Toronto, Ontario--(Newsfile Corp. - November 23, 2021) - Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FSE: 5U9) (the "Company" or "Psyched") a life sciences company focused on the production and distribution of artisanal functional and psychedelic mushrooms, is pleased to announce that it has appointed Matthew Singh as Chief Commercial Officer. Mr. Singh will drive the Company's development into a full-scale packaged goods provider as it prepares to launch its Amanita Muscaria (AME-1)-derived consumer products in 2022.
"I'm thrilled at the opportunity to level-up our executive team and organization as we transition from an R&D-focused start-up to a world-class CPG company," said Jeffrey Stevens, CEO of the Company. "Matt joining Psyched at this time demonstrates his confidence in the market opportunity of our proprietary extract of the Amanita Muscaria mushroom as a new entrant into the health and wellness category. Matt has already developed a strong sales and branding strategy since he started consulting with Psyched in June and joining us full-time in a leadership role shows the concentration we are putting into bringing our products to market next year."
Mr. Singh has an extensive track record of success launching brands, products, and corporate strategy within the multibillion-dollar beverage and pharmaceutical industries in Canada and internationally. Accustomed to driving revenue into the hundreds of millions, he was previously the head of VPX Pharmaceuticals' numerous CPG properties, in Canada and East Asia securing immediate profitability with each Sports Nutrition, Energy Drink, Cannabis, and Alcoholic good VPX added to their portfolio. Prior to VPX, Mr. Singh spent almost a decade at Red Bull Canada, where he ran the company's Business Development department, and over seven years with Coca Cola. In addition, he is an integral contributor to multiple start-up endeavors as a consultant, board member, and advisor within the health, wellness, and digital intelligence verticals.
Mr. Singh commented, "It was an easy decision to join the team at Psyched full-time. We have developed a truly phenomenal product and look forward to multiple big announcements leading up to a market launch, in 2022. I have been fortunate to work with industry leaders and market disruptors in the extremely competitive beverage and pharmaceutical landscapes throughout my career, and the CPG potential already developed by the team at Psyched has me more excited than anything I have witnessed thus far. We believe this product will have a sustainable commercial and societal impact, starting in North America and then scaling throughout the globe, and I am proud to be a part of the journey with Psyched Wellness. My thanks go to Jeff, David, and the Board for adding me to an already stellar team."
For further information, please contact:
Tim Regan/Sophia Bashford
KCSA Strategic Communications
t: (978) 505-2478
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 Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to Mr. Singh's beliefs that the product will have a sustainable commercial and societal impact in North America and the world, Mr. Singh's beliefs that Amanita will change the world and have the effects it is expected to have on stress relief, relaxation, and sleeping, and the Company's operational plans including timelines relating to its application with the FDA for a New Dietary Ingredient (NDI) and Health Canada for a Natural Health Product Number (NHPN) in December 2021, and the completion of the pre-clinical trials, and marketing products in the first half of 2022. Generally, forward-looking information 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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended, including the Company's ability to receive the necessary raw materials needed to complete the research and market the products which further depends on the Company receiving Amanita muscaria mushrooms of the necessary quality and potency, the Company having the resources to complete the research and prepare and file the applications for the NDI and NHPN, and the Company receiving an NDI and NHPN by December, 2021, and the products having the expected impact on stress relief, relaxation, and sleeping.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.