Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, announces that its wholly owned subsidiary KGK Sciences Inc. (“KGK” or the “Subsidiary”), has applied for a Controlled Substance Dealers License (“License”) from Health Canada.
The License would allow KGK to possess, import, sell and study several controlled substances including psilocybin, LSD, DMT, ketamine and MDMA. The company has received approval to proceed with the buildout of a level 5 security system at its state-of-the-art research facility in London Ontario. Following an inspection this spring, it is expected that KGK will receive the license which will permit the company to import and sell substances for medical and research purposes.
“Although still in its infancy. psychedelics have shown to be highly effective in treating several mental health conditions,” stated Najla Guthrie, CEO of Wellbeing and KGK. “Pursuing this License will enable us to process, formulate and perform the scientific tests required for our clients to move these promising treatments to market in a timely manner once the industry matures, ultimately staying at the forefront of drug development and regulations. This is yet another step towards our goal to maintain our position as a leader in this field and enable our clients to not only create safe and effective alternative treatments but leverage our Wellbeing North American clinical network to meet the growing patient demand, ultimately creating additional shareholder value.”
Under the Dealer’s License, KGK can possess up to 1,000 grams of psilocybin, LSD, DMT, ketamine and MDMA at any time and can transfer the extracted material to other companies who hold a valid Dealer’s License. Once approved, the company will be permitted to process and formulate a variety of psychedelic compounds, progressively used and sought-after by patients and healthcare practitioners to combat a variety of physical and mental illnesses.
ABOUT KGK SCIENCE
Subsidiary of Wellbeing Digital Sciences, KGK is a leading North American contract research organization based in London, Ontario that primarily provides high-quality clinical research trials with a focus on nutraceutical and emerging health care products. Founded in 1997, the business has successfully helped hundreds of companies with custom designed clinical trials and claim substantiation strategies to move products into global markets. KGK’s other existing service lines include expert regulatory support and compliance solutions, participant recruitment, research support services and consulting services. Furthermore, the company has produced over 150 publications, executed over 400 clinical trials across more than 40 indications, amassed 25,000 participants in its database and collected 10 million data points. For additional information, please visit kgkscience.com.
ABOUT WELLBEING DIGITAL SCIENCES
Wellbeing Digital Sciences Inc. is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research. Its mission is supported by a network of North American clinics that provide forward-thinking therapies and other types of treatment to patients as well as through a contract research organization that offers clinical trials services to clients pursuing drug development. For additional information, please visit wellbeingdigital.co.
On behalf of:
Chief Executive Officer
WELLBEING DIGITAL SCIENCES
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