14, 2022 (GLOBE NEWSWIRE) — Pasithea Therapeutics Corp. (Nasdaq: KTTA) Pasithea Therapeutics Corp. (Nasdaq: KTTA) (“Pasithea” or the “Company”), a novel biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders, today announced the availability of an AUD $1 million (U.S. $694,000) drug development research award following the Company’s acquisition of Alpha-5 integrin, LLC (“Alpha-5”). The grant was awarded by FightMND, the largest independent funder of amyotrophic lateral sclerosis (“ALS”)/motor neuron disease (“MND”) research in Australia.

Pasithea is developing a monoclonal antibody (mAbs) for the treatment of ALS and other neuroinflammatory disorders. Currently, there is no cure for ALS, and there are no effective treatments to halt or slow the progression of the disease. Alpha-5/beta-1 integrin expression is significantly increased in ALS animal models and post-mortem human ALS and significantly upregulated with disease progression. Pasithea has multiple monoclonal antibody candidates against alpha-5/beta-1 integrin. Treatment with these antibodies extends survival and improves motor function in the SOD1 mice model of ALS.

“With the transfer of this grant, we will have a source of non-dilutive funds to test our monoclonal antibodies in the TDP-43 mouse model and progress the candidate toward the clinic. Ultimately, we aim to help ALS/MND patients who are in dire need of effective therapy,” stated Dr. Tiago Reis Marques, CEO of Pasithea.

About Amyotrophic Lateral Sclerosis

ALS is a progressive neurodegenerative disease that affects nerve cells in the brain and spinal cord, causing loss of muscle control. It most commonly affects people between the ages of 40 and 70, with an average age of 55 at the time of diagnosis. It affects as many as 30,000 patients in the United States, with 5,000 new cases diagnosed each year. The average life expectancy after diagnosis is two to five years, but some patients may live for years or even decades. While 5-10% of cases are hereditary (familial ALS), the large majority of cases (90-95%) are not hereditary (Sporadic ALS). The cause of ALS is not completely understood and multiple complex factors may contribute to the death of motor neurons. Currently there is no known cure or treatment that halts or reverses the progression of ALS, and FDA only approved 2 medications so far for the treatment of this disorder, both shown to modestly slow the progression of ALS.

About FightMND

Founded in 2014, FightMND was established in Australia with the purpose of finding effective treatments and ultimately a cure for Motor Neuron Disease (MND), also referred to as ALS or Lou Gehrig’s Disease. FightMND, with its vision of a world without MND, is the largest independent funder of MND research in Australia. What FightMND has done since 2014, is be the voice and the guiding star for Australians who want to fight “The Beast”. Integral to this vision is the determination to help facilitate the translation of the growing body of new knowledge about the disease into a cure for MND patients in Australia and abroad. For more information about FightMND, visit the website at https://fightmnd.org.au.

About Pasithea Therapeutics Corp.

Pasithea Therapeutics Corporation is a U.S. biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders. With an experienced team of experts in the fields of neuroscience and psychopharmacology, Pasithea is developing new molecular entities for the treatment of psychiatric and neurological disorders. Pasithea is also focused on addressing the needs of patients currently suffering with mental illness by providing access to IV ketamine infusions both in clinics and in-home settings.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to the Company on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the SEC. Thus, actual results could be materially different. The Company undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, after the date of this release, except as required by law.

Pasithea Therapeutics Corp. Company Contact

Dr. Tiago Reis Marques
Chief Executive Officer
E: tiago@pasithea.com

Pasithea Therapeutics Corp. Investor Relations

Lisa M. Wilson
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com

Primary Logo

Source: Pasithea

Released July 14, 2022

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Enveric Biosciences Advances Drug Development for Mental Health Indications and Intellectual Property Portfolio

Enveric Biosciences Advances Drug Development for Mental Health Indications and Intellectual Property Portfolio

July 13, 2022

— Advancing to IND-enabling studies with multiple drug candidates —

— Enveric’s Growing Patent Portfolio Validated —

CAMBRIDGE, Mass. – Enveric Biosciences, Inc.(NASDAQ: ENVB) (“Enveric” or the “Company”), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, today revealed drug discovery and development progress targeting mental health indications and intellectual property (IP) advances achieved during the first half of 2022.

“The first half of 2022 was foundationally successful for Enveric. We validated and executed on the corporate premise that we can deploy PsyAITM, our proprietary artificial intelligence tool, and PsybraryTM, our expanding proprietary portfolio of new chemical entities and drug candidates, to design and improve upon new drug molecules inspired by legacy psychedelic drugs,” said Dr. Joseph Tucker, PhD, Enveric’s Chief Executive Officer.

“Enveric is pleased to advise that our predictions have materialized, and our platforms have successfully generated a large number of promising new molecules that have successfully passed primary screening and moved on to lead optimization, providing us with a strong slate of drug candidates. Our leading program, EVM-201, includes a number of new molecules currently in lead optimization that are geared towards providing improved characteristics and drug-like properties compared with psilocybin. The successful outcomes from our testing efforts completed in the first half of 2022 have positioned the company very well to advance our drug candidates towards the clinic,” continued Dr. Tucker.

Clinical-Need Driven

Based on extensive direct clinical understanding of the current unmet needs in anxiety, depression, PTSD, and other mental health indications, coupled with in-depth knowledge of the current treatment landscape, Enveric’s Clinical Team is well positioned to tackle the challenges ahead, while aiming to shepherd novel new treatments for a host of mental health indications.

Enveric’s Clinical Team is led by a past Board-certified psychiatrist and clinical trialist Chief Medical Officer, Dr. Bob Dagher, MD. Dr. Dagher joined Enveric in December 2021, bringing a wealth of clinical trial management and new CNS-drug development experience from his past roles, including at WCG, Cadent, Covance, Sanofi and GSK, in addition to his first-hand experience in treating patients from his previous clinical practice in psychiatric medicine.

Next-Generation Drug Discovery

Enveric’s Discovery Team, spearheaded by Chief Innovation Officer Dr. Peter Facchini, PhD, an international leader in natural product biochemistry and biotechnology, completed the rational design of more than 300 Generation-2 (“Gen-2”) psilocin prodrug candidates using well-established design strategies, but adapted to the unique structure of psilocin.

The 300 Gen-2 original concept designs, now housed within the PsybraryTM, were screened using PsyAITM. The assessment helped predict chemical structures with appropriate receptor binding, toxicology, and pharmacokinetic profiles that would trigger the desired mechanisms of action while reducing undesirable side effects, and the initial candidate evaluation included, among other metrics, prodrug-likeness, toxicity, ease of chemical synthesis and degree of IP-white space surrounding the molecule.

Ranked scoring of these and other AI assessments, as well as commercial considerations (e.g., ease of procuring synthetic starting materials), prioritized 31 novel Gen-2 molecules that have been synthesized in sufficient quantities (~10 mg, 95% purity) for preliminary pharmacological screening. Enveric’s Chemistry Group, led by Dr. Kaveh Matinkhoo, PhD, completed these syntheses, 29 of which were deemed stable enough to advance.

Deep-dive chemical structure searches, patentability, and freedom-to-operate reviews were performed on all 29 candidates, under the leadership of Lead Internal Counsel C. Michael Gegenheimer. All the patentability analyses indicated potential patentability results, and 25 of the 29 molecules presented minimal concern with freedom to operate.

To strengthen the IP protection for the overall Gen-2 prodrug program, three provisional patent applications, covering 7 structurally diverse clinical classes and thousands of additional potential new drug candidates, have been filed so far in 2022, and additional provisional and PCT filings are expected to continue throughout the year.

In other IP developments, an additional three of Enveric’s international patent applications protecting tryptamine derivatives have been published by the World Intellectual Property Organization, bringing the total published so far to seven.

EVM-201 Drug Candidate Testing

Following the initial Gen-2 ideation, patent filing, synthesis, and screening efforts, more extensive assays were performed on the advancing drug candidates. Numerous internal assays were performed under the leadership of Dr. Jill Hagel, PhD, Vice-President of Innovation and Dr. Sheetal Raithatha, PhD, Director of Research and Development. The internal results were then confirmed and validated using leading independent, third-party Contract Research Organizations (CROs), covering 122 Toxicology tests, 72 receptor-binding and potency tests, 31 pharmacokinetic tests and 24 animal-model tests to provide ample information to support candidate nomination.

The synthesis and analysis of these comprehensive pharmacology and toxicology datasets, both internal and external, was led by Dr. Kevin Leach, PhD DABT, Vice President of Preclinical and Translational Research. Enveric is now moving towards lead-candidate nomination and, in preparation for IND filing, has initiated numerous IND-enabling studies on several of the leading candidates at third-party CROs.

Recognizing the need for stable drugs with robust, reproducible, and cost-effective manufacturing, several Contract Development & Manufacturing Organizations (CDMOs) are currently engaged with Enveric’s Chemistry Team to determine how best to manufacture our molecules. Enveric has plans in place to produce material at commercial facilities and the CDMO personnel have worked with our chemists to validate that our processes will work at their facilities. This is another necessary step prior to filing the IND. Finally, preliminary formulation work is underway, with a particular focus on enabling improved routes of administration.

“The first half of the year has indeed been busy and productive for the dedicated team here at Enveric. We are all very excited at how those efforts have begun to bear fruit. We look forward to advising our shareholders of further key developments, which we anticipate will continue to unfold during the remainder of 2022,” concluded Dr. Tucker.

About Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) is a neuroscience-focused pharmaceutical company developing next-generation, psychedelic-inspired mental health medicines. Enveric’s robust pipeline supports drug development from the clinic to commercialization aimed to help millions of patients in need around the world suffering from conditions that include cancer-related distress, PTSD and more. For additional information, please visit www.enveric.com.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “proposed,” “is expected,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements consist of not purely historical statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of the company to successfully spin-off its cannabinoid assets; the ability to achieve the value creation contemplated by technical developments; the impact of the novel coronavirus (COVID-19) on Enveric’s ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on Enveric’s ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; Enveric’s ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to Enveric’s products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contacts

Valter Pinto / Allison Soss

KCSA Strategic Communications

212.896.1254 / 212.896.1267

EnvericBio@kcsa.com

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FSD Pharma Subsidiary Lucid Psycheceuticals Files for Patent on Novel Formulations of Palmitoylethanolamide, Presents Preclinical Toxicology Results at an International Symposium

FSD Pharma Subsidiary Lucid Psycheceuticals Files for Patent on Novel Formulations of Palmitoylethanolamide, Presents Preclinical Toxicology Results at an International Symposium

Toronto, July 13, 2022 – FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRE: 0K9A) (“FSD Pharma” or the “Company”), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, announced today that is wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), filed a provisional patent application on novel formulations of palmitoylethanolamide (PEA). The new patent application is based on the results of completed preclinical animal toxicology studies and phase 1 clinical trial using FSD201 (ultramicronized PEA), sponsored by FSD Pharma. Patent applications are important tools to protect intellectual property of the company for commercialization and value proposition for the shareholders.

FSD Pharma is diligently pursuing the clinical development of FSD201 for various indications. On May 31, 2022, the Company announced the submission of an Investigational New Drug application with the U.S. Food and Drug Administration (“FDA”) and Health Canada detailing a planned Phase 2 clinical trial of FSD201 for the treatment of a yet-to-be-disclosed inflammatory disorder. FSD Pharma is fortifying its intellectual property position through additional novel formulations using PEA with superior biopharmaceutical profiles to serve patients in need.

FSD Pharma presented their preclinical toxicology results on FSD201 at the 32nd Annual Symposium of the International Cannabinoid Research Society held in Galway, Ireland on June 25-30, 2022, in a scientific peer setting. FSD Pharma and Lucid were represented at the conference by Dr. Lakshmi P. Kotra (CEO, Lucid Psycheceuticals), Dr. Andrzej Chruscinski (Vice-President, Clinical and Scientific Affairs, Lucid Psycheceuticals), and Dr. Mohammad Ebrahimzadeh (Scientist, Lucid Psycheceuticals). The poster presentation titled, “Preclinical Safety Pharmacology and Toxicology of FSD201, A Palmitoylethanolamide Composition” discussed the safety pharmacology and toxicokinetics of FSD201, which were completed by FSD Pharma for regulatory filings with the U.S. FDA. The poster presentation provided support for the clinical development of FSD201, revealing well-tolerated doses of FSD201 in two different animal species.

“New patent applications are a critical step for protecting our assets in the development of effective therapeutics targeting brain and inflammatory disorders,” said Dr. Kotra. “Novel, high-quality treatments and intellectual property are important to us as an innovation-driven company, and I am very pleased with our team’s performance to stay on target towards the key milestones in 2022, including the planned Phase 2 trial of FSD201.”

About FSD Pharma

FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, Inc., a wholly owned subsidiary of FSD Pharma, is focused on pharmaceutical research and development of its lead compound, FSD201, an ultra-micronized PEA, for the treatment of inflammatory diseases. Lucid Psycheceuticals Inc., a wholly owned subsidiary of FSD Pharma, is focused on the research and development of its lead compounds, Lucid-Psych and Lucid-MS. Lucid-Psych is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders.

Contacts

Zeeshan Saeed, Founder, President and Executive Co-Chairman of the Board, FSD Pharma Inc.
Email: Zsaeed@fsdpharma.com
Telephone: (416) 854-8884

For information: info@fsdpharma.com
Investor Relations: ir@fsdpharma.com
Website: www.fsdpharma.com

Forward Looking Information

Certain statements contained herein are “forward-looking statements.” Often, but not always, forward-looking statement can be identified by the use of words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates”, “hopes”, “planned” or “believes”, or variations of such words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “might”, “potentially” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include statements related to the Company’s subsidiary Lucid Psycheceuticals filing for a patent on novel formulations of PEA and presenting preclinical toxicology findings at a global symposium. FSD cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Factors that may cause such material differences include without limitation: the fact that the drug development efforts of both Lucid and FSD BioSciences are at a very early stage; the fact that preclinical drug development is uncertain, and the drug product candidates of Lucid and FSD BioSciences may never advance to clinical trials; the fact that results of preclinical studies and early-stage clinical trials may not be predictive of the results of later stage clinical trials; the uncertain outcome, cost, and timing of product development activities, preclinical studies and clinical trials of Lucid and FSD BioSciences; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; the potential inability to obtain or maintain regulatory approval of the drug product candidates of Lucid and FSD BioSciences; the introduction of competing drugs that are safer, more effective or less expensive than, or otherwise superior to, the drug product candidates of Lucid and FSD BioSciences; the initiation, conduct, and completion of preclinical studies and clinical trials may be delayed, adversely affected, or impacted by COVID-19 related issues; the potential inability to obtain adequate financing; the potential inability to obtain or maintain intellectual property protection for the drug product candidates of Lucid and FSD BioSciences; and other risks. Further information regarding factors that may cause actual results to differ materially are included in the Company’s annual and other reports filed from time to time with the Canadian Securities Administrators on SEDAR (www.sedar.com) and with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov) under the heading “Risk Factors.” Any forward-looking statement contained in this release speaks only as of its date. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.

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Optimi Health Finalizes Psilocybin Supply Agreement With Bloom Psychedelic Therapy and Research Centre

Optimi Health Finalizes Psilocybin Supply Agreement With Bloom Psychedelic Therapy and Research Centre

JULY 13, 2022

Partnership a unique opportunity to showcase Canada as a clinical and cultivation mecca

VANCOUVER, BC — Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN) (“Optimi” or the “Company”), a homegrown, Canadian company cultivating and synthesizing high quality psychedelics and natural functional and psilocybin mushroom strains for transformational human experiences, is pleased to announce that it has finalized a supply agreement with Bloom Psychedelic Therapy And Research Centre (“Bloom”), a Calgary-based provider of mental health services, including psychedelic-assisted therapies employing ketamine treatments.

“Our Supply Agreement with Bloom solidifies another key relationship for Optimi,” said CEO Bill Ciprick. “Their position as therapeutic practitioners, as well as their work in conducting the kind of clinical trials necessary to advance regulatory outcomes for psychedelic medicines, make them ideal partners in alignment with Optimi’s strategic goals.”

Optimi will supply Bloom with sufficient biomass of natural psilocybin to begin conducting its previously announced clinical trial in partnership with the IMPACT Clinical Trial Accelerator Program housed within Alberta’s Life Sciences Innovation Hub at the University of Calgary.

The proposed phase I dosing study will aim to find the optimal microdose or low dose of psilocybin that provides general enhancements to mood, memory, sleep, and other measures of general well-being without any hallucinogenic effects.

Bloom Founder and CEO, Jim Parker, says the partnership between Bloom and Optimi provides an incredible opportunity to measure true GMP-produced, Canadian-sourced natural psilocybin.

“Regulatory bodies in Canada and across the world are watching Canada’s fledgling psychedelics industry and how it performs in quality, safety, and efficacy,” said Parker. “So, I see this as an early watershed moment where good therapeutic practices, combined with Optimi’s Canadian-GMP-grade natural psilocybin, could establish Canada as a real leader amongst those wanting to learn from us.”

Since the completion of its combined 20,000 square feet of psilocybin cultivation and production facilities in Princeton, British Columbia, Optimi has pursued a revenue-focused strategy of clinical therapeutic and research partnerships with the intention of developing logistical channels that will underpin the future of the psychedelics industry.

“To echo Jim’s perspective on Canada defining itself as a leader in psychedelics, I believe the more Optimi produces, tests, and supplies trials and patients across the country, the more we’ll be able to establish the benchmarks needed to develop a true cultivation mecca in Canada and eventually the world,” added Ciprick.

Authorized parties interested in purchasing Optimi psilocybin and functional mushroom products, MDMA, or other synthetic psychedelics are invited to contact sales@optimihealth.ca where a member of the sales team will respond within 24 hours.

ABOUT OPTIMI (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN)

Optimi Health Corp. is a homegrown, Canadian success story aiming to be the number one trusted, compassionate supplier of safe, natural, EU-GMP psilocybin and functional mushrooms across the world. Built with the purpose of producing scalable, natural mushroom formulations for transformational human experiences, the Company’s 20,000 sq ft of state-of-the-art, technologically advanced in-house production and research facilities cultivate, test, and synthesize high quality mushroom strains and psychedelic substances such as MDMA.

Based in Princeton, British Columbia, Optimi is developing a robust and innovative IP portfolio through its Health Canada psilocybin Dealer’s License.

Optimi’s vision is to unlock the regenerative power of mushrooms, promote psychedelic science, and set the highest standard of trusted, GMP operational excellence in the world.

Optimi’s promise is to make possible a future whereby natural psychedelic alternatives aid a wide variety of mental health conditions.

ABOUT BLOOM PSYCHEDELIC THERAPY AND RESEARCH CENTRE

The Bloom Psychedelic Therapy and Research Centre is a world-class research centre committed to furthering the science supporting the use of psychedelics for depression, suicidal ideation, anxiety, PTSD, and chronic pain. We are pleased to house the University of Calgary’s first research chair committed to this endeavor. The Parker Psychedelic Research Chair led out of the Mathison Centre for Mental Health Research & Education at the Hotchkiss Brain Institute in the Cumming School of Medicine, is furthering important research into alternative therapies for mental health.

FOR INTERVIEW REQUESTS OR FURTHER INFORMATION PLEASE CONTACT:

Investor Relations
Michael Kydd
Email: investors@optimihealth.ca
Phone: +1 (902) 880 6121
www.optimihealth.ca

FORWARD‐LOOKING STATEMENTS

This news release contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation (collectively, “forward‐looking statements”) that relate to Optimi’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result,” “are expected to,” “expects,” “will continue,” “is anticipated,” “anticipates,” “believes,” “estimated,” “intends,” “plans,” “forecast,” “projection,” “strategy,” “objective,” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward‐ looking statements pertaining to activities proposed to be conducted under the Company’s dealer’s license and associated business related to Psilocybin and Psilocin and Optimi’s plans, focus and objectives.

Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Optimi’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID‐19 pandemic and other factors set forth under “Forward‐Looking Statements” and “Risk Factors” in the Company’s Annual information Form dated January 12, 2022, and other continuous disclosure filings available under Optimi’s profile at www.sedar.com. Optimi undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Optimi to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement.

Any forward‐looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

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Psyched Wellness Announces July 19th, 2022 as the Official Date To Commence Pre-Orders for Calm

Psyched Wellness Announces July 19th, 2022 as the Official Date To Commence Pre-Orders for Calm

The announcement comes on the company’s second anniversary, marking its growth and success

Toronto, Ontario–(Newsfile Corp. – July 13 2022, 2022) – Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the “Company” or “Psyched“), a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom, is celebrating its second anniversary and is thrilled to share that the previously announced pilot run of its Amanita Muscaria derived product, Calm is nearly complete and the company is ready to move forward with pre-orders. Starting July 19th, 2022, the company will begin accepting pre-orders, with products anticipated to reach consumers in the United States in the Fall of 2022.

Calm is the company’s flagship product, and is the first legal Amanita Muscaria mushroom extract approved for sale in the USA. It does not require a prescription, leaving the retail landscape open to many possibilities for distribution and listing potential.

“With today being Psyched Wellness’ 2nd anniversary as a company, we felt it was perfect timing to set a date for consumers in the United States to be able to pre-order Calm.” says Jeffrey Stevens, CEO of the company. “It has been a long journey to get to this point, and I would like to take this opportunity to thank my co-founder, David Shisel, our team, KGK Science and Vantage Hemp for all of their hard work and commitment to get us to where we are today. The most exciting part for me is that we have just scratched the surface with respect to potential uses and delivery forms for AME-1. Stay tuned for more to come from Psyched.”

Sign up to be notified of the launch here.

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Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

About Psyched Wellness Ltd.:

Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company’s objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.

Cautionary Statement Regarding Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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Red Light Holland to Head Sponsor Psy-Fi Festival in The Netherlands from September 14-18, 2022, One Of The Largest Psy-Trance Festivals In Europe

Red Light Holland to Head Sponsor Psy-Fi Festival in The Netherlands from September 14-18, 2022, One Of The Largest Psy-Trance Festivals In Europe

  • Red Light Holland will be the exclusive provider of natural Psilocybin products at the festival estimated to host approximately 15,000 people
  • Red Light Holland will proudly sell their iMicrodose and Maka products and feature their technology Wisdom VR and Wisdom Truffle at Psy-Fi
  • Red Light Holland will provide educational workshops to promote the responsible use of Psychedelics

Toronto, Ontario–(Newsfile Corp. – July 13, 2022) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF) (“Red Light Holland” or the “Company”), an Ontario-based corporation engaged in the production, growth, and sale of a premium brand of magic truffles, is pleased to announce its sponsorship of Psy-Fi festival, one of the largest international festivals in the Netherlands which attracts thousands of visitors each year. Psy-Fi offers a large variety of music, arts, and space for personal growth.

As a lead sponsor, Red Light Holland will be the exclusive provider of Psilocybin Truffles for the festival, including featuring the Company’s iMicrodose and Maka Brands. As part of the offerings to the festival, Red Light Holland will deploy its suite of technology products including the VR experience, Wisdom, which explains how Psychedelics influence the brain (https://store.steampowered.com/app/1561720/Wisdom/). Red Light Holland will also showcase their innovative meditation device, designed by world famous structural designer Karim Rashid, The Wisdom Truffle (www.WisdomTruffle.com). Red Light Holland will further provide preparation and integration workshops to promote the responsible use of Psychedelics. These efforts will be led by Jeff Hamburg, Red Light Holland’s therapist and expert psychedelic guide and Sarah Hashkes Red Light Holland’s Chief Innovation and Technology Officer. The Psy-Fi festival will take place in The Netherlands, September 14th-18th, 2022.

“This is a huge opportunity for us to connect to a worldwide audience that shares the same values of increasing legal access to naturally occuring Psilocybin. We are thrilled to collaborate with such a well-known and respected festival that is known for its safety-first practices as well as its care about the environment,” said Todd Shapiro, CEO, and Director of Red Light Holland. “We’re excited to show the world our Rec & Tech approach with our branded psilocybin products, technology devices and our educational and responsible use messaging aiming to bring people a lot of joy and connection.”

“Psy-Fi ‘Guardians of the Gala’ is set up to be one of the bigger Psy-Trance festivals in Europe. Our team is very pleased to be able to be such a big part of a beautiful and fun festival,” said Hans Derix, Red Light Holland’s President and Dutch Native. “We will be displaying and selling our Maka and iMicrodose products via our wholly owned company SR-Wholesale to thousands of people affordably and responsibly. And our intention is to have a big Brand presence. You should come down to our amazing country in September and check it out,” added Derix.

To learn more about the festival or purchase tickets go to: https://www.psy-fi.nl/.

Red Light Holland releases Data on Psychedelic Concert

Red Light Holland releases a report with data analysis around the success of the Company’s Psychedelic concert event on April 16th, 2022. During this event participants chose to consume between 1 to 8 grams of Red Light Holland’s premium Psilocybin truffles after an intake discussion with therapist and expert psychedelic guide Jeff Hamburg. After the event participants were sent a survey and the facilitators were interviewed for the report. A small number of participants replied, but with positive results.

  • 91.7% of the attendees in the survey reported they would be interested in attending another event, 75% reported they enjoyed the music more than usual
  • 41.7% reported they felt connected to the group in a meaningful way
  • 33.3% reported lasting benefits beyond the event itself

The long-term benefits included the release of negative emotions and a lasting “Uplifted mood”. Some participants also gained insight that helped them in their personal or professional life. No significant negative effects were reported or observed.

The report with detailed statistical analysis conducted by statistician Yoav Blonder, has been sent to Oregon Health Authority representatives and members of the Washington Psilocybin service workgroup, as well as other government officials around the world Red Light Holland is connected with, to help promote regulations and best practices for group psilocybin services.

While there is no statistical significance due to the small sample size Red Light Holland sees the potential of these events in increasing affordable and equitable accessibility, especially for newcomers to the psychedelic community, as newcomers might be more interested in trying psychedelics in a safe environment supervised by experts.

The Company can not make medical claims regarding the use of psilocybin.

To read the full report: https://redlight.co/wp-content/uploads/2022/07/Psychedelic-Concert-Report.pdf.

About Red Light Holland

Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles.

For additional information on the Company:

Todd Shapiro
Chief Executive Officer & Director
Tel: 647-643-TRIP (8747)
Email: todd@redlight.co
Website:www.RedLight.co

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.

Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the details of the planned psy-fi festival September 14-18, 2022; the ability to sell Maka and iMicrodose products at the Psy-Fi Festival; comments with respect to the data discovered assisting Red Light if and when the final regulations in Oregon are approved; details with respect to Measure 109; Red Light’s plans to conduct further research in the Netherlands, statements regarding Red Light’s involvement in Psy-fi festival; the intended outcomes and effects of Measure 109; statements regarding the implementation of Measure 109 by the Oregon Health Authority; details regarding the sponsorship organzied by Red Light Holland including the ability to be the lead supplier of Red Light products at Psy-Fi Festival; Red Light’s expectations of obtaining the consent of concert-goers and participants to collect and analyze data on best practices on using psychedelics and the company’s products; Red Light’s plans to be the exclusive provider of Psilocybin Truffles for the festival and the company’s ability to deploy its suite of technology products including the VR experience, Wisdom and the company’s mediation device, The Wisdom Truffle; Red Light Holland; Red Light Holland premium psilocybin truffles being available for concert goers at the event; that sponsoring the event will enable Red Light to advocate for a program that helps a wide range of Oregonians; that the data provided from the past group microdosing event will illustrate a working model to help the Oregon Psilocybin Advisory Board and the Oregon Health Authority to refine psilocybin regulations as well as help form the Washington’s Psilocybin Wellness Workgroup; the belief that the report on microdosing services can benefit people or the inability for the report to represent medical claims; the company can not make medical claims; that the report and small sample size of the data will influence Oregon, Washington State Authorities to help with regulations; that the report is a small sample size and therefore is just a small sample of participants and not used for the purposes of medical advice.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: Red Light’s ability to carry the sponsorship and be the exclusive provider of Psilocybin Truffles for the festival; Red Light Holland setting up and deploying its suite of technology products including the VR experience, Wisdom and their innovative meditation device, The Wisdom Truffle. Red Light Holland will further provide preparation and integration workshops to promote the responsible use of Psychedelics discussed in this news release, or at all; the ability of the past group microdosing event and the subsequent report to yield the expected information to assist Red Light with legalization efforts described in this new release, or at all; the report will not affect the Measure 109 being implemented; Red Light Holland’s ability to continue as a going concern; the continued commercial viability and growth in popularity of psilocybin products; continued approval of Red Light Holland by the relevant governmental and/or regulatory authorities; the continued growth of Red Light Holland; details regarding the event organized by Psy-Fi Festival organizers, including the live performances; Red Light’s continued expectations of obtaining the consent of facilitators, concert organizers and participants including concert goers to provide psilocybin truffles; Red Light Holland premium products of psilocybin truffles being available for concert-goers at the event; that the report on the group microdosing event will illustrate a working model to help the Oregon Psilocybin Advisory Board and the Oregon Health Authority to refine psilocybin regulations as well as help form the Washington’s Psilocybin Wellness Workgroup; the inability of the report to be received, read by, or acknowledged by Oregon Authorities, Washington State Authorities and other Government agencies and officials around the world.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of Red Light to carry the sponsorship of Psy-Fi festival on the terms and timelines described in this news release; the potential inability of Red Light Holland to continue as a going concern; the risks associated with the psychedelics industry in general; increased competition in the recreational and medical psilocybin markets; the potential future unviability of the psychedelics industry; public opinion and perception of the psychedelics industry; incorrect assessment of the value and potential benefits of expansion plans and various transactions; risks associated with potential governmental and/or regulatory action with respect to the psychedelics industry; changes in general economic, business and political conditions, including changes in the financial and stock markets; and risks related to infectious diseases, including the impacts of the COVID-19 pandemic; the event not proceeding as detailed and no longer organized by Psy-Fi festival organizers, including the cancellation of all the performances at the festival and/or the planned and concurrently ability to offer of the company’s products during the event Sept 14-18 2022; the risk that Covid-19 could result in the canceling of the Psy-Fi festival, Red Light’s inability to sell products and promote best practices on usage of the company’s products; Red Light’s inability to sell products and promote best practices on usage of the company’s products at the Psy-Fi festival; Red Light Holland premium iMicrodose and Maka psilocybin truffles being unavailable for concert goers; that the report on the group microdosing event will not illustrate a working model to help the Oregon Psilocybin Advisory Board and the Oregon Health Authority to refine psilocybin regulations as well as not helping form the Washington’s Psilocybin Wellness Workgroup; the belief that the statistics provided on the microdosing event can become integrated into people’s daily life not come into fruition; the report does not represent a medical diagnosis; the report represents a very small sample size and does not represent any statistical significance.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect Red Light Holland’s expectations as of the date hereof and are subject to change thereafter. Red Light Holland undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.