Published on
July 9, 2020

MagicMed Industries Files First Psychedelic Derivative Patent

Calgary, Alberta, July 9, 2020 - MagicMed Industries Inc. (“MagicMed” or “the Company”) today
announced that it has filed a provisional patent application with the United States Patent and
Trademark Office (USPTO) covering composition of matter, drug formulation and process of
preparation claims for novel psilocybin derivatives. This patent filing is anticipated to be the first
in a series of applications that together will protect the Company’s broad portfolio of novel
psilocybin molecular derivatives, the Psybrary™.

MagicMed partners will be able to search, select and test from the derivatives in the Psybrary™
and use it as a building block for their own product development based on the indication that
they are targeting (anxiety, depression, addiction, PTSD and many others).

“We are excited by the new opportunities to partner with pharmaceutical manufacturers afforded
by the library of derivatives that this patent application claims,” stated MagicMed President and
CEO Dr. Joseph Tucker. “Our business model is to work hand in hand with pharma partners to
assist them in taking excellent medicinal product candidates forward. In fact, we have already
initiated talks with potential partners to assist them in the development of new therapies for
diverse psychological indications.”

About Psilocybin

Psilocybin is a naturally occurring molecule that is generating significant interest as a component
of potential new therapeutic medicinal products for inadequately treated psychological
indications including anxiety, depression, substance dependence and cluster or migraine
headaches. The potential medical application of psilocybin while encouraging, remains limited
due to the natural molecule’s inherent side effects, such as hallucinations and panic attacks. This
has pointed to the need for modified molecules, which maximize positive attributes and reduce
negative side effects.

About MagicMed

MagicMed Industries intends to partner with pharmaceutical and other companies to develop
psychedelic-derived medicinal and licit consumer goods products. MagicMed’s molecular
derivatives library, the Psybrary™ is anticipated to be an essential building block from which
industry can develop new patented products. The initial focus of the Psybrary™ is on psilocybin,
which is expected to be opportunistically expanded to other psychedelics like MDMA, ketamine,
ibogaine, mescaline, and ayahuasca. For more information, please visit our website

For more information please contact:

Joseph Tucker, PhD
CEO, MagicMed Industries Inc.
Phone: 508-627-0485

Dave Burwell, Investor Relations
VP, The Howard Group
Phone: 403-410-7907

Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known
and unknown risks, uncertainties and assumptions and accordingly, actual results and future events
could differ materially from those expressed or implied in such statements. You are hence cautioned
not to place undue reliance on forward-looking statements. All statements other than statements of
present or historical fact are forward-looking statements, including statements with respect to
MagicMed’s future business plans and partnerships, the anticipated uses of MagicMed’s patents and
the development of the Psybrary™. Forward-looking statements include words or expressions such
as “proposed”, “anticipated”, “will”, “subject to”, “near future”, “in the event”, “would”, “expect”,
“prepared to” and other similar words or expressions.

Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forwardlooking statements. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements which include, but are not limited to: the ability
of MagicMed to secure patent protection; the ability of MagicMed to enter into partnership agreements or other arrangements; unforeseen challenges in carrying out the business plans of MagicMed; trends in the future use of psilocybin; general business, economic, competitive, political and social uncertainties; the state of capital markets; and other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being
inaccurate or irrelevant. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We disclaim any obligation to update or revise these forwardlooking statements, except as required by applicable law.